I found Madoffs money

Quote from TM_Direct:

HEDGE FUND MESS JUST BEGINING TO COME HOME TO ROOST
Madoff will not be an isolated case

Over a year ago we questioned whether there was sufficient regulation of the Hedge Fund industry (click here to read). In light of the Madoff meltdown the important question brokers must be asking now is not IF more regulation is necessary, but should remove your client’s money as soon as possible from the many managed accounts around the world. I would say unequivocally the answer is the latter. Madoff is not a single rotten apple in the bunch and the lone exception to the rule. Rather, Madoff is a reflection of lack regulation and quite frankly negligence on the part of many of the various agencies who were entrusted to protect investors. In August of 2007 Goldman and Bear each reported losses in proprietary hedge funds to the tune of 10 billion combined. At the time we questioned why nobody was looking at these companies and more importantly, we were concerned that ‘if the best and brightest minds on Wall Street are losing billions, what about all these main street American hedge funds”? The simple truth is that these hedge fund managers are desperate right now to retain investors and stop liquidations and redemptions of their funds. One prominent Hedge fund manager told me last week “ I had nearly a billion dollar fund last summer and now im down to 375 million in assets due o redemptions”
These numbers are staggering to say the least and as a Financial Advisor you better be on your guard for Enron type of accounting in the next few months. Think about this for a second: The regulators allowed a “ponzi scheme” to be allowed for over 10 years at Madoff until Madoff turned himself in and had his children call the authorities.
Im going to say this again for affects sake but hear what I’m saying:
Madoff turned himself in and had his children call the authorities.
In other words, this whole charade could have continued without anyone knowing for several more years. More chilling is the obvious fact that in all likelihood many hedge funds are not even being reviewed for the most basic of things like year end reporting, accounting and performance. This is not to say that all hedge funds are frauds like Madoff, however we truly believe that the environment was right for abuses due to the lack of any basic oversight. Unless your hedge fund can provide total transparently (which they very rarely do) we would caution brokers about the safety of heir funds. Sadly, when the proverbial crap hits the fan, these hedge funs will close and the trial lawyers and the regulators will turn on the individual advisors and question why THEY didn’t due more due dillie on the fund or its managers. We would urge all Financial Advisors to immediately DEMAND complete transparency from any money manger or hedge fund in which they have recommended. If they refuse to back up their performance numbers, show their holdings and provide complete accounting, its time to get out of dodge quick. Madoff will not be one isolated case. Remember, MADOFF TURNED HIMSELF IN AFTER 10 YEARS OF UNDETECTED FRAUD!
More...

Yes and the only reason he turned himself in was because of the $7 Billion in redemptions he had come in at about the same time.
 
Quote from IanMacQuaide:

I saw a Houston woman interviewed on CNBC this morning, she said her accountants are now having to figure out how to tell the IRS she paid tax on fantasy profits.
More...

I bet the IRS won't be paying her back a fantasy rebate check.
 
talking about UBS and Madoff

UBS is closing two funds of funds in Spain... they STRESSED it was unconnected to Madoff scandal.. but we know it was. 288M under management.
 
Quote from Sam Mcgee:

The original investors who collected dividends or made withdrawals were collecting the proceeds of crime. Wouldn't they be liable for the illegal profits? If I buy a stolen car, even if I don't know it was stolen, I don't get to keep it when it's found out that it was stolen.
More...

perhaps a neutral lawyer can answer the question? the answer is not clear cut.
 
Quote from stock777:

I lied. Sue me.

But I still ask, where the hell is all that money?

I can't believe he LOST it. This guy was a shysters shyster.

He was in the ultimate thieving game, market making, when it was good.


It's inconceivable he lost these billions.

The money was either siphoned off or paid out to others.
More...

its a jewish thing...

..) he was given the "first place at the table", where ever he went

..) he was able to swindle the best swindlers

..) he had a lot of imitators trying their best to do just like he did, just ask those hit by Onsite, and the Malin brothers and others too

..) he was able to swindle the ritzy, prejudice, secretive sect within the Palm Beach bunch (with all their unwritten rules of conduct)

..) he's not the only one neither

..) this notion that his sons turned him is, is just the latest spin on the same fraud....
 
Quote from zdreg:

perhaps a neutral lawyer can answer the question? the answer is not clear cut.
More...

It is not my area of the law, but my understanding is that if they were innocent and had no reasonable basis to suspect fraud they get to keep the money.

Now the "I knew Bernie Madoff was cheating, I just thought it was front running" angle could make it interesting.
 
i dont believe he actually 'lost' 50 billion, i dont believe him either

he lost a lot, but not that much

till the day he dies, youll never be able to believe a word he says

i never buy the 'ok, now that i've confessed i'm a liar, you can trust me from now on' game

i think he has billions stashed all over the place, under false identities, just ready and waiting for him to show up and be that fake person, just like in 'Shawshank Redemption'. a highly complex, multi layered maze of a plan, where nobody outside of himself knows too many of the pieces - and even he never has all of the plan on him at once

i think one day very soon, he'll walk into a kosher deli, drop down a rabbit hole and never be seen from again. bet he's got more than one rabbit hole ready to go - there might be an ocasional signting or suspected sighting of him in the future, only to see him dissapear down another rabbit hole. maybe eventually slipping up and ending up captured on America's Most Wanted. But then again, maybe not

just look at that smirk on his face, does anyone believe he wouldnt enjoy the game?
 
You must log in or register to reply here.
Back
Top