Madoff says losses of 50 Billion!

http://www.sec.gov/news/press/2008/2008-293.htm

But I want to give you the truth. The truth is, they were all shit companies, and the pension funds and investors were all assholes. So, this is all ok. The 17 billion that disappeared??? Price discovery.

You see . It's all better now. This was for all you assholes who ragged me for three years while I was trying to get someone to helpus before this happened.

I'll tell you what a very famous soul told me when, I asked him in September if it was 'too late'.

He said, "yes". And then I thanked him for trying.

It was Patrick Byrne.

By the way. This is the end of hedge funds. The end.
 
Quote from Cdntrader:

You have to wonder if other firms are on the otherside with bad debts?
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maddoff's firm dealt in exchange traded stocks. the other side could careless
 
Quote from rosy2:

maddoff's firm dealt in exchange traded stocks. the other side could careless
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I meant who were the clients. CNBC says some rich families and a few hedge funds were clients.
 
Quote from flytiger:



By the way. This is the end of hedge funds. The end. [/B]
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I agree 100%. We are just now starting to really tip the iceberg.

Trade as much as you can...I believe there is only 5 or 6 more years of good trading left.

Wealthy or no wealthy it doesn't matter...we're all in deep shit!
 
Not only did he lose $50 billion, the complaint says that he only had like 11 clients. Thats a shit load of money per client.
 
Quote from flytiger:

http://www.sec.gov/news/press/2008/2008-293.htm

But I want to give you the truth. The truth is, they were all shit companies, and the pension funds and investors were all assholes. So, this is all ok. The 17 billion that disappeared??? Price discovery.

You see . It's all better now. This was for all you assholes who ragged me for three years while I was trying to get someone to helpus before this happened.

I'll tell you what a very famous soul told me when, I asked him in September if it was 'too late'.

He said, "yes". And then I thanked him for trying.

It was Patrick Byrne.

By the way. This is the end of hedge funds. The end.
More...

Thanks for the link.

Seems it was a ponzi-scheme of retarded proportions:

The senior employees understood him to be saying that he had for years been paying returns to certain investors out of the principal received from other, different investors. Madoff admitted in this conversation that the firm was insolvent and had been for years, and that he estimated the losses from this fraud were at least $50 billion.
http://www.sec.gov/news/press/2008/2008-293.htm


Here was your first post:

Quote from flytiger:

This is but the first. He is small fry to what's coming.

Wall St. is a big bucket of pus. 'Returns'.??? They're manipulator, thieves. The public will start to understand before too long, and then we have a martial law situation. No pensions, no jobs, security losses. Nice, real nice.

Market makers. Didn't you wonder why the market rallied? They were buying in. Tomorrow should be very interesting indeed.

777! This is what I've been waiting for. The next names you'll know. Good riddance.
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You're saying that this type of ponzi scheme - rob everyone to pay paul - is more widespread and ubiquitous than Madoff? And that the suckers are pension funds and low net worth investors last in line, and second last in line?

I know thats what you saying, but is that really what you're saying?

What level of losses are we talking here? Trillions?

If thats the case and pensions funds got looted by invisible ponzi-schemes masquerading as investment/hedge funds....wow. Is that the case?

If so, this makes sense:

National Guard got Federalized under NorthCom for Domestic Security Operations plus 50K Army Vets fresh from Iraq to patrol the Homeland - for "Domestic Security" and quell "Civil Insurrection".

Please give me the straight goods. I'm all ears.
 
Quote from Ivanovich:

They really need to institute the death penalty for fraud above a certain amount.
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Yes! Yes! drum roll.....

The envelope please.............

$700 billion and one cent.

There you have it, fraud above $700 b and one cent outta be just the right amount to institute the death penalty.:D

(We did 700b, no one is dead yet)

---------------------

Thye should have a new category on Jeopardy -- Fraud.

Alex, I'll try fraud for one hundred.

The answer is "Nuts in a wringer"

"Who is Dick Fuld"

stay tuned....
 
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