Madoff says losses of 50 Billion!

[stock777]

speaking of skimming and the like.

I always believed most of the money was made by 'cheating' the system in repeated and difficult to prove ways.

This Madoff seems to have taken the brute force approach. Where the f%^ are the accountants? I guess they ARE all overpaid scum. This continues until the penalty for malfeasance is 10X the reward. Then only the complete assholes do the crime and we have more than enough rope for them.

Still, how the hell do they come up with 50 billion in losses on 17 billion of accounts???

Even Ponzi would be proud of that.

 

[stock777]

Quote from NanoTick:

What's the difference between a Ponzi scheme and "fractional reserve banking"?

Well, for one, the govt has taxing power on the production of the masses. The schemer does not.

That said, the masses don't produce much or real value these days so even that is dubious.

 

[NanoTick]

Quote from stock777:

Well, for one, the govt has taxing power on the production of the masses. The schemer does not.

That said, the masses don't produce much or real value these days so even that is dubious.

So the difference is the number of clients, and banking is relatively less greedy.

 

[Mvic]

Could he be the patsy? You can cover up a lot of crap with a convenient $50B loss.

 

[wilburbear]

The previous Chairman of what might be the heaviest-traded stock exchange on earth is a fraud.

It's hard to get your mind around that.

 

[nonlinear5]

Hahaha. Madoff's website still has this:

Clients know that Bernard Madoff has a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm's hallmark.

http://madoff.com/dis/display.asp?id=203&mode=1&home=1&madf=

 

[wilburbear]

I've seen 3 hedge fund frauds up close and personal.

This is important. Who were the auditors, additional prime brokers, and other related support firms?

 

[Rearden Metal]

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.

Oh, fuck. I know way better than to dismiss a single word you say.

Flytiger may sound kinda like chicken little, but with one major difference: When 'tiger says the sky's about to fall, it actually happens. :eek:

 

[Rearden Metal]

Quote from Ivanovich:

They really need to institute the death penalty for fraud above a certain amount.

Hmmm... let's see: Madoff jacked $50 bil, Blago ass-raped an entire state, and I harmlessly bought drugs for petty personal use. The Feds have charged all three of us with 20 year felonies.

Sounds perfectly fair to me.

 

[BlueHorseshoe]

Quote from Ivanovich:

They really need to institute the death penalty for fraud above a certain amount.

I'll second that. This guy's crime is on par (almost) with that guy somewhere in Scandanavia who imprisoned his daughter and had children by her.

Madoff has been raping Nasdaq traders for years, not to mention his hedge fund investors. The Chinese would shoot him, and his firstborn son. Maybe they are on to something.