Madoff says losses of 50 Billion!

It can not be a clear Ponzi scheme, there had to be some kind of trading and real losses.

In a Ponzi scheme money doesn't disappear, it just gets REDISTRIBUTED, from the people coming too late to the party to the people at the top of the pyramid. The first investors (early birds in the scheme) are happy campers.

So there has to be more to the story then just a plain Ponzi explanation. He probably did have trades, they were just not winners...
 
History repeats :

Bernie Cornfeld was the Founder of Investors Overseas Services mutual fund. He ran the fund out of Geneva, Switzerland beyond regulators' reach, and raised over $2.5 billion before it imploded in 1970. He spent 11 months in a Swiss jail before fraud charges were dropped. Creditors seized his Beverly Hills, California, estate where he partied with girlfriend Heidi Fleiss, now of "Hollywood Madam" fame. He was plotting a comeback from his Swiss castle before he died in 1995, following a stroke. Friends had to chip in to pay his medical bills.

After investors began to sell off during a market downturn, Cornfeld was replaced with financier Robert Vesco, who was accused of looting the company of $224 million and subsequently fled to the Caribbean. Vesco was later sentence to a 13-year prison term in Cuba on unrelated charges stemming from allegations that he tried to produce and market a miracle cancer drug to overseas investors without the communist government’s knowledge.

http://en.wikipedia.org/wiki/Bernard_Cornfeld
 
Bernard Madoff is "The former chairman of the Nasdaq stock market ".
There is high possibility that there may be other Multi-Billion dollars frauds hidden is Nasdaq and Dow Jones.

The same is also highly possible for "Worldwide stock markets"
 
Quote from Pekelo:

It can not be a clear Ponzi scheme, there had to be some kind of trading and real losses.

In a Ponzi scheme money doesn't disappear, it just gets REDISTRIBUTED, from the people coming too late to the party to the people at the top of the pyramid. The first investors (early birds in the scheme) are happy campers.

So there has to be more to the story then just a plain Ponzi explanation. He probably did have trades, they were just not winners...
More...

Yeah. It's documented. He had bad trades. That's what blew him up, and he just used the Ponzi scheme to stay alive. Amazing thing was, he got redemptions for 7billion that he couldn't meet, so, he was going to give hmself up, and give money to Sr. Partner 1 and 2. 1 was his son, who called the bluff

The amazing tell here is, people thought they were winning, and redeemed almost half the fund. hmmph.
 
Everybody hurrying up to confirm that they are not affected by Madoff :

Dear Investors and Friends,



The purpose of this email is to confirm that no funds managed by Liongate Capital Management have any investment in vehicles managed or advised by Bernard L. Madoff Investment Securities or related companies.



Kind regards,



Liongate Capital Management
 
Quote from flytiger:

1. No thinking individual will trust any hedgefund for years ...


4. Buffett thought he could sit back and lick my bones. Let this all play out. I was told he said "too big". He'd sit ...
More...

All your vague hysterics haven't amounted to squat fly-dude ... and yes, I've been reading your posts for a couple years. I give you credit for at least being interesting. Hahaha ....

As for Buffett seeing it coming down the line and sitting on his hands ... wtf was he supposed to do? Many people knew real estate was out of control. Einhorn, Rogers, Faber were pounding the table ... certainly many others. Nobody wants to listen while the bubble inflates. But everyone has a finger to point on the downside.

The only thing new is the history we forgot to remember ...
 
How many more are involved in the Madoff scam? This old crook locked himself in a room and typed up fake statements and mailed 'em out, all by himself?

How many "successful hedge funds" like this are there? My feeling is that a large amount of these hedgie "traders" are no better than the average schmuck. These bull market geniuses recently found out that it had all been luck. And not wanting to give up the house in Palm Beach or Hamptons, they are feverishly blocking withdrawls and creating "returns". The shreaders and printers are runnin' nonstop...

But, really, who would ever trust a former NASDAQ MM with any money? :p
 
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