Madoff says losses of 50 Billion!

[wilburbear]

Psychologists should study this guy.

Fraud probably went on for decades.

Bloomberg states investors were friends, neighbors.

 

[mind]

lehman could be peanuts compared to this. fraud near
the SEC in LTCM size ... this is the end of hedge funds
was we know it. happy christmas everyone ...

 

[Kicking]

HEy why do they keep pronouncing his name "MAIDOFF" instead of MAD-OFF on CNBC?

Is that because "MADE OFF " (with your money) ?

 

[stock_trad3r]

market surging..no one cares

 

[Aaron Copland]

Quote from stock_trad3r:

market surging..no one cares

It's Friday you stupid IDIOT! The market has been green 9 out of the last 10 Fridays, big deal.

You have been saying for the last 5000 down Dow points market surging buy buy buy.

 

[mind]

this is weird though. the rumor as such should make
the market fall. the longer this lasts the harder the fall
might be.

looks like the indices have not yet realized that the auto
stuff is already history ...

 

[RedDuke]

Quote from mind:

i....
it does not sound like fake news. but if it is THIS madoff,
then we are talking about a major, major collapse due
to fraud. this can easily cost the major indices another
15%. but the SP seems to ignore it. weird.

I am very surprised myself. I thought we would end in the red for sure.

This is 50 bil after all, and no one seems to care. Maybe it will be digested more over the weekend, and the reaction will come on Monday.

 

[stock_trad3r]

Quote from RedDuke:

I am very surprised myself. I thought we would end in the red for sure.

This is 50 bil after all, and no one seems to care. Maybe it will be digested more over the weekend, and the reaction will come on Monday.

nope. this story was DOA. markets set to surge higher.

 

[mind]

significant loss in asia, followed by a down gap in NY,
that is my guess. i thought recent lows would hold,
now i doubt it ...

 

[bwolinsky]

Quote from mind:

this is weird though. the rumor as such should make
the market fall. the longer this lasts the harder the fall
might be.

looks like the indices have not yet realized that the auto
stuff is already history ...

Why?

It doesn't matter. For all of us not invested with Mr. Madoff, I think we're fine. Also, whoever was paid out of the ponzi scheme will eventually be discovered. The point is, if the money is already gone, and the securities don't exist, then there's not going to be a sell off since there's nothing to sell.

Flytiger is a bit extreme on this, because if there's no money, there's nothing to sell and no reason for the market to go down.