Madoff says losses of 50 Billion!

u can bet now that a bunch of wealthy people were burned that the SEC will be huge player in the future...u can also bet it will not have any effect on the big money...for show they will only fuck with retail traders by imposing stupid rules like the uptick and who knows what the fuck they will come up with:mad:
 
Quote from scriabinop23:

Pretty pretty pretty pretty high...
Maybe Jim Simons was levered to this guy 3:1.. ? ;)
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How high, percentage-wise, do you think? I'd be willing to take the other side of that bet.
 
Quote from flytiger:

Then, all you have to do is fade me. You'll make a fortune. I figure until about the time they mark the books for the year. then, what do you do for the encore?

Extreme alarmist? Use the search feature, and hope I'm as wrong as I have been right. I don't make the stuff up. This isn't something I picked out of my ass. It is factual. It is what is happening. How can you call anyone an alarmist when the financial landscape looks like the moon? I certainly take a harder look at things I might have thought a bit looney a few years ago.

But I do have to say, it's pretty easy for me to look at the news flow, and figure what's next.

Have you noticed, as much as I badgered the SEC over the years, did you see the din pickup this afternoon, when the folks realized they were there, and let this whole thing pass? Search 'SEC' with "Madoff" and see what you get. SEC/DC political. That's what you need to know.

Now look what we were talking about a few weeks ago.

I believe you'll have to see arrests of personnel at the SEC. The public won't allow these transgressions to go unanswered.


This is from today's WSJ Law Journal:

An executive in the securities industry, Harry Markopolos, contacted the SEC's Boston office in May 1999, urging regulators to investigate Mr. Madoff. Mr. Markopolos continued to pursue his accusations over the past nine years, he said in an interview on Thursday, and according to documents he sent to the SEC that were reviewed by The Wall Street Journal.
"Bernie Madoff's returns aren't real and if they are real, then they would almost certainly have been generated by front-running customer order flow from the broker-dealer arm of Madoff Investment Securities LLC," Mr. Markopolos wrote to the SEC in November 2005.

The SEC declined to comment on the matter.

Hello!!!!! Anyone home??? What 's the problem here???
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Why would you expect underpaid government bureaucrats to spot a fraud that many investors with hundreds of millions on the line did not? People at the SEC get paid a pittance, and they get no financial reward for unmasking gigantic fraud.

If you want the SEC to spot fraud, then you start paying them fraud-discovery bounties. Until then, they will twiddle their thumbs and push paper for secure salaries and a watertight pension, like most bureaucrats do.

The thing people *should* be asking is why investors put such amounts with a firm that had a 1 man auditing operation with a 200 square foot office out in Palookaville, and had almost no volatility of returns. The abrogation of fiduciary duty and 3rd grade due diligence on behalf of investors is far more outrageous than any failings at the SEC.
 
Quote from IluvVol:

...and you sound like the true loser of the past 6 months ;-)
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When you grow up, when you have your own computer instead of using mommy's, you'll perhaps meet people who act because they believe a cause is just, and, even though they are not directly affected, others are. For many, that is reason enough to act.

It would make no difference of my personal situation. This is a disaster for the country. And what little I can do, I'll do.
 
Quote from Cutten:

Why would you expect underpaid government bureaucrats to spot a fraud that many investors with hundreds of millions on the line did not? People at the SEC get paid a pittance, and they get no financial reward for unmasking gigantic fraud.

If you want the SEC to spot fraud, then you start paying them fraud-discovery bounties. Until then, they will twiddle their thumbs and push paper for secure salaries and a watertight pension, like most bureaucrats do.

The thing people *should* be asking is why investors put such amounts with a firm that had a 1 man auditing operation with a 200 square foot office out in Palookaville, and had almost no volatility of returns. The abrogation of fiduciary duty and 3rd grade due diligence on behalf of investors is far more outrageous than any failings at the SEC.
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I'm not saying his investors deserved what they got, but in this business, it's always caveat emptor.

To think otherwise is to be lulled into a false sense of security while the wolf waits just outside the door.
 
Quote from Cutten:

The thing people *should* be asking is why investors put such amounts with a firm that had a 1 man auditing operation with a 200 square foot office out in Palookaville, and had almost no volatility of returns. The abrogation of fiduciary duty and 3rd grade due diligence on behalf of investors is far more outrageous than any failings at the SEC. [/B]
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That is a good question. Is it as simple as Bernie Madoff created his reputation on trust and integrity? He became very well known and successful on wall street, so not many question him, they trust him. Like a brand name.
 
I don't care so much about rich Swiss or Hamptonite HNWIs got their pompous asses handed to them but that charitable foundations with millions of Dollars lost their entire equity in this scam is really sad.
 
I imagine there will be waves of hedge fund redemption in coming days, I bet many hedge funds have some non-liquidate assets, and investors don't want to be the last Ponzi bag holder.

One positive side of the news: Liquidation of Madoff hedge fund itself would not have much impact on the market.
 
Quote from makloda:

"If it looks too good to be true, it probably is"

Zero volatility anyone? :cool:

mijnf7.jpg
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love that graph.

how many funds out there have a similar profile?
 
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