Madoff story smells funny...
- Thread starter W4rl0ck
- Start date
Looks at the detailed false statements this guy was generating
http://dealbook.blogs.nytimes.com/2008/12/15/a-look-at-madoffs-trading-records/
You would think he had help.
http://dealbook.blogs.nytimes.com/2008/12/15/a-look-at-madoffs-trading-records/
You would think he had help.
A 'Fortune' article (Fri April 24 2009) estimates that the Madoff scheme drew in about $20 billion in total. I quote: "What isn't going to happen is the miraculous discovery of a giant vault with $65 billion in cash. That's because that $65 billion -- the most widely cited figure for the size of Madoff's heist -- is a fiction and always was. It's a tally of the stated value of all the account statements of every Madoff account holder as of Nov. 30. The total includes, in some cases, decades of fabricated returns. According to experts, the actual amount investors gave to Madoff over the years is probably closer to $20 billion."Quote from Cheese 12-15-08:
Intelligent ET members would have already postulated that if he paid redemptions from new investment, then at any one time there may have been left only marginal amounts actually invested. He may also have done no more than take out salary and other running costs so that it is possible there was no major theft of funds. The $50 billion then may be nothing more than a theoretical accumulation at a theoretical growth rate fed to investors as deliberate misinformation. In brief the $50 billion over many years could be made up of mainly theroretical gains that did not occur in actuality.
What has been identified by investigators are scraps (tens of millions) left behind by Madoff but nothing to stack up very high. What has apparently emerged is that the Madoff family did not know about the fraud. This is no surprise. But this won't necessarily stop prosecutors trying to pin charges on them on the basis that they should have known.
I think the man was a genius.. Think about it -- If given the opportunity to live extremely wealthy for say 35+ years and possibly setup your family for generations to come -- own homes all over the world and be god like only to spend the final days in Jail at 70 years of age.. Isn't such a bad deal.
I know a lot of people who have done much more horrible things for a fraction of what Madoff stole and not having the benefit of living rich and freely like he did.
The man lived a great life and is going to pay the ultimate price but he' s old and probably have memories most of us could only dream of.
I know a lot of people who have done much more horrible things for a fraction of what Madoff stole and not having the benefit of living rich and freely like he did.
The man lived a great life and is going to pay the ultimate price but he' s old and probably have memories most of us could only dream of.
I've said all along the figure made no sense. Nothing new here.
Quote from Cheese:
A 'Fortune' article (Fri April 24 2009) estimates that the Madoff scheme drew in about $20 billion in total. I quote: "What isn't going to happen is the miraculous discovery of a giant vault with $65 billion in cash. That's because that $65 billion -- the most widely cited figure for the size of Madoff's heist -- is a fiction and always was. It's a tally of the stated value of all the account statements of every Madoff account holder as of Nov. 30. The total includes, in some cases, decades of fabricated returns. According to experts, the actual amount investors gave to Madoff over the years is probably closer to $20 billion."
What has been identified by investigators are scraps (tens of millions) left behind by Madoff but nothing to stack up very high. What has apparently emerged is that the Madoff family did not know about the fraud. This is no surprise. But this won't necessarily stop prosecutors trying to pin charges on them on the basis that they should have known.