Madoff
- Thread starter Chuck Krug
- Start date
Why aren't there any heads rolling in the sec?
How about a summary of whatever it is you're linking to?
If I wanted random links I'd use Google...
If I wanted random links I'd use Google...
That's an excellent link Chuck.
The pdf reads like a definitive work on creating a Ponzi Scheme!
The pdf reads like a definitive work on creating a Ponzi Scheme!
Heard some guy interviewed on a local radio show here called "Politics of Money". I finally heard someone mention the idea of the "Underworld" involved.
This guy brought up some other good points. For instance, as we all know they can go back to people who had gotten out what they thought was their own money and make them pay it back.
Turns out a lot of unions had their pension money with him. Those unions will have to repay all the money that went out regularly to their retirees.
Also, since Madoff coverted all his stuff to T-Bills at year end all of his distributions were ordinary income. This means that the IRS could owe on average about 30% of the distributions from the fund as refunded taxes. This could be billions.
Really weird stuff. I guess a movie is coming out pretty soon.
John
This guy brought up some other good points. For instance, as we all know they can go back to people who had gotten out what they thought was their own money and make them pay it back.
Turns out a lot of unions had their pension money with him. Those unions will have to repay all the money that went out regularly to their retirees.
Also, since Madoff coverted all his stuff to T-Bills at year end all of his distributions were ordinary income. This means that the IRS could owe on average about 30% of the distributions from the fund as refunded taxes. This could be billions.
Really weird stuff. I guess a movie is coming out pretty soon.
John
Obama will demolish it w/i 30 days, in one way or another. He has promised opposition Senators he would do same in return for their support of Shapiro. Fact.
Opinion. The only way he could get Schapiro, a lifelong shill for the Industry, to agree to such, is to have her in charge of some new agency. I'm sure they'll be a government component; only way Dems would agree. But she;ll have the industry side of it.
What he said.
The fact of the matter is that BM had so much more experience and knowledge about finance, accounting, trading and human nature than SEC and the majority of everyone else combined it was relatively easy for him to bambozzle a whole industry and make-off with at least $20 billion dollars (pure profit), if not substantially more.
I don't mean to make him sound like a hero. He isn't. He's a classic sociopath who was able to out-smart all of the competititon without thinking twice.
***
So back to nutmeg's question, how can you possibly hope to regulate the securites, real estate and general financial industries with so many guys like him around? (he is just the biggest and most well known, but there are plenty more where he came from).
Draconian.
Senators are buying guns. I don't know why the Press isn't picking that up. But I watch some of this shit, especially CNBC, and wonder how my sources can be better than theirs. Fact is, they probably aren't. They are just beholding to certain folks to withhold some stuff, embellish others.
You're going to get a criminal component to the Civil side. The SEC has civil authority. But there will be an agency with criminal powers. If you listen to Obama, he's not the same guy that campaigned. He's seen the balance sheets: He's seen the misdeeds documented. The politicians are scared to death - of you. They know they screwed the pooch, and but for a miracle, they killed the golden goose. Paulson may have 400,000,000, but he's as scared as anyone. He's the one that pushed the 30:1 stuff how many years ago.
You can figure the rest.
As an aside, this is a terrible, once in 100 years blowup. And it may take 10 years to get out of it. Everything is on the table. You have to teach yourself to think outside the box. I have heard from three impeccable sources to expect a rally, anywhere from 1000 to 4000 points. That is the buy in that is coming. The sources? But one is a high up brokerage official, one is law and order, one is a DC'er. They are going to force the cover is the way I see it. That's the only thing that could force the rally. It sure isn't fundamentals.
Now, naysayers will tell you, 'well, the Sand P 500 isn't affected. Yes it is. THe CNS and ex clearing system is a bucket of spit. They naked short everything. At the time of the 2001 debacle, Elgindy had naked shorted Amazon (remember the Jeff Bezos is a loon talk?), Dell, IBM, ORCL, you name it.
You have here more solid information than you ever will get again. Watch for your setups. Work very, very hard. Because the DC'er says, "after that, dig an hole, get in it, and never buy another stock again."
Senators are buying guns. I don't know why the Press isn't picking that up. But I watch some of this shit, especially CNBC, and wonder how my sources can be better than theirs. Fact is, they probably aren't. They are just beholding to certain folks to withhold some stuff, embellish others.
You're going to get a criminal component to the Civil side. The SEC has civil authority. But there will be an agency with criminal powers. If you listen to Obama, he's not the same guy that campaigned. He's seen the balance sheets: He's seen the misdeeds documented. The politicians are scared to death - of you. They know they screwed the pooch, and but for a miracle, they killed the golden goose. Paulson may have 400,000,000, but he's as scared as anyone. He's the one that pushed the 30:1 stuff how many years ago.
You can figure the rest.
As an aside, this is a terrible, once in 100 years blowup. And it may take 10 years to get out of it. Everything is on the table. You have to teach yourself to think outside the box. I have heard from three impeccable sources to expect a rally, anywhere from 1000 to 4000 points. That is the buy in that is coming. The sources? But one is a high up brokerage official, one is law and order, one is a DC'er. They are going to force the cover is the way I see it. That's the only thing that could force the rally. It sure isn't fundamentals.
Now, naysayers will tell you, 'well, the Sand P 500 isn't affected. Yes it is. THe CNS and ex clearing system is a bucket of spit. They naked short everything. At the time of the 2001 debacle, Elgindy had naked shorted Amazon (remember the Jeff Bezos is a loon talk?), Dell, IBM, ORCL, you name it.
You have here more solid information than you ever will get again. Watch for your setups. Work very, very hard. Because the DC'er says, "after that, dig an hole, get in it, and never buy another stock again."