Will any of the idiots in our banks that invested in this funds lose their jobs? No of course not-probably get a knighthood for making gordie boy look good.
Banks fear for billions in Wall St 'scam' - Business News, Business - The Independent
Madoff Securities was also a member of five self-regulatory organisations, including US independent securities regulator Finra and the Nasdaq.
Nicola Horlick, who manages Bramdean Alternatives, which had 9% of its funds invested with Madoff's scheme, said the SEC had given it a "clean bill of health".
Mind you I have little sympathy for those whose greed got in the way of common sense.
ouch £50 billion fraud
ouch £50 billion fraud
OK, lets just everyone get this straight so we know where we are.
The guy who was the chairman of the NASDAQ Stock Exchange turns out to be the world's greatest ever conman in history???
He has defrauded $50,000,000,000 thats fifty thousand million dollars of other people's money.
He admits now that his very highly respected and regarded investment fund (subscribed to by some of the world's richest individuals and most powerful institutions) was simply a classy pyramid scheme, and has always a complete sham for the decades its been running, and no one in the SEC or any of the banks that invested in this bunko artist's fraud were able to determine this for years?
THIS IS WHAT THESE PEOPLE DO FOR A LIVING, AND PAID MILLIONS TO DO SO, WE ARE TALKING ABOUT THOUSANDS OF MILLIONS OF DOLLARS BLOWN ON A SCAM A CHILD CAN RUN, IS ANYONE OF THESE USELESS "SUITS" EVER GOING TO TAKE RESPONSIBILITY FOR ONCE IN THEIR MISERABLE, IDIOTIC, PAMPERED LIVES?
Scarily, these are the same people that have been given the responsibility to control the money supply of entire continents, finance the world economy, and basically run everything. This must surely prove they are idiots and they either don't have a clue what they are doing, or they don't care enough to ever check hard enough about what they are doing.
The only reason this ended is because of the credit crunch, and the fact that many people needed to cash in their "investment" because of the other nonsense that was going on. So what other major financial and investment schemes are going to turn out to be frauds and con jobs??? One can only guess.
The guy who was the chairman of the NASDAQ Stock Exchange turns out to be the world's greatest ever conman in history???
He has defrauded $50,000,000,000 thats fifty thousand million dollars of other people's money.
He admits now that his very highly respected and regarded investment fund (subscribed to by some of the world's richest individuals and most powerful institutions) was simply a classy pyramid scheme, and has always a complete sham for the decades its been running, and no one in the SEC or any of the banks that invested in this bunko artist's fraud were able to determine this for years?
THIS IS WHAT THESE PEOPLE DO FOR A LIVING, AND PAID MILLIONS TO DO SO, WE ARE TALKING ABOUT THOUSANDS OF MILLIONS OF DOLLARS BLOWN ON A SCAM A CHILD CAN RUN, IS ANYONE OF THESE USELESS "SUITS" EVER GOING TO TAKE RESPONSIBILITY FOR ONCE IN THEIR MISERABLE, IDIOTIC, PAMPERED LIVES?
Scarily, these are the same people that have been given the responsibility to control the money supply of entire continents, finance the world economy, and basically run everything. This must surely prove they are idiots and they either don't have a clue what they are doing, or they don't care enough to ever check hard enough about what they are doing.
The only reason this ended is because of the credit crunch, and the fact that many people needed to cash in their "investment" because of the other nonsense that was going on. So what other major financial and investment schemes are going to turn out to be frauds and con jobs??? One can only guess.
"We are never so happy, never so unhappy, as we imagine"
Le Rochefoucauld.
"A smack in the face settles all arguments, then you can move on kid."
My dad 1986.
Le Rochefoucauld.
"A smack in the face settles all arguments, then you can move on kid."
My dad 1986.
ouch £50 billion fraud
Assuming he's guilty and writing allegedly all through my post, I wonder what he'll be sentenced to?
An average sentence for embezzling $200,000 from an employer, if you're in charge of the books, is around 4 years. Let's scale it up and refuse to allow him to serve any of his time concurrently.
That makes...
One million years in jail.
Alternatively we could hand him a medal for helping to destroy deregulated Capitalism. That gets my vote.
Just out of interest, does anyone think if Osama bin Laden had negotiated terms in 2000 instead of sending in his plane hijackers, and that consequently the Bush White House couldn't have sent the US Armed Forces into the Middle East, the US would have been hit by the bank collapse and the manufacturing collapse and the hedge fund collapse and the general dismemberment of unregulated Capitalism which follows? I think one reason for the burnout of Capitalism is the loss of face, loss of confidence and loss of a half trillion dollars so far in extra military costs which Osama bin Laden forced - shall we use the word forced? - on the White House.
In which case, regardless of how much people may dislike the notion, he's won his war. He's got hundreds of times more sympathisers backing fundamentalist interpretations of Islam too, which was his key objective. Get someone to fight you and you gain allies and goodwill, it's simple.
Why it wasn't treated as a criminal act and prosecuted by police work, however large-scale and however much it involved military backup, I simply cannot understand.
Centrally planned Communism disintegrated in 1989. Capitalism did the same in 2008. We're all of us re-inventing the world now.
An average sentence for embezzling $200,000 from an employer, if you're in charge of the books, is around 4 years. Let's scale it up and refuse to allow him to serve any of his time concurrently.
That makes...
One million years in jail.
Alternatively we could hand him a medal for helping to destroy deregulated Capitalism. That gets my vote.
Just out of interest, does anyone think if Osama bin Laden had negotiated terms in 2000 instead of sending in his plane hijackers, and that consequently the Bush White House couldn't have sent the US Armed Forces into the Middle East, the US would have been hit by the bank collapse and the manufacturing collapse and the hedge fund collapse and the general dismemberment of unregulated Capitalism which follows? I think one reason for the burnout of Capitalism is the loss of face, loss of confidence and loss of a half trillion dollars so far in extra military costs which Osama bin Laden forced - shall we use the word forced? - on the White House.
In which case, regardless of how much people may dislike the notion, he's won his war. He's got hundreds of times more sympathisers backing fundamentalist interpretations of Islam too, which was his key objective. Get someone to fight you and you gain allies and goodwill, it's simple.
Why it wasn't treated as a criminal act and prosecuted by police work, however large-scale and however much it involved military backup, I simply cannot understand.
Centrally planned Communism disintegrated in 1989. Capitalism did the same in 2008. We're all of us re-inventing the world now.
Nullius in verba ... ☎||||||||||| ... To Fate I sue, of other means bereft, the only refuge for the wretched left.
When flower power came along I stood for Human Rights, marched around for peace and freedom, had some nooky every night - we took it serious.
Who has a spare two minutes to play in this month's FG Trivia game! ... My other OS is Slackware.
When flower power came along I stood for Human Rights, marched around for peace and freedom, had some nooky every night - we took it serious.
Who has a spare two minutes to play in this month's FG Trivia game! ... My other OS is Slackware.
-
along-for-the-ride
- Posts: 11732
- Joined: Wed Mar 02, 2005 4:28 pm
ouch £50 billion fraud
Another plaque in the hall of shame. 
Life is a Highway. Let's share the Commute.
ouch £50 billion fraud
posted by spot
Centrally planned Communism disintegrated in 1989. Capitalism did the same in 2008. We're all of us re-inventing the world now.
Communism holds the seeds for it's own destruction anyway, which point the intellectual left never seem to understand, and the russian version of it went down the **** hole back when stalin took control. What's happened in america is corporatism, arguably it's because they moved away from capitalism they ended up in the state they are in now.
The regulators who kept giving his funds a clear bill of health need looking at as well.
Centrally planned Communism disintegrated in 1989. Capitalism did the same in 2008. We're all of us re-inventing the world now.
Communism holds the seeds for it's own destruction anyway, which point the intellectual left never seem to understand, and the russian version of it went down the **** hole back when stalin took control. What's happened in america is corporatism, arguably it's because they moved away from capitalism they ended up in the state they are in now.
The regulators who kept giving his funds a clear bill of health need looking at as well.
ouch £50 billion fraud
I have a quote:In today’s regulatory environment, it’s virtually impossible to violate rules. And this is something the public really doesn’t understand. And if you read things in the newspaper and you see somebody, you know, violate a rule, you say, well, you know, they’re always doing this. But it’s impossible for you to go—for a violation to go undetected, certainly not for a considerable period of time.Who said it? The chap they arrested, back when he was chairman of the NASDAQ stock market, before he violated the rules.
So much for regulatory frameworks. And this is eight years into the Bush White House's watch? Where does the buck stop?
So much for regulatory frameworks. And this is eight years into the Bush White House's watch? Where does the buck stop?
Nullius in verba ... ☎||||||||||| ... To Fate I sue, of other means bereft, the only refuge for the wretched left.
When flower power came along I stood for Human Rights, marched around for peace and freedom, had some nooky every night - we took it serious.
Who has a spare two minutes to play in this month's FG Trivia game! ... My other OS is Slackware.
When flower power came along I stood for Human Rights, marched around for peace and freedom, had some nooky every night - we took it serious.
Who has a spare two minutes to play in this month's FG Trivia game! ... My other OS is Slackware.
ouch £50 billion fraud
spot;1087963 wrote: I have a quote:In today’s regulatory environment, it’s virtually impossible to violate rules. And this is something the public really doesn’t understand. And if you read things in the newspaper and you see somebody, you know, violate a rule, you say, well, you know, they’re always doing this. But it’s impossible for you to go—for a violation to go undetected, certainly not for a considerable period of time.Who said it? The chap they arrested, back when he was chairman of the NASDAQ stock market, before he violated the rules.
So much for regulatory frameworks. And this is eight years into the Bush White House's watch? Where does the buck stop?
After the Enron scandal they put up a whole slew of new legislation called the Sarbanes Oxley act supposedly to prevent just such an occurrence as this. It has been an absolute pain in the proverbial to comply with as it is so intrusive into our work patterns and for what? It obviously has not addressed the problem or prevented its recurrence.
So much for regulatory frameworks. And this is eight years into the Bush White House's watch? Where does the buck stop?
After the Enron scandal they put up a whole slew of new legislation called the Sarbanes Oxley act supposedly to prevent just such an occurrence as this. It has been an absolute pain in the proverbial to comply with as it is so intrusive into our work patterns and for what? It obviously has not addressed the problem or prevented its recurrence.
ouch £50 billion fraud
Bryn Mawr;1087996 wrote: After the Enron scandal they put up a whole slew of new legislation called the Sarbanes Oxley act supposedly to prevent just such an occurrence as this. It has been an absolute pain in the proverbial to comply with as it is so intrusive into our work patterns and for what? It obviously has not addressed the problem or prevented its recurrence.
You're not an American plutocrat though. Go and chair NASDAQ for a year and then try.
You're not an American plutocrat though. Go and chair NASDAQ for a year and then try.
Nullius in verba ... ☎||||||||||| ... To Fate I sue, of other means bereft, the only refuge for the wretched left.
When flower power came along I stood for Human Rights, marched around for peace and freedom, had some nooky every night - we took it serious.
Who has a spare two minutes to play in this month's FG Trivia game! ... My other OS is Slackware.
When flower power came along I stood for Human Rights, marched around for peace and freedom, had some nooky every night - we took it serious.
Who has a spare two minutes to play in this month's FG Trivia game! ... My other OS is Slackware.
ouch £50 billion fraud
spot;1088224 wrote: You're not an American plutocrat though. Go and chair NASDAQ for a year and then try.
They're at it again with another knee jerk reaction after the TX Maxx debacle of a couple of years ago - a little item fetchingly called PCI-DSS which is costing billions of dollars in IT fees and has spawned a complete industry of unqualified "assessors" and "advisors" and does nothing to address the underlying problem, just takes a sledgehammer to the outward, visible, effect.
They're at it again with another knee jerk reaction after the TX Maxx debacle of a couple of years ago - a little item fetchingly called PCI-DSS which is costing billions of dollars in IT fees and has spawned a complete industry of unqualified "assessors" and "advisors" and does nothing to address the underlying problem, just takes a sledgehammer to the outward, visible, effect.
ouch £50 billion fraud
"US Attorney General Michael Mukasey removed himself from the investigation"? Golly.
And Bernard Madoff "couldn't find" four people to sign his bail terms but they still let him out for $10m of his pile of stolen cash? What sort of country allows a guy accused of stealing $50 billion to put down a five thousandth part of his gains as bail so that he can keep his option to, say, buy American Airlines for a flight to Brazil?
Bernard Madoff gets bail while some poor shepherd from Albania's been banged up in Guantanamo Bay for six years without so much as access to a lawyer?US Attorney General Michael Mukasey removed himself from the investigation.
BBC NEWS | Business | Madoff under curfew on $10m bail
And Bernard Madoff "couldn't find" four people to sign his bail terms but they still let him out for $10m of his pile of stolen cash? What sort of country allows a guy accused of stealing $50 billion to put down a five thousandth part of his gains as bail so that he can keep his option to, say, buy American Airlines for a flight to Brazil?
Bernard Madoff gets bail while some poor shepherd from Albania's been banged up in Guantanamo Bay for six years without so much as access to a lawyer?US Attorney General Michael Mukasey removed himself from the investigation.
BBC NEWS | Business | Madoff under curfew on $10m bail
Nullius in verba ... ☎||||||||||| ... To Fate I sue, of other means bereft, the only refuge for the wretched left.
When flower power came along I stood for Human Rights, marched around for peace and freedom, had some nooky every night - we took it serious.
Who has a spare two minutes to play in this month's FG Trivia game! ... My other OS is Slackware.
When flower power came along I stood for Human Rights, marched around for peace and freedom, had some nooky every night - we took it serious.
Who has a spare two minutes to play in this month's FG Trivia game! ... My other OS is Slackware.
ouch £50 billion fraud
JAB;1088584 wrote: Yeah but he has to wear an ankle bracelet.... :rolleyes:
I'll bet real money nobody's allowed to spit on his Koran though.
I'll bet real money nobody's allowed to spit on his Koran though.
Nullius in verba ... ☎||||||||||| ... To Fate I sue, of other means bereft, the only refuge for the wretched left.
When flower power came along I stood for Human Rights, marched around for peace and freedom, had some nooky every night - we took it serious.
Who has a spare two minutes to play in this month's FG Trivia game! ... My other OS is Slackware.
When flower power came along I stood for Human Rights, marched around for peace and freedom, had some nooky every night - we took it serious.
Who has a spare two minutes to play in this month's FG Trivia game! ... My other OS is Slackware.
ouch £50 billion fraud
This is incredible!
No wonder everything is collapsing around us.
50 billion…. 50 billion,
And we are supposed to trust our financial institutions and ‘bail them out’.
They caused this nightmare, I think we should have let them all go under and start again.
I tell ya, if the West fell over laughing and declared ‘victory’ at the end of the Soviet Union and the ‘fall of communism’ then from their graves, they must be laughing now at the fall of capitalism.
No wonder everything is collapsing around us.
50 billion…. 50 billion,
And we are supposed to trust our financial institutions and ‘bail them out’.
They caused this nightmare, I think we should have let them all go under and start again.
I tell ya, if the West fell over laughing and declared ‘victory’ at the end of the Soviet Union and the ‘fall of communism’ then from their graves, they must be laughing now at the fall of capitalism.