Posted on 12/25/2008 1:08:14 AM PST by TigerLikesRooster
List Of Entities Announcing Exposure To Madoff Investments
December 24, 2008: 03:45 PM ET
The following entities have announced exposure to Bernard L. Madoff Investment Securities LLC, the New York-based business that allegedly lost $50 billion in a giant pyramid scheme.
Entity: Access International Advisors Exposure: $1.5 billion Date of disclosure: Dec. 24
/snip
Entity: International Olympic Committee Exposure: $4.8 million Date of disclosure: Dec. 19 Notes: The IOC's exposure represents about 1% of its total investment portfolio. Organizing committee confirmed they will be able to meet their obligations.
/snip
(Excerpt) Read more at money.cnn.com ...
Ping!
The amazing thing is that the guy walks freely...waiting for some hostile investor to whack him (which is what the Feds are hoping for). You can’t have Madoff show up in court and explain how he paid off dozens of national congressional members or senators.
It’s too bad the International Olympic Committee didn’t have more invested with Madoff. They’re some of the most corrupt scumbags around.
Juan Antonio Samaranch, the head of IOC, just lost money for an extra mistress.:-)
I'm beginning to suspect that Bernie was the conduit for getting tons of money out of the country to safer havens, with no accounting or taxes. And maybe the taxpayers are dumb enough to double down for them.
I haven't seen where a single one of his "victims" actually earned the money they lost.
The uber wealthy were crying victim before the cameras, which I have no problem with.
But, what really ticked me off was several of these mega-rich widows were demanding that "The Government" (read: the taxpayers) "bailout" their investments with Madoff and repay them their money.
They have already hired slick attorneys who are claiming that because the SEC did not catch Madoff, then "The Government" must pay them back every penny of their millions and billions.
I am not joking.
Fed and Treasury set a bad precedent by their bailout scheme. These widows figure that their loss would be a chump change compared with trillions of bailout money approved or under consideration.
This will go on until the main street will erupt in rage.
The SEC wasn't doing it's job since it didn't catch Madoff or look into some people's warnings about him.
What all of this means is there are safeguards built into our legal and regulatory system but nobody is minding the store.
People in the middle class are going to get hit from both sides of the aisle. The "poor" will get even more entitlements. And Now, if some billionaire loses $1 million on a Ponzi scheme, it will become the government's responsibility to give the rich crybaby his $1 million back and then some. The middle class will have to pay, through taxation and inflation, for the government benefits that will be awarded - with no strings attached - to the welfare class and the super rich. This is a reason the left wants to take away any of your guns that have a "military" usefulness (guns that could be useful in a revolution).
Clint Murchison used to say, “Money is like manure. If you spread it around it does a lot of good. But if you pile it up in one place, it stinks like hell.”
Because the SEC was “negligent” does that mean the taxpayer has to bail out every victim of every ponzi scheme?
Just because the police didn’t catch the thief, that means the police must compensate every burglary victim?
I hold the government and our congresscritters responsible and think the ones that let this go on and didn't reinstate those 2 laws should be made to pay. The GOP tried to get them reinstated, IIRC.
I watched that on CNBC I think and couldnt help but laugh as the Palm Beachers worried about the long term effect on their pricey art galleries and boutiques. You are right though, watch for Wexler (FL) to submit legislation to “correct” the mistakes of Madoff with our tax dollars.
Oh, and it's the SEC's job to make sure this stuff doesn't happen in the first place and to catch it quickly if it does before it builds into what we are seeing now.
The SEC was repeatedly warned about Madoff for at least 7 years but apparantly they didn't investigate. Those in the SEC who signed off on Madoff should also have to pay, face jail time, and of course, be fired since apparently they don't know how to do their jobs.
If we don't start educating the idiots in our country then we will see more of this. We have to stop the marxist/socialist brainwashing of our kids in our schools.
We have to make sure that they can read, write, and do math. Mostly, we have to make sure that our students use the brain that God gave them instead of wasting that gift.
I've seen too much, over the years. I've seen how CA Dems were the ones fully interested and invested in orgs like Enron ad nauseum, suddenly get their funds out in time.
Meanwhile, the same reinvested in Canadian and Australian energy suppliers... just before the "fall" of Enron. Observing CA Dems screaming ugly (D-Lockyer) at Enron was beyond disgusting to me. They knew.
New Yorkand Palm Beach are going to look like the Gobi desert in 2009,financially speaking.
Good advice.
Well, they DID put Martha Stewart in prison just to make the dummies look the other way.
As for Madoff (an appropriate name since he made off with a lot of other people’s money), he called it a 50 billion dollar Ponzi scheme. The truth is he has no idea how much money was there. A I believe it is real money and not just on paper. When money is used to buy something, that “something” is somewhere and had value. A lot of homes in Palm Beach were bought with this money. As were jets, diamonds, Rolls, etc.
Roll as many heads as you like at the SEC, but it’s not the job, ever, of the Taxpayer to make sure investors who are victimized by con artists are made whole.
since the totals in the list are way short of $50 b, either the amount is exagg or there are a lot of people hiding in the Bushes. If there’s a bailout, no doubt they’ll all come out. I’ll be right there too. “Wha’? You mean that scoundrel lost my paper work?”
Now, "we" here on FreeRepublic are different, smarter, more aware, conservative, and etc., than the average Joe who votes for the person whom they think will give them something in return. "The what will you give me" election of 2008. These sheeple are the ones that are electing our poor quality of representatives and senators. We are going to have to pay more taxes to get the U.S. out of this mess that could have been avoided if some of those laws had stayed in place. There is just no way around us having to pay for some of it or there will be total chaos and anarchy. That's just what our enemies are hoping for if not planning for.
I blame congress and the SEC for this mess that we will have to bail ourselves out of.
Oh yeah, I also blame the idiot sheeple for this, too.
I hope you're right. It does not give me a good feeling knowing the majority of those who lost money are big time Democrats - and their slaves in Congress may try to do their bidding.
Did you notice how many times they used the word "victim" during the show?
I think it was 1,729.
Victims?
They gambled their money to make even more and more money.
Now that they lose (after getting double digit returns on their investments annually for years and using that money to buy mansions, yachts, real estate, vacations, jewelry, expensive meals, jets, etc) - they want us to "bail them out."
Un-flippin' believable.
bump
I believe this too.
Lots of American Jewish charities, lots of European banks. NO Wall Street brokerage houses/investment banks or the banks that took them over - no Goldman Sachs, no Merrill Lynch, no JP Morgan, no BoA, none of those. It’s almost like they were on to him or something.
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