Posted on 12/13/2008 3:21:11 AM PST by SkyPilot
Some of America’s wealthiest socialites were facing ruin last night after the arrest of a Wall Street big hitter accused of the largest investor swindle perpetrated by one man.
Shock and panic spread through the country clubs of Palm Beach and Long Island after Bernard Madoff, a trading powerbroker for more than four decades, allegedly confessed to a fraud that will cost his wealthy investors at least $50 billion – perhaps the largest swindle in Wall Street history.
Mr Madoff, 70, a former Nasdaq stock chairman, was apparently turned in by his two sons and arrested on Thursday morning at his Manhattan apartment by the FBI. Andrew Calamari, a senior enforcement official at the US Securities and Exchange Commission, described the scheme as “a stunning fraud that appears to be of epic proportions”.
(Excerpt) Read more at business.timesonline.co.uk ...
Money is an illusion
More correctly, it is a societal contract
Agreeing to trade goods and services
by way of an agreed measure of worth
It is only as real as that agreement holds
With a name like Bernard Madoff and a NYC address it's virtually guaranteed.
LOL!
I can’t wait for the good liberal matrons to start applying for jobs at Arby’s.
“Check his website. Rush said he had no money with him.”
Agree...I suspect that when Rush hit 4 million or so, he parked all his money conservatively, as he had enough to live on the rest of his life.
The clowns with this guy are still chasing the high returns with many times that amount...they got EXACTLY what they deserved.
Moral of the story:
If you are going to be a ganeff, be a GANZER ganeff!!Nu?
http://www.freerepublic.com/focus/bloggers/2147748/posts?page=8#8
NY Post business section has several articles on this. The second link I provided has a decent description of some of the investors. Obviously, most of the money in his fund were provided by other funds and “funds of funds” for management.
I’d be surprised if the wealthy individuals put a significant percentage of their wealth into one fund, but most individuals would only be able to get access to this type of hedge funds on personal or referral basis, so it’s likely that most of his non-institutional clients would be liberals.
More likely to be DEMANDING a government bailout.
Sheesh, some rich people got screwed, just like the demonrats are trying to do the the whole country. Too bad they don't get the connection. Make that; never make the connection.
Amen.
All Gov't deficit (inflation) spending are a ponzi scheme, making the next generation pay for the excesses of the present one.
Add Social Security to the list.
Real money is not an illusion but is based on the fact that it actually has some value as a commodity.
It is paper money that is an illusion.
Shock and panic spread through the country clubs of Palm Beach and Long Island.
I keep waiting for the witch-hunt of the century.
The libs couldn’t wait to jail Martha Stewart for an act that only was less than a hundred K. What will they now do with Wall Street, the banking industry and the leaders of Car Makers?
Should Counterfeiting Be Encouraged?
http://dollardaze.org/blog/?post_id=00540
Fractional Reserve Banking:
As a major lending bank, if the Federal Reserve gives you $100 million, you must keep a small percentage ‘in reserve’.
Let’s say it’s 10%.
So, does that mean you can only loan out $90 million? (seems logical).
Nope. according to the way the ‘scheme’ works, they can now loan out $190 million.
How long has he been doing this.....inquiring minds what to know
Real money is not an illusion
but is based on the fact that it
actually has some value as a commodity.
It is paper money that is an illusion.
It is “Paper Money” we are talking about here
or the “Number” in an “Account” somewhere
that corresponds to the “Paper Money”
issued by a “Governmental Agency” (another illusion)
One Very Large Ponzi Scheme
Paper money is a contract for goods and services, with a government responsibility to enforce it (not printing too much or too little). That's all. Its as good or bad as any other contract. Using gold, silver, copper, or any other commodity does limit the governments ability to screw up, but it comes with its own problems.
Nothing. Nada. Zip. Just wait and see.
Madoff used the proceeds of late coming investors to pay off the early investors who have presumably spend the money
Exactly. There isn't even a Fire Sale here. There is nothing left to fight over for these investors.
I had to laugh when I read that many investors had hired lawyers. For what?
Do they think they are going to get their millions back? From where?
The only thing they are doing is pi$$ing away more money, and giving it to lawyers, who will then tithe a portion of their legal fees to the Democrat Party.
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