Posted on 12/14/2008 2:28:59 PM PST by CutePuppy
Panicked investors scrambled desperately yesterday to determine whether their life savings had been wiped out after a Wall Street legend allegedly admitted blowing as much as $50 billion in what is emerging as the largest Ponzi scheme in history.
Among several big-name investors who trusted former Nasdaq Chairman Bernard L. Madoff with their cash were New York Mets owners Fred Wilpon and Saul Katz, who may have lost as much as $500 million in the scheme, sources said.
New Jersey Sen. Frank Lautenberg also confirmed he had invested money from his charitable organization through the 70-year-old Madoff's company, though he did not say how much.
While the scope of countless other investors' losses remains unclear, it appears that most of the victims reside in New York and South Florida and were among Madoff's closest friends and business associates.
.....
The scandal - set off when his own sons turned him in to authorities - marks a dizzying fall from grace for Madoff, who lured investors with a reputation as a financial genius.
Working the so-called "Jewish circuit" of well-heeled Jews he met at country clubs on Long Island and in Palm Beach, and through his position on the boards of directors of several prominent Jewish institutions, he was entrusted with entire family fortunes.
"The guy was totally respected. He was a heymishe Jewish guy. He had sweet old ladies and he let their children in," said a Manhattan lawyer who invested with Madoff.
"This guy was dealing with all the rich Jews in Roslyn and the rich Jews in Palm Beach. This was passed down from family member to family member because he wouldn't open up to new people."
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(Excerpt) Read more at nypost.com ...
It' called 'Keeping AHEAD of the Joneses'.
Their self esteem seems to be directly tied to the size of their bank account.
God’s payback for abandoning their homeland by voting for the POS-elect??
Thanks for the info. It helps to confirm (at least in my mind!) that others in the firm knew what was going on.
***when I have not even one tenth of that amount and would never trust a person...no matter who with that money.***
Mt friend, my pal! I have a worm farm I would like you to invest in! ;-)
“Mt friend, my pal! I have a worm farm I would like you to invest in!”
Sounds like a sure bet. Where do I sign up? Daaaaaa
“It’ called ‘Keeping AHEAD of the Joneses’.
Their self esteem seems to be directly tied to the size of their bank account.”
Yep...no other way to explain. As others said, now they’ll go crying to Obama.
Many investors join Hedge funds because they know it operates out of the regulations. They can do what they please but many forget it cuts both ways.
Bernie is such a good Democrat. He contributed to endless Democrat candidates including Barrack Hussein Obama.
Throw the whole family in jail and put Bernie in the electric chair. Lautenberg aka “the Mummy” was a big investor.
You know what the dirty stinking secret is - Madoff first business or main business was market making in stocks. The stories are not telling you that most investors thought Bernie was essentially front running his order flow to get such good returns (i.e. cheating).
This means his traders could see big block of say IBM being bought and Bernie’s traders would trade ahead or buy before those trades were executed. This could boost returns. If you had some pretty sophisticated softwrae this is one way Bernie could have cheated to get an edge - if he had been smart enough.
In other words his investors thought Bernie was engaging in illegal actions to get an edge on the market. Well he was but they were not the illegal acts his investors expected! It was their little secret unfortunately it was not the secret they expected.
Keep it simple and cheap!
The family were in on it.
Somebody help me out here. From what I heard in a ponzi scheme - the people who have been paid back recently may have to give money back or could be sued to return money they recently received.
Are you sure those are legal? I thought they were part of the underground economy!
All of these charitable foundations and family foundations are usually a tax dodge. Lautenberg is a real piece of garbage.
From the article..
***Said one hedge-fund manager who knew many of Madoff’s investors: “There are a lot of people in New York who were rich yesterday and are insolvent today.” ****
Well, flipping burgers ain’t out of style! Get a job!
Sometimes a person can live a lie, but eventually the lie exposes you for what you are.
total BS and the media sounds like they are buying it...the sons are in on it from the beginning or they are dumber than dirt...just an ole man taking the bullet for now...the family has pocketed hundreds of millions and billions off shore...may they rot in hell or be taken out ASAP! i probably don’t know it but the faceless SOBs who are managing my very meger...now much more meger assets probably bought this dirt bags sorry assed fund and i have loss my lifetime retirment to the greedy buns just like everyone else...i really hate all these people and someone must eventually pay for my pain...maybe not now but soon...please though don’t anyone believe this bullshit
exactly and his sons are in on it too and have stashed a bunch of it and a nice cover story to protect them
What a fine group of people to defraud!
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