Posted on 12/15/2008 5:41:51 PM PST by TigerLikesRooster
December 16, 2008
British banks losing billions to ‘one big lie’ in biggest ever fraud
Wall Street investors struggle to understand how they fell for simple fraud
Suzy Jagger, Christine Seib and Patrick Hosking
The eye-popping scale of what is being billed as the world’s largest swindle became apparent yesterday as wealthy investors and banks around the world emerged as the victims of Bernard L. Madoff.
The Royal Bank of Scotland admitted that it stood to lose £400 million, and HSBC warned its shareholders that its losses could be $1 billion (£675 million), making it Britain’s largest victim so far of the New York financier’s “one big lie”.
Clients of Man Group, the former sponsor of the Man Booker literary prize, are facing a $360 million loss.
Several local authorities are also exposed. Hampshire County Council has invested about £8 million in Madoff funds, and five Merseyside boroughs fear that they will lose about £2 million from the scam.
(Excerpt) Read more at business.timesonline.co.uk ...
Because you are so convinced that you would not.
That and a 'blind eye'.
yitbos
Rule #1 - Never trust a DemocRAT liberal
Well all of the investors who fell for this scam will be glad when Obama is declared the “Biggest Ever Fraud”. At least they will have moved into second place.
There is absolutely no way that this guy did it all by himself. Employees and/or other people had to manage many of these transactions moving money around.
him and his boys are up to their A-holes, farce “they” turned him in, one big scam and they all get rich, and the money is in off shore deposit boxes
time for a revolt
They'll get bailed out - powerful dems will raise taxes on the rest of us to help out liberal multimillionaires.
How selfish of the middle class to want to send their children to college when these people need new private jets...
That’s why bankers are paid big bucks, they are highly skilled at saying, “We lost....”, with a straight face. You can’t buy talent like that on the cheap!
The so-called victims of Medoff’s Ponzi scheme are going to be asking the US Govt to bail them out for their losses in the greatest individual Ponzi scheme of all time. Precedent for bailout’s have been establised in the last couple of months - banking, mortgages, and auto is on the table.
Please email/call your U.S. Senator/Representative to let them know that you are opposed to any bailout of the victims of Medoff’s scheme. His investors were all very wealthy individual or business investors who were simply driven by greed to get an unrealistic return on their investment.
There were sufficient warnings that his investment returns were unrealistic and not attainable.
The only Ponzi scheme greater than Medoff is Social Sec and Medicare....
That would be funny if it weren't so true.
I am surprised that Bernie has not swallowed the gun yet. It is the only honorable way out for the lying POS.
Great post. You o not get divident checks on this scale if it was legal.
I am sure in the back of their minds...lol, they knew that this was jsut wrong.
Most prolly thought “insider trading”....wrong folks...
You reap what you sow.
“Well all of the investors who fell for this scam will be glad when Obama is declared the “Biggest Ever Fraud”. At least they will have moved into second place.”
“On the upside, this ruined enough limousine liberals whose pastime is to fund all manner of PC projects. So we would be less hounded by never-ending liberal activities. Unless they are bailed out. “
These two quotes made my day. Thank you :)
The other folks may be some tough dudes.
One thing I have learned after watching the likes of inbred European nobility, and Americans such as Corzine, “Boss Tweed” Bloomberg, and fascists like Soros, is never assume wealth=intelligence. Even if the people I just named are shrewd, or have higher IQs, does not negate the fact that humans get scammed.
What’s the difference between Wall Street investors losing OPM in ponzi schemes, or you giving a Nigerian $10,000, or the people of CT and MA re-electing Barney Frank and Chris Dodd after the Freddie/Fannie failures? Well, for one, Barney is a demanding poof and Dodd never gives citizens from CT a proper reach-around. But to err is human and to get scammed is inevitable.
Yeah, the Hampshire County Council and those five Merseyside boroughs really had it coming, those limey bastards. Trash pick up and sewerage treatment are such annoyingly PC projects!!
There were sufficient warnings that a hurricaine was going to hit New Orleans, that you need insurance if you live on the beach, that the stock market goes down sometimes, that adjustable mortages will eventually adjust...
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