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Madoff scandal hits Aspen
Money ^ | 12/22/2008 | Diane Tegmeyer

Posted on 12/23/2008 11:13:09 AM PST by Red in Blue PA

ASPEN, Colo. (Fortune) -- Palm Beach and New York may have been hardest hit by the Bernard Madoff scandal, but residents in Aspen, Colo., are quietly tallying up massive losses.

The upscale resort community has a population base of under 6,000, but reports over the past week reveal that dozens of residents have been undone by the $50 billion Ponzi scheme allegedly perpetrated by Madoff.

According to local asset managers and lawyers, these families have lost upwards of $1 billion. Some have seen up to 95% of their life savings disappear in the past few days -- both long-time locals and part-timers are affected.

(Excerpt) Read more at money.cnn.com ...


TOPICS: News/Current Events; US: Colorado
KEYWORDS: aspen; fraud; madoff; millionaires
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To: smallbiz

Your comment was written to me moron.


61 posted on 12/23/2008 4:31:46 PM PST by DB
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To: DB

“Your comment was written to me moron.”

Put your hands back in your pockets. Nobody’s going to buy your bailout for billionaire plan. As far as the 410k, I feel sorry for whoever is under any plan that you are overlooking. I guess they can hope for a government bailout too.


62 posted on 12/23/2008 4:55:23 PM PST by smallbiz (Democrat Party = Alexander Tyler Party)
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To: DB

“Your comment was written to me moron.”

My original comment was to your post #44. You wrote the word “you” 6 times in 8 sentences. I didn’t think you meant that as being directed at anyone on the forum. Just as I didn’t mean the word “you” to be directed at you personally.

I don’t mean to hijack this thread, so please explain why I should bailout someone who isn’t comfortable with being just a millionaire.

So far your handout for people who can’t live a “decent” life with only $500,000 is out of touch with most people who use this website.


63 posted on 12/23/2008 5:04:59 PM PST by smallbiz (Democrat Party = Alexander Tyler Party)
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To: smallbiz
Not once did I suggest any of these people should be bailed out. Not once.

Having some compassion for the misfortune of others isn't an offer of taxpayer monies.

Last and not least, the grammatical usage of “you” is entirely different in my post 44 which was directed to someone else who understood it properly and your post to it.

I apologize for calling you a moron. I shouldn't have done that.

Merry Christmas.

64 posted on 12/24/2008 1:53:33 AM PST by DB
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To: InvisibleChurch

Yes, this is a bad turn of phrase. “Savings” they may well have been - or not, depending on the provenance of the money.

However, these are more properly termed “investments” (at least, the unfortunate thought they were investing). Investments are by definition some thing other than money. Savings then, are denominated in cash or near cash equivalents, and arguably deposited in an FDIC institution, not an “investment bank.” (which are now rare in any case).

Words mean things, and about half the time the word “bank” is used in popular culture they are not. Such is the legacy of congress jettisoning so many of the depression era regulations. Totally off-topic, remember when Wal-Mart wanted to offer banking services, and the experts opined on how this was a bad idea? I wonder.


65 posted on 12/27/2008 7:14:56 AM PST by Freedom4US
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