L'Oreal heiress joins list of Madoff victims(suicide CEO was her fund manager)

Times of London ^ | 12/24/08 | Rosie Lavan

[GAB-1955]

There is a difference between Social Security and a Ponzi scheme; Social Security can pay with newly-printed money. It's still not a good outcome.

[12Gauge687]

How did the L’Oreal ad go? “...because I’m worth it.” If Meredith Baxter-Birney and all the other models and celebs were worth it then this botoxed or surgically-enhanced face must really be worth it.

[Alia]

Two phrases, slogans, keep ringing through my head every time I see another article about Madoff:

"I'm taking something from you for the common good."

and

"Dems: Taking from the rich to give to the poor".

Where'd the money go.

[bert]

......he was using new money to pay off old money......

His operations were quite complex and involved scamming the IRS to reduce taxes. It is likely he actually paid nothing, the gains were on paper. If the accounts grew and were never redeemed, there was no need for money to be paid out.

All money is only electrons on a hard drive somewhere.

[Tribune7]

So those more knowlegable in these things may I ask something.... can you tell me where the billions went?

They never existed.

[Terry Mross]

First, I wonder how this is going to hurt the dem party. You KNOW they got some big donations every year.

Second, I’ve always said the easiest way to become a millionaire is to get 1,000,000 people to each give you a dollar.

[ari-freedom]

Who is rich? The one who is satisfied by what he has.

[durasell]

If I read the news reports correctly, there were instances of some folks getting checks.

This whole thing is closer to Ivar Kreuger, the so-called Match King,than Ponzi.

[durasell]

Who is rich? The one who is satisfied by what he has.

---

By that standard, the crazy guy on my subway line who drinks soup out of his shoe and recites long monologues based on the television shoe Father Knows Best, is the richest guy in the world.

[org.whodat]

1.5 billion is a drop in the bucket out of 22B, go away!! She has plenty left for that Russian KGB agent to collect the payment!!

[ari-freedom]

well, the trick is to be rich and not crazy.

[durasell]

The rich are never crazy — they’re eccentric.

[InABunkerUnderSF]

I think it’s about time we started prosecuting Madoff for involuntary manslaughter.

Given the damage this has done to NYU, the ACLU and other left wing organizations I was thinking along the lines of giving the guy some kind of medal.