$50 billion at stake after Wall St broker Bernard Madoff is arrested over ‘world’s biggest swindle’

Times Online ^ | 13 Dec 08 | Tim Reid

[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”.

[FES0844]

They spend it on expensive “stuff”.

[spectre]

"Another thought: I wonder if Rush had any money parked with him."

Me too :(

sw

[arjay]

Check his website. Rush said he had no money with him.

[grjr21]

One investor told The Wall Street Journal: “This is going to kill so many people. It’s absolutely awful.” Ira Roth, from New Jersey, said that his family had $1 million invested, and that he was in a state of panic.

A search of Open Secrets doesn't find any donor named Ira Roth   but Roths from NJ show 39 donations  for 29.750 for Obama.and 12 for 7,200 for McCain

I have a sneaking suspicion that allot of the money he lost came from liberals

[BluH2o]

Andrew Calamari, a senior enforcement official ...
They have tentacles everywhere.

Squid pro quo.

You people are way to clever for this hour of the AM. ;o)

[org.whodat]

I would say Paulson's trillions are the biggest swindle!!!

[SkyPilot]

These next few months will be very *interesting* - as in calling into question financial models that have been used for the last 30 years *interesting*. Armageddon on Wall Street that will make the last couple months look like a walk in the park.

I agree.

And the "solution" will be?

I predict Obama waltzing into the UN on prime time TV and demanding a "Global" system that will be "regulated" to "protect" the "World."

[G.Mason]

Yummy!

[SkyPilot]

The United States has been a ponzi scheme for about the last 25 years.

Ssshhhhhhhhhhhh!

You are going to ruin it for everyone!

[SkyPilot]

Serves the Schmaarters right! OiOi gevalt!

Harry! When are you goin' to take me to Miami!?

[tiredoflaundry]

“They have tentacles everywhere” Squid pro quo.

bravo!

[SkyPilot]

So exactly where did all the money go?

There never was any money.

As Willie Wonka once said: "Pure Imagination."

There should be a new reality show on Bravo entitled:

"The Real Pretentious Housewives of The Hamptons Who Now Realize Their Fat Slob Husbands Have No Real Money."

[SkyPilot]

I’ll bet this guy (Bernard Madoff) is a democrat

DING!

You are a winner!

http://www.newsmeat.com/fec/bystate_detail.php?last=Madoff&first=Bernard

MADOFF, BERNARD L NEW YORK, NY 10022 BERNARD L. MADOFF INVEST.-SEC./CHAI DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $25,000 primary 09/12/08 Madoff, Bernard L. Mr. New York, NY 10021 Bernard L. Madoff Investment Securi SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION POLITICAL ACTION COMMITTEE $5,000 primary 08/20/08 MADOFF, BERNARD NEW YORK, NY 10022 SELF EMPLOYED/INVESTOR MERKLEY, JEFFREY ALAN (D) Senate - OR JEFF MERKLEY FOR OREGON $2,300 primary 04/24/08 Madoff, Bernard L. New York, NY 10021 SAUL, ANDREW MARSHALL (R) House (NY 19) SAUL FOR CONGRESS INC $-2,300 primary 12/05/07 Madoff, Bernard L New York, NY 10021 Bernard Madoff Investment/Chairman LAUTENBERG, FRANK R (D) Senate - NJ LAUTENBERG NJ VICTORY COMMITTEE $5,000 primary 07/20/07 Madoff, Bernard L New York, NY 10021 Bernard Madoff Investment/Chairman LAUTENBERG, FRANK R (D) Senate - NJ LAUTENBERG NJ VICTORY COMMITTEE $2,300 primary 07/20/07 Madoff, Bernard L New York, NY 10021 Bernard Madoff Investment/Chairman LAUTENBERG, FRANK R (D) Senate - NJ LAUTENBERG NJ VICTORY COMMITTEE $300 primary 07/20/07 Madoff, Bernard L. New York, NY 10021 Bernard L. Madoff Investment/Chairm SAUL, ANDREW MARSHALL (R) House (NY 19) SAUL FOR CONGRESS INC $2,300 primary 07/10/07 Madoff, Bernard L Mr. New York, NY 10021 Bernard L. Madoff Investment Securi SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION POLITICAL ACTION COMMITTEE $5,000 primary 05/24/07 MADOFF, BERNARD L NEW YORK, NY 10022 BERNARD L. MADOFF INVEST.-SEC./CHAI DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $25,000 primary 05/04/07 Madoff, Bernard L Mr. New York, NY 10021 Bernard L. Madoff Investment Securi SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $5,000 primary 10/17/06 MADOFF, BERNARD L NEW YORK, NY 10022 BERNARD L. MADOFF INVEST. SEC./CHAI DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $25,000 primary 09/30/06 Madoff, Bernard L Mr. New York, NY 10021 Bernard L. Madoff Investment Securi SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $5,000 primary 09/22/05 MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD L MADOFF INVEST SEC DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $25,000 primary 05/09/05 Madoff, Bernard New York, NY 10021 Madoff Investments/Chairman MATHESON, JAMES (D) House (UT 02) MATHESON FOR CONGRESS $250 general 10/18/04 Madoff, Bernard New York, NY 10021 Self-employed/Banker HOOLEY, DARLENE (D) House (OR 05) HOOLEY FOR CONGRESS $250 general 10/15/04 Madoff, Bernard L New York, NY 10021 FROST, MARTIN (D) House (TX 32) MARTIN FROST CAMPAIGN COMMITTEE $250 general 10/15/04 MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD L MADOFF INVESTMENTS SCHUMER, CHARLES E (D) Senate - NY FRIENDS OF SCHUMER $1,000 general 08/18/04 MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD L MADOFF INVESTMENTS SCHUMER, CHARLES E (D) Senate - NY FRIENDS OF SCHUMER $1,000 primary 08/18/04 Madoff, Bernard L Mr. New York, NY 10021 Madoff (Bernard L.) Investment Secu SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $5,000 primary 07/08/04 Madoff, Bernard L New York, NY 10021 Madoff Investments/Chairman MARKEY, EDWARD J MR. (D) House (MA 07) MARKEY COMMITTEE, THE $2,000 primary 06/17/04 Madoff, Bernard L New York, NY 10021 Madoff Investments/Chairman MARKEY, EDWARD J MR. (D) House (MA 07) MARKEY COMMITTEE, THE $2,000 general 06/17/04 MADOFF, BERNARD NEW YORK, NY 10021 BERNARD MADOFF INVESTMENTS LAUTENBERG, FRANK R (D) Senate - NJ LAUTENBERG FOR SENATE $1,000 02/18/04 Madoff, Bernard L New York, NY 10021 Bernard L Madoff/Chairman GEPHARDT, RICHARD A (D) President GEPHARDT FOR PRESIDENT INC. $2,000 primary 09/23/03 MADOFF, BERNARD NEW YORK, NY 10021 BERNARD MADOFF INVESTMENTS WYDEN, RONALD LEE (D) Senate - OR WYDEN FOR SENATE $2,000 primary 03/25/03 MADOFF, BERNARD NEW YORK, NY 10021 BERNARD MADOFF INVESTMENTS WYDEN, RONALD LEE (D) Senate - OR WYDEN FOR SENATE $2,000 general 03/25/03 MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD L MADOFF INVESTMENTS SCHUMER, CHARLES E (D) Senate - NY FRIENDS OF SCHUMER $1,000 general 04/08/02 MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD L MADOFF INVESTMENTS SCHUMER, CHARLES E (D) Senate - NY FRIENDS OF SCHUMER $1,000 primary 04/08/02 Madoff, Bernard L. New York, NY 10022 Bernard L. Madoff P.C./Chairman RANGEL, CHARLES B (D) House (NY 15) RANGEL FOR CONGRESS $1,000 primary 08/30/01 MADOFF, BERNARD NEW YORK, NY 10022 BERNARD L MADOFF INVESTMENT SECURIT SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $2,000 primary 11/03/00 MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD MADOFF INVESTMENT SEC FOSSELLA, VITO (R) House (NY 13) COMMITTEE TO RE-ELECT VITO FOSSELLA $1,000 primary 04/20/00 MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD MADOFF INC OBEY, DAVID R (D) House (WI 07) A LOT OF PEOPLE FOR DAVE OBEY $1,000 primary 03/10/00 MADOFF, BERNARD NEW YORK, NY 10022 CHAIRMAN CLINTON, HILLARY RODHAM (D) Senate - NY HILLARY RODHAM CLINTON FOR US SENATE COMMITTEE INC $1,000 primary 01/13/00 MADOFF, BERNARD NEW YORK, NY 10022 BERNARD L MADOFF INVESTMENT SECURIT SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $2,000 primary 12/20/99 MADOFF, BERNARD NEW YORK, NY 10022 BERNARD L MADOFF INVESTMENT SECURIT SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $2,000 primary 12/20/99 MADOFF, BERNARD NEW YORK, NY 10021 MADOFF SECURITIES CORZINE, JON S (D) Senate - NJ CORZINE 2000 INC $1,000 primary 08/24/99 Madoff, Bernard Mr. New York, NY 10021 Bernard Madoff Investment Securitie BRADLEY, BILL (D) President BILL BRADLEY FOR PRESIDENT INC $1,000 primary 04/26/99 MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD L MADOFF INVESTMENT SECURIT SCHUMER, CHARLES E (D) Senate - NY VICTORY IN NEW YORK $1,000 primary 10/30/98 MADOFF, BERNARD L NEW YORK, NY 10022 BERNARD L MADOFF PC RANGEL, CHARLES B (D) House (NY 15) RANGEL FOR CONGRESS $1,000 general 10/23/98 MADOFF, BERNARD L NEW YORK, NY 10021 SELF-EMPLOYED D'AMATO, ALFONSE M (R) Senate - NY FRIENDS OF SENATOR D'AMATO (1998 COMMITTEE) $1,000 general 09/21/98 MADOFF, BERNARD NEW YORK, NY 10022 CROWLEY, JOSEPH (D) House (NY 07) CROWLEY FOR CONGRESS $-500 primary 08/26/98 MADOFF, BERNARD NEW YORK, NY 10022 BOND BROKER CROWLEY, JOSEPH (D) House (NY 07) CROWLEY FOR CONGRESS $500 primary 08/04/98 MADOFF, BERNARD NEW YORK, NY 10021 SCHUMER, CHARLES E (D) Senate - NY SCHUMER '98 $-300 primary 06/29/98 MADOFF, BERNARD L NEW YORK, NY 10022 BERNARD L MADOFF INVESTMENT SECURIT SCHUMER, CHARLES E (D) Senate - NY SCHUMER '98 $1,000 primary 05/22/98 MADOFF, BERNARD L NEW YORK, NY 10022 BERNARD L MADOFF INVESTMENT SECURIT SCHUMER, CHARLES E (D) Senate - NY SCHUMER '98 $1,000 general 05/22/98 MADOFF, BERNARD L NEW YORK, NY 10021 MADOFF INVESTMENTS MARKEY, EDWARD J MR. (D) House (MA 07) MARKEY COMMITTEE, THE $1,000 primary 05/15/98 MADOFF, BERNARD L NEW YORK, NY 10022 BERNARD L MADOFF INVESTMENT TAUZIN, WILBERT J II (R) House (LA 03) BILLY TAUZIN CONGRESSIONAL COMMITTEE THE $1,000 primary 05/05/98 MADOFF, BERNARD NEW YORK, NY 10022 BERNARD L MADOFF INVESTMENT SECURIT SCHUMER, CHARLES E (D) Senate - NY SCHUMER '98 $300 primary 03/31/98 MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD L MADOFF CO FRISA, DANIEL (R) House (NY 04) DAN FRISA FOR CONGRESS $1,000 general 09/17/96 MADOFF, BERNARD L NEW YORK, NY 10021 MADOFF SECURITIES MARKEY, EDWARD J MR. (D) House (MA 07) MARKEY COMMITTEE, THE $1,000 primary 08/04/96

[Dawn531]

Yeah, it means sex (in some fashion.) When dealing, or reading about college kids...the urban dictionary is your friend. http://urbandictionary.com

After talking with a college student I learned there especially crude words that describe the situation (which I won’t post here.)

[MovementConservative]

Based on that picture, if that Madoff guy has to do any time he will not survive. Even at a minimum security federal jail like Pete Rose was in would overwhelm someone as soft as he appears.

[grjr21]

He may have been caught by a Calamari but Madoff is the one with the most suckers:)

[Sergeant_Ronbo]

“The United States has been a ponzi scheme for about the las 25 years.”

Yes, but the Government competition...So to jail he goes!

[vanilla swirl]

hmmm....was Rush on the air yesterday? My local radio station was pre-empted by a charity telethon.

[Sergeant_Ronbo]

I am shocked. Yes, SHOCKED! This guy is a DEMOCRAT!

[BluH2o]

Interesting but difficult to read. Format is the operative word.