1. But... he was self-administered! His costs for trading must have been so low!
2. Goldman did due diligence in 2001 ["no we didn't", "yes you did"] and they gave him a pass.
3. "C'mon... even if he does anything they will look the other way. He has friends on the inside!"
4. "I gave half to the preacher on television, and I gave half to the investment manager on television."
5. "With all those parties, I figured he must be legit. You know... the Schwarzman rule."
6. "I didn't invest with Madoff. I invested with FGG. Their diligence process is serious business."
7. "Screw FGG. Tremont is much more diligent."
8. "You are both idiots. Pioneer Alternative has got my back."
9. "He had the best Sharpe ratio in the whole world!"
10. "I said no comment. Oy vey."
11. You tell us. (In comments).
Posted by guest , Dec 30, 2008 4:48PM
The Wideclops told me to!
@--------?-------@
Posted by guest , Dec 30, 2008 4:53PM
Life used to be so grand for the Noels, now they are slumming it in Greenwich, including points around the globe.
Posted by guest , Dec 30, 2008 5:08PM
EP, this is one of the best posts I've seen here. Concise, gives historic links, and humorous. Kudos.
Posted by guest , Dec 30, 2008 5:16PM
Too twisty, didn't Oliver.
Posted by guest , Dec 30, 2008 5:24PM
@1...ha
He said it was the highest form of tzdakah.
Posted by Anal_yst , Dec 30, 2008 5:47PM
Ok, where are the trader apologist and forehead slapper when ya' need 'em?
Posted by guest , Dec 30, 2008 5:47PM
i go to yeshiva university.
who's madoff?
Posted by guest , Dec 30, 2008 6:17PM
11. because jews wouldn't get jew'd by jews.
Posted by guest , Dec 30, 2008 6:21PM
The Jewish controlled media told me that Jews were really good with money.
- bbm Addict
Posted by guest , Dec 30, 2008 6:33PM
I ASSUMED IT WAS ONLY INSIDER TRADING
Posted by guest , Dec 30, 2008 6:33PM
I ASSUMED IT WAS ONLY INSIDER TRADING
Posted by guest , Dec 30, 2008 6:34PM
too ponzi, didn't read
Posted by guest , Dec 30, 2008 6:54PM
The best reasoning why this madoff thing happened (and especially why it was made public at this time in 08) was given to me by my father (economics Professor in vienna).
His reasoning goes like this:
1) Most other jews (and a few others) that had invested in Madoff knew everything.
2) Sec etc. knew also.
3) Sec etc. decided that madoff needs to turn himself in.
Some of you may ask why. The reason is the following:
-) Madoff did not keep records in a proper way.
-) Because of this it is easy to argue that you had invested into madoff (one could move amounts back and forth so that it seems as if a fortune had been wired to madoff).
-) Since a former ruling in the us had forced prior investors to compensate existing investors a fortune could be made through simply argueing you are an investor.
Any opinions
Posted by guest , Dec 30, 2008 7:30PM
@13
too vegetable-lasagna, didn't read
Posted by guest , Dec 30, 2008 7:32PM
Greed?
Posted by guest , Dec 30, 2008 8:39PM
@13
Too flemish, didn't cough.
Posted by guest , Dec 30, 2008 9:39PM
Too Nazi didnt goose step
Posted by guest , Dec 30, 2008 9:43PM
@16 flemish or Phlegm-ish? There may be some pissed off/confused people in Bruges tonight thanks to you!
Regards,
Calgreedy
ps the widelclops says hi to everyone in cowtown
Posted by guest , Dec 30, 2008 10:40PM
crazy returns......
Posted by guest , Dec 30, 2008 10:52PM
@ 17 LOL!
Posted by guest , Dec 30, 2008 10:54PM
@13 Too schnitzel, not a winner.
Posted by Seaman Bodine , Dec 31, 2008 8:23AM
i went full retard, man...you never go full retard
Posted by Anal_yst , Dec 31, 2008 8:40AM
Anyone else ready for a full day of fun, hooahhhh!
Posted by guest , Dec 31, 2008 9:58AM
Madoff is a major loser, thief, liar, crook, stealer, and desrves to be in jail for the rest of his life. Hopefully anyone else involved will get caught as well.
Posted by guest , Dec 31, 2008 10:09AM
@ Anal_yst - I can barely contain myself.
Posted by guest , Dec 31, 2008 10:13AM
Traders don't lose money; Ponzi schemes do.
Posted by guest , Dec 31, 2008 10:18AM
Wait a minute!!! Are you saying that someone would screw investors out of their money (and fool the SEC) as a result of personal hubris and greed?????
~The Forehead Slapper
Posted by guest , Dec 31, 2008 10:30AM
11. Madoff was an agent of the Hollywood Jews. It was Jewish penis envy.
Posted by guest , Dec 31, 2008 10:42AM
Does anyone else ever wish they were blind so they could get one of those cool seeing eye dogs?
Posted by guest , Dec 31, 2008 11:12AM
In the land of the blind, the one-eyed man is King.
Posted by guest , Dec 31, 2008 11:17AM
All of us here in Cowtown are going over to the Chophouse at lunchtime and start drankin' likker. Some of the fund traders will be there talkin' about the eye-candy at the midstream company they all been tryin' to bang like a screen door in a hurricane. All y'all have a safe and happy holiday and don't get drunk like Cooter Brown and drive yore Bentley all over somone's yard.
Posted by guest , Dec 31, 2008 11:33AM
I was smart. I did not give my entire net worth to MadeOff. I only lost 3% of my net worth. What the fuck is 15 million to me.
Posted by guest , Dec 31, 2008 11:35AM
O fuck, its really 15 million.
Posted by guest , Dec 31, 2008 11:39AM
@32 If that's the case, I have to tell you about this guy, he will earn you 1% per MONTH regardless of VOL. Min investment is only 5 million. ARE YOU IN?
Posted by guest , Dec 31, 2008 11:41AM
@13 - you forgot to include that most jews also knew about 9-11. You ignorant fuck.
Does your father have lunch with Mel Gibson's dad, too?
Posted by guest , Dec 31, 2008 11:42AM
In the land of the blind, the one-eyed snake is King.
Posted by guest , Dec 31, 2008 11:47AM
I bet for a blind man, listening to Porn is like getting water boarded.
Posted by guest , Dec 31, 2008 12:10PM
@34. Yea I'm in. And I want to double down. Ha ha.
Posted by guest , Dec 31, 2008 12:32PM
I felt lucky.
Posted by guest , Dec 31, 2008 12:40PM
In the land of skunks, the man with no nose is king.
Posted by guest , Dec 31, 2008 12:53PM
It looked like quick, fast and easy money. (Trouble is, it was for Madoff not me.)
Posted by guest , Dec 31, 2008 1:11PM
@ 35
in the land of free air, the jew is king (schnoz)
Posted by guest , Dec 31, 2008 7:42PM
Why? Because I never thought that a guy named Madoff would 'Make-off' with the cash...the joke was just too obvious!
Posted by guest , Jan 01, 2009 12:15AM
@42
if you have to explain your joke, it isnt' a good joke.
later douches
Posted by guest , Jan 02, 2009 8:43AM
Equity Private
Nice takedown of that dope Barry Ritholtz in your latest blog column
Posted by guest , Jan 02, 2009 11:24AM
@40, you're ruining Don Giovanni!
Posted by guest , Jan 02, 2009 11:54AM
Michael Bienes is a cheap hustler and immoral swindler who has enriched himself by funneling money to Madoff for over 35 years. There is evidence to suggest his relationship with Madoff never ceased after the 1992 SEC investigation and that he has merely moved his operations overseas.
http://blogs.browardpalmbeach.com/pulp/2008/12/michael_bienes_tied_to_bernard_madoff.php
http://mehtafiscal.wordpress
http://newsgroups.derkeiler.com/Archive/Misc/misc.invest.stocks/2008-12/msg00878.html