CNBC reports that an 82 year old New York State man, Richard S. Piccoli (no, we absolutely did not make that up and though there is no apparent relation to Jeff Spicoli, this will not, in any event, prevent us from posting Jeff’s picture) took in at least $17 million since 2004. Apparently, he targeted the clergy. (That, we approve of heartily).
We think Jeff makes a fine poster boy for all things Ponzi, actually, after putting him up.
Brad Hamilton: Why don’t you get a job Spicoli?
Jeff Spicoli: What for?
Brad Hamilton: You need money.
Jeff Spicoli: All I need are some tasty waves, a cool buzz, and I’m fine.
We rest our case.
In any event, seems to be that one of the messages from the latest Ponzi schemes is: Don’t under any circumstances trust seniors with your money.
“1% a month no volatility its a very safe strategy I promise”
I’m pretty sure I can make out vag in the poster above the bong. Thanks EP!
He had a check for $17 million signed by Bernie.
Hadn’t got around to cashing it.
No shirt, no shoes…noooo diiicceee!
All we need are some tasty waves, a cool buzz, and we’re fine…
http://www.youtube.com/watch?v=m54bAfxgYPw
@4 – Right, learn it, know it, live it.
What Jefferson was saying was, Hey! You know, we left this England place ’cause it was bogus; so if we don’t get some cool rules ourselves – pronto – we’ll just be bogus too! Get it?
ALL RIGHT! WAY TO GO HAMILTON!
@4 – Right, learn it, know it, live it.
Make up your mind dude, is he gonna shit or is gonna kill us?
First he’s gonna shit, then he’s gonna kill us!
The dreaded double post. I swear I only hit the button once.
GBAG’S GETTING SCOOPS OFF DB!!!
nice, ep. this post is almost bess levinesque.
doesn’t anybody f*cking KNOCK anymore???
This is just out on BBerg: how is it possible hedge funds are only -18%, half of what the market is down? Are they counting Ponzi returns?
_____________________________
Hedge Funds Lost Record 18.3% as Managers Misjudged 2008 Market
Email | Print | A A A
By Saijel Kishan
Jan. 8 (Bloomberg) — Hedge funds lost 18.3 percent in 2008, their worst year on record, as managers misjudged the severity of biggest financial crisis since the Great Depression.
A gain of 0.42 percent in December lessened the average loss for the full year, according to Hedge Fund Research Inc.’s HFRI Fund Weighted Composite Index. The decline was the most severe since the Chicago-based firm began tracking data in 1990.
“Hedge funds failed to appreciate the magnitude, breadth and duration of the declines we saw across most markets,” said Michael Rosen, principal at Angeles Investment Advisors LLC in Santa Monica, California, which advises clients on investments.
Losses and withdrawals reduced industry assets to $1.1 trillion last month from its peak of $1.9 trillion in June, according to Morgan Stanley. Firms such as Dwight Anderson’s Ospraie Management LLC and Jeffrey Gendell’s Tontine Associates LLC closed funds, while Paul Tudor Jones’ Tudor Investment Corp. and Ken Griffin’s Citadel Investment Group LLC were among those to limit the money that investors could withdraw after losses.
Hedge funds are private, largely unregulated pools of capital whose managers can buy or sell any assets, bet on falling as well as rising asset prices and participate substantially in profits from money invested.
I know that dude….
Well, thousands of Ponzi scams are small time operations run by self-proclaimed “financial advisors” who are really con men. And most don’t get caught. True or false?
“What are you people? On dope?!”
-Mr. Hand
Wow, lost my job. What do I do now? I feel so utterly worthless and I feel like I lost so much. The shame is unreal. I felt like it would never happen to me, ha, but it did. Any advice? (other than hollow points. . .)
-Laid the Fuck Off
@EP: I’m pretty certain that Spicoli said “buds” not “buzz”
@17
don’t tie your entire self worth into your next job like you did with this one.
@17, become a tv repairman. First get yourself an ultimate set of tools.
@17: B of A/MER?
I can only say “smile and dial”. It took me 5 months but I got a new place. Called every person I knew, friends of my folks, friends of my friends’ folks, every headhunter, you name it. Informational interviews, etc. etc.
Best advice I can give is DON’T “take off time” – just get right into it, get up early – act like it is a job, because it is. A full-time job to find something else.
Good luck, and remember – it is not a matter of IF you get another job: it is just a matter of WHEN.
Aloha, Mr. Hand
@17 3words : Wall Street Mercenary
“i lost the whole pension.
my investors are gonna shit.
they’re gonna kill us!”
“make up your mind dude, are they gonna shit or are they gonna kill us?!”
@ 13, it’s because anybody who was down more than 20% stopped reporting their data. HFR and all the databases have about 1/2 of the managers that were reporting last June still reporting. The weaker performing ones are bailing out.
who ordered pizza?
#17 here
not BAC/Mer, commodities trading company.
thanks for the advice
@25: @13 here. Then they should put that qualifier on there someplace. Crap, that is ridiculous – only the people with decent performance report? And THAT’S the benchmark?
Just what in the hell do you think your doing?
Having a snack…and learning about Cuba.
@17 – make sure the hollowpoints are cross-cut
If you’re lucky you dodge bullets your whole career. If you’re unlucky you catch a bullet right in your gut. . . Any man who’s tuff enuff to fight with his guts hell-din in with a pot lid can drink from my cantin any day…
Lance Armstrong? the surfer?
You work at All American Burger. Yea, thought so.
This is U.S. History, I see the globe right there.
@20- Na ha
He’s the full hot orator.
That was my skull! I’m so wasted!
Well Stu I’ll tell you, surfing’s not a sport, it’s a way of life, you know, a hobby. It’s a way of looking at that wave and saying, “Hey bud, let’s party!”
Wait a minute, there’s no birthday party for me here! Hello, Mr. Hand.
Mr. Hand: ‘Mr. Hand, will I pass this class?’ Gee, Mr. Spicoli, I don’t know! You know what I’m going to do? I’m going to leave your words right up here for all my classes to enjoy, giving you full credit of course, Mr. Spicoli.
Jeff Spicoli: All right!
You know Mr. Hand I was thinking, If I’m here and your here isn’t our time?