Comments on: Madoff Pretty Sure Scam Began In 90s, Though Those Were Heady Days, And Who Can Really Remember

By: guest

guest — Thu, 12 Mar 2009 21:27:35 +0000

15 Lets say $60B was given to Madoff to invest and his firm currently has assets of $0. Some of the $60B went into Madoff’s pockets, some went to investors as withdrawals. And given that its not that easy to spend $60B, I’m thinking that actually a good part of the $60B is either stashed somewhere or went to the early investors.
How can you say he stole ALL OF IT? Did he steal $60M from Hadassah for example? I don’ think so – they put in $60 and withdrew $60. They lost nothing except for the opportunity cost.

By: guest

guest — Thu, 12 Mar 2009 21:17:20 +0000

@10 Actually what makes it a ponzi scheme is that he stole the fucking mony when he said it was invested. To try and place some kind of reasoning around that asshole’s actual process is to believe he had one. He took money from people and put it in a bank account when he said it was INVESTED.
He then bought shit with that money. If he returned any principle to anyone it was only to avoide getting caught. He got caught because everyone wanted their money back at the same time. Cant pay Peter with Paul’s money if Paul wants it back too..
He stole all the money, not part of it. ALL OF IT.

By: guest

guest — Thu, 12 Mar 2009 20:59:28 +0000

10 A big part of the $60 B didn’t go to Madoff, but instead to Madoff investors as withdrawals. WSJ or NYT reported for example that Hadassah had invested $60M and over the years withdrew a similar amount, representing the earnings on their original investment. Their account today is worthless. Can you really say that $60M was stolen from them? Not really. (Before you jump, I understand that there’s an opportunity cost that should be considered). I’m sure Bernie skimmed a lot off the top, but a lot of that $60B was simply reallocated from later to earlier investors. That’s what makes it a Ponzi scheme.

By: guest

guest — Thu, 12 Mar 2009 20:37:15 +0000

That “To the best of my recollection” sounds to me like something the lawyers inserted. As to why, maybe some lawyer can opine?

By: guest

guest — Thu, 12 Mar 2009 19:54:49 +0000

Oh wait guys- he expalined it. It was the investors who made him steal 50 billion dollars and live off it as if he had actually earned it. All along i just thought he was a cock sucking shit eating asshole crimminal I had no idea of why he did it. Now I really care for the guy.
bern, Ruth, Mark, Andy…You all better hope part of the guards list of perks includes soap on a rope. Pay back is a bitch.

By: guest

guest — Thu, 12 Mar 2009 19:27:28 +0000

I realize that the confession has to describe where he did things in order to confirm a jurisdictional hook to federal court, but I’m pretty sure personal jurisdiction does not depend on what floor his office is located.

By: guest

guest — Thu, 12 Mar 2009 19:16:47 +0000

anyone know how he could spend $60 BILLION!?! Paul Allen is doing his damndest to burn through his Microsoft billions but he’s still got a lot left.
HOW DID HE SPEND $4 BILLION PER YEAR?

By: Anal_yst

Anal_yst — Thu, 12 Mar 2009 18:34:05 +0000

why didn’t he just plea Insanity? Honestly, to be able to carry-on for 20 +/- years like Madoff apparently did seems to require far more than a strong sense of denial, no?

By: guest

guest — Thu, 12 Mar 2009 18:31:59 +0000

@5: bravo.

By: guest

guest — Thu, 12 Mar 2009 18:20:21 +0000

Anyone who believes any of this is – - was probably an investor

By: guest

guest — Thu, 12 Mar 2009 18:03:24 +0000

So, the miserable sick psychopath is now blaming the victims claiming
he “concocted the scam in order to meet lofty expectations”. This
pathological liar lured those victims in with his promises of
outstanding returns and now is in a narcissistic rage about how things
have turned out. His plea allocution is a litany of lies, half-truths and omissions concocted to protect his co-conspirators.
His name is a curse but sadly will never be forgotten.
May all of the other parties involved be brought to justice and die
destitute or imprisoned.

By: guest

guest — Thu, 12 Mar 2009 18:03:03 +0000

Maxine Waters up next
She has just been downgraded to ASS

By: guest

guest — Thu, 12 Mar 2009 17:57:06 +0000

BS did they find any trades before the 90′s?

By: guest

guest — Thu, 12 Mar 2009 17:55:50 +0000

bess, you guys are on fire today, bravo

By: guest

guest — Thu, 12 Mar 2009 17:50:43 +0000

it would have been wiser if he had gotten all his money from the swiss.