Madoff
Jonny_Paycheck
17,825 Posts
Discuss amongst yourselves. I need a moment.
Jonny_Paycheck
17,825 Posts
Comments
I laughed too. Sorry, formerly rich folks. You f*cked.
http://en.wikipedia.org/wiki/Ponzi
I can't say it evoked any sympathy from me.
Thanks, I had been reading it as Fonzie and was really confused about the whole thing. It makes way more sense now.
are you laughing at the dozens of charities that went bankrupt? the universities that invested money and all the thousands of donors that lost millions and can no longer afford to give? what about the investment companies that pooled money from middle class people? is that funny to you as well?
is the trickle down effect that is having a significant impact on our economy also hilarious?
I am tempted to say yes, just to piss your sanctimonious ass off. But no, I am reserving my laughter for the wealthy individuals who thought they were getting over on the system by investing with the trader elite, and for Madoff himself.
I would fall for a Fonzie scheme in a second. He's just so cool!
what is the difference? its not like the rich folks who lost money thought they were defrauding other people. they aren't guilty of anything...other than being rich. my university is f*cked right now because the largest individual donors were "rich" victims of madoff. the result of them having less money to donate is that our school now has less scholarships to offer.
I don't think many are happy about the resulting reduction in what trickles down from above. But I heard some guy who gripped & flipped real estate for 30 years on the CBC last night talmbout the Federal government needs to pay him back for losing his life savings on his Madoff mistake, and that shit is hilarious.
There's no avoiding the collateral damage that the scandal has created, because personal and collective economy are completely intertwined. And it's hurting everyone to some extent, including the nonprofit organization I work for. But to say that wealthy investors are not guilty of anything is besides the point. Did they do anything illegal? No. But this economic crisis is due in part to wealthy investors and investment firms shorting stocks and destroying companies, leading to job losses for the rest of us. It's due in part to those same investors and firms creating volatile and overvalued mortgage packages that encouraged banks to proffer bad loans that they could then package and resell, leading to a housing bubble that inevitably broke and homeowners that couldn't possibly pay their mortgages. It's due in part to those same investors and firms paying lobbyists to push for the market deregulations that allowed these shady practices to occur in the first place. And we're all f*cked as a result. So when they begin to eat each other? You reap what you sow. And I don't have a damn bit of sympathy for them.
his whole family should be left destitute
another scumbag in a long line of financial scumbags (remember milken?). give these dudes real prison sentences in general pop.
and the scc should be held accountable for f*cking this up too, especially when they had that one whistleblower sounding off on madeoff for a decade. fire em all
Prosecutor told me that since they had a witness, there would be no plea deal.
He could plead guilty to all counts and the prosecutor would still ask for the harshest penalty.
She was that sure of winning the case.
So why is Madoff being offered a deal?
Why is he out loose being allowed to hide his assets?
2) I think it is funny that his name sounds like "Made Off" (with the money).
3) How stupid can some rich people be?
4) I think it is funny how stupid some rich people can be.
5) A lot of money that people are claiming to have lost is their non-existent earnings from the ponzi scheme.
6) People aren't donating because their legit investments are down 30+%.
[reynaldo]
HOT! That's what's up. Gangster don't ask questions either.
[/reynaldo]
"Madoff didn???t agree to a plea deal with prosecutors because they demanded he admit to a conspiracy, according to people familiar with the matter. That would have required him to say he worked with others in the alleged scheme, they said."
He plead guilty. MAXIMUM penalty is possible - he's at the court's mercy.
Not much stupider or smarter than not-so-rich people. If I thought I could get a 10% annual return, I'd be signing up for that shit too.
To me, the only really "funny" part of this is how desperate very wealthy people were in trying to join Madoff's exclusive club. While the repercussions of the scheme are not funny at all - it fucks over so many people beyond just rich folk - the idea that upper crust country club types are falling over themselves to try to get in good with Madoff is a rather rich image.
It would reduce our consumption of resources.
It would encourage vegetable gardening, rural renewal.
It would decrease garbage, landfills.
Glad to hear it. Interested in what the court will do.
His sons, supposedly, forced him to confess.
I pictured a scene out of It's A Wonderful Life when his sons found out about the ponzi.
Do you know what this means? It means, bankruptcy and disgrace. Well someone is going to jail and it's not me!
I have been assured by others that his sons were in on it and he is taking the fall for them. A final noble deed from a piece of slime.
Rich people generally know that you can't legitimately get a 10% return.
They were banking on Madoff having insider dealing type knowledge that would earn the 10%.
This is the real reason that no-one should have sympathy for the rich investors.
Hung by their own greed.
b/w Don't put all your eggs in one basket.
They do? So how did Madoff manage to ensnare so many of them?
there are numerous hedge fund manager that had 40% returns in '07 and double digit returns for many consecutive years. the stock market, up until last year or so, had an annual growth rate in the double digits. interest rates have been extremely low over the past few years, but go back to the 80s and a savings account might get you close to a 10% return.
i'm not buying these arguments. madoff generated phony statements. i suppose the geniuses on this board would've recognized that they were getting ripped off, but all those dumb rich people were just too slow.
Are you serious? I just told you that a moment ago.