Madoff investor found dead

When does this guy get involved?

 

If I didn't visit the NYPost every morning online, I would have no idea who is Madoff.

This story is as fascinating on so many levels as the Vick story. I just do not see it getting huge national coverage. I guess the timing is wrong.

A buddy of mine is a member of the country club Madoff cruised, and he said the day the story broke a good number of members just dropped out of the club. His tone reminded me of the tone I heard when I was 10 and the steel mills were closing left and right.

His family lost "a small percentage" in the deal, but to think that no one in insulated in these times gives me an uneasy feeling.

 

Gotta wonder where $49 billion was funneled to. My guess is it went overseas. Hmm, Saudi Arabia perhaps?

 

When the robots come for you. And they will.

 

To other investors. Most of it was probably lost in the stock market and he was scurrying to pay the others off.

 

Yet he was able to post a $10 million bond.

 

It was a Ponzi scheme. The later investors paying in as the earlier investors took their money out.

Same exact way the United States social security system works.

 

Yikes...

 

Poin, I know it's a Ponzi scheme, but I'm gonna reckon that not all that cash went to pay off investors or to feed his sense of excess.

$50 billion is a lot of loot to just turnstyle through.

I can't wait for the book.

 

The $50 billion includes supposed "profits" of ~10% a year (at least per WSJ this morning). He apparently quit investing years ago. So I as understand it, there was never anything close to $50 billion in actual assets.

 

I refuse to start a new thread.

The Elie Wiesel Foundation lost almost all of its assests in this scheme.

http://news.yahoo.com/s/afp/20081224/ts_alt_afp/usfinancefraudwieselfoundation_081224163605

 

Oh man. That's awful.