Running Madoff scam thread

once more: hang him by the balls.
just one sorry human being.
yep, O.J. is Mr. Upstanding Citizen compared to this guy.
granted, many of the folks who invested with him were greedy. that's a given.
so for supposedly being "greedy", they should also get screwed and scammed?

 

Yeah, Elie Wiesel is a notorious greedhead.

 

"You can't cheat an honest man".

-- William Claude Dukenfield

 

Heard a report where Madoff said that he was embarrassed and ashamed.

What a crock. The only reason he is embarrassed and ashamed was that he was caught and now is going to jail for the rest of his life.

 

Hockeybeat....amen. another woe-is-me because I got caught story, a la A-Roid and others.
sure, he's ashamed and embarrassed. but only because he got caught. please.

 

I read his six page statement. He is angling to keep the kids out prison and the wife in the penthouse. There is no way possible he was in on this alone.

 

i don't get how investing money is being greedy

 

$823,000,000.00 . . .<blockquote>including $22 million in properties stretching from New York to the French Riviera, a $7 million yacht and a $2.2 million boat named "Bull," according to a document his lawyers filed Friday.

The document, prepared for the Securities and Exchange Commission at the end of last year, was contained in papers filed with the 2nd U.S. Circuit Court of Appeals in an effort to get Madoff freed on bail.

Among the couple's assets: a $12 million half share in a plane, $65,000 in silverware and a $39,000 piano. It values their four properties -- in Manhattan, Montauk, Palm Beach, Fla., and Cap d'Antibes, France -- at $22 million, and the furniture, fine art and household goods in the homes at $8.7 million.

But the bulk of Madoff's assets, according to the document, consists of an estimated $700 million value put on his investment business. Madoff said during his plea that the market making and proprietary trading side of his business were "legitimate, profitable and successful in all respects."</blockquote>http://finance.yahoo.com/news/Documents-show-Madoffs-worth-apf-14631979.html

I'm questioning the $700 million part.

 

Investing in legitimate corporations is fine.

I'm willing to wager that 99 percent of the people who gave money to Madoff did so because they knew someone who said this guy could get them 15 percent a year. They couldn't say HOW these returns were generated and therein lies the problem. Yes, this was nothing but greed. They willingly gave their money to a con man, pure and simple.

 

Don't forget, many of those who lost money with Madoff had invested with some other fund, the so-called "fund of funds," which then invested with Madoff. Which means they depended on the services of a professional who got scammed.
How Madoff's scam survived the collapse of the dot.com bubble is beyond me, but during the time when house prices were going up 15 percent a year, it's easy to envision how honest but undiligent investors could assume their returns were on the up and up.

 

Trifectarich...you said it much better than I did regarding the greed factor on the part of these investors, many of whom I would think had enough money to where they didn't have to expand their monetary bottom line even more. Again, that certainly doesn't make what Malcontent Madoff did right by any means.