Holy crap!!!
- Thread starter VLM
- Start date
Lou Kessler
Lou Kessler
Who and how many other people were involved in this scheme? A friend of mine who worked on the street for many years remarked today, the logistics of this scam required other people to be involved.
Florida Jim
Florida Jim
Not hardly.
And I'm farther south than you.
Best, Jim
Bill Lundstrom
Bill Lundstrom
this was widely reported last thursday.
Jay Miller
Jay Miller
My favorite story was about the investors who assumed he was breaking a law to get those returns, but that he was doing insider trading rather than a Ponzi scheme.
As a colleague noted today, it's a tough day when the lawyer who only stole $350 million gets pushed into the back of the paper.
Lou is almost surely correct, the logistics here cannot have been easy. Aside from people in his firm, I would like to know more about his auditors.
Lou is almost surely correct, the logistics here cannot have been easy. Aside from people in his firm, I would like to know more about his auditors.
Claude Kolm
Claude Kolm
Madoff was around since the 1960s and had been investigated by the SEC in the early 1990s and also was extensively reviewed by Fairfield Greenwich Group in 2001, according to the Times. This raises the question (assuming that FGG wasn't in on the scheme) of how long Madoff was illicit -- was it all along and he managed to fool the SEC and FGG, or did he get into trouble relatively recently and tried to double down to make up his losses, only to compound them?
Zachary Ross
Zachary Ross
Eden Mylunsch
Eden Mylunsch
A tip o' the hat and a hearty "thanks for playing" to our former reigning champion, young Jrme_Kerviel .
He rode to fame on a mere $7 billion Ponzi setup; just think what heights such a financial mind could have scaled had he been mentored by Madoff!
-Eden (get your souvenir t-shirt here )
He rode to fame on a mere $7 billion Ponzi setup; just think what heights such a financial mind could have scaled had he been mentored by Madoff!
-Eden (get your souvenir t-shirt here )
OK, so Bernie had his good points:
" Among the allegations in the 264-page lawsuit are that during the mid-1970s, Madoff began sending employees to buy drugs for company use.
The complaint alleges that some employees and investors were aware of the drug purchases, and that BMIS [Bernard Madoff Investment Services] was known by insiders as the "North Pole" in reference to the excessive amount of cocaine use in the work place....
The alleged illicit behavior outlined in the complaint did not stop at drug use and extravagant spending. Company parties consisted of topless entertainers, and some employees had affairs in places such as Madoff's own office, the lawsuit says."
So it wasn't all work, work, work, steal the money, steal the money.
" Among the allegations in the 264-page lawsuit are that during the mid-1970s, Madoff began sending employees to buy drugs for company use.
The complaint alleges that some employees and investors were aware of the drug purchases, and that BMIS [Bernard Madoff Investment Services] was known by insiders as the "North Pole" in reference to the excessive amount of cocaine use in the work place....
The alleged illicit behavior outlined in the complaint did not stop at drug use and extravagant spending. Company parties consisted of topless entertainers, and some employees had affairs in places such as Madoff's own office, the lawsuit says."
So it wasn't all work, work, work, steal the money, steal the money.