Madoff Story Smells Funny

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Madoff Story Smells Funny | The Big Picture

I have no special insight into the Madoff story.

Consider this: Running a billion dollar Ponzi scheme has to be very time consuming. Running a $50 billion Ponzi scheme by yourself, at age 70?

I don’t think it can be done

Just generating the phony transaction receipts is a full time job. How did this son-of-a-bitch do it all by himself? Madoff HAD TO HAVE HELP.

I simply cannot believe he did it himself, all alone. His entire scheme was predicated upon finding another 1% of assets every month to payout to the prior investors. Between raising moeny and running operations, it was more than a 1 man job.

And when the market hit the skids and topped out so fast — it fell much quicker in 2008 than in 2000 — he ran out of manuevering room. Madoff had to know he was going down, and everyone who was working with him — everyone who knew of the scheme — they were going down,

So he confessed — TO HIS SONS. AND THEY TURNED HIM IN

And Bloomberg reports they are already represented by Martin Flumenbaum, a lawyer.

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Maybe I’ve read one too many detective novels, but consider this strictly hypothetical, based on-no-facts whatsoever, wildly imaginative hypothesis: If I were running a $50 billion Ponzi scheme, I would have to bring in someone close to help me with it

Who is closer than my family?

When it became clear there was no where else to turn, instead of bringing down the entire dynasty,

I would have them turn me in, to protect the family and what left of the legacy.

I would take the fall so they wouldn’t have to

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As I noted, I have no special facts, no insight into this what-so-ever. Other than the story we have been fed so far doesn’t make any sense

Who was Madoff’s accomplices? I have no idea, but there has to be some! If I were the SEC, I would be looking over close friends and family closely. Very, very closely

Your view?

 

I know what u mean. But I don’t think this is funny, I think some dummies didn’t see what’s happening with their billions. I know he was a kind person and very professional, but lately there is none to trus

 

This is a shame for American citizens, good bunch of people trusted in hem and for money they are getting in jail, and losing everything he got for his good name.

 

Im sorry, double post,

 

Of course He had help in this, he cant manage $50 billion by himself, is good money, or another person saw this and didn’t say about it.

 

I know the speculation can affect the market, but I want to know if this is gonna be bad for the market, I mean, pair of currencies with USD. Can you believe how much damage this guy is doing? Unbelievable

 

Of course that was funny, can you believe a guy who worked his whole life, and a moment he´s in jail thanks a bad move, well, I don’t know how much good moves he did in his life, but what about the reputation? HE won it and now he loses it because of that? It´s smells like there is something else behind.

 

Funny and painful, poor guys who lose money with him. I cant believe how much money he was manage, that’s a good amount.

 

That´s how to be smart at 60 years old. What I don’t understand is why he worked his whoel life and in a moment get everything on the floor for a mistake. I mean, if Im 60 years old, for sure I don’t to be in jail, I think he has to be there for good years.

 

It's quite rare how a Ponzi can get to $50bil. I think what should be done now is to dissolve SEC altogether. What is the point of having SEC when a $50bil Ponzi scheme can run under their noses for one decade. This leads me into thinking that there are many undetected multi-million dollar scams out there that SEC does not care to do audits on the investing activities.

To cover up a crime at this scale, you have to pay cash, a lot of cash, to whoever regulating your activities. Ding ding, it is SEC.

 

You’d be amazed if you knew how frequent those Ponzi companies are. About a month ago a whole scandal exploded in Latin American country Colombia because there was a company who collected investors' money and offered a 150% profit one month later.

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