$50 BILLION stolen!

[WampusCrandle]

how the fuck did this guy do it for so long, and how can i do this? (http://finance.yahoo.com/news/Madoff-alleged-50-billion-rb-13819411.html)

[jauble]

how the fuck did this guy do it for so long, and how can i do this? (http://finance.yahoo.com/news/Madoff-alleged-50-billion-rb-13819411.html)

Circumcision?

[CofyCrakCocaine]

how the fuck did this guy do it for so long, and how can i do this? (http://finance.yahoo.com/news/Madoff-alleged-50-billion-rb-13819411.html)

I'm just a dumbass so don't take my word for gold, but I assume he told some guys who had cash that he was going to invest their money in some kinda project that would produce major profit, then took the money they gave him and instead of dumping it into this project, simply handed it to other clients pretending that the money was from a successful product. Spit, rinse, repeat, 40 years and 50 billion later. Money eventually washed up so the cycle ended and he was caught. I guess he was really good at bullshitting.

I know the article pretty much says all that but that's just to answer your question in this forum.

I think the bigger question is: if you could do it and get away with it until you're 70, would you?

[patsopinion]

http://www.shoredr.com/images/producer/Chicks-Beach-Blanket.jpg


i was looking for an "anarchy blanket" because of how fucking incredibully cool this hole thing is
but i found that
and it will hafta suffice

[Kevin]

http://jaredran.files.wordpress.com/2007/09/senatordavis.jpg


SHEEEEEEEEEEEEEEEEEEEEEEEEEEEEEIIIIIIIIIIIIIIIIIII IIIIIT

[Devo37]

i'm the prince of Nigeria...blah blah blah...if you can give me your bank account number, i'll transfer the money to your account and give you 10% of the money...

p.s. i actually saw this scam sent by FAX!!! who uses faxes anyomre?!?

[SP1!]

Whats amazing is that if you read the article, there have been numerous questions as to how he could produce those kinds of results but everyone wanted to ignore those facts and are now trying to blame US regulators.

Probably someone setting themselves up for asking for a bail out which is all the rage now.

[scottinnj]

that's nothing.

a couple of months ago, Congress made 700 billion dollars disappear.

I say we ask Chriss Angel how it's done.

[west milly Tom]

I need to try the fraud racket. Seems lucrative.

[scottinnj]

http://jaredran.files.wordpress.com/2007/09/senatordavis.jpg


SHEEEEEEEEEEEEEEEEEEEEEEEEEEEEEIIIIIIIIIIIIIIIIIII IIIIIT

My nomination for POTD. Hands down genius.

[ToiletCrusher]

I stole.. well, gotta be close to about 50 bucks over the past 20 years. I consider that an accomplishment.

[SP1!]

that's nothing.

a couple of months ago, Congress made 700 billion dollars disappear.

I say we ask Chriss Angel how it's done.
While a travesty, its not quite the same thing.

Literal SP

I stole.. well, gotta be close to about 50 bucks over the past 20 years. I consider that an accomplishment.
I stole 2 CDs and marked down a clearance TV to $25 when I worked at Target, I consider that an accomplishment, for $50million you would think he would have the good sense to flee when close to getting caught.

[pittphantoms]

Pyramid schemes - fun until there are not more investors...

[cougarjake13]

i might do it if i could get away with it til 70

[WampusCrandle]

My nomination for POTD. Hands down genius.

definitely is! there should be an entire thread dedicated to it!

[TheGameHHH]

Pyramid schemes - fun until there are not more investors...

wow, it wasn't even close to a pyramid scheme, but nice try.

i've been reading up on this guy for the past week or so and i'm partially disgusted with him while at the same time partially amazed. in a way he's sort of my hero. he just kind of played pretend with money.

there's this day trader that has an office in the complex i work at in Boca Raton, this dude took him for 11 million (or 95% of his net worth) according to an article I read on Drudge yesterday. i wanna walk by his office tomorrow and see if he's there. he might be hanging like Brooks from Shawshank.

[Ritalin]

I wish I could meet this guy.

I'd throw my shoe at him.

[El Mudo]

Whats amazing is that if you read the article, there have been numerous questions as to how he could produce those kinds of results but everyone wanted to ignore those facts and are now trying to blame US regulators.

Probably someone setting themselves up for asking for a bail out which is all the rage now.



Well, according to this, it might not have been in anyone's best interests to report this guy (http://www.thebigmoney.com/articles/news/2008/12/16/madoff-madness)


A hedge-fund manager friend called last night to talk about Madoff. He wanted to talk about just how ugly the unraveling of the Madoff saga was likely to get. And if the first name on his lips was (obviously) Madoff, the second was Bayou. Bayou was a fund that blew up and was revealed in 2005 to be a fraud with some $450 million in investor losses. Bayou is memorable for two reasons. One is founder Samuel Israel III's staged suicide. (He eventually rose from the dead and turned himself in after prosecutors went after the girlfriend who helped him disappear.) The other is a legal precedent set in the Bayou case that should scare the heck out of anyone who once invested with Madoff but who managed to get out safely in the last few years: Any investors who managed to take out profits from a fund like Bayou before the fraud was revealed had to give the money back.


What that basically means is because of the legal precedent, if I made a couple milly off this scheme, and then sold out, i have to pay back the money I made to be redistributed amongst the people that got the shaft...no matter when I sold out

Thanks to the Bayou court decisions, however, the moment Madoff was revealed as a fraud, any money that these funds-of-funds would have managed to take back would become gains that have to be given back to be redistributed among all the losers in the Madoff scheme. Now, this sounds bad enough, but ... again, there's more. There's no time limit on the gains they'd have to give back, so any fund that outed Madoff could be on the hook for any profits it had gained from its Madoff investments for years back. So, as my fund-manager friend puts it, “The question people have to ask is not, 'Do I have money in a fund that has exposure to Madoff now?' but, 'Do I have money in a fund that that has ever invested with Madoff?' ”

this is a mess thats only going to get uglier

The fallout from the Madoff fraud for fund managers like Tremont and Fairfield already reaches into the billions of dollars. But that's not the end of the line. Even if the funds lose all the money that they had invested with Madoff when the fraud is revealed, they could still be on the hook for any money they'd taken out in earlier years. The managers—and the parent companies, such as Oppenheimer Funds, which owns Tremont—are likely to be asked to give back any money they thought they earned for their “success” in earlier years. Meanwhile, any funds that did manage to pull their money quietly out of Bernard Madoff's safe before the scam blew up could see their current and even future investors facing demands to give it back.


The consequence of this is that any longtime Madoff investors who'd gotten suspicious could very well have seen that publicizing their suspicions and outing Madoff's scam would not have saved their money but actually exposed them to greater losses.

[Tallman388]

Earl steals from Sirius/XM every day