Madoff, Stanford Sagas: New Twists 30 comments
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I haven’t really jumped on the Madoff / Stanford blogging train. There are plenty of others doing good jobs following the story and even more just milking it to death. However, the news today pertaining to both is just too good to pass up.
It seems Sir Stanford has gone missing again. Having cornered their man yesterday and served him with papers, the FBI went on their merry way -- and so may have our black knight. It even appears that reports that he gave up his passport were possibly erroneous. Now the story is that he may have been making arrangements to give up his passport.
And it now turns out that Mr. Madoff may not have traded any securities for the past thirteen years. You heard that right. The guy just ran his Ponzi scheme. No extra complications. All of which begs the question of what were his employees doing? Did they just show up, surf the Internet and text friends for all those years?
If it’s this easy to get away with things, evade arrest and live the good life, why are all of us walking on the right side of the line? Who are the fools?
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We the honest and responsible, have been snookered by the dishonest and reckless!
They were smart to get rid of Elliot Switzer. Whether he practiced hypocracy or was set up, the timing was too good. Despite the ridiculous look of the FBI here and the government in general, their may be method in their madness. Switzer would have trained heavy fire on all this crap.
On Feb 21 08:27 AM Vuke wrote:
> How did this stuff ever get off the ground? The very idea of giving
> your money to someone, who then gives it to someone else, who then
> uses it to gamble is nutty beyond belief. Any "regulator" who swallowed
> this story is either in on it or a fool.
On Feb 21 01:20 AM pelican wrote:
> "All of which begs the question of what were his employees doing?
> Did they just show up, surf the Internet and text friends for all
> those years?"
>
>
> Exactly! I was thinking the same thing. IMO, this thing is too
> big for just one person to run things.
>
>
>
>
Nik
Just remember to kick a banker any chance you get. Fractional reserve lending is evil in every way and needs to be abolished along with the federal reserve and its fake fiat currency. And, no, we don't need a new Amero fake fiat currency. That would just be another, shorter lived Ponzi scheme.
On Feb 20 04:01 PM SteveTN wrote:
> There was a "investment manager" in our home town running a Ponzi
> scheme, similar to Madoff's, and was caught losing $50 million for
> his investors. What happened? He was found in the parking lot of
> the local funeral home in his Mercedes with his brains blown out
> by a 57 magnum revolver. It took 15 yrs for the trustee to close
> the case. Needless to say, there was nothing left for investors.
yikes, we may have this stuff happening for months!
Institutional managers and brokers do something equivalent all the time. Buy 10,000 shares of stock in a house account and then distribute the shares to client accounts at the end of the day. This would have been illegal in Madoff's case due to the conflict of interest w/ an inhouse MM but it may be the reason why there is no trail in client accounts.
On Feb 21 08:29 AM john s. gordon wrote:
> how many more madoff stanfords do we have lurking in the bushes that
> have not been discovered.?
Top on the list of Ponzi schemes is Social Security!
How much money has been wasted by Congress over the past 20 yrs on this newest travesty?Naked shorters unpunished or wrist-slapped the list is endless.Next we'll hear that the SEC needs more money to do their job properly or that they were understaffed......Even with the whistleblower patiently pointing the SEC in Madoff direction for many years they still missed it.incredible.
On Feb 21 02:32 PM ChipSeal wrote:
>
What I have to care that some millionaire crook lost in Madoff or Stanford, those were not Wal Mart employees who "were allowed" to invest with the guys, those investors who lost their shirts in this Ponzi schemes are themselves ex. Corporate America bosses, insiders, mafia types.
I would go further, it is very good that GOD using Madoff&Stanford talent to tric, punished elite families who thought they are elite, now they are not.
Did you lost with Madoff or Stanford?
If not, then what you complain about?
This two guys are innocent, it is the system to blame, called CAPITALISM.
you and your fellow jurors get to decide what is just in that particular case. try to do the right thing and don't worry about anything else. the law is what you say it is at that moment. that, incidentally, is why they don't let other lawyers on juries. the lawyers are afraid that someone might actually do the right thing, regardless of what they are told.