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Madoff the jerkoff
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Oden
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PostPosted: Tue Mar 10, 2009 3:34 pm    Post subject: Reply with quote

Madoff to plead guilty to all 11 counts - no plea bargain

Give him credit for that much. He stands to be sentenced to 150 years in jail. At 70 years old and living the lavish lifestyle he has, I'll still be a little surprised if he actually walks into jail. I wouldn't be surprised at all if he tries to off himself.
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moviegeekjn
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PostPosted: Tue Mar 10, 2009 4:06 pm    Post subject: Reply with quote

Oden wrote:
Madoff to plead guilty to all 11 counts - no plea bargain

Give him credit for that much. He stands to be sentenced to 150 years in jail. At 70 years old and living the lavish lifestyle he has, I'll still be a little surprised if he actually walks into jail. I wouldn't be surprised at all if he tries to off himself.


May he be re-incarnated into naked homeless dude roaming the streets of Calcutta...
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DBWS08
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PostPosted: Wed Mar 11, 2009 4:58 pm    Post subject: Reply with quote

Oden wrote:
Madoff to plead guilty to all 11 counts - no plea bargain

Give him credit for that much. He stands to be sentenced to 150 years in jail. At 70 years old and living the lavish lifestyle he has, I'll still be a little surprised if he actually walks into jail. I wouldn't be surprised at all if he tries to off himself.


Last night on Anderson 360, some financial experts were talking about most likely Madoff plans to plead guilty and takes the fall all by himself in order to shield his sons and one neice who all worked in his firm. The experts were saying that how could those people not in the know when year in and year out during the past 13 years not a single dollar had been invested in the stock markets and all the financial statements were faked. The feds aren't fools, they will go after all the memebers in the Madoff family if they had been involved with the scheme.
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deweyniner
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PostPosted: Wed Mar 11, 2009 9:44 pm    Post subject: Reply with quote

Oden wrote:
Madoff to plead guilty to all 11 counts - no plea bargain

Give him credit for that much. He stands to be sentenced to 150 years in jail. At 70 years old and living the lavish lifestyle he has, I'll still be a little surprised if he actually walks into jail. I wouldn't be surprised at all if he tries to off himself.



And FDR gets off scott free.
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levski
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PostPosted: Sat Mar 14, 2009 2:09 pm    Post subject: Reply with quote

http://www.nytimes.com/2009/03/14/business/14nocera.html

Quote:
I suppose you could argue that most of Mr. Madoff’s direct investors lacked the ability or the financial sophistication of someone like Mr. Hedges. But it shouldn’t have mattered. Isn’t the first lesson of personal finance that you should never put all your money with one person or one fund? Even if you think your money manager is “God”? Diversification has many virtues; one of them is that you won’t lose everything if one of your money managers turns out to be a crook.

“These were people with a fair amount of money, and most of them sought no professional advice,” said Bruce C. Greenwald, who teaches value investing at the Graduate School of Business at Columbia University. “It’s like trying to do your own dentistry.” Mr. Hedges said, “It is a real lesson that people cannot abdicate personal responsibility when it comes to their personal finances.”

And that’s the point. People did abdicate responsibility — and now, rather than face that fact, many of them are blaming the government for not, in effect, saving them from themselves. Indeed, what you discover when you talk to victims is that they harbor an anger toward the S.E.C. that is as deep or deeper than the anger they feel toward Mr. Madoff. There is a powerful sense that because the agency was asleep at the switch, they have been doubly victimized. And they want the government to do something about it.

I spoke, for instance, to Phyllis Molchatsky, who lost $1.7 million with Mr. Madoff — and is now suing the S.E.C. to recoup her losses, on the grounds the agency was so negligent it should be forced to pony up. Her story is sure to rouse sympathy — Mr. Madoff was recommended to her by her broker as a safe place to put her money, and she felt virtuous making 9 or 10 percent a year when others were reaching for the stars. The failure of the S.E.C., she told me, “is a double slap in the face.” And she felt the government owed her. Her lawyer, who represents several dozen Madoff victims, told me he “wouldn’t be averse” to a victims’ fund.

Even Mr. Wiesel thought the government should help the victims — or at least the charitable institutions among them. “The government should come and say, ‘We bailed out so many others, we can bail you out, and when you will do better, you can give us back the money,’ ” he said at the Portfolio event.

But why? What happened to the victims of Bernard Madoff is terrible. But every day in this country, people lose money due to financial fraud or negligence. Innocent investors who bought stock in Enron lost millions when that company turned out to be a fraud; nobody made them whole. Half a dozen Ponzi schemes have been discovered since Mr. Madoff was arrested in December. People lose it all because they start a company that turns out to be misguided, or because they do something that is risky, hoping to hit the jackpot. Taxpayers don’t bail them out, and they shouldn’t start now. Did the S.E.C. foul up? You bet. But that doesn’t mean the investors themselves are off the hook. Investors blaming the S.E.C. for their decision to give every last penny to Bernie Madoff is like a child blaming his mother for letting him start a fight while she wasn’t looking.



The irony here is that when people are, or think they are, making money off some shady investments (like investing with Madoff, or investing in any other related shenanigan), those people want the government to basically fuck off -- don't tax them, don't regulate them, don't bother them.

Yet when they get ripped off because of their own stupidity, or because the risks they knew they were taking when they invested backfire, they turn to the government and demand the government pays them claiming the government didn't do what they didn't want the government to do in the first place -- which is regulate them and tax them.

When you throw some basic, fundamental rules about investing (whether it's in stocks, bonds, gold, or real estate), and you get screwed, you are on your own.
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Last edited by levski on Sat Mar 14, 2009 2:18 pm; edited 1 time in total
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levski
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PostPosted: Sat Mar 14, 2009 2:10 pm    Post subject: Reply with quote

deweyniner wrote:
Oden wrote:
Madoff to plead guilty to all 11 counts - no plea bargain

Give him credit for that much. He stands to be sentenced to 150 years in jail. At 70 years old and living the lavish lifestyle he has, I'll still be a little surprised if he actually walks into jail. I wouldn't be surprised at all if he tries to off himself.



And FDR gets off scott free.


I can't figure out if you are intentionally obtuse or just plain stupid.
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Gorfo57
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PostPosted: Wed Mar 18, 2009 4:20 pm    Post subject: Reply with quote

Now they have his accountant David Friehling. He had to put his house, and 3 relatives homes up to post bail.

Quote:
NEW YORK - Bernard Madoff's longtime accountant was arrested on fraud charges Wednesday, accused of aiding the man who has admitted cheating thousands of investors out of billions of dollars in the past two decades.

The charges against David Friehling, 49, come as federal authorities turn their attention to those who they believe helped Madoff fool 4,800 investors into thinking that their longtime investments were growing comfortably each year. Friehling is the first person to be arrested since the Madoff scandal broke three months ago.


msnbc
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DBWS08
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PostPosted: Tue Mar 24, 2009 12:47 pm    Post subject: Reply with quote

Last night on Anderson Cooper, someone was saying that a secretary in Madoff's firm was making $500,000 a year, yeah, no typo, $500,000 a year.

If I could be a fly for a day, I would love to spend it with Bernie in his little cell; what a rude awakening compared to his 7 million penthouse, huh?

According to the news, they've recovered over a billion stolen assets so far. But with him knowing for years and years that his house of cards would come crashing down, there is not telling where else he had secreted resources outside of the U. S.
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Gorfo57
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PostPosted: Mon Jun 29, 2009 8:39 am    Post subject: Reply with quote

Judge Chin just threw the book at Bernie Madoff and sentenced him to 150 years.

Judge Chin cited that no family member or friend wrote the court on his behalf in support of the defendent as a telling sign. He called it an evil crime.

He cited one letter from a victim in particular in which a man died of a heart attack and Madoff was said to have told his widow with his arm around her that her money was safe.

The judge said lack of cooperation in recovering lost funds was cause for the maximum sentence.

All of this coming off CNBC currently.
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tucsondbacksfan
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PostPosted: Mon Jun 29, 2009 12:28 pm    Post subject: Reply with quote

Just punishment. He will die, deservedly, in jail. You can bet that even with the recovered assets, there is still plenty hidden somewhere. Mrs will be well fixed for the remainder of her life.
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TheDesertSurfer
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PostPosted: Mon Jun 29, 2009 1:35 pm    Post subject: Reply with quote

Gorfo57 wrote:
Judge Chin just threw the book at Bernie Madoff and sentenced him to 150 years.

Judge Chin cited that no family member or friend wrote the court on his behalf in support of the defendent as a telling sign. He called it an evil crime.

He cited one letter from a victim in particular in which a man died of a heart attack and Madoff was said to have told his widow with his arm around her that her money was safe.

The judge said lack of cooperation in recovering lost funds was cause for the maximum sentence.

All of this coming off CNBC currently.

Ah, there is justice in the world.
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TAP
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PostPosted: Thu Mar 18, 2010 10:14 am    Post subject: Reply with quote

Madoff Beaten in Prison
Ponzi Schemer Was Assaulted by an Inmate in December; Officials Deny Incident
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matt
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PostPosted: Fri Mar 19, 2010 12:05 pm    Post subject: Reply with quote

He must have taken a nasty fall down the stairs...

What Madoff did was nearly unimaginable but anyone who beats the shit out of an old man is worse.
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Oden
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PostPosted: Mon Jun 07, 2010 5:01 pm    Post subject: Reply with quote

Madoff: Fuck my victims

He seriously said that. From the article it sounds like he's having a nice time in prison these days, schmoozing with mobsters and giving out financial advice to adoring inmates.
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TAP
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PostPosted: Mon Jun 07, 2010 5:10 pm    Post subject: Reply with quote

Oden wrote:
Madoff: Fuck my victims

He seriously said that. From the article it sounds like he's having a nice time in prison these days, schmoozing with mobsters and giving out financial advice to adoring inmates.

The "prison" sounds like a high-rent luxury community.
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matt
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PostPosted: Mon Jun 07, 2010 10:23 pm    Post subject: Reply with quote

Where is all the dry anal rape that he should be subjected to each day?
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DBWS08
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PostPosted: Fri Jun 11, 2010 10:40 am    Post subject: Reply with quote

I was thinking about Madoff the other day. This is a question I sometimes ask myself and now I ask you.

Say, you'd committed a crime and you got convicted and the sentence is for the rest of you life. Would you end your own life before they locked you up and threw away the key?

I read stories about guys taking matters into their own hands and always wonder if put into a similar situation, would I be able to do it?
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