Posted on 12/12/2008 9:35:23 PM PST by NorthShoreGibby
In another move sure to undermine already fragile investor sentiment in the markets, world-class scumbag hedge-fund manager and former chairman of NASDAQ admitted to investigators and key employees that the $50 Billion managed by the firm was "basically a Ponzi scheme."
Madoff also told investigators that there "was no innocent explanation" for his actions. "Madoff's investors included captains of industry, corporations -- some of which are publicly traded -- that used Madoff almost as a high-yielding cash management account, endowments, universities, foundations and, importantly, many high-profile funds of funds," said Douglas Kass, who heads hedge fund Seabreeze Partners Management.
"It appears that at least $15 billion of wealth, much of which was concentrated in southern Florida and New York City, has gone to 'money heaven,'" he said. (video)
(Excerpt) Read more at thepolicyproject.blogspot.com ...
Ya know, I can’t relate to this. Never ever been in this League.
Trusting others with your Millions for investment ?
Even I know better than that.......Lazy rich people handing over Money to other Rich People. Again, I just can’t relate to this news.....sorry.
You have to see it here in Palm Beach to believe it - but in the local frauds and scams perpetrated on the wealthy it seems that the rule is the amount of scrutiny and diligence are inversely related to the amount of money you are investing.
Didn’t Chelsea Clinton have a job with one of the Hedge Funds?
Isn’t this the single largest financial crime in world history?
Madoff is a BIG Schumer and DNC Donator. He’s one of NEw York’s TOP Democrats, and goes to all of the “right” parties.
You’ll notice how little play this is getting in the media??
If only we could give this guy to Vlad the Impaler.
I’m just waiting for the rumors to pop up that a lot of this money went towards Obama buying the Whitehouse.
But of I might have to wait a very very long time to hear the truth.
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L. MADOFF INVEST.-SEC./CHAI 9/12/08 $25,000 Democratic Senatorial Campaign Cmte (D)
MADOFF, BERNARD L MR NEW YORK,NY 10021 BERNARD L. MADOFF INVESTMENT SECURI 8/20/08 $5,000 Securities Industry & Financial Mkt Assn
MADOFF, BERNARD L NEW YORK,NY 10021 12/5/07 $-2,300 Saul, Andrew Marshall (R)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD MADOFF INVESTMENT 7/20/07 $300 Lautenberg, Frank R (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD MADOFF INVESTMENT 7/20/07 $2,300 Lautenberg, Frank R (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L. MADOFF INVESTMENT/CHAIRM 7/10/07 $2,300 Saul, Andrew Marshall (R)
MADOFF, BERNARD L MR NEW YORK,NY 10021 BERNARD L. MADOFF INVESTMENT SECURI 5/24/07 $5,000 Securities Industry & Financial Mkt Assn
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L. MADOFF INVEST.-SEC./CHAI 5/4/07 $25,000 Democratic Senatorial Campaign Cmte (D)
MADOFF, BERNARD L MR NEW YORK,NY 10021 BERNARD L. MADOFF INVESTMENT SECURI 10/17/06 $5,000 Securities Industry Assn
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L. MADOFF INVEST. SEC./CHAI 9/30/06 $25,000 Democratic Senatorial Campaign Cmte (D)
MADOFF, BERNARD L MR NEW YORK,NY 10021 BERNARD L. MADOFF INVESTMENT SECURI 9/22/05 $5,000 Securities Industry Assn
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L MADOFF INVEST SEC 5/9/05 $25,000 Democratic Senatorial Campaign Cmte (D)
MADOFF, BERNARD L NEW YORK,NY 10021 10/15/04 $250 Frost, Martin (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L MADOFF INVESTMENTS 8/18/04 $1,000 Schumer, Charles E (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L MADOFF INVESTMENTS 8/18/04 $1,000 Schumer, Charles E (D)
MADOFF, BERNARD L MR NEW YORK,NY 10021 MADOFF (BERNARD L.) INVESTMENT SECU 7/8/04 $5,000 Securities Industry Assn
MADOFF, BERNARD L NEW YORK,NY 10021 MADOFF INVESTMENTS/CHAIRMAN 6/17/04 $2,000 Markey, Edward J (D)
MADOFF, BERNARD L NEW YORK,NY 10021 MADOFF INVESTMENTS/CHAIRMAN 6/17/04 $2,000 Markey, Edward J (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L MADOFF/CHAIRMAN 9/23/03 $2,000 Gephardt, Richard A (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L MADOFF INVESTMENTS 4/8/02 $1,000 Schumer, Charles E (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L MADOFF INVESTMENTS 4/8/02 $1,000 Schumer, Charles E (D)
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L. MADOFF P.C./CHAIRMAN 8/30/01 $1,000 Rangel, Charles B (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD MADOFF INVESTMENT SEC 4/20/00 $1,000 Fossella, Vito (R)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD MADOFF INC 3/10/00 $1,000 Obey, David R (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L MADOFF INVESTMENT SECURIT 10/30/98 $1,000 Victory in New York
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L MADOFF PC 10/23/98 $1,000 Rangel, Charles B (D)
MADOFF, BERNARD L NEW YORK,NY 10021 SELF-EMPLOYED 9/21/98 $1,000 D'Amato, Alfonse M (R)
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L MADOFF INVESTMENT SECURIT 5/22/98 $1,000 Schumer, Charles E (D)
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L MADOFF INVESTMENT SECURIT 5/22/98 $700 Schumer, Charles E (D)
MADOFF, BERNARD L NEW YORK,NY 10021 MADOFF INVESTMENTS 5/15/98 $1,000 Markey, Edward J (D)
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L MADOFF INVESTMENT 5/5/98 $1,000 Tauzin, W J "Billy" (R)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L MADOFF CO 9/17/96 $1,000 Frisa, Daniel (R)
MADOFF, BERNARD L NEW YORK,NY 10021 MADOFF SECURITIES 8/4/96 $1,000 Markey, Edward J (D)
MADOFF, BERNARD L NEW YORK,NY 10022 SECURITIES 4/28/95 $1,000 Fields, Jack M Jr (R)
MADOFF, BERNARD L NEW YORK,NY 10/13/94 $200 Ackerman, Gary (D)
MADOFF, BERNARD L NEW YORK,NY 10023 MADOFF SECURITIES 6/29/94 $1,000 Markey, Edward J (D)
MADOFF, BERNARD L NEW YORK,NY 10022 SECURITIES 6/16/94 $2,000 Fields, Jack M Jr (R)
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L MADOFF INVESTMT SECURITIE 4/11/94 $5,000 Securities Industry Assn
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L MADOFF INVEST SECURITIES 11/8/93 $1,000 Dingell, John D (D)
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L. MADOFF INVEST.-SEC./CHAI 9/12/08 $25,000 Democratic Senatorial Campaign Cmte (D)
MADOFF, BERNARD L MR NEW YORK,NY 10021 BERNARD L. MADOFF INVESTMENT SECURI 8/20/08 $5,000 Securities Industry & Financial Mkt Assn
MADOFF, BERNARD L NEW YORK,NY 10021 12/5/07 $-2,300 Saul, Andrew Marshall (R)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD MADOFF INVESTMENT 7/20/07 $300 Lautenberg, Frank R (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD MADOFF INVESTMENT 7/20/07 $2,300 Lautenberg, Frank R (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L. MADOFF INVESTMENT/CHAIRM 7/10/07 $2,300 Saul, Andrew Marshall (R)
MADOFF, BERNARD L MR NEW YORK,NY 10021 BERNARD L. MADOFF INVESTMENT SECURI 5/24/07 $5,000 Securities Industry & Financial Mkt Assn
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L. MADOFF INVEST.-SEC./CHAI 5/4/07 $25,000 Democratic Senatorial Campaign Cmte (D)
MADOFF, BERNARD L MR NEW YORK,NY 10021 BERNARD L. MADOFF INVESTMENT SECURI 10/17/06 $5,000 Securities Industry Assn
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L. MADOFF INVEST. SEC./CHAI 9/30/06 $25,000 Democratic Senatorial Campaign Cmte (D)
MADOFF, BERNARD L MR NEW YORK,NY 10021 BERNARD L. MADOFF INVESTMENT SECURI 9/22/05 $5,000 Securities Industry Assn
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L MADOFF INVEST SEC 5/9/05 $25,000 Democratic Senatorial Campaign Cmte (D)
MADOFF, BERNARD L NEW YORK,NY 10021 10/15/04 $250 Frost, Martin (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L MADOFF INVESTMENTS 8/18/04 $1,000 Schumer, Charles E (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L MADOFF INVESTMENTS 8/18/04 $1,000 Schumer, Charles E (D)
MADOFF, BERNARD L MR NEW YORK,NY 10021 MADOFF (BERNARD L.) INVESTMENT SECU 7/8/04 $5,000 Securities Industry Assn
MADOFF, BERNARD L NEW YORK,NY 10021 MADOFF INVESTMENTS/CHAIRMAN 6/17/04 $2,000 Markey, Edward J (D)
MADOFF, BERNARD L NEW YORK,NY 10021 MADOFF INVESTMENTS/CHAIRMAN 6/17/04 $2,000 Markey, Edward J (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L MADOFF/CHAIRMAN 9/23/03 $2,000 Gephardt, Richard A (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L MADOFF INVESTMENTS 4/8/02 $1,000 Schumer, Charles E (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L MADOFF INVESTMENTS 4/8/02 $1,000 Schumer, Charles E (D)
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L. MADOFF P.C./CHAIRMAN 8/30/01 $1,000 Rangel, Charles B (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD MADOFF INVESTMENT SEC 4/20/00 $1,000 Fossella, Vito (R)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD MADOFF INC 3/10/00 $1,000 Obey, David R (D)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L MADOFF INVESTMENT SECURIT 10/30/98 $1,000 Victory in New York
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L MADOFF PC 10/23/98 $1,000 Rangel, Charles B (D)
MADOFF, BERNARD L NEW YORK,NY 10021 SELF-EMPLOYED 9/21/98 $1,000 D'Amato, Alfonse M (R)
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L MADOFF INVESTMENT SECURIT 5/22/98 $1,000 Schumer, Charles E (D)
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L MADOFF INVESTMENT SECURIT 5/22/98 $700 Schumer, Charles E (D)
MADOFF, BERNARD L NEW YORK,NY 10021 MADOFF INVESTMENTS 5/15/98 $1,000 Markey, Edward J (D)
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L MADOFF INVESTMENT 5/5/98 $1,000 Tauzin, W J "Billy" (R)
MADOFF, BERNARD L NEW YORK,NY 10021 BERNARD L MADOFF CO 9/17/96 $1,000 Frisa, Daniel (R)
MADOFF, BERNARD L NEW YORK,NY 10021 MADOFF SECURITIES 8/4/96 $1,000 Markey, Edward J (D)
MADOFF, BERNARD L NEW YORK,NY 10022 SECURITIES 4/28/95 $1,000 Fields, Jack M Jr (R)
MADOFF, BERNARD L NEW YORK,NY 10/13/94 $200 Ackerman, Gary (D)
MADOFF, BERNARD L NEW YORK,NY 10023 MADOFF SECURITIES 6/29/94 $1,000 Markey, Edward J (D)
MADOFF, BERNARD L NEW YORK,NY 10022 SECURITIES 6/16/94 $2,000 Fields, Jack M Jr (R)
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L MADOFF INVESTMT SECURITIE 4/11/94 $5,000 Securities Industry Assn
MADOFF, BERNARD L NEW YORK,NY 10022 BERNARD L MADOFF INVEST SECURITIES 11/8/93 $1,000 Dingell, John D (D)
Please remove my double post. Thanks.
Yes, Avenue Capital Group, not surpisingly, a big contributor to Democrats.
And, she compained about their health care plan earlier this year :
Chelsea Clinton Slams Avenue Capital’s Health Care Plan!
You should have seen how many times Shumer was in the office.
1999 2001 and 2004
Madoff and his sons did not publicly support Obama. i dont know who they pulled the trigger for though
Hah.
I do not believe the so-called "investors" sob stories for a nanosecond.
As the bard of Avon wrote: “tis better to be thought a hapless victim of a Ponzi scheme than to admit to tax evasion.”
The warning signs were there for all to see:
STEADY RETURNS UNDER EVERY MARKET CONDITION---whether up or down
ASSETS ESTIMATED AT $13B BUT Madoff's FILINGS SHOW HOLDINGS OF LESS THAN $1B IN SHARES.
Impossible to believe astute businessman who made fortunes in competitive businesses would allow themselves to be scammed……unless......these elites were in collusion with Madoff to engage in a massive tax evasion scheme.
That would explain why savvy, astute businessmen people were giving this guy huge sums ---$100-500 million--- to “invest.”
Keep in mind, at the end Madoff was left with some $300 million out of $50 billion. That much money does not just evaporate.
Apparently Madoff kept a cut of the “investment” and wire-transferred the bulk offshore to friendly money laundering havens.
The whole scam crashed b/c Madoff probably wanted a bigger cut but the "investors" refused.
That's a key point. Unless one is a celebrity or desires to be one, or wants to attract a certain kind of clientelle at the potential expense of pushing away others, i.e. potentially settle for less than "half the pie", this kind of publicity is not really good for business.
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