Posted on 12/14/2008 6:33:46 PM PST by Clinging Bitterly
ABC News' Joel Siegel reports: The scope of Bernie Madoff's $50 billion Ponzi scheme is becoming clearer, and it's enormous. Newspapers and Web sites from around the world today are filled with stories about new victims.
In South Korea, institutional investors may have lost $100 million. French bank BNP Paribas, Tokyo-based Nomura Holdings and Zurich's Neue Privat Bank also suffered losses.
Spanish newspapers reported that a fund run by leading bank Santander was heavily exposed and that investors in Spain risk losing about $3 billion. And Swiss bankers face losses of up to $5 billion.
Among the boldface names who have lost money are Kay Windsor women's apparel founder Carl Shapiro, who lost $150 million to $400 million; and Nine West founder Jerome Fisher, who lost $150 million, the New York Post reports...
(Excerpt) Read more at blogs.abcnews.com ...
Abuse of Corpse added to charges against Madhoff...
....well, we can dream, can't we?
Stay tuned for the bailout.
I do so hope the Kennedys have a large stake in this.
O’mean me.
Obviously he was not a smart guy.
New slogan: “Invest with Bernie Madoff—it’s safer than investing in Detroit Big 3”
The most interesting question is who did Madoff tip off that they should bail out and cash in their winnings? In these ponzi schemes, there is always someone who comes out on top.
From the article.... “The New York Times quotes associates of Mets owner Fred Wilpon as worrying that Wilpon’s losses might affect the operation of the team...”
That and playing against a better team.
You also had to be Jewish ~ as far as anyone knows he kept this particular "funding opportunity" closed to Gentiles. Since he was the guy running it he would have that privilege ~ not like he was a big company, a GM perhaps, tossing $50 billion down the tubes. You can just imagine the stink if they'd required a certain religious or ethnic relationship to be able to buy one of their cars.
This case says something about the utility of EEO laws to the general public ~
Relax everyone! Some representative will push the government for this fund to have a bailout...its just too big to fail and it has several politicians as investors!
But seriously, anyone remember enron and the absolute frenzy it created in the press with the sad reports of all those shareholders loosing their savings? In the past few months we have witnesses the undeniable screwing of every citizen of this country yet the politicians responsible are still in office and in fact in charge of bailing out the companies that provided each of them campaign money to be in office in the first place.
And the press, well the press is too busy thinking of everyway in the world to distract the public that their President comes from the same background as does the bad hair Govenor of Illinois.
Those ETFs had a good run for traders who understood their "ups" and "downs" ~ which have a regularity indicating some big player swinging in and out with billions of bucks on some sort of schedule.
It's possible people NOT involved in the Ponzi scheme made the big bucks.
“Several brokerage houses tumbled; blue-sky investment companies formed during the happy bull market days went to smash, disclosing miserable tales of rascality; over a thousand banks caved in during 1930, as a result of marking down both of real estate and of securities; and in December occurred the largest bank failure in American financial history, the fall of the ill-named Bank of the United States in New York.”
~~"Only Yesterday: An Informal History of the 1920’s" by Fredrick Lewis Allen
and Soros as well...
Funny!
Add Palm Beach and Boca. Henry Blodgett who had been a Merrill Lynch analyst who hyped the dot com boom posted a good story in NY Post.
Bernie’s first and main company was a market making firm for stocks. He had access to order flow or a lot of trades. He actually originated the idea of payment for order flow.
Anyway, many of his clients thought Bernie had an “edge’ to be able to “front run” the order flow. This means if he saw big buys of say Apple - he could put his buys in front of the others. He could do that with sells. The unspoken word was Bernie worked the order flow to get consistent 11 to 15% returns.
Here is Bernie’s CPA:
I feel bad for all you Garden Stater's that have been saddled with this turd of a senator.
I'm going to guess the "oh so honorable sons" who turned him in got out with lots of money. Past that? Someone who might be willing to help him with the next phase - an attorney or two?
Abuse of Corpse added to charges against Madhoff...
Now that is damn funny!!
Errr, not really. Many billions, and perhaps most of the total funds invested in this scam were invested through feeder funds, and Madoff didn’t even have access to the identities of the investors. The guys running the feeder funds *may* have all been Jewish, but the ultimate investors weren’t. To take an obvious one that has come to light already, the town of Fairfield, Connecticut had a big chunk of its pension fund invested with Madoff. Fairfield is definitely not a “Jewish town” (see inventory of its Christian churches at http://fairfield.areaconnect.com/churches.htm ).
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