Bernard Madoff, former chairman of the NASDAQ in $50 billion Ponzi scheme.

[Johnny Canuck3]

Come on then capitalists, defend your beloved system against this!

Those Russian communists used to steal, too.

p.s. I wonder what this guy did with all the money?

 

[Brainaddict]

Your dynamism allied to the City’s openness has led London to innovate: the most modern instruments of finance, an ability to compete that depends upon an open competition policy which rewards and is a stimulus to innovation and which does not restrict new entry and so helps new companies, new products and new services to come into the marketplace.

So just as our monetary reforms, which brought Bank of England independence, made decision making independent of short term political and partisan considerations, so too do our competition reforms, which have for the first time made our competition authorities independent of government.

What we have achieved with independence here in Britain we wish to extend to the European Union, where a more independent competition policy would mean investigations where unfair competition is being sheltered. We will continue to remove all the barriers to investment –government accepting its responsibilities to science, not least supporting investors in the face of animal rights extremists.

Sometimes I like to quote Gordon Brown more or less at random, in case people forget he's a cunt, and in case people start blaming these financial crises on just a few people cocking up.

http://www.hm-treasury.gov.uk/1932.htm

 

[teqniq]

....anymore skeletons in the closet about to be revealed?

Actually we're busting out of the doors here. Have you got any more room over there?

 

[treelover]

Eventualy they pulled so much out that he had to admit that it was all just a pyramid scheme.
Reply With Quote

He didn't come forward, his sons bubbled him

 

[taffboy gwyrdd]

How are futures and derivatives markets separate from a Ponzi scheme?

The whole banking system is predicated on fraud.

 

[Kanda]

Madeoff never had a negative performance month???? That should set alarm bells ringing from the fucking start? No due diligence??

Everyone negative performance months! You just have to (try) make sure you're in positive performance by year end!

Absolutely ridiculous and if people want to pass money to firms like this without full and proper Due Dill, they're fucking stupid

 

[diego]

Well what can you say another jewish fraudster, probably get a pardon from Bush when he leaves office.

 

[tangentlama]

Well what can you say another jewish fraudster, probably get a pardon from Bush when he leaves office.

What's being Jewish got to do with it? Did you think about the 'religion' of the victims he ripped off? Jew, non-Jew, liberal, right-winger.

 

[Skimix]

How are futures and derivatives markets separate from a Ponzi scheme?

What? Do you understand what a derivative is? For a start there are all kinds of different derivatives which are completely different from one another. Secondly none of them are anything like a ponzi scheme.

 

[Crispy]

Well what can you say another jewish fraudster, probably get a pardon from Bush when he leaves office.

wtf?

 

[A Dashing Blade]

How are futures and derivatives markets separate from a Ponzi scheme?

This is generally regarded as the Bible on this subject, Wiki (surprisingly) covers the basics of options quite well here, and has an artical about Ponzi schemes here.

10 minutes of your time should suffice to demonstrate that your question was a bit er . . . naive.

 

[Brainaddict]

Well what can you say another jewish fraudster, probably get a pardon from Bush when he leaves office.

A search of your posts reveals a litany of borderline racist stuff, plus an interesting level of paranoia here:
http://www.urban75.net/vbulletin/showthread.php?p=8370167

You seem to think that the wars going on at the moment are actually about religion. They're really not. They're about power.

Realising this will help you to stay on these boards, because I suspect you're very close to getting kicked off right now.

 

[butchersapron]

Well what can you say another jewish fraudster, probably get a pardon from Bush when he leaves office.

Bye

 

[butchersapron]

Hyman Minsky is the best person to read on how the contemporary economic system as a whole is really just a giant ponzi scheme IMO

 

[Fedayn]

A search of your posts reveals a litany of borderline racist stuff, plus an interesting level of paranoia here:
http://www.urban75.net/vbulletin/showthread.php?p=8370167

You seem to think that the wars going on at the moment are actually about religion. They're really not. They're about power.

Realising this will help you to stay on these boards, because I suspect you're very close to getting kicked off right now.

This one being a belter....

http://www.urban75.net/vbulletin/showpost.php?p=8319603&postcount=18

 

[Paulie Tandoori]

fuck me man, this is quite incredible, potentially the world's biggest ever fraud operation!!!

 

[dennisr]

Too twee.

How about cuntastic.

I'm with you

 

[dennisr]

Hyman Minsky is the best person to read on how the contemporary economic system as a whole is really just a giant ponzi scheme IMO

I'm with you on that one

 

[tangentlama]

fuck me man, this is quite incredible, potentially the world's biggest ever fraud operation!!!

I fear this maybe the tip of the proverbial iceberg...
... or am I just catastrophising ?

 

[Chairman Meow]

It makes me very glad I got out of my job auditing in a hedge fund bank. I told my manager I didn't have a clue about what I was auditing, I just couldn't get my head around half of it. Now it looks like no other bugger had a clue either! !

 

[Paulie Tandoori]

Unless this is the tip of the proverbial iceberg...

The way these things are unravelling, who can tell? The list of banks that face major losses include:

Clients of Santander, Spain (including Abbey, Alliance & Leicester and Bradford & Bingley) - $3.1bn
HSBC, UK - $1bn
Natixis, France - $605m
Royal Bank of Scotland, UK - $601m
BNP Paribas, France - $460m
BBVA, Spain - $400m
Man Group, UK - $360m
Reichmuth & Co, Switzerland - $325m
Nomura, Japan - $303m

And this is fucking laughable - "If found guilty, US prosecutors say he could face up to 20 years in prison and a fine of up to $5m."

 

[Belushi]

Hyman Minsky is the best person to read on how the contemporary economic system as a whole is really just a giant ponzi scheme IMO

Not to be confused with Hyman Roth, who's the best person to go to if you want someone rubbed out

 

[butchersapron]

It's been suggested elsewhere that this £50 billion figure (which is a figure that only madoff, a known liar, has provided) might containa large amount of double counting.

 

[butchersapron]

Not to be confused with Hyman Roth, who's the best person to go to if you want someone rubbed out

I think the two fields may be closer than appearences suggest...

 

[kyser_soze]

It's been suggested elsewhere that this £50 billion figure (which is a figure that only madoff, a known liar, has provided) might containa large amount of double counting.

So the number given on the size of the fraud may be fraudulent itself?

 

[butchersapron]

So the number given on the size of the fraud may be fraudulent itself?

It's certainly possible.

 

[Kanda]

Discussion about it on the Today show this morning: http://www.bbc.co.uk/iplayer/episode/b00fyk4b/Today_16_12_2008/

About 2hr 11min in. Our Chief Economist is on there talking about it

 

[Brainaddict]

So the number given on the size of the fraud may be fraudulent itself?

You've got to give this guy credit - he's a fucking pro. No half measures for him. When he defrauds, he fuckin' DEFRAUDS dude

 

[kyser_soze]

Maybe he figures 'Hey, if I'm going to be done for fraud I might as well be done for the BIGGEST FRAUD EVER.'

Talk about being overcompetitive...

 

[DotCommunist]

You've got to give this guy credit - he's a fucking pro. No half measures for him. When he defrauds, he fuckin' DEFRAUDS dude

that was, shamefully, my first thought when I heard about this. Not a man to do anything by halves eh