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Old 03-15-2009, 07:53 AM   #1
mugwump58
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Baby sitting my dear and sainted mother, giving my sister a break. I'm watching TV, something I never do at home. So Bernie Madeoff.... "I'm a millionaire who invested all my money with him and he ruined me, killin's to good for him...".

Well "Talk Back" on the CBC no one felt sorry for the investors. I've got to agree. Now I'm all for hangin' Bernie, once we have trial and find him guilty, didn't he already submit a plea or is that next week? But for the[greedy] idiots who didn't diversify and invested for crazy returns, does anyone here know what the advertised returns were, I have no sympathy.

What you invested 3 school districts funds with him? stupid f*ck.

Am I being harsh? Please discuss.
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Old 03-15-2009, 10:13 AM   #2
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Ha! Some guy where my wife works had this great investment where he was guaranteeing 7% yearly interest. An obvious scam. Why would anyone buy a 10% promise? These people he targeted were very wealthy and should have known better. But they are the types who think they know more than anyone else and so they let their greed get the better of themselves. Too bad.

One of the investors said that she thought he was doing inside trading... another felony. All these people knew that something had to be fishy for such a guaranteed payout. Now that they got caught it's just too bad. If he'd been targeting small investors who don't have a lot of knowledge that would have been different. Bernie left it to the govt to run ponzi schemes like social security and national healthcare that target the average Joe.

These people who got burned should be embarrassed for falling for this. and many of them earned back their original investment anyhow.

Now as far as the trial goes he's been offered a sweet deal to avoid a trial. In a trial the discovery phase would have exposed a lot of other people, including govt regulators, who enabled the scheme. This is a cover-up so a whole lot of people don't go to jail. It would expose the moronic idiocy of the sort of useless morons who end up controlling school money.

As far as Bernie goes he's a sociopathic criminal. I hope he rots in a maximum security prison with drug dealers.
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Old 03-15-2009, 10:49 AM   #3
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I agree with Zawa. The people who went with "Made-Off" (what are the odds that the guy who takes everyone's money is named "made-off) probably thought there was something illegal behind the scenes. It's like the guys selling speakers from the van...they sort of give you the idea they're stolen; greedy people buy them and they turn out to be junk you could have bought for 1/2 the "stolen" price. And no, I didn't get hooked by the speaker guys, but only because I heard about them on the radio two days before I was approached in a gas station.
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Old 03-15-2009, 10:56 AM   #4
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well if it walks like a duck and quacks like a duck.....

I agree though, I hate the kind of clever bastards like Made-off and his "victims" they don't think twice about f*ckin some poor schmuck out of his retirement or any other investments but when the other shoe drops they on the tube crying like schoolgirls......

let them eat cake.
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Old 03-15-2009, 11:14 AM   #5
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Quote:
Originally Posted by mugwump58 View Post
Baby sitting my dear and sainted mother, giving my sister a break. I'm watching TV, something I never do at home. So Bernie Madeoff.... "I'm a millionaire who invested all my money with him and he ruined me, killin's to good for him...".

Well "Talk Back" on the CBC no one felt sorry for the investors. I've got to agree. Now I'm all for hangin' Bernie, once we have trial and find him guilty, didn't he already submit a plea or is that next week? But for the[greedy] idiots who didn't diversify and invested for crazy returns, does anyone here know what the advertised returns were, I have no sympathy.

What you invested 3 school districts funds with him? stupid f*ck.

Am I being harsh? Please discuss.
I read an article a few weeks-ago, about how many of his "victims" are bein' quiet, playin' stupid - 'cuz even though they've "Lost MILLIONS" in all this - they withdrew (before the collapse) many, many Millions of dolares more than they ever invested in Madof's Ponzi scheme...........


i.e. in example - Their (now worthless) account sez the "balance" should be $11M. However, they originally "invested" $1.3M 10-years ago, and since they became fully-vested 3-years ago they have withdrawn say $3.7M to buy a large house, a yaght, two new Mercedes', send both kids to Harvard, etc.
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Old 03-15-2009, 11:58 AM   #6
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Supposedly, the authorities are going to back track all the investors who withdrew money to try and repay those who lost.

Any bets on this?
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Old 03-15-2009, 01:17 PM   #7
mugwump58
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Quote:
Originally Posted by pplassm View Post
Supposedly, the authorities are going to back track all the investors who withdrew money to try and repay those who lost.

Any bets on this?
I've heard this discussed. Apperantly there is a law on the books for this already, there's nothing new under the sun. People with losses along with those who made money on the deal would fall under this thing called[sp?] CLAWS, would be called upon to equalize the damage. The projected duration of such an action is measured in decades, again the lawyers win. Heavy sigh...
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Old 03-15-2009, 04:05 PM   #8
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Quote:
Originally Posted by pplassm View Post
Supposedly, the authorities are going to back track all the investors who withdrew money to try and repay those who lost.

Any bets on this?

Bets? Are you kidding? It's like betting the next round of bad news won't be blamed on Bush.
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