billski
Active member
He has been assigned prisoner number 61727054
that's a lot of freakin' prisoners!
that's a lot of freakin' prisoners!
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Madoff Pleads Guilty; Judge Orders Him Jailed Immediately
- Thread starter billski
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GrilledSteezeSandwich
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I need to find an article that explains this whole thing..so the 65 billion just dissapeared??? Was he dumb enough to buy AIG stock..lol
drjeff
Well-known member
A little Wiki Ponzi Scheme explanation for 'ya GSS
GrilledSteezeSandwich
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http://en.wikipedia.org/wiki/Bernard_Madoff
he's 70 years old...so only the really hardup up prisoners are going to want to take advantage of him in the showers..
he's 70 years old...so only the really hardup up prisoners are going to want to take advantage of him in the showers..
billski
Active member
In it's simplest form, he didn't invest in anything. He just moved other peoples money around and brought in new investors to satisfy withdrawals. And took ahuge amount for himself.
GrilledSteezeSandwich
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I real how it was a pyramid scheme..anyway I hope Madoff is gang-raped..actually even prisoners have standards..:razz:
For all the people who lost their life savings to Madoff..is there any way they will get any of it back??
tekweezle
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probably not. the profits were fictitious-they were made up and didn;t exist. the hard work will be to "clawback" the profits and reimburse everyone back to where they before they got involved. very small consolation, the irs has to give refunds for the taxes that were paid on these phantom profits.
some people who were direct investors are covered by SIPC insurance up to 500,000 which is a drop in the bucket. however, most of the money came from feeder funds so no coverage.
those feeder funds including funds and big banks will be sued in civil court though for not doing their due diligence. there is a move to get everyone to spread the pain-basically they want someone to be liable who has deep pockets...like the US government.
so don;t feel sorry for the Madoff family. even the ones not directly involved were able to live a fantasy life on other people's money. and don;t feel sorry for the greedy ones who knew Madoff was doing something shady and still gave their money to him.
some people who were direct investors are covered by SIPC insurance up to 500,000 which is a drop in the bucket. however, most of the money came from feeder funds so no coverage.
those feeder funds including funds and big banks will be sued in civil court though for not doing their due diligence. there is a move to get everyone to spread the pain-basically they want someone to be liable who has deep pockets...like the US government.
so don;t feel sorry for the Madoff family. even the ones not directly involved were able to live a fantasy life on other people's money. and don;t feel sorry for the greedy ones who knew Madoff was doing something shady and still gave their money to him.
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