posty Posted June 29, 2009 Share Posted June 29, 2009 Just heard on the radio... Quote Link to comment Share on other sites More sharing options...
SheikYerbuti Posted June 29, 2009 Share Posted June 29, 2009 He's going to look awful when he's released. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted June 29, 2009 Share Posted June 29, 2009 A quote from Yahoo: Emotional victims asked Judge Denny Chin to impose the maximum sentence of 150 years, an effective life term for the 71-year-old Madoff. No chit? Really? Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted June 29, 2009 Share Posted June 29, 2009 guy shouldve been hung in the middle of times square Quote Link to comment Share on other sites More sharing options...
polksalet Posted June 29, 2009 Share Posted June 29, 2009 While I'm in no way sorry for Madoff, it is also hard for me to muster very much sympathy for his so-called victims. They were (theoretically) getting great returns for years and never looked below the surface. I take responsibility for my investments and am incredibly diversified and I have no where near the knowledge and training of many of those who lost "everything". That being said all Madoff did was steal the blueprint for social security and implement it himself. Quote Link to comment Share on other sites More sharing options...
alexgaddis Posted June 29, 2009 Share Posted June 29, 2009 I am sure with good behavior he will be out in 60 years only to try to ruin more people financially Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted June 29, 2009 Share Posted June 29, 2009 he's gonna run the largest cigarette carton pyramid scheme you have ever seen Quote Link to comment Share on other sites More sharing options...
H8tank Posted June 29, 2009 Share Posted June 29, 2009 That being said all Madoff did was steal the blueprint for social security and implement it himself. Bingo. Quote Link to comment Share on other sites More sharing options...
The Wolf Posted June 29, 2009 Share Posted June 29, 2009 He's going to look awful when he's released. This made me laugh so hard that the water I was drinking came out of my nose... Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted June 29, 2009 Share Posted June 29, 2009 While I'm in no way sorry for Madoff, it is also hard for me to muster very much sympathy for his so-called victims. They were (theoretically) getting great returns for years and never looked below the surface. I take responsibility for my investments and am incredibly diversified and I have no where near the knowledge and training of many of those who lost "everything". That being said all Madoff did was steal the blueprint for social security and implement it himself. Most people do not know better Quote Link to comment Share on other sites More sharing options...
polksalet Posted June 29, 2009 Share Posted June 29, 2009 Most people do not know better Yeah, but being irresponsible and stupid is no excuse. Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted June 29, 2009 Share Posted June 29, 2009 Yeah, but being irresponsible and stupid is no excuse. They arent recovering their $ for being stupid and irresponsible but they want him to get maximum sentence as he should. Madoff is a unique situation because he was SO successful at his crime. After years of doing the scheme, even intellectuals can get fooled by this as he gained popularity, trust and fame. Quote Link to comment Share on other sites More sharing options...
The Irish Doggy Posted June 29, 2009 Share Posted June 29, 2009 While I'm in no way sorry for Madoff, it is also hard for me to muster very much sympathy for his so-called victims. They were (theoretically) getting great returns for years and never looked below the surface. I take responsibility for my investments and am incredibly diversified and I have no where near the knowledge and training of many of those who lost "everything". Oh come on. Talk about blaming the victim. Was the fund audited? Was Madoff well known and respected in the industry? Its not like this was some traveling snake-oil salesman. Quote Link to comment Share on other sites More sharing options...
polksalet Posted June 29, 2009 Share Posted June 29, 2009 Oh come on. Talk about blaming the victim. Was the fund audited? Was Madoff well known and respected in the industry? Its not like this was some traveling snake-oil salesman. I invest no more than 10% of my meager 401k with any one entity. I do this because I believe in the total fallibility of humanity. If I am smart enough to realize these things why weren't people with millions? The answer is because they let their greed override their logic and common sense. If I had $1 million and was a Madoff investor I'd still have $900k. When i worked for an Enron sub I saw the writing on the wall there as well and lost nothing. I'm not saying I'm smart or wise, I'm just saying that being cynical when investing your life savings is often a very good thing. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted June 29, 2009 Share Posted June 29, 2009 as with anything in life, if it looks too good to be true, it probably is. except for the cutler p/u by the bears!!! Quote Link to comment Share on other sites More sharing options...
SheikYerbuti Posted June 29, 2009 Share Posted June 29, 2009 Oh come on. Talk about blaming the victim. Was the fund audited? Was Madoff well known and respected in the industry? Its not like this was some traveling snake-oil salesman. +1. This guy was a chairman of NASDAQ and a market maker for almost 50 years. I'm related to one of his victims and have talked with him extensively on the matter. There was no way humanly possible to suspect the fraud, and no due diligence by any civilian could have uncovered it. The only thing the victims can be guilty of is a lack of diversification in their portfolios. That goes for anyone who had their entire net worth in Madoff's funds. As my relative said: "with his credentials, how could we not overweight our money with him? It seemed too good to be true, and it was" Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted June 29, 2009 Share Posted June 29, 2009 I invest no more than 10% of my meager 401k with any one entity. I do this because I believe in the total fallibility of humanity. If I am smart enough to realize these things why weren't people with millions? The answer is because they let their greed override their logic and common sense. If I had $1 million and was a Madoff investor I'd still have $900k. When i worked for an Enron sub I saw the writing on the wall there as well and lost nothing. I'm not saying I'm smart or wise, I'm just saying that being cynical when investing your life savings is often a very good thing. So those that lost 10% should just smile and walk away? If I lost .0000001% of my money to a scam I would want that guy to get the maximum punishment available. I don't see your logic here. Even you admit, your maximum liability to a single entity is 10%. Quote Link to comment Share on other sites More sharing options...
polksalet Posted June 29, 2009 Share Posted June 29, 2009 +1. This guy was a chairman of NASDAQ and a market maker for almost 50 years. I'm related to one of his victims and have talked with him extensively on the matter. There was no way humanly possible to suspect the fraud, and no due diligence by any civilian could have uncovered it. The only thing the victims can be guilty of is a lack of diversification in their portfolios. That goes for anyone who had their entire net worth in Madoff's funds. As my relative said: "with his credentials, how could we not overweight our money with him? It seemed too good to be true, and it was" Really? HAHAHAHAHA Muck knew, the dude that was on 20/20 knew, Donald Trump knew, and even I knew it was possible. After Enron, how can we trust anyone's credentials? Your relative failed to take care of their business and that's the bottom line. Quote Link to comment Share on other sites More sharing options...
polksalet Posted June 29, 2009 Share Posted June 29, 2009 So those that lost 10% should just smile and walk away? If I lost .0000001% of my money to a scam I would want that guy to get the maximum punishment available. I don't see your logic here. Even you admit, your maximum liability to a single entity is 10%. Did I say that they should just forget about it? No I did not say that. My point is that in the big boy world there are scam artists around every corner and it is our duty to practice due diligence with all of our financial affairs. Actually my biggest holding is in a Russell 2k fund so unless the market goes I'm pretty well ok. If the fund becomes worthless ive got a lot bigger problems to worry about than my 401k. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted June 29, 2009 Share Posted June 29, 2009 just got this sent to me............. Prop. bet: Cubs World Series title or Madoff release first? Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted June 29, 2009 Share Posted June 29, 2009 Did I say that they should just forget about it? No I did not say that. My point is that in the big boy world there are scam artists around every corner and it is our duty to practice due diligence with all of our financial affairs. Actually my biggest holding is in a Russell 2k fund so unless the market goes I'm pretty well ok. If the fund becomes worthless ive got a lot bigger problems to worry about than my 401k. You should muster some sympathy regardless is all I'm saying. Some people got hit hard wether they were being ignorant or not. Sad poopy if you ask me. Quote Link to comment Share on other sites More sharing options...
The Irish Doggy Posted June 29, 2009 Share Posted June 29, 2009 I'm just saying that being cynical when investing your life savings is often a very good thing. Yep, can't argue with that. Quote Link to comment Share on other sites More sharing options...
polksalet Posted June 29, 2009 Share Posted June 29, 2009 You should muster some sympathy regardless is all I'm saying. Some people got hit hard wether they were being ignorant or not. Sad poopy if you ask me. I never said I was not sympathetic. An analogy would be the story of a childhood friend of mine. His wife was fishing off of the Red River brigdge near Fulton, Ar (Google Earth it) and did not clear the tracks and was smashed by the train and killed. A few years later he remarried and the second wife was smashed by a train on the same bridge. While I am sympathetic to his issue, it is his responsibility to tell his significant others to stay off of that bridge. And yeah, that's a true story. Quote Link to comment Share on other sites More sharing options...
WaterMan Posted June 29, 2009 Share Posted June 29, 2009 Another evil CEO type bites the dust. Quote Link to comment Share on other sites More sharing options...
SheikYerbuti Posted June 29, 2009 Share Posted June 29, 2009 Muck knew, the dude that was on 20/20 knew, Donald Trump knew, and even I knew it was possible. After Enron, how can we trust anyone's credentials? Your relative failed to take care of their business and that's the bottom line. That what was possible? That people who seem trustworthy are sometimes not? Wow. . .you're amazing. I don't know what "take care of their businsess" means. You either trust that a financial institution is sound and you invest with them, or you dig a hole in the backyard and stick your cash in it. If the financial world, the government and all the regulators were all fooled my Madoff it's not possible for a private citizen to have suspected fraud. As I said before, I fault people for a lack of diversification, but not for investing in Madoff's funds. Quote Link to comment Share on other sites More sharing options...
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