The Madoff scandal gets weirder and weirder

Madoff reportedly admitted to the Ponze scheme fraud to the FBI agents who arrested him, right? The reported $50 BILLION in FRAUD exceeds the net worth of Madoff, right? Therefore all of his assessts should have been immediately seized and or at least frozen, right? In light of that, how can the Court allow Madoff to use properties that shoud have been seized/frozen as "assests to back a bail bond"? Madoff is unequivocally going to lose those properties anyway right?

Why would there be any deterrent for Madoff to skip out on the bail . . . he is going to lose all of his assets anyway, right? If he does that, then the Judge should be disbarred and removed from the bench. There is absolutely no basis to give "PREFERENTIAL TREATMENT and CONSIDERATIONS" to this heineous of a economic "white collar criminal" . . . madoff should be left in Jail and only taken out, in hand cuffs, to review any of the documentations.

Madoff has no assets to fund a $10 MILLION dollar bail bond . . . and that has been chump change for him anyway.

Most likely the money went several places. First, to the employees working at the firm, who were expecting large bonuses for the supposed good performance of the firm. Second, to trading losses that were actually occurring. To at least convince the employees of the company, at least some trading had to occur and I'm sure they tried to make money (and often lost like other funds). Third, to taxes. The books may have been cooked but the government still collects taxes on gains, cooked or not. Fourth, to investor redemptions to keep the Ponzi scheme going. Last, through personal spending such as donations to charities, trusts for his children, and other personal expenses such as his helicopter rides into Manhattan every day.

I don't understand how one puts all there eggs in this guys basket. I guess greed got the best of the investors.

And if somebody did this back home, they would shoot him before he ever goes to trial.

Windchester rules!

Financial Industry Regulatory Authority, or Finra, is an institution on Madoof's web site, and did nothing to protect investors. Mary Schapiro was the head of the institution. Therefore, she is not a good choice leading SEC.

the $50 bil was probably the current balance madoff reported to his greedy customers. The $17 bil was what he reported he had in his fund (that figure doesn't matter, he could make it up).

The money really lost was the originally invested principal, not the inflated returns on this money, and the money went out as fees to feeder funds, went out to employees, and to the firms involved, and (critically) went out to paying people who redeemed more than their principal before it collapsed.

The authorities should chase up any redemption above original invested amount (as these were proceeds from a crime) and endeavor to pay these recovered amounts equitably to everyone. But lawyers and accountants will surely soak up any and all money that could be recovered so the actual returns per dollar will be $0.00. The SIPC should not be paying out on this fraud, to do so would be a massive inequality as it would drain a fund meant to protect small investors not the rich chasing guaranteed 10%+ returns.

Read up on Charles Ponzi, and you will find out exactly how the scheme worked, and how more money can be lost than was originally invested.

Financial Industry Regulatory Authority, or Finra, is an institution on Madoof's web site, and did nothing to protect investors. Mary Schapiro was the head of the institution. Therefore, she is not a good choice leading SEC.

What is also baffling is how three SEC directors have appeared in a steady stream of lobbying efforts on the financial news shows to deflect any criticism from themselves.
The latest and most absurd from Chris Cox himself. SEC lawyers are some of the best in the Federal system with excellent reputations for being "junk yard dogs" who go after those they've targeted. To say he, Cox, and the commissioners "new nothing", "say nothing", "heard nothing" is laughable in the extreme.
A thorough investigation of the SEC and all of its directors and commissioners by the Obama Justice Department is an absolute must.

I read in Haaretz that Madoff was the new Santa for Anti-Semites. This is an obscene twist on what this story is about; the deception of individuals, families, charities, and foundations and trusts by a single man. How one man (at least that is what we have heard so far) was able to destroy lives on an unprecendented scale.
Barking about nasty anti-semites is just trying to avoid the real issue; that this is exactly the same as black on black crime.

I must chuckle at that first comment, the one about there being no basis for preferential treatment of this man. The rich are always given preferential treatment, as in the best lawyers, the country club prisons, and early release. Thus it has always been, and and thus it will ever be. If you are a poor dumb two-bit criminal, off to the slammer you go.

The SEC and other regulatory bodies are not equipped or staffed to be able to regulate hedge funds or other offshore or private investment partnerships. I have been through an SEC audit while at the fund of hedge funds firm where I am employed, and it was CLEAR that the
regulators did not understand the different investment strategies, asked questions that were applicable to traditional long-only money managers but not meaningful for fund of funds and we spent a great deal of time educating them (gently, of course...we wouldn't want to
anger the ill-equipped regulators) on what types of information are relevant to an alternative-investment style audit. The SEC can barely monitor the traditional money managers...they would need to
completely overhaul their staff and go through a complete educational process to adequately be able to provide oversight for non-traditional investment strategies. It was actually a pretty sad thing...considering that as we were helping them to understand what
is important to look at, we really could have pointed them in any direction. The SEC is understaffed, undereducated and overly confident...which is a pretty frightening concept.

Everyone invested in the fund today may not be losers overall. If they invested early and then failed to reinvest their annul earnings in this same fund, they may have come out financially ahead, or at least gotten back their original principal. Only the victims who invested in the last ten years and those who contined to reinvest are almost certain to suffer huge losses.

YOU"RE A MEAN ONE BERNIE THE WALL STREET GRINCH
(Semi Yiddish Version)
(You're a Mean One Mr. Grinch)
WilliamBanzai7

Sing along link: http://www.youtube.com/watch?v=MPBS7dVrE1U

You're a mean one, Bernie the Grinch
You really know how to "filch", steal and "schmeikel",
You're a cuddly Ponzi scheming cactus, you're a charming Wall Street "khazer", Bernie the Grinch,
You're a big Palm Beach banana with a greasy black peel!


You're an asset management "loch in kop", Bernie the Grinch
Your business is a "gelt" black hole almost as big as AIG,
Your brain is full of "ferkakdeh" trades, you have garlic in your "fershtinkiner" soul, Bernie the Grinch,
Investors shouldn't have touched you with a thirty-nine-and-a-half foot pole!


You're a foul one, Bernie the Grinch,
You say the dog ate your "bupkes" records,
You have all the tender sincerity of a typical "filching" Wall Street "schnorer", Bernie the Grinch,
Given a choice between the two of you I'd sooner drink East River bottled water!


You're a rotten "zhulik", Bernie the Grinch,
You're the king of hedge fund scamster "dreck",
Your heart's a rotten "gefilte" splotched with moldy purple spots, Bernie the Grinch,
You're a triple decker synthetic CDO and CDS toadstool sandwich with arsenic Wall Street bailout "shyster" sauce on top!


You nauseate me, Bernie the Grinch,
You're a nauseous super Wall Street "momzer!",
You're a crooked Alpha "schlockster" and you run a crooked "shandhoiz", Bernie the Grinch,
Your trading books are an appalling dung heap overflowing with the most disgraceful
assortment of "chazere" rubbish imaginable mangled up in tangled "kishka" knots!


You're a foul one, Bernie the Grinch,
You're a nasty wasty Wall Street "goniff",
Your heart is an unwashed "shmanta", your soul is full of bogus "schmaltz", Bernie the Grinch,
The three words that best describe you are as follows, and I quote,
"Shtunk, shtup, shlemiel"!

Bernard Madoff
"Tsen shifn mit gold zol er farmorgn, un dos gantse gelt zol er farkrenkn."
Ten ships of gold should be his and the money should only make him sick.


YIDDISH ONLINE: http://www.pass.to/glossary/gloz3.htm#lets

Immediately sieze his house(s) car bank accounts and every item he OWNS!! Sell these to satisfy some of the money this jerk stole!! He should be given a TRAILER , one pair of underware, a shirt ( from Walmart), a pair of cheap jeans and a pair of pedicure (free) flipflops. One can of catfood daily and a can opener. Period. Let him FEEL how it is to be suffering!!!!!!!!!!!!

Bernie..Do you even HAVE INTERNET?? YOU PIECE OF CRAP DEAD MAN WALKING!!!!

With all the big jews screwed out of money, do you think anyone will have the balls to hire a HITMAN????? I doubt it. Jews are libs who will forgive their own kind. Sad to say this piece of crap will walk when the jewish judge says no prob bernie "you are one of us!"

I understand everyone's frustration - this guy is a crook, there's no arguing that. But I have to ask, could some of the financial homicide that took place here, have been avoided if the investors had requested an audited financial statement once in a while? I'm just saying...you don't invest and then turn your head. Keep on top of what your money is doing, and make damn sure that you're the one in charge, because there is no one as vested in building your financial future as you are.

Madoff supposedly sent the majority of the money to Israel when he knew the scam was unraveling. There will be payoffs all around and they will say the money is gone. Did you see his big smile as he left court. Did he look worried ? He's laughing at us all!

What's the mystery? Bernie had a Yiddish Kop. 'Nuff said.

These are the same geniuses who call black folks stupid shvartzes at the drop of a hat. And the goyim don't fare much betta.

Did you catch the front page of Thursday's Wall Street Journal? They reported on whistle-blower Markopolis, all right, on the front page...and immediately tried to make HIM look like a fool by noting that he had once misstated the year he began reporting Madoff's misdeeds BY A YEAR!

It's really hopeless when the same crowd is running everything and acting in its own perceived best interests. Always.

F*ck Madoff, Speilberg, and the rest of those rich idiots. They got what they deserve.

Madoff..typical ..classic NYC JEW..like Marc Rich,
..money save in Berne and Israel...

we need to bring back the guillotine, after storming the bastille of wall st.