BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Holiday shopping Madoff-style]]>http://www.bloggingstocks.com/2009/11/10/holiday-shopping-madoff-style/http://www.bloggingstocks.com/2009/11/10/holiday-shopping-madoff-style/http://www.bloggingstocks.com/2009/11/10/holiday-shopping-madoff-style/#commentsFiled under: ,

What do you get for the person who has everything? Well, maybe you buy him a piece of history. The U.S. Marshals Service has done all the hard work, and now you can take advantage of it... maybe even at discount prices! Possessions seized from Ponzi schemer Bernie Madoff are set to go under the gavel in New York City on Saturday, so bring your checkbook and your appetite for luxury. The money will be used to compensate the victims of Madoff's crimes.

Continue reading Holiday shopping Madoff-style

Holiday shopping Madoff-style originally appeared on BloggingStocks on Tue, 10 Nov 2009 18:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>auctionauctionsbernard madoffBernardMadoffbernie madoffBernieMadoffbutnergolfgolf clubgolf clubsGolfClubGolfClubsjewelryponzi schemePonziSchemerolexruth madoffRuthMadoffTue, 10 Nov 2009 18:00:00 EST<![CDATA[Madoff fights to win, gets some cred]]>http://www.bloggingstocks.com/2009/10/13/madoff-fights-to-win-gets-some-cred/http://www.bloggingstocks.com/2009/10/13/madoff-fights-to-win-gets-some-cred/http://www.bloggingstocks.com/2009/10/13/madoff-fights-to-win-gets-some-cred/#commentsFiled under: ,

Allen Stanford gets kicked around, but Bernie Madoff can clearly throw down some serious smack. While the former's being moved from one facility to another because he's lost some ground on the cell block, Madoff just earned himself some props.

The engineer of the largest (known) Ponzi scheme in history apparently got into an argument with another geriatric inmate at the Butner, North Carolina federal prison. Of course, it was over the stock market. Does it really make sense to outmaneuver a guy who never needed to know what the market was doing to deliver double-digit returns?

Well, push came to shove, as they say, with the "attacker" stumbling and looking up at a mean, mean Madoff. He got up and ran off.

Continue reading Madoff fights to win, gets some cred

Madoff fights to win, gets some cred originally appeared on BloggingStocks on Tue, 13 Oct 2009 16:15:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>allen stanfordAllenStanfordbernard madoffBernardMadoffbernie madoffBernieMadoffbutnerfederal prisonFederalPrisoninthenewsmadoffmadoff securitiesmadoffponzischememadoffscandalMadoffSecuritiesponziponzi financeponzi schemeponzi schemesPonziFinancePonziSchemePonziSchemesprisonr allen stanfordRAllenStanfordstanfordTue, 13 Oct 2009 16:15:00 EST<![CDATA[Madoff mansion moves for more than asking price]]>http://www.bloggingstocks.com/2009/09/17/madoff-mansion-moves-for-more-than-asking-price/http://www.bloggingstocks.com/2009/09/17/madoff-mansion-moves-for-more-than-asking-price/http://www.bloggingstocks.com/2009/09/17/madoff-mansion-moves-for-more-than-asking-price/#commentsFiled under: ,

Disgraced Ponzi schemer Bernie Madoff's (former) Montauk, Long Island home is no longer on the market. A buyer willing to pay more than the $8.75 million asking price has picked up the property, only two weeks after the U.S. Marshals Service listed it for sale.

Anne Lacombe, spokeswoman for the Corcoran Group, a real estate broker involved in the transaction, said the home was under contract for more than asking but did not have information on the exact amount, buyer or closing date, according to the Associated Press.

Continue reading Madoff mansion moves for more than asking price

Madoff mansion moves for more than asking price originally appeared on BloggingStocks on Thu, 17 Sep 2009 18:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>beach houseBeachHousebernard madoffBernardMadoffbernie madoffBernieMadofffeaturedfloridalong islandLongIslandmadoffmadoffponzischememadoffscandalmanhattanmanhattan real estateManhattanRealEstatemontauknew yorkNewYorkpalm beachPalmBeachponziponzi schemePonziSchemereal estateRealEstatesothebys international realtySothebysInternationalRealtyThu, 17 Sep 2009 18:00:00 EST<![CDATA[Looking for a penthouse? Madoff's is for sale.]]>http://www.bloggingstocks.com/2009/09/09/looking-for-a-penthouse-madoffs-is-for-sale/http://www.bloggingstocks.com/2009/09/09/looking-for-a-penthouse-madoffs-is-for-sale/http://www.bloggingstocks.com/2009/09/09/looking-for-a-penthouse-madoffs-is-for-sale/#commentsFiled under: ,

Looking for a 4,000-square-foot duplex with four fireplaces and a doorman on the Upper East Side of New York? You are in luck, because the U.S. Marshals will put Bernie Madoff's "luxury penthouse" on the market. The apartment is believed to be worth $7 million, so if you have some extra cash laying around, you could find yourself movin' on up to the Upper East Side. A list of the amenities includes ornate cabinets, stainless steel countertops, Baccarat crystal glasses, a winding staircase to the bedroom, an atrium breakfast nook, and a flat-screen TV in one of the bathrooms.

Continue reading Looking for a penthouse? Madoff's is for sale.

Looking for a penthouse? Madoff's is for sale. originally appeared on BloggingStocks on Wed, 09 Sep 2009 15:50:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>auctionBernie MadoffBernieMadoffMadoffpenthousePonzi SchemePonziSchemeU.S. MarshalsU.s.MarshalsWed, 09 Sep 2009 15:50:00 EST<![CDATA[Madoff CFO pleads guilty, sentencing in May]]>http://www.bloggingstocks.com/2009/08/12/madoff-cfo-pleads-guilty-sentencing-in-may/http://www.bloggingstocks.com/2009/08/12/madoff-cfo-pleads-guilty-sentencing-in-may/http://www.bloggingstocks.com/2009/08/12/madoff-cfo-pleads-guilty-sentencing-in-may/#commentsFiled under:

Frank DiPascali, CFO to convicted fraudster Bernard Madoff, turned in a guilty plea yesterday, as expected. He fessed up to ten charges, including securities fraud, conspiracy, falsifying records and international money laundering. "It was all fictitious," he said, admitting that he "knew it was wrong at the time." Yet, he didn't say a word about anyone other than Madoff.

Each of the charges carries a term of five to 20 years in prison, not to mention fines of up to $5 million. But his cooperation is expected to lessen the blow a bit, though we'll have to wait until at least May 2010 to find out what the outcome will be. We don't even know if DiPascali will be able to wait for sentencing from his own home -- nothing on bail has been determined. The prosecution has asked for a $2.5 million bond, secured by equity in DiPascali's sister's home and co-signed by "three financially responsible individuals," according to a Reuters report.

The May sentencing date suggests that prosecutors will be willing to deal, based on the information DiPascali provides in the interim. District Judge Richard Sullivan, as well, hopes that information will be forthcoming, which he expressed to one of the victims who spoke at the hearing.

Continue reading Madoff CFO pleads guilty, sentencing in May

Madoff CFO pleads guilty, sentencing in May originally appeared on BloggingStocks on Wed, 12 Aug 2009 08:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bernard madoffBernardMadoffbernie madoffBernieMadoffcriminal chargesCriminalChargesdavid friehlingDavidFriehlingdipascalifeaturedfrank dipascaliFrankDipascalifraudfraud investigationFraudInvestigationfriehlingponziponzi schemePonziSchemeWed, 12 Aug 2009 08:00:00 EST<![CDATA[Madoff arrives in North Carolina to begin life in prison]]>http://www.bloggingstocks.com/2009/07/14/madoff-arrives-in-north-carolina-to-begin-life-in-prison/http://www.bloggingstocks.com/2009/07/14/madoff-arrives-in-north-carolina-to-begin-life-in-prison/http://www.bloggingstocks.com/2009/07/14/madoff-arrives-in-north-carolina-to-begin-life-in-prison/#commentsFiled under: ,

Bernie Madoff enters federal prisonBernie Madoff, the mastermind behind the world's largest ever Ponzi scheme, arrived at a federal prison in North Carolina to begin serving his 150 year prison sentence.

It will be hard to find anyone sympathetic to the 71 year old investor who will be spending the rest of his life behind bars. We still do not know if Madoff will serve out all of his time at the federal prison in Butner, North Carolina, but for now that is where he can call home.

Continue reading Madoff arrives in North Carolina to begin life in prison

Madoff arrives in North Carolina to begin life in prison originally appeared on BloggingStocks on Tue, 14 Jul 2009 18:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AdelphiaBernie MadoffBernieMadoffButnerfeaturedfraudinvestorsJohn RigasJohnRigaslawNorth CarolinaNorthCarolinaPonziPonzi schemePonziSchemeprisonscamsTue, 14 Jul 2009 18:30:00 EST<![CDATA[Ponzi manager pleads guilty and settles civil charges]]>http://www.bloggingstocks.com/2009/06/26/ponzi-manager-pleads-guilty-and-settles-civil-charges/http://www.bloggingstocks.com/2009/06/26/ponzi-manager-pleads-guilty-and-settles-civil-charges/http://www.bloggingstocks.com/2009/06/26/ponzi-manager-pleads-guilty-and-settles-civil-charges/#commentsFiled under:

Hedge fund manager Michael Regan has pleaded guilty to running a Ponzi scheme. Manager of the Massachusetts-based River Stream Fund, he admitted to defrauding around 70 investors. The fund held just shy of $20 million in assets ... despite the relatively meager $101,600 sitting in its accounts. The fund purported to return 20 percent a year since 2001, paying out $9 million in "profits" and returned capital.

Continue reading Ponzi manager pleads guilty and settles civil charges

Ponzi manager pleads guilty and settles civil charges originally appeared on BloggingStocks on Fri, 26 Jun 2009 15:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>fraudfraud investigationFraudInvestigationfraudshedge fundhedge fund collapsehedge fundsHedgeFundHedgeFundCollapseHedgeFundsinthenewsmassachusettsponziponzi schemeponzi schemesPonziSchemePonziSchemessecsecurities and exchange commissionSecuritiesAndExchangeCommissionFri, 26 Jun 2009 15:00:00 EST<![CDATA[Madoff victims want a change in the way their losses are calculated]]>http://www.bloggingstocks.com/2009/06/08/madoff-victims-want-a-change-in-the-way-their-losses-are-calcula/http://www.bloggingstocks.com/2009/06/08/madoff-victims-want-a-change-in-the-way-their-losses-are-calcula/http://www.bloggingstocks.com/2009/06/08/madoff-victims-want-a-change-in-the-way-their-losses-are-calcula/#commentsFiled under: ,

Imagine this scenario: Let's say that I'm a con-man and you give me $1,000 to invest. I then tell you that the $1,000 has turned into $5,000 -- but then a few years later my scheme collapses and you are wiped out.

Now here's the question: How much money did you lose? Bankruptcy trustee Irving Pickard concluded, quite reasonably, that you only lost $1,000. You can't count the $4,000 that you never had as a loss. But now lawyers for some of Madoff's victims see it differently, and want the losses to be tallied based on the last account statements the investors received from Mr. Madoff -- even though the statements were fraudulent!

Continue reading Madoff victims want a change in the way their losses are calculated

Madoff victims want a change in the way their losses are calculated originally appeared on BloggingStocks on Mon, 08 Jun 2009 19:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>featuredMadoffponzi schemePonziSchemeMon, 08 Jun 2009 19:00:00 EST<![CDATA[Madoff scam not as big as widely reported]]>http://www.bloggingstocks.com/2009/03/06/madoff-scam-not-as-big-as-widely-reported/http://www.bloggingstocks.com/2009/03/06/madoff-scam-not-as-big-as-widely-reported/http://www.bloggingstocks.com/2009/03/06/madoff-scam-not-as-big-as-widely-reported/#commentsFiled under:

Bernard Madoff has become one of the most infamous non-violent people in the history of the world for operating the largest Ponzi scheme ever, widely quoted at something like $50 billion.

But some experts say that the number is exaggerated, and suggest that the actual figure could be less than $20 billion. Stephen Harbeck, president of the Securities Investor Protection Corp. told the Associated Press that the $50 billion figure includes fictitious returns reported to investors.

Continue reading Madoff scam not as big as widely reported

Madoff scam not as big as widely reported originally appeared on BloggingStocks on Fri, 06 Mar 2009 17:20:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>inthenewsMadoffponzi schemePonziSchemesteven harbeckStevenHarbeckFri, 06 Mar 2009 17:20:00 EST<![CDATA[New York Ponzi scheme operator Cosmo had mob ties]]>http://www.bloggingstocks.com/2009/01/27/new-york-ponzi-scheme-operator-cosmo-had-mob-ties/http://www.bloggingstocks.com/2009/01/27/new-york-ponzi-scheme-operator-cosmo-had-mob-ties/http://www.bloggingstocks.com/2009/01/27/new-york-ponzi-scheme-operator-cosmo-had-mob-ties/#commentsFiled under: , ,

Nicholas Cosmo, a convicted felon who somehow turned himself into an investment adviser who bilked people out of $370 million, allegedly has ties to organized crime, according to CNBC's Charlie Gasparino.

Former Genovese family associate Michael Durso and another unidentified man met Cosmo during the 1990s and "put pressure on Cosmo to pay around $139,000 owed to loan sharks connected with the Genovese family," Gasparino reported.

Like the victims of the Madoff swindle, investors who had money with Cosmo's Agape World in Long Island are probably out of luck. Agape is in Hicksville, NY, far from the tony world of Manhattan and Palm Beach that Madoff called home for decades. He nonetheless was a bold liar.

Continue reading New York Ponzi scheme operator Cosmo had mob ties

New York Ponzi scheme operator Cosmo had mob ties originally appeared on BloggingStocks on Tue, 27 Jan 2009 17:45:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Arthur NadelArthurNadelBernard MAdoffBernardMadoffMadoffNicholas CosmoNicholasCosmoPonzi schemePonziSchemeTue, 27 Jan 2009 17:45:00 EST<![CDATA[Bernard Madoff finally speaks his mind -- sort of]]>http://www.bloggingstocks.com/2009/01/26/bernard-madoff-finally-speaks-his-mind-sort-of/http://www.bloggingstocks.com/2009/01/26/bernard-madoff-finally-speaks-his-mind-sort-of/http://www.bloggingstocks.com/2009/01/26/bernard-madoff-finally-speaks-his-mind-sort-of/#commentsFiled under: , , , ,

Leave it to some aspiring comedian to come up with the "official" blog of accused fraudster Bernard Madoff.

That's right someone writing under the pen name "Not the Devil" offers readers Madoff's "opinions" on the a variety of issues and Wall Street personalities. The results can be amusing, particularly if you did not lose money in Madoff's immense Ponzi scheme.

The blog takes aim at the media's fascination with Madoff. "To whoever it was that managed to get yourself a bi-line in today's Sunday business section: You need to get more credible people to comment; a former FBI agent portrays me as a 'psychopath," the fake Madoff argues.

Continue reading Bernard Madoff finally speaks his mind -- sort of

Bernard Madoff finally speaks his mind -- sort of originally appeared on BloggingStocks on Mon, 26 Jan 2009 16:45:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Bernard MadoffBernardMadoffjohn thainJohnThainlehman brothersLehmanBrothersmadoffponzi schemePonziSchemerichard fuldrichard nixonRichardFuldRichardNixonrod blagojevichRodBlagojevichSECMon, 26 Jan 2009 16:45:00 EST<![CDATA[Rapped up with Madoff]]>http://www.bloggingstocks.com/2009/01/21/rapped-up-with-madoff/http://www.bloggingstocks.com/2009/01/21/rapped-up-with-madoff/http://www.bloggingstocks.com/2009/01/21/rapped-up-with-madoff/#commentsFiled under: , , ,

Madoff should have asked for protective custody
Instead he asked for bail
The judge sent him home in bracelets
When he should have sent him to jail

Madoff admits stealing $50 billion with no remorse over 30 years
Investors and foundations lost millions and are raining tears

A thousand questions cannot be answered
How could this scandal go on so long?
Undetected by the regulators and investors around the world
Who didn't think always winning meant something was wrong

They turned a blind eye while they were charmed by a smile
From a friendly man with a key to the city and connections that could beguile

The Securities and Exchange commission did not do its job
Incompetence in the highest office for three decades
Giving the swindler Bernie Madoff a license to rob
And pretend he was a genius trader when few were ever made

Continue reading Rapped up with Madoff

Rapped up with Madoff originally appeared on BloggingStocks on Wed, 21 Jan 2009 16:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bernard madoffBernardMadoffbetrayalLiberMadoffmoney managersMoneyManagersponzi schemePonziSchemeSECsecurity and exchange commissionSecurityAndExchangeCommissionWed, 21 Jan 2009 16:00:00 EST<![CDATA[Bernie Madoff's rules for success]]>http://www.bloggingstocks.com/2009/01/12/bernie-madoffs-rules-for-success/http://www.bloggingstocks.com/2009/01/12/bernie-madoffs-rules-for-success/http://www.bloggingstocks.com/2009/01/12/bernie-madoffs-rules-for-success/#commentsFiled under: ,

I'm always on the lookout for advice on how to live a successful, happy life: And I'm not above taking tips from Bernie Madoff, the biggest con-artist in the history of the world if the allegations are to be believed. If you skip to 2:45 into the video, you can some great advice from him: Don't take anything for granted etc.

The man interviewed by Fox Business said that his father -- a Madoff friend and investor -- told his son on his death bed that he should "trust Bernie Madoff."

Bernie Madoff's rules for success originally appeared on BloggingStocks on Mon, 12 Jan 2009 12:45:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Bernard MadoffBernardMadoffinthenewsPonzi SchemePonziSchemeMon, 12 Jan 2009 12:45:00 EST<![CDATA[There are thousands of Madoffs waiting to be discovered]]>http://www.bloggingstocks.com/2009/01/08/there-are-thousands-of-madoffs-waiting-to-be-discovered/http://www.bloggingstocks.com/2009/01/08/there-are-thousands-of-madoffs-waiting-to-be-discovered/http://www.bloggingstocks.com/2009/01/08/there-are-thousands-of-madoffs-waiting-to-be-discovered/#commentsFiled under: , ,

If legendary comedian W.C. Fields were alive today, he would argue that there is a sucker born every second, particularly among investors looking for a quick buck. If you were shocked by the $50 billion Bernard Madoff Ponzi scheme, get ready to hear more tales of investors wronged by scam artists.

Madoff and his ilk can keep their alleged frauds going as long as there is an endless supply of gullible individuals eager to make "fast money" without asking too many questions. It was only when the market tanked that investors started to withdraw money from the one-time Wall Street legend and that the scheme was therefore unraveled. The same scenario may have occurred with clients of Joseph S. Forte of Broomall, Pa.

According to the SEC, Forte told investors that he would invest their money in an account that would trade in securities futures contracts including S&P 500 stock index futures.

Continue reading There are thousands of Madoffs waiting to be discovered

There are thousands of Madoffs waiting to be discovered originally appeared on BloggingStocks on Thu, 08 Jan 2009 13:34:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>AmeriprisefeaturedJoseph ForteJosephFortemadoffponzi schemeponzi schemesPonziSchemePonziSchemesSECThu, 08 Jan 2009 13:34:00 EST<![CDATA[Did Madoff act alone?]]>http://www.bloggingstocks.com/2009/01/07/did-madoff-act-alone/http://www.bloggingstocks.com/2009/01/07/did-madoff-act-alone/http://www.bloggingstocks.com/2009/01/07/did-madoff-act-alone/#commentsFiled under: , ,

Bernard Madoff tried to raise millions in the last few weeks [subscription required] before he finally confessed to his $50 billion Ponzi scheme, according to a report in the Wall Street Journal today. This story lends even more credence to my suspicion that Madoff may have acted alone in building what will likely be the world's largest Ponzi scheme. When I said that on Fox Business News on Monday, I was definitely in the minority. In fact at the end of the show, a poll taken during the hour long show indicated that 95 percent of the people watching did not believe he had acted alone.

The Wall Street Journal details all the people he contacted in what appears to be a last minute, desperate attempt to raise cash and keep his dirty little secret. Carl Shapiro, a 95-year-old philanthropist and entrepreneur, which the WSJ states was one of Madoff's oldest friends and biggest financial backers, gave Madoff $250 million sometime around December 1, 2008 - just days before he confessed to the $50 billion scheme. Some believe it was a loan, others an additional investment. Either way Shapiro's friends say he was promised a quick payback with interest or gains. Shapiro did not comment for the story.

Continue reading Did Madoff act alone?

Did Madoff act alone? originally appeared on BloggingStocks on Wed, 07 Jan 2009 08:35:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>FeaturedMadoffponzi schemePonziSchemeSECWed, 07 Jan 2009 08:35:00 EST<![CDATA[Wall Street continues to reel from the Madoff scandal]]>http://www.bloggingstocks.com/2008/12/22/wall-street-continues-to-reel-from-the-madoff-scandal/http://www.bloggingstocks.com/2008/12/22/wall-street-continues-to-reel-from-the-madoff-scandal/http://www.bloggingstocks.com/2008/12/22/wall-street-continues-to-reel-from-the-madoff-scandal/#commentsFiled under: , ,

MassMutual became the latest big investor to admit losing money because of Bernard Madoff.

According to Wall Street Journal, the company's Tremont Financial Group lost $3 billion -- more than half of its assets -- because of Madoff's $50 billion scam. Then there's the problem of disclosure.

"Tremont marketing documents did not always disclose the relationship between Mr. Madoff and the feeder funds, even when mentioning other investment managers," the paper said.

So let me get this straight: MassMutual entrusted some of its investors' money to one of the supposed geniuses of Wall Street and did not want anyone to know? Maybe the company did not want its customers to know that it was collecting fees that it did not really earn. I suspect many aggrieved investors will sue. I sympathize with their plight, ,but I do not feel sorry for people who invested with Madoff directly.

Many Madoff customers turned a blind eye to many red flags that should have sent them running for the hills. First of all, no one understood the Madoff's "investing philosophy." Questions about his strategy went unanswered.

Continue reading Wall Street continues to reel from the Madoff scandal

Wall Street continues to reel from the Madoff scandal originally appeared on BloggingStocks on Mon, 22 Dec 2008 14:36:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>featuredmadoffmadoffscandalmadoffsecuritiesmassmutualponzi schemePonziSchemewall streetWallStreetMon, 22 Dec 2008 14:36:00 EST<![CDATA[Did Madoff buy off Washington?]]>http://www.bloggingstocks.com/2008/12/17/did-madoff-buy-off-washington/http://www.bloggingstocks.com/2008/12/17/did-madoff-buy-off-washington/http://www.bloggingstocks.com/2008/12/17/did-madoff-buy-off-washington/#commentsFiled under:

As I posted over the weekend, it takes a village to pull off a $50 billion investment fraud. In the case of the Madoff securities fraud, that village may have included his investors, family, accountants, regulators, politicians and hedge fund bundlers. And it could be that part of that village included two New York senators and the SEC. How so? Campaign contributions from Madoff to two New York senators and a family relationship between Madoff and an SEC investigator may have deflected any efforts to shut down the fraud.

Were Madoff's Washington money connections enough to keep investigators away? It's possible. Senate Banking Committee member Charles Schumer, D-NY, was the top congressional recipient of Madoff's $267,000 in campaign donations between 2001 and the present. Schumer's campaign -- which received $32,000 during that period -- claims it has turned over the money to charity. Others in Congress have received smaller amounts from Madoff including Barney Frank, D-MA ($2,250) and Hillary Rodham Clinton, D-NY ($2,800).

Continue reading Did Madoff buy off Washington?

Did Madoff buy off Washington? originally appeared on BloggingStocks on Wed, 17 Dec 2008 10:25:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bernard madoffBernardMadofffraudinthenewsmadoffponzi schemePonziSchemeWed, 17 Dec 2008 10:25:00 EST<![CDATA[Madoff, Lehman, and suicidal stupidity]]>http://www.bloggingstocks.com/2008/12/15/madoff-lehman-and-suicidal-stupidity/http://www.bloggingstocks.com/2008/12/15/madoff-lehman-and-suicidal-stupidity/http://www.bloggingstocks.com/2008/12/15/madoff-lehman-and-suicidal-stupidity/#commentsFiled under: , ,

At their base level, Ponzi schemes are incredibly simple: the schemer promises a consistent, impressive return on an investment, which he funds by soliciting new investors and using their money to pay off earlier investors. If the schemer can successfully project an air of reliability, he can often convince his investors to keep their principal in the fund, which means that he only has to pay dividends, improving his profit margin and extending the longevity of his scam.

Any intelligent person recognizes that a Ponzi scheme is, essentially, suicidal. Even in a consistently strong market, there will come a day when people will withdraw from the fund, investigators will shut it down, or the financial house of cards will fall apart. The best that a Ponzi schemer can hope for is that he will die before he is caught or will somehow be able to pull out all funds and make a run for it. In the case of Bernard Madoff, it's pretty clear that he was counting on the former. While this didn't work out, one could make a strong argument that Madoff's life currently isn't worth a plugged nickel: even if he somehow survives the next few months without suffering a massive coronary, chances are that a former investor or fellow inmate (or both!) will soon introduce him to the business end of a shank.

Continue reading Madoff, Lehman, and suicidal stupidity

Madoff, Lehman, and suicidal stupidity originally appeared on BloggingStocks on Mon, 15 Dec 2008 15:53:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bernard madoffBernardMadoffjohn thainJohnThainlehman brothersLehmanBrothersmadoffmark dreierMarkDreierponzi schemePonziSchemerichard fuldRichardFuldMon, 15 Dec 2008 15:53:00 EST<![CDATA[Can Madoff's victims recover their losses?]]>http://www.bloggingstocks.com/2008/12/15/can-madoffs-victims-recover-their-losses/http://www.bloggingstocks.com/2008/12/15/can-madoffs-victims-recover-their-losses/http://www.bloggingstocks.com/2008/12/15/can-madoffs-victims-recover-their-losses/#commentsFiled under: ,

It won't take long for a flurry of lawsuits to be filed over the massive losses caused by the Madoff Ponzi scheme. Filing complaints is easy. Recovery is far more difficult.

There is no doubt that investors who entrusted Madoff with their life savings should be entitled to get them back. I only wish it were that open and shut.

There is a lot we don't yet know, but here's the way it looks to me at present.

Investors who relied on hedge funds ("funds of funds") may have a shot a recovery. These funds represented that they had the ability to select and monitor fund managers. Their recommendation of Madoff to their clients will be difficult to defend given the numerous red flags that have surfaced about his secretive and conflicted operation.

Investors who relied on other referral sources (brokerage firms, accountants, lawyers, advisors) stand on similar footing. These sources of referral may well have liability for not doing more due diligence before recommending Madoff's firm.

Continue reading Can Madoff's victims recover their losses?

Can Madoff's victims recover their losses? originally appeared on BloggingStocks on Mon, 15 Dec 2008 08:54:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bernard madoffBernardMadoffmadoffponzi schemePonziSchemeMon, 15 Dec 2008 08:54:00 EST<![CDATA[Prosecutors say Hsu used contributions to promote a Ponzi Scheme]]>http://www.bloggingstocks.com/2007/09/21/prosecutors-say-hsu-used-contributions-to-promote-a-ponzi-scheme/http://www.bloggingstocks.com/2007/09/21/prosecutors-say-hsu-used-contributions-to-promote-a-ponzi-scheme/http://www.bloggingstocks.com/2007/09/21/prosecutors-say-hsu-used-contributions-to-promote-a-ponzi-scheme/#commentsFiled under: , ,

Prosecutors are now saying that disgraced former Democratic fund-raiser Norman Hsu pressured high-profile figures to make donations through him in order to boost his public persona -- Then he used the facade of credibility this constructed to to fund a Ponzi scheme that bilked investors out of millions.

Hsu also allegedly gave people money to make donations, which is a crime. According to The Wall Street Journal (subscription required). "In one case, the complaint says, an investor donated $32,000 in 2006 to multiple campaigns, and Mr. Hsu agreed to reimburse the person. Another investor donated $28,600 in 2006 to multiple candidates, and Mr. Hsu wrote reimbursement checks, the complaint says."

Sam E. Antar, the CFO behind the infamous Crazy Eddie Fraud and now the author of the blog White Collar Fraud, explained how fraudsters construct images to coax investors into trusting them:

Fraudsters like myself, we build a whole world of respectability around ourselves. I gave money to a lot of charities while I was committing my fraud. My cousin Eddie, he gave a lot of money with his stolen money to a lot of charities. He gave a lot of money to politicians. He built wings on to hospitals and built a big aura of respectability around him and people were in awe of him. This is what fraudsters do.

In a recent post, Gary Weiss makes the case that Overstock.com CEO Patrick Byrne is doing something similar with his support for a school voucher program.

Prosecutors say Hsu used contributions to promote a Ponzi Scheme originally appeared on BloggingStocks on Fri, 21 Sep 2007 13:05:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>HsuinthenewsPonzi SchemePonziSchemeFri, 21 Sep 2007 13:05:00 EST