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estimated investors' losses at about $50 billion
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http://news.bbc.co.uk/1/hi/business/7781086.stm
Brad Friedman, a lawyer for some of the investors, said: "There are people who were very, very well off a few days ago who are now virtually destitute.
"They have nothing left but their apartments or homes - which they are going to have to sell to get money to live on," he told the New York Times.
My heart bleeds................... -
The knock on effect will be appalling though. People will ask themselves whether *any* investment fund might not be much the same, and be withdrawing cash in droves. So this will start a self-perpetuating avalanche ...Work in the public sector? Read the IR35 FAQ hereComment
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Originally posted by OwlHoot View PostThe knock on effect will be appalling though. People will ask themselves whether *any* investment fund might not be much the same, and be withdrawing cash in droves. So this will start a self-perpetuating avalanche ...
What will thse people put their money in? bank accounts? gold? property? bonds?Comment
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People who invested into his ponzi scheme deserved to lost the money - anybody with a decent amount of money should be asking hard questions exactly how high interest (which I have no doubts he paid to attract people) is achieved.
I reckon that guy speculated on commodities (and shares most likely) and now that the trend reversed he could not cover withdrawals, this sort of tulip happens all the time during turbulent times like now because scams like this stop generating easy money and inflows of new cash is not enough.Comment
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Originally posted by BrilloPad View PostWhat will thse people put their money in? bank accounts? gold? property? bonds?
Comment
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Originally posted by AtW View PostPeople who invested into his ponzi scheme deserved to lost the money - anybody with a decent amount of money should be asking hard questions exactly how high interest (which I have no doubts he paid to attract people) is achieved.
I reckon that guy speculated on commodities (and shares most likely) and now that the trend reversed he could not cover withdrawals, this sort of tulip happens all the time during turbulent times like now because scams like this stop generating easy money and inflows of new cash is not enough.
Now prepare for 999 posts of pure nonsense.....Comment
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Originally posted by BrilloPad View Posta quality economics post from atw
Now prepare for 999 posts of pure nonsense.....
When you realise that most of the investors weren't actually society figures, but banks like HSBC, who were doing due diligence, it puts a different slant on it. Don't you think?Comment
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Originally posted by Purple Dalek View PostYou think so.
When you realise that most of the investors weren't actually society figures, but banks like HSBC, who were doing due diligence, it puts a different slant on it. Don't you think?
It’s just more evidence of the endemic incompetence at senior levels in the banking industry. I don’t have the solution but it seems to me that there needs to be a massive management clear-out among the banks as the people who’ve been running them up to now clearly aren’t morally or intellectually equipped for the responsibility of looking after other people’s money.And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014Comment
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Originally posted by AtW View PostPeople who invested into his ponzi scheme deserved to lost the money - anybody with a decent amount of money should be asking hard questions exactly how high interest (which I have no doubts he paid to attract people) is achieved.
I reckon that guy speculated on commodities (and shares most likely) and now that the trend reversed he could not cover withdrawals, this sort of tulip happens all the time during turbulent times like now because scams like this stop generating easy money and inflows of new cash is not enough.
A few quotes from this thread.
Originally posted by AtWThey are clearly running bank on the basis of long term thinking - not suprising given it is a family bank so they are conservative as every bank should be.Originally posted by AtWI think I might open bank account in that spanish bankOriginally posted by AtWThe big irony is that this Spanish bank seemed to have avoided the temptation to play Spanish morgages game leaving this for the mug banks in Britain and other places
Oh dear, maybe we should change your title from Lord Of Squirrels to Often WrongǝןqqıʍComment
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