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estimated investors' losses at about $50 billion

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    estimated investors' losses at about $50 billion

    http://uk.reuters.com/article/wtMost...40929020081211

    Its a fair cop guv......

    #2
    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...................

    Comment


      #3
      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 here

      Comment


        #4
        Originally posted by OwlHoot View Post
        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 ...
        True - in fact I think some hedge funds already suffered this. New Star closed to withdrawals?

        What will thse people put their money in? bank accounts? gold? property? bonds?

        Comment


          #5
          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


            #6
            Originally posted by BrilloPad View Post
            What will thse people put their money in? bank accounts? gold? property? bonds?
            I was talking to a guy the other day who had actually decided to pay a huge expected personal tax bill up front to HMRC as the interest they pay on early tax payments is far higher than any savings or investment accounts he could find.

            Comment


              #7
              Originally posted by AtW View Post
              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.
              a quality economics post from atw

              Now prepare for 999 posts of pure nonsense.....

              Comment


                #8
                Originally posted by BrilloPad View Post
                a quality economics post from atw

                Now prepare for 999 posts of pure nonsense.....
                You 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?

                Comment


                  #9
                  Originally posted by Purple Dalek View Post
                  You 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?
                  paying themselves large bonusses

                  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, 16-5-2014

                  Comment


                    #10
                    Originally posted by AtW View Post
                    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.


                    A few quotes from this thread.

                    Originally posted by AtW
                    They 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 AtW
                    I think I might open bank account in that spanish bank
                    Originally posted by AtW
                    The 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
                    And guess who had $3.1bn invested in this Ponzi scheme... Santander.

                    Oh dear, maybe we should change your title from Lord Of Squirrels to Often Wrong
                    ǝןqqıʍ

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