• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Madoff faces sentencing in court

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Madoff faces sentencing in court

    http://news.bbc.co.uk/1/hi/business/8123330.stm

    I watched the programme about him last night, I'm still not entirely sure how a 'Ponzi Scheme' differs that much from a traditional bank model??

    Apparently he had a whole floor in the ‘Lipstick’ building that was off limits to most employees’ where they were still using old IBM's with green screens and golf ball printers because he knew that he'd get rumbled if he'd got a consultant in to update his kit and software.
    Science isn't about why, it's about why not. You ask: why is so much of our science dangerous? I say: why not marry safe science if you love it so much. In fact, why not invent a special safety door that won't hit you in the butt on the way out, because you are fired. - Cave Johnson

    #2
    Originally posted by gingerjedi View Post
    I'm still not entirely sure how a 'Ponzi Scheme' differs that much from a traditional bank model??
    A lot. Banks make real investments with their funds.

    Comment


      #3
      Yes like NR, they'd have kept their dodgy model going for a few more years if it wasn't for pesky Peston.

      I know what you're saying, Madoff just cut out the middle man and kept the cash instead of making dodgy investments and playing pass the parcel with the toxic debt which is just fine as it’s perfectly legal.
      Science isn't about why, it's about why not. You ask: why is so much of our science dangerous? I say: why not marry safe science if you love it so much. In fact, why not invent a special safety door that won't hit you in the butt on the way out, because you are fired. - Cave Johnson

      Comment


        #4
        Maddoff

        I am not sure about him,

        I am not sure how many peoples lost pensions etc becuase of him, but all I know is that a lot of rich people got ripped off by him. if thats the case ICGAF as they should have practiced due diligence.

        I couldnt give a stuff really, as is being insinuated here, its a very fine line between what is legal and what is not. All fine when everybodies palms are being greased, but now when the moneys gone all his clients are feigning disbelief that friendly uncles Bernie is actually not a financial whizz kid but a conman.

        What really gets me about this is that people who have money and power and knowledge put money with him and what I find hard to believe is that these people had no idea what was going on.

        Suddenly all these people with their wives dripping in diamonds are crying crying into their cocktails on Mustique, saying they had no idea? IMHO, bull s h i t

        I maintain he is a fall guy, becuase I cannot accept that the calibre of people whose money he took, didnt know what was going on. There may have been some mugs, but it could not have just been him on the take. It doesnt make sense. I think in this case, somebody had to take the blame, and Bernie is that man, but he will be looked after and pop up somewhere when its all blown over.
        There are no evil thoughts except one: the refusal to think

        Comment


          #5
          Golden Rule: dont buy financial products from a salesman. Especially those with 'Mad' in their name.

          PZZ

          Comment


            #6
            http://www.thedailymash.co.uk/news/b...-200903131639/

            Comment


              #7
              Originally posted by sunnysan View Post
              I think in this case, somebody had to take the blame, and Bernie is that man, but he will be looked after and pop up somewhere when its all blown over.
              He is 71 years old now, he is facing a sentence of up to 150 years, his own lawyers are asking for 12.

              I am not sure that he is going to be doing much "popping up" in years to come.

              Comment


                #8
                The thing that amazes me about this case is that Madoff is not to be given the opportunity to pay back the money hes lost. I know Id rather have my money back than put him in clink.

                Regardless of what he did, he seems to be hailed as a financial guru by all accounts, so should not have much of problem in coming up with some more cash generating schemes (with better supervision this time).

                PZZ

                Comment


                  #9
                  Originally posted by pzz76077 View Post
                  The thing that amazes me about this case is that Madoff is not to be given the opportunity to pay back the money hes lost. I know Id rather have my money back than put him in clink.

                  Regardless of what he did, he seems to be hailed as a financial guru by all accounts, so should not have much of problem in coming up with some more cash generating schemes (with better supervision this time).

                  PZZ
                  His wife and kids syphoned off what money they could and he had access to the internet and a telephone whilst under house arrest, because of some odd quirk in US law they can't touch his family as he's not talking.
                  Science isn't about why, it's about why not. You ask: why is so much of our science dangerous? I say: why not marry safe science if you love it so much. In fact, why not invent a special safety door that won't hit you in the butt on the way out, because you are fired. - Cave Johnson

                  Comment


                    #10
                    Madoff

                    Originally posted by sweetandsour View Post
                    He is 71 years old now, he is facing a sentence of up to 150 years, his own lawyers are asking for 12.

                    I am not sure that he is going to be doing much "popping up" in years to come.
                    Well he got 150 years, so I suppose you are right. Next thing he pops up are going to be daisies methinks
                    There are no evil thoughts except one: the refusal to think

                    Comment

                    Working...
                    X