Former NASDAQ chairman charged with running "Ponzi Scheme"

[theoakman]

It doesn't matter whether or not you're against it, they're all getting huge payouts.

You and I don't matter. Sorry.

yeah well, I hope they profile what mansions and boats his family owns. I'm pretty sure an angry mob will burn them down after the shtf. This money aristocracy that we have in this country should have majored in world history when they went to Ivy League schools. They would realize that they are signing their own death warrants. Every time the middle class gets wiped out, the masses got fed up and slaughtered the aristocracy.

 

[Dieseler]

That should be the last brick in the proverbial shit house.
..........

 

[DFF]

Did the SIPC help anyone from Enron out?

EDIT: Nevermind. SIPC protection only applies to brokerage firms.

 

[Sarge]

They just keep piling up. Look close at who is involved with this one,

http://online.wsj.com/article/SB122942319879210199.html?mod=googlenews_wsj

Chrysler owners will not see that much money come back. Snow got snowed.

Another 3 B here,

http://www.wbur.org/news/2008/82030_20081216.asp

A Texas lady also lost millions.

 

[Sarge]

MN investor's 300M or more.

http://www.startribune.com/business/36207634.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aUUl

 

[gilliganscorner]

I thought this was a good analysis over at FSK's blog on this topic

 

[Sarge]

Good article.

A few years back we all know what happened to cattle rustler's or horse thieves.

Now they get 20 years or no years, and the rest of us get to pay for their theft in many ways.

 

[Sarge]

Another 3.5B potential comes to light,

http://www.bnamericas.com/news/bank...,_US*3,5bn_potential_contingencies_to_Madoff1

 

[Sarge]

A couple more,

http://www.bloomberg.com/apps/news?pid=20601087&sid=aNt23xoNODbU&refer=home

If this one is correct on 224 funds, imagine how many individual investor's in those funds,

http://ar.invertia.com/noticias/noticia.aspx?idNoticia=200812161557_RTI_1229443067nLG64935

 

[Cowlesy]

Time to tap the TARP!

 

[Pennsylvania]

"Shaka, when the walls fell."

Hands down my favorite episode

 

[theoakman]

this is why we need a death penalty in this country

 

[inibo]

Hands down my favorite episode

That one, and Cause and Effect, you know, "The Enterprise is exploring a region of space called the Typhon Expanse..."

 

[RedStripe]

Rofl

Reuters: "A Ponzi scheme pays profits to early investors from money received from later entrants and needs an accelerating stream of new investors to keep running."

This is the very definition of Social Security. Yet another of the dual systems of morality: one for the state, one for the rest of us. Depending on your category, you could either be charged with a crime, or hailed as a great leader and have statues made of you.

 

[tuckessee]

"You can't cheat an honest man." -- William Claude Dukenfeld

 

[Sarge]

Dutch Shell had 45M in pension funds invested with Madoff.

This guy gets to stay in a 7M plus dollar apartment when the rest of us would be in jail big time.

He can't even come out, after saying it was a Ponzi scheme, and say he is sorry when he went to the court house today.

The hedge funds that charged fees to just have him run things are in big trouble. It is reading like a Ponzi scheme where they charge fees to do nothing by putting the money with him. Payback is going to be rough.

I was at a dental cleaning appointment today ,and I could barely hear a guy on a cell phone talking about someone who got hit. He also mentioned a builder in Aspen with a couple of spec homes he can't sell.

They are now they are looking to see if his wife helped cook the books.

Why this guy is not in jail is beyond belief. You speed so many miles over the limit, and you go direct to jail. You steel 50 B and you get to stay in you high end place smoking your Cuban cigar.

As for the prosecutor's, if they can not come up with more than one 20 year charge they need to find someone else. I can think of a bunch of related charges like each fraudulent transaction. Number those in the thousands. Failure to register, false statements, cooking the books, they have found a second set of books, interstate fraud and mail fraud, mail fraud, international fraud, and on and on.

Lay it on him prosecutor's. If this guy walks with 20 years it will be a travesty.

He has no remorse that I can see or hear.

 

[Cowlesy]

Attorney General Mukasey is stepping aside (apparently his synagogue got schwacked in this)

http://cityfile.com/dailyfile/3530

 

[Dieseler]

Yeah right, Schindler's Pissed, thats the story but...
What would you bet this guy mysteriously disappears any day now just like the 50 Billion he stole did?
I say he's out of here and on his way pretty quick.
Electronic surveillance my ass.

 

[Sarge]

They have his passport and his wife has to turn hers in by the 22nd.

The point is if they can't come up with more than one charge, they are incompetent.

They should run the charges up right now, and so big, that there is no way they will not put this guy away forever.

"MAIL FRAUD DEFINITION AND PUNISHMENT

Whoever

1) having devised, or intending to devise any scheme or artifice to defraud,
or
2) for obtaining money or property by means of false or fraudulent pretenses, representations, or promises, or to sell, dispose of, loan…
3) something of value or some item…and
4) places in any post office or authorized depository for mail matter
5) any item to be delivered by interstate carrier

shall be fined …or imprisoned for not more than 20 years, or both."

Each fraudulent mailing should be 20 years.

 

[Dieseler]

This must remain on the front page.

I understand his house arrest is from 7pm to 9am.
Where might he need to be going outside those hours?
Airport, Helli pad or Speedboat dock maybe?
Space shuttle launch?
Underground tunnel?