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Date: 12 Dec 2008 11:25:42
From:
Subject: Bush adminisration drops 50 BILLION dollar screw up. I know you guys,
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I am sure Bush will a Presidential Medal of Freedom to SEC Chairman
Christopher Cox (R) just like he did to Tenet.
"Madoff said the business had lost about $50 billion and that he
planned to turn himself in to authorities in a week." This scum also
lost a ton of money from charites and other funds which may cause a
bigger financial meltdown. Remember LTCM only lost 7 or 8 billion and
it was the end of the world.
"But on Wednesday, the complaint said, Madoff told senior employees
that the advisory business was a fraud, that he was "finished," had
"absolutely nothing," that "it's all just one big lie" and that it was
"basically, a giant Ponzi scheme."
The SEC is supposed to look at this guys books every year. This isn't
Tony the Trader. This is a huge trader.
Madoff almost begged the SEC to catch him. His huge fund had 1
accountant who was in a 13 by 18 foot office Rockland County. His
compliance department (internal SEC) was in Switzerland. All the
funds main officers where his family. He never had a losing month.
All big red flags.
There had rumors for years about this guy. They had a couple of money
managers on CNBC who looked at this guy and said they choose to stay
way. Any trader knew that it impossible to have the consistent rates
of return using the strategies Madoff said claimed he used.
His main strategy was trading huge blcks of shares (like 13 Billion)
and trade puts against them in the S&P 100. Problem with this is it
could never happen. The S&P 100 options do not trade big enough to
come close to make these trades.
A fund rating service looked at Madoff's operation and warned all
their clients to stay away.
In 2005 2005 2005 2005 someone looked at the fund and sent the SEC a
letter warning it was in essence a Ponzi sceme. SEC did nothing.This
is only the first letter(warning) that has been found -- there will be
more.
Please, less regulation so we don't have poor people ruining Wall
Street.
topset72
Former Nasdaq chairman charged with fraud
NEW YORK (CNN) -- Former Nasdaq chairman Bernard Madoff was arrested
Thursday and charged with a single count of securities fraud for
allegedly operating a multibillion-dollar Ponzi scheme from his
investment advisory business, federal authorities said.
Madoff, 70, operated the advisory business separately from his Bernard
L. Madoff Investment Securities, a securities broker dealer with its
principal office in New York City, the Department of Justice said.
http://www.cnn.com/2008/US/12/11/madoff.arrest/index.html
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Date: 12 Dec 2008 15:27:24
From: mo_charles
Subject: Re: Bush adminisration drops 50 BILLION dollar screw up. I know you guys, less oversite is needed.
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> I am sure Bush will a Presidential Medal of Freedom to SEC Chairman
> Christopher Cox (R) just like he did to Tenet.
>
> "Madoff said the business had lost about $50 billion and that he
> planned to turn himself in to authorities in a week." This scum also
> lost a ton of money from charites and other funds which may cause a
> bigger financial meltdown. Remember LTCM only lost 7 or 8 billion and
> it was the end of the world.
>
> "But on Wednesday, the complaint said, Madoff told senior employees
> that the advisory business was a fraud, that he was "finished," had
> "absolutely nothing," that "it's all just one big lie" and that it was
> "basically, a giant Ponzi scheme."
>
> The SEC is supposed to look at this guys books every year. This isn't
> Tony the Trader. This is a huge trader.
>
> Madoff almost begged the SEC to catch him. His huge fund had 1
> accountant who was in a 13 by 18 foot office Rockland County. His
> compliance department (internal SEC) was in Switzerland. All the
> funds main officers where his family. He never had a losing month.
> All big red flags.
>
> There had rumors for years about this guy. They had a couple of money
> managers on CNBC who looked at this guy and said they choose to stay
> way. Any trader knew that it impossible to have the consistent rates
> of return using the strategies Madoff said claimed he used.
>
> His main strategy was trading huge blcks of shares (like 13 Billion)
> and trade puts against them in the S&P 100. Problem with this is it
> could never happen. The S&P 100 options do not trade big enough to
> come close to make these trades.
>
> A fund rating service looked at Madoff's operation and warned all
> their clients to stay away.
>
> In 2005 2005 2005 2005 someone looked at the fund and sent the SEC a
> letter warning it was in essence a Ponzi sceme. SEC did nothing.This
> is only the first letter(warning) that has been found -- there will be
> more.
>
> Please, less regulation so we don't have poor people ruining Wall
> Street.
>
> topset72
>
>
>
> Former Nasdaq chairman charged with fraud
>
> NEW YORK (CNN) -- Former Nasdaq chairman Bernard Madoff was arrested
> Thursday and charged with a single count of securities fraud for
> allegedly operating a multibillion-dollar Ponzi scheme from his
> investment advisory business, federal authorities said.
>
> Madoff, 70, operated the advisory business separately from his Bernard
> L. Madoff Investment Securities, a securities broker dealer with its
> principal office in New York City, the Department of Justice said.
>
> http://www.cnn.com/2008/US/12/11/madoff.arrest/index.html
i blame bush for my dog dying and that large pimple on my ass, but a hedge
fund ponzi scheme pulled over on accredited investors? i'd sooner hang
clinton and gore for worldcom and enron!
idiot.
mo_charles
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RecGroups : the community-oriented newsreader : www.recgroups.com
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Date: 12 Dec 2008 14:36:02
From: Christopher Helms
Subject: Re: Bush adminisration drops 50 BILLION dollar screw up. I know you
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On Dec 12, 1:25=A0pm, topse...@gmail.com wrote:
> I am sure Bush will a Presidential Medal of Freedom to SEC Chairman
> Christopher Cox (R) just like he did to Tenet.
>
> "Madoff said the business had lost about $50 billion and that he
> planned to turn himself in to authorities in a week." =A0This scum also
> lost a ton of money from charites and other funds which may cause a
> bigger financial meltdown. =A0Remember LTCM only lost 7 or 8 billion and
> it was the end of the world.
>
> "But on Wednesday, the complaint said, Madoff told senior employees
> that the advisory business was a fraud, that he was "finished," had
> "absolutely nothing," that "it's all just one big lie" and that it was
> "basically, a giant Ponzi scheme."
>
> The SEC is supposed to look at this guys books every year. =A0This isn't
> Tony the Trader. =A0This is a huge trader.
>
> Madoff almost begged the SEC to catch him. =A0His huge fund had 1
> accountant who was in a 13 by 18 foot office Rockland County. =A0His
> compliance department (internal SEC) was in Switzerland. =A0All the
> funds main officers where his family. He never had a losing month.
> All big red flags.
>
> There had rumors for years about this guy. =A0They had a couple of money
> managers on CNBC who looked at this guy and said they choose to stay
> way. =A0Any trader knew that it impossible to have the consistent rates
> of return using the strategies Madoff said claimed he used.
>
> His main strategy was trading huge blcks of shares (like 13 Billion)
> and trade puts against them in the S&P 100. =A0Problem with this is it
> could never happen. =A0The S&P 100 options do not trade big enough to
> come close to make these trades.
>
> A fund rating service looked at Madoff's operation and warned all
> their clients to stay away.
>
> In 2005 2005 2005 2005 someone looked at the fund and sent the SEC a
> letter warning it was in essence a Ponzi sceme. =A0SEC did nothing.This
> is only the first letter(warning) that has been found -- there will be
> more.
>
> Please, less regulation so we don't have poor people ruining Wall
> Street.
>
> topset72
>
> Former Nasdaq chairman charged with fraud
>
> NEW YORK (CNN) -- Former Nasdaq chairman Bernard Madoff was arrested
> Thursday and charged with a single count of securities fraud for
> allegedly operating a multibillion-dollar Ponzi scheme from his
> investment advisory business, federal authorities said.
>
> Madoff, 70, operated the advisory business separately from his Bernard
> L. Madoff Investment Securities, a securities broker dealer with its
> principal office in New York City, the Department of Justice said.
>
> http://www.cnn.com/2008/US/12/11/madoff.arrest/index.html
They're also refusing to tell anybody what they did with two trillion.
http://www.bloomberg.com/apps/news?pid=3D20601109&sid=3Dapx7XNLnZZlc&refer=
=3Dhome
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