MADOFF

[michaelmars]

One of my partners lost at least $3mil so did a few clients and others i know, its gonna be a real interesting holiday season!

maybe they'll get .10 on the dollar. -JUST venting

[jainen]

>>JUST venting <<

One thing I like about this story -- finally the media has stopped sticking up for the guys who have been in power the last seven years. Madoff isn't being excused as a "bubble," it isn't being blamed on health benefits for retired factory workers, unregulated Chinese imports didn't cause this. Much of our current economic problems was deliberately set up for the oldest purpose in the world. (But of course, Madoff was probably the ONLY bad guy!)

[mcb39]

>>JUST venting <<

One thing I like about this story -- finally the media has stopped sticking up for the guys who have been in power the last seven years. Madoff isn't being excused as a "bubble," it isn't being blamed on health benefits for retired factory workers, unregulated Chinese imports didn't cause this. Much of our current economic problems was deliberately set up for the oldest purpose in the world. (But of course, Madoff was probably the ONLY bad guy!)

And I pretty much like everything about your synopsis, Jainen.

[Gail in Virginia]

And I pretty much like everything about your synopsis, Jainen.

I don't know if I would say that I like the synopsis, but I sure cannot argue with it! :scratch_head:

[Booger]

Let's see.....LTCL of, say, $250,000. Will only take 83.33 YEARS to write-off!!

[jainen]

>>I sure cannot argue with it!<<

I hope you mean you can't argue AGAINST it. You can certainly argue WITH it as a powerful tool. This story will be an important element in economic theory for the next century. Why, capitalism at the highest, most refined level turns out to be a gigantic Ponzi scheme!

[JohnH]

One story I read said that he kept the company's financial details a closely-guarded secret and never revealed any information to outside parties. I don't know if the story is accurate, but if it's true, what did everyone expect in an industry in which audited financial statements are a normal part of doing business?

[taxxcpa]

Where was the SEC? How about those "independent" auditors?

It's caveat emptor uber alles.

[jainen]

>>Where was the SEC?<<

In his pocket, figuratively speaking. And in his family, literally.