Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Madoff:Closet Indexer
Old 03-22-2010, 05:38 PM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
Madoff:Closet Indexer

Quote:
- Bernard Madoff, who sent his clients thousands of receipts purporting to document their trades, has left no trace of buying any securities for customers for as much as 13 years, the trustee liquidating his securities firm said. “We have found no evidence to indicate that securities were purchased for customers’ accounts” for “perhaps as much as 13 years,” said Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC. It was “cash in and cash out,” he said.
The rest is here

I guess the good news is Bernie didn't try and beat the market.

You really have to wonder where was the SEC during this time, unbelievable.
__________________

__________________
clifp is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-22-2010, 05:56 PM   #2
Thinks s/he gets paid by the post
Leonidas's Avatar
 
Join Date: May 2006
Location: Where the stars at night are big and bright
Posts: 2,847
According to his confession, Bernie wasn't an indexer, he just stuck all the money in a savings account. Incredible.
__________________

__________________
There is no pleasure in having nothing to do; the fun is having lots to do and not doing it. - Andrew Jackson
Leonidas is offline   Reply With Quote
Old 03-22-2010, 06:52 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,880
Quote:
Originally Posted by Leonidas View Post
According to his confession, Bernie wasn't an indexer, he just stuck all the money in a savings account. Incredible.

According to this, he did not even put it in a savings account~

Quote:
It was “cash in and cash out,” he said.
Ahh, I love a good Madoff tale in the springtime....
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Old 03-22-2010, 06:56 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Mar 2007
Posts: 3,323
Well, guess that means he spent it all having a good time. Considering he's in the can now for life--and been beaten up at least once that hit the papers--wonder if he feels his "good times" were worth it now? Wish I knew someone who knew him to find out.
__________________
Please consider adopting a rescue animal. So very many need a furr-ever home and someone to love them! And if we all spay/neuter our pets there won't be an overpopulation to put to death.
Orchidflower is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Bogleheads: Closet FIRE'es? DblDoc FIRE and Money 17 08-10-2008 09:20 AM
what brought you out of the closet? lazygood4nothinbum Other topics 59 07-28-2008 08:12 PM
Cleaning out the closet: business v leisure education Other topics 11 11-06-2005 04:14 PM
Coming out of the closet dex Other topics 34 02-09-2005 06:31 PM
Out of the ER Closet MJ Hi, I am... 17 06-15-2004 09:53 AM

 

 
All times are GMT -6. The time now is 07:36 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.