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Madoff put into perspective
Old 03-12-2009, 09:32 AM   #1
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Madoff put into perspective

Bill Gates has $48 billion dollars as of this morning on Bloomberg, and is the world's richest person. Madoff stole $65 billion. THAT put it into perspective for me.
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Old 03-12-2009, 09:39 AM   #2
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Well just to be anal strictly correct. Madoff's fund size was around $65B. The losses will be smaller than that as there (presumably) is something left in the account.
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Old 03-12-2009, 09:41 AM   #3
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Originally Posted by Orchidflower View Post
Madoff stole $65 billion.
According to reports, that number isn't accurate:

"Prosecutors filed papers Tuesday saying Madoff’s investment company reported a total balance of $64.8 billion in November even though it actually had only a small fraction of that amount.

Investigators say the true amount lost by investors may be between $10 billion and $17 billion and the larger estimates by Madoff include the false profits prosecutors say he generated with tens of thousands of bogus account statements cataloging steady profits."

Not that it makes his crime any less despicable.
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Old 03-12-2009, 10:02 AM   #4
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Originally Posted by Orchidflower View Post
Madoff stole $65 billion.
No matter the details (or the semantics), the statement is correct.
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Old 03-12-2009, 10:32 AM   #5
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Geez. Heartbreaking listening to the victims.
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Old 03-12-2009, 10:48 AM   #6
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His day in court is today
Madoff Tells Judge He’s Guilty in Ponzi Scheme (Update3) - Bloomberg.com
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Old 03-12-2009, 11:56 AM   #7
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Thought this MarketWatch article was interesting and reflective of some of the sentiment I've seen posted here:

"Greenhaus, however, believes the market's decline and factors such as Madoff is translating into a scenario where the 60-plus crowd is now done with equities, along with a large majority of those 50 and older.

"These people are going to hang on with a certain portion of their investments in order to have a shot at recouping some losses, but once they reach a point at which they are satiated, they will remove the remaining funds, finding fixed income very much to their liking after eight years of absolutely terrible equity performance," he said.

"This should prove to be a major headwind for equities going forward, as this segment of the investing population controls a tremendous amount of wealth," said Greenhaus.
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Old 03-12-2009, 12:16 PM   #8
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Something I've missed in the Madoff coverage is speculation on where this money is. Did most of the money go to paying off the early investors, or is it sitting in an offshore account somewhere?
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Old 03-12-2009, 12:27 PM   #9
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We may never know. He's taking the fall alone with a guilty plea and not naming co-conspirators. It will all come out someday...
Madoff pleads guilty to all charges - U.S. business- msnbc.com
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Old 03-12-2009, 05:10 PM   #10
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We may never know. He's taking the fall alone with a guilty plea and not naming co-conspirators. It will all come out someday...
Madoff pleads guilty to all charges - U.S. business- msnbc.com
I wonder what he said to his wife when they left their home this morning to go to court. After all, it was most likely the last private moment he would have with her.
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Old 03-12-2009, 05:14 PM   #11
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I wonder what he said to his wife when they left their home this morning to go to court.
"Whatever happens, don't tell them where I stashed the money."
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Old 03-12-2009, 05:24 PM   #12
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I wonder what he said to his wife when they left their home this morning to go to court. After all, it was most likely the last private moment he would have with her.
"Honey, will you or I have to remember to pick up milk* on the way home ?"

* As in milking your clients of their money.
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Old 03-12-2009, 06:13 PM   #13
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I was thinking more along the line of

1) A tender, intimate moment of parting. A caress, then a kiss, then they looked deeply into each otherís eyes...

or

2) Numbers, locations, passwords, etc.

or

3) They havenít spoken directly with each other since the day he was ordered held under house arrest. They communicate through their lawyers Ė at $500 per hour each.

Other views welcome...
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Old 03-12-2009, 06:30 PM   #14
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After putting some thought into why nobody has attempted to knock Madoff off, I can only assume that US Marshals or some other agency has been providing security and hitmen/angry investors can't get to this guy. Pity.
Listening to Madoff's victims is just like when Enron went down, and they interviewed the victims. Heartbreaking stories.
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Old 03-12-2009, 06:32 PM   #15
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According to reports, that number isn't accurate:

"Prosecutors filed papers Tuesday saying Madoff’s investment company reported a total balance of $64.8 billion in November even though it actually had only a small fraction of that amount.

Investigators say the true amount lost by investors may be between $10 billion and $17 billion and the larger estimates by Madoff include the false profits prosecutors say he generated with tens of thousands of bogus account statements cataloging steady profits."

Not that it makes his crime any less despicable.
Who would have thought there would come a day when we would say "he stole only $17 billion"?
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Old 03-12-2009, 07:34 PM   #16
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After putting some thought into why nobody has attempted to knock Madoff off, I can only assume that US Marshals or some other agency has been providing security and hitmen/angry investors can't get to this guy. Pity.
Listening to Madoff's victims is just like when Enron went down, and they interviewed the victims. Heartbreaking stories.
One of the stories I read (can't remember which site, most likely MSN) indicated he wore a bulletproof vest to court and of course was under US Marshall escort due to the felony charges, now convictions, and the high risk of flight.
Individual investor losses are bad enough, but there were some nonprofit philanthropic organizations who were wiped out also.
The lists of victims boggle the brain.
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Old 03-12-2009, 07:41 PM   #17
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I wonder what he said to his wife when they left their home this morning to go to court. After all, it was most likely the last private moment he would have with her.
"Don't hold dinner for me tonight, I might be late."
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Old 03-12-2009, 07:44 PM   #18
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I wonder what he said to his wife when they left their home this morning to go to court. After all, it was most likely the last private moment he would have with her.
"Did you remember to take the garbage out?"

[think about that for a minute ]
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Old 03-12-2009, 07:49 PM   #19
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The one guy they interviewed was an early retiree that got taken. Then he goes on to talk about his parents who are almost 80 that are now living on social security. They also were taken for a loss. Good thing for this guy they no longer have medieval stockades and rocks.
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Old 03-12-2009, 07:50 PM   #20
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"Don't hold dinner for me tonight, I might be late."
Yea, like mabe 150 years late. This story is one of many heartbreaking sagas we have endured over the past year or so. I'm hoping spring will bring some good news. The recent upturn in the market is somewhat uplifting, but I no longer have much confidence in the "system". No, not ready for ammo, tin foil hats, and gold bars, but am more than ready for some renewed confidence in the American system.
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