Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Madoff put into perspective
Old 03-12-2009, 08:32 AM   #1
Thinks s/he gets paid by the post
 
Join Date: Mar 2007
Posts: 3,323
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.
__________________
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
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 03-12-2009, 08:39 AM   #2
Thinks s/he gets paid by the post
MasterBlaster's Avatar
 
Join Date: Jun 2005
Posts: 4,391
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.
MasterBlaster is offline   Reply With Quote
Old 03-12-2009, 08:41 AM   #3
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
Quote:
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.
__________________
Numbers is hard
REWahoo is offline   Reply With Quote
Old 03-12-2009, 09:02 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RonBoyd's Avatar
 
Join Date: Dec 2007
Location: Denver, Colorado
Posts: 6,256
Quote:
Originally Posted by Orchidflower View Post
Madoff stole $65 billion.
No matter the details (or the semantics), the statement is correct.
__________________
"It's tough to make predictions, especially when it involves the future." ~Attributed to many
"In theory, there is no difference between theory and practice. But, in practice, there is." ~(perhaps by) Yogi Berra
"Those who have knowledge, don't predict. Those who predict, don't have knowledge."~ Lau tzu
RonBoyd is offline   Reply With Quote
Old 03-12-2009, 09:32 AM   #5
Thinks s/he gets paid by the post
 
Join Date: Dec 2007
Posts: 4,764
Geez. Heartbreaking listening to the victims.
Notmuchlonger is offline   Reply With Quote
Old 03-12-2009, 09:48 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
freebird5825's Avatar
 
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
His day in court is today
Madoff Tells Judge He’s Guilty in Ponzi Scheme (Update3) - Bloomberg.com
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
freebird5825 is offline   Reply With Quote
Old 03-12-2009, 10:56 AM   #7
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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.
__________________
Numbers is hard
REWahoo is offline   Reply With Quote
Old 03-12-2009, 11:16 AM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
TromboneAl's Avatar
 
Join Date: Jun 2006
Posts: 12,880
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?
__________________
Al
TromboneAl is offline   Reply With Quote
Old 03-12-2009, 11:27 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
freebird5825's Avatar
 
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
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
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
freebird5825 is offline   Reply With Quote
Old 03-12-2009, 04:10 PM   #10
Administrator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,586
Quote:
Originally Posted by freebird5825 View Post
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.
MichaelB is offline   Reply With Quote
Old 03-12-2009, 04:14 PM   #11
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
Quote:
Originally Posted by MichaelB View Post
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."
__________________
Numbers is hard
REWahoo is offline   Reply With Quote
Old 03-12-2009, 04:24 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
freebird5825's Avatar
 
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
Quote:
Originally Posted by MichaelB View Post
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.
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
freebird5825 is offline   Reply With Quote
Old 03-12-2009, 05:13 PM   #13
Administrator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,586
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 other’s eyes...

or

2) Numbers, locations, passwords, etc.

or

3) They haven’t spoken directly with each other since the day he was ordered held under house arrest. They communicate through their lawyers – at $500 per hour each.

Other views welcome...
MichaelB is offline   Reply With Quote
Old 03-12-2009, 05:30 PM   #14
Thinks s/he gets paid by the post
 
Join Date: Mar 2007
Posts: 3,323
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.
__________________
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
Old 03-12-2009, 05:32 PM   #15
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 22,973
Quote:
Originally Posted by REWahoo View Post
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"?
__________________
Living an analog life in the Digital Age.
Gumby is online now   Reply With Quote
Old 03-12-2009, 06:34 PM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
freebird5825's Avatar
 
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
Quote:
Originally Posted by Orchidflower View Post
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.
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
freebird5825 is offline   Reply With Quote
Old 03-12-2009, 06:41 PM   #17
gone traveling
 
Join Date: May 2008
Posts: 3,864
Quote:
Originally Posted by MichaelB View Post
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."
Westernskies is offline   Reply With Quote
Old 03-12-2009, 06:44 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
freebird5825's Avatar
 
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
Quote:
Originally Posted by MichaelB View Post
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 ]
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
freebird5825 is offline   Reply With Quote
Old 03-12-2009, 06:49 PM   #19
Thinks s/he gets paid by the post
 
Join Date: Dec 2007
Posts: 4,764
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.
Notmuchlonger is offline   Reply With Quote
Old 03-12-2009, 06:50 PM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Purron's Avatar
 
Join Date: Nov 2007
Posts: 5,596
Quote:
Originally Posted by Westernskies View Post
"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.
__________________
I purr therefore I am.
Purron is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
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
Madoff Client List mickeyd Other topics 9 02-07-2009 11:25 AM
More Madoff Misery mickeyd Other topics 12 01-22-2009 08:10 AM
Madoff Investors ferco FIRE and Money 43 01-10-2009 11:27 AM
Madoff - how to protect yourself? cyclone6 FIRE and Money 40 12-18-2008 10:47 AM

» Quick Links

 
All times are GMT -6. The time now is 11:20 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.