Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Where was the SEC? Madoff trustee: No securities bought for customers in 13 years
Old 02-20-2009, 11:22 AM   #1
Recycles dryer sheets
Join Date: Jan 2009
Posts: 170
Where was the SEC? Madoff trustee: No securities bought for customers in 13 years

The trustee liquidating Bernard Madoff's investment firm says his investigation has found no evidence that any securities were purchased on behalf of customers in at least 13 years.{E3029229-16E5-4CB7-8ED2-E9584C10B391}&dist=hplatest

Gpond 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 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 02-20-2009, 12:10 PM   #2
Thinks s/he gets paid by the post
Bimmerbill's Avatar
Join Date: Jan 2006
Posts: 1,645
How long did this guy live high on the hog?
Not saying I want in on the action, but a cost benefit analysis may be in order.
Bimmerbill is offline   Reply With Quote
Old 02-20-2009, 12:29 PM   #3
samclem's Avatar
Join Date: May 2004
Location: SW Ohio
Posts: 14,404
We're always telling people not to take more risk than they need to take, and Bernie was smart in this respect. His "business model" didn't require him to take any investment risk, so he didn't. Except for his own "costs," it looks like his investors wouldn't have lost a dime in the recent downturn. In fact, if they hadn't panicked and demanded their money due to falling stock prices (to which they weren't even exposed!), everything might have been fine for many more years.

More regulation--that's what we need. Like there aren't laws and regs against this already . . .
samclem is offline   Reply With Quote
Old 02-20-2009, 01:08 PM   #4
ziggy29's Avatar
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
Originally Posted by samclem View Post
More regulation--that's what we need. Like there aren't laws and regs against this already . . .
As this Madoff scheme shows, it's not necessarily a regulatory problem, it's an *oversight* problem or an enforcement problem.

You don't need to make more laws to stop someone from doing something already illegal. You just need to enforce the laws that exist.
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
ziggy29 is offline   Reply With Quote
Old 02-20-2009, 02:05 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2007
Posts: 7,746
Wasn't Madoff subject to lesser regulation because only "accredited investors" had a shot at his funds?
FUEGO is offline   Reply With Quote

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
Vanguard AMS good for estate trustee? Lsbcal FIRE and Money 3 06-17-2008 04:19 PM
CC rates Double? Even for good Customers... mickeyd FIRE and Money 17 02-11-2008 01:34 PM
Trustee Fees -- Options pedorrero FIRE and Money 8 05-05-2007 09:26 AM
What Assets Are At Risk When Trustee Is Sued? Danny Other topics 15 03-20-2006 06:10 PM
Scottrade shafts customers: Jan. 3, 2005 soupcxan FIRE and Money 2 12-11-2004 01:58 PM

» Quick Links

All times are GMT -6. The time now is 02:01 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.