Madoff's alleged $50 billion fraud hits other investors

Madoff's alleged $50 billion fraud hits other investors

finance.yahoo.com

NEW YORK (Reuters) - Investors scrambled to assess potential losses from an alleged $50 billion fraud by Bernard Madoff, a day after the arrest of the prominent Wall Street trader.

Prosecutors and regulators accused the 70-year-old, who was chairman of the Nasdaq Stock Market in the early 1990s, of masterminding a fraud of epic proportions through his investment advisory business, which managed at least one hedge fund.

Hundreds of people, investing with him through the firm's clients, entrusted Madoff with billions of dollars, industry experts said.

"Madoff's investors included captains of industry, corporations -- some of which are publicly traded -- that used Madoff almost as a high-yielding cash management account, endowments, universities, foundations and, importantly, many high-profile funds of funds," said Douglas Kass, who heads hedge fund Seabreeze Partners Management.

"It appears that at least $15 billion of wealth, much of which was concentrated in southern Florida and New York City, has gone to 'money heaven,'" he said.

(visit the link for the full news article)


Related News Links:
business.timesonline.co.uk
www.independent.co.uk

I wonder how much more of this is going to come out. You have the Auto Bailout fiasco, Americans worrying about whether or not they're going to have a job on Monday and now this.
If it hasn't been blatantly obvious that corruption is lying everywhere, it's time to wake up. I don't care if this is the "Evil" rich or not. The fact is that people are getting screwed all over. If this happens to them, and this isn't even the beginning. As the economy worsens, more corruption can be found.
Amazingly enough it wasn't our MSM that broke the story. Drudge had it on the front page with UK papers. Now the main site links Yahoo finance.

finance.yahoo.com
(visit the link for the full news article)

Mod= If this isn't in the right place feel free to move it!

What I don't understand is how this so call "big investors" and probably very wealthy ones, were blind enough no to notice that this financial investing firm was in trouble.

For what I have been reading the firm was having all kind of sign of trouble.

I wonder if the wealthy elite involved will be bailed out under the table and in secrecy by the Treasury department and the fed.

I'd love if his entire client list was publicized

maybe this could shed alot of light on who does what behind the scenes...

Don't lose your sleep waiting my friend, the reason the markets didn't show the effects of this big firm going down is because the investors were not expose to the prying eyes of the news.

They will remain in privacy and we may never know.

I agree however after Enron and Tyco and the others I would love to see people just go nuts. Will it happen, no. If it isn't affecting the majority of Americans, they couldn't be bothered. I think a client list should be made public. They were all making so much back in returns they didn't care until the rug was pulled out from underneath them. More and more news keeps coming out about the financial sectors and it is all bad.

It looks like the rich are stealing from the rich, according to this new article;

online.wsj.com...

Cant wait to see who else this affects.

SeeYa!!!

This is sure to send the DOW up on monday,lol
what a joke.

It'll be interesting, along with the recent reports of GM shutting down their facilities until January. Failing of course to mention they do this every year, this year they did it a week early. Rich stealing from the rich, almost has a nice ring to it, although you know in the end it will bite the upper middle, middle and poverty classes in the butt.

Any one up for conspiracy minded people.
I'm not the only one that say he in not the sole man involved.

I hope this halls in a good part of the Illuminati.
The better for us, a little at a time is good enough.

reply to post by marg6043

I wonder if the wealthy elite involved will be bailed out under the table and in secrecy by the Treasury department and the fed:

Actually it will happen, and it won't be under the table:

wcbstv.com...

Madoff Investors May Be Protected By Government
Judge Says Those Duped Need Aid Under The Securites Investor Protection Act

reply to post by ProfEmeritus

Aid Under The Securites Investor Protection Act

Sure, pay some high paid lawyer to do the legal government paper work.
It's the civilized thing to do.

If one had enough money to invest in maddog's phony listing of investments,
then they should have enough to go to the Protection Act.
Unless the government pays for the process.


Low down on the street things work differently in the gangster world when
the money disappears.

Well when one country gets stiffed by another that can mean war.

ED: We should know by know the elite do it by law.
And by a lot of other thing too numerous to go into.
Giving a list of events too numerous to mention here.
Recent Obama speech said we went to the Moon, what the government
said we did, stays with the government.

[edit on 12/20/2008 by TeslaandLyne]

reply to post by TeslaandLyne

I hope you are aware that I am dead set against this bailout. I posted that item to show the utter disgust of having the government bail out people that were greedy enough to think that they could get "guaranteed" returns of 12% per year.

reply to post by ProfEmeritus


I was amazed to see some protection cause that apparently escapes most
people who use the bank's deposit guarantee.

I always wondered what the high dollar investor does, know I know.
They are just or more vulnerable as the rest of us.

Just in case I make a movie and get a million dollar pay day,
one less bad investment lies ahead.

I would be great full in that case.

If I needn't get advice from Spielberg, where could I turn.

I like this guy...he made alot of money by crushing the weak....nothing wrong with that....if it wasnt for dumb laws this guy would be a hero...its not his fault his clients put faith in an economic guru...there are no guru's or leaders ...theres only you...