Ex-Nasdaq chairman arrested on $50B fraud charge

[shadow]

WHAT!!!!! :jawdrop:

























I'm more shocked that naunahan ni theveed na mag post about this si uls and Tidus.

[uls]

i came across that a few days ago

i just didnt bring it up in the GET OUT OF US DOLLAR thread coz i felt it was more of a crime issue

but since nandito na, kwento ko nalang

That Madoff guy ran hedge funds

And he owns a securities broker/dealer firm

His hedge funds' accounts exist in his securities firm (convenient no?)

so di basta basta ma-scritinize ng mga tao ano ginagawa nya sa pera

unlike other hedge funds that have to open accounts with independent, non-related broker/dealers

He was very, very secretive about his hedge funds' operations.

He was able to make 1 to 2 percent return every month for his clients

That's year after year after year... regardless of market condition... sobra consistent

sa sobra consistent, hindi ma-figure out ng ibang market players paano nya ginagawa... so they had their doubts... they were already thinking Madoff was doing something illegal

madami tao bilib na bilib kay Madoff

Other hedge funds, instead of managing their own funds, turned over their funds to Madoff

many wealthy individuals also let him manage their money

Years and years things went fine...

then the financial crisis happened...

Investors started to pull out their money (for whatever reason, maybe to hide under the mattress hehe)

But Madoff doesnt have enough money

ayan... inamin nya sa 2 senior employees nya... that he was just running a ponzi scheme

[squatt3r]

ang masama nito ang fine lang sa kanya is $20M ? kawawa mga investors

[Monseratto]

Parang mini-sub prime nangyayari, maraming financial institutions unti-unti lumalabas yung mga exposure sila. Laking ng tama sa HSBC...

MAJOR POTENTIAL LOSSES
Santander, Spain - $3.1bn
HSBC, UK - $1bn
Natixis, France - $605m
Royal Bank of Scotland, UK - $601m
BNP Paribas, France - $460m
BBVA, Spain - $400m
Man Group, UK - $360m
Reichmuth & Co, Switzerland - $325m
Nomura, Japan - $303m.

[tidus1203]

Well buti ngayon nag pop na, if we let it run much longer the pain will be just as greater... Kaya nga sa investments the phrase "If its too good to be true, it is!" is very much a golden rule.

[uls]

Those banks lent money to hedge funds,

then the hedge funds let Madoff manage the money

damay damay

[Galactus]

WHAT!!!!! :jawdrop:


I'm more shocked that naunahan ni theveed na mag post about this si uls and Tidus.

Hehehe...

[tidus1203]

Well I dunno about sir uls but I am not that interested in criminal cases... I am more after making money and opportunities...

[tidus1203]

Regarding this topic, it still goes back to my view that at the end of the day YOU are still the best guardian of your wealth. Gone are the days that you give someone your money and a miracle happens. Even with Madoff's stature and prominence, that still is not enough guarantee that your money is in good hands.

[uls]

actually, if this topic wasnt brought up by sir theveed, i wouldnt have talked about it hehe

---

yes --- only you care about your money

other people will not care about your money