Ex-Nasdaq chairman arrested on $50B fraud charge

[theveed]

http://sg.news.yahoo.com/ap/20081212...t-1be00ca.html

Wow..... just wow...

[tidus1203]

I guess Ponzi schmes never go out of style. The Federal Reserve is probably running the biggest one right now. The fractional reserve system...

[uls]

haha

Tidus, baka tawagin ka conspiracy theorist hehe

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grabe, dami nasunog jan

years ago, people were already skeptical of how the guy was able to come up with very very steady returns

yun pala, pareho lang sa Francswiss ang gawain nya

[CVT]

Greed, greed, insatiable greed.....

7101:hooray:

[uls]

Madoff ran the ponzi scheme for years... maybe decades

If it wasnt for the financial crisis, the ponzi scheme would have gone undetected...

nagkasabay sabay kasi ang withdrawals

The withdrawals caused the ponzi scheme to collapse

sounds like a bank run

hehe

[tidus1203]

^^Kinda like how the lack of easy credit in the "Fractional Reserve" system is revealing the cracks of the grand ponzi scheme Never mind, we all love good conspiracies once in awhile

[Monseratto]

Mukhang marami na apekto sa kalokohan na ito. The effects are just starting to be felt.

Some of the world's wealthiest private and corporate investors are reported to be victims of an alleged $50bn fraud by Wall Street broker Bernard Madoff.

Reports say the main owner of the New York Mets baseball team, Fred Wilpon, and former American football team owner Norman Braman are among the victims.

Others facing losses reportedly include French bank BNP Paribas, Japan's Nomura Holdings and Zurich's Neue Privat Bank.

Hundreds of people are thought to have invested with Mr Madoff, among them international banks, hedge funds and wealthy private investors - who are all trying to find out the cost of the alleged fraud.

Spanish newspapers said the leading bank Santander had invested with Mr Madoff.

Bramdean Alternatives, a UK-based asset management company run by Nicola Horlick, saw its share value drop by over 35% after it revealed that nearly 10% of its holding was exposed to the New York broker.

One hedge fund, Fairfield Greenwich Group, said its clients had invested $7.5bn with the firm.

Lawyers for worried investors fearful that they had lost their savings, attended court on Friday for a hearing on the disposition of Mr Madoff's remaining assets.

[uls]

madami kasi nabilib kay Madoff

imagine... he consistently returned 1-2% a month, year after year for many many years... regardless of market condition

nagtataka nga ang mga analyst how he was able to do that...

yun pala Francswiss lang ang style nya

maganda kasi reputation nya kaya madami nagtiwala sa kanya

[Zeus]

Dami rin ganitong klaseng investment dito e, nan diyan pa ba mga ito?

[uls]

usually ang mga ponzi di tumatagal... months lang bagsak na

pero itong scheme ni Madoff tumagal ng years or decades

magaling sya magpatakbo...

kung hindi dahil sa financial crisis (nagkasabay sabay ang withdrawal ng mga clients ni Madoff) hindi babagsak yan

[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

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yes --- only you care about your money

other people will not care about your money