and nobody noticed....

[Rockter]

Revealed: desperate final hours of the world's biggest ever financial fraud | Business | The Guardian

On British television tonight there was an American couple who have lost everything to this iniquitous fraudster. There will be others a-plenty. A charity looks like it will go to the wall also.
My bank is about to take another hammering from this fraud, rumoured to be a loss to them of more than 500 million dollars. Some bank.

Yes, the oldest mass fraud in the book... the Ponzi.... and nobody noticed.

I own my sailboat, and my house, and a Russky motorbike. I suppose that's something.

In this world there are about 10 people I trust implicitly. Ten. One of them is my long-suffering accountant, so they are not all bad.

[craigtoo]

This guy just took out a large portion of Long Island's wealth.

It's all over the place up there... Sad day.

[craigtoo]

"It's only when the tide goes out do we find who's been swimming naked."

---Warren Buffett

[sailaway21]

The whole story is over in the market crash thread.

Dumb at $10 is dumb at $1,000,000. CP calls it exactly correct.

Funny how nobody wants to regulate profits but everybody thinks there should be a safety net under losses. Go see the Social Security Administration, they're in the safety net business. Be nice and don't ask them how things are going...the rumour is they don't have any money either and haven't for quite some time.

[sailingdog]

Well said CP/Sway...

No one wants to look too closely at how they're making unreasonably high returns... until the returns stop....

[TxLnghrn]

Originally Posted by sailaway21

The whole story is over in the market crash thread.

Dumb at $10 is dumb at $1,000,000. CP calls it exactly correct.

Funny how nobody wants to regulate profits but everybody thinks there should be a safety net under losses. Go see the Social Security Administration, they're in the safety net business. Be nice and don't ask them how things are going...the rumour is they don't have any money either and haven't for quite some time.

Ah yes, Social Security. The largest Ponzi scheme ever invented. Sadly, that isn't a joke. By all criteria, it is a Ponzi scheme.

[Valiente]

I guess because Latin is no longer taught that the phrase "caveat emptor" is no longer in effect.

I also see that the "new capitalism" doesn't allow losses...if those losses are sufficiently large and the losers sufficiently whiny.

[Rockter]

Guys, this low-life was an undiuluted fraudster, and utter cut-throat.

Little guys have lost too, a lot of whom did not know how the market worked nor who knew what reasonable return should be.

It does enormous damage to the whole concept of investor confidence.

The victims of Bernard Madoff's fraud | Business | The Guardian

Is it any different from being sold a dog boat then someone crying "buyer beware" as your money is lost.

These aren't "losses". This is theft, criminal theft, and fraud. Pull a gun out to do it, and when the police officer shoots the thief dead, most would say "serves him right".
Now it's "caveat emptor", and "pigs get eaten".

If this were a boat fraud, you guys would be jumping up and down like a bunch of hairdressers.
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[Rockter]

Well, the little guys got burned there too, did they not? Future tax rises will drag on them for years, and years.

[retclt]

There will be a bail out plan for most of the losers. We will go along like good little sheep.

This is only the first part:
wcbstv.com - Protection For Investors In Madoff Securities May Be On The Way

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