Madoff Investment Scandal

[OverMind]

Apparently, the largest Ponzi scheme ever carried out has been shut down.

To get informed, here's a link: http://www.nytimes.com/2009/03/13/business/13madoff.html?_r=1&fta=y

Interestingly enough, a lot of famous people fell victim to the scam (including Steven Spielberg, John Malkovich, etc.) and even a few charities were shutdown. Worse, some people lost their life savings while a few others have committed suicide.

Further, though Madoff has pleaded guilty and taken all responsibility, investigators feel he's hiding things. For one, he obviously couldn't have acted alone (i.e. successfully throwing suspicious off for decades) as he claims to have done. Further, no one really knows where all the money is and Madoff hasn't really helped in this matter.

Given the tough economic times, this really won't help restore anyone's faith in the financial sector. However, in light of this, these tough economic times will likely result in Madoff and his "cronies" (i.e. when they are found) facing full, untainted justice for their actions (i.e. Perhaps people would pay less attention if times were good). Heck, prosecutors even intend to confiscate property from his wife, whom he claims is innocent (which is doubtful).

So, what are your thoughts?
Does this make you question capitalism (i.e. the greed and luxuries that come with it ... apparently, Madoff lived quite affluently on other peoples' money)?
Or, does it give you that innate oh-so-human satisfaction from the suffering of the wealthy and prosperous who now have nothing (i.e. their greed caught up with them/karma, etc.)?

[mystra]

I'm gonna go with the senator's quote from the other day "...resign or commit suicide..."

[Fat1Fared]

Apparently, the largest Ponzi scheme ever carried out has been shut down.

To get informed, here's a link: http://www.nytimes.com/2009/03/13/business/13madoff.html?_r=1&fta=y

Interestingly enough, a lot of famous people fell victim to the scam (including Steven Spielberg, John Malkovich, etc.) and even a few charities were shutdown. Worse, some people lost their life savings while a few others have committed suicide.

Further, though Madoff has pleaded guilty and taken all responsibility, investigators feel he's hiding things. For one, he obviously couldn't have acted alone (i.e. successfully throwing suspicious off for decades) as he claims to have done. Further, no one really knows where all the money is and Madoff hasn't really helped in this matter.

Given the tough economic times, this really won't help restore anyone's faith in the financial sector. However, in light of this, these tough economic times will likely result in Madoff and his "cronies" (i.e. when they are found) facing full, untainted justice for their actions (i.e. Perhaps people would pay less attention if times were good). Heck, prosecutors even intend to confiscate property from his wife, whom he claims is innocent (which is doubtful).

So, what are your thoughts?
Does this make you question capitalism (i.e. the greed and luxuries that come with it ... apparently, Madoff lived quite affluently on other peoples' money)?
Or, does it give you that innate oh-so-human satisfaction from the suffering of the wealthy and prosperous who now have nothing (i.e. their greed caught up with them/karma, etc.)?

Though overmind it is nice he has been caught, I doubt the real men behind will ever be seen again, these poeple where smart enough to do it, and they left a front man, he is hit, they go so deep, a deep sea sub couldn't find them and if anyone does, I expect they have power to change peoples opinions of them

[OverMind]

Though overmind it is nice he has been caught, I doubt the real men behind will ever be seen again, these poeple where smart enough to do it, and they left a front man, he is hit, they go so deep, a deep sea sub couldn't find them and if anyone does, I expect they have power to change peoples opinions of them

Umm ... "real men"? He wasn't framed, if that's what you mean. Though he was behind it all, he must have had accomplices.

[HolyShadow]

Did he have a person to take the fall for him before he was punished and such?

[OverMind]

Did he have a person to take the fall for him before he was punished and such?

No. In terms of the justice system he's cooperated, pleading guilty to all charges and even giving a public apology*. The problem is he's trying to take the fall for everything and has not even attempted to implicate anyone else to lighten the time he will serve. Given that investigators don't know where all the money is, and he isn't being helpful in this regard, logic dictates that the other parties who helped orchestrate the scam can potentially make off with some of the money (i.e. it will not be recovered). I read somewhere that, if he was solely responsible, he'd had to have worked day and night to pull it off for as long as he did. This is unlikely.

*His apology should not be taken at face value. Apparently, he wanted to "back out" of his scam a few years into it but, was so knee-deep in it, he couldn't. Instead, he claims, he knew the day would come when he'd get caught and so he just waited for it.

Of course, that explains why he lived the lavish lifestyle he did (again, on other peoples' money), and why he didn't just go to the authorities earlier (i.e. prevent less suffering; the more you get into a ponzi scheme, the more the victims lose) ... oh wait, it doesn't. If he truly felt guilty and knew this day would come eventually, he could've taken the above course of action; the end result would not have been this harsh, assuming it was inevitable. My guess is that he was hoping to carry the scam out until the day he died where, while lying on his deathbed, he'd give the finger to everyone he defrauded and then die with a smirk on his face.

[Fat1Fared]

Umm ... "real men"? He wasn't framed, if that's what you mean. Though he was behind it all, he must have had accomplices.

no don't mean framed, just that the greatest poeple are those that allow others to be ones in light, when they take rewards from behind scenes, not saying he was mindless muppet or set up, but don't think he was main man

[OverMind]

no don't mean framed, just that the greatest poeple are those that allow others to be ones in light, when they take rewards from behind scenes, not saying he was mindless muppet or set up, but don't think he was main man

Anything is possible; at this point in time, there's nothing that says your theory is incorrect. If people get suspicious enough, or justice doesn't seem properly served, other conspiracy theories will run wild too.

[Fat1Fared]

I don't actually think what I am saying is that outlandish, I mean you said yourself that he almost def couldn't work alone, yet he is willing to take blame for it all, when he would get far lesser sentence if he was a rat

and he got caught,

All, I am really saying is he wasn't boss

[GcarOatmealRaisinCookies]

I hear this story and I am in genuine awe.
Simply stunned.
There is no doubt in my mind Madoff is hiding more, whether it's information or more "undisclosed assets"
but damn, life savings.... gone... damn.