Madoff Leaves Many Bad Off

[rj1]

So what's everyone's take here on this $50 billion pyramid scheme? Charities, rich individuals, wealth funds, other hedge funds as well involved. More involved?

And also, how can the SEC have any legitimacy after this?

[skidder]

Re: Madoff Leaves Many Bad Off

Just one of many cockroaches to come. Funny how this story gets no press though.

"The arrest of financier Bernard Madoff Thursday for operating a "Ponzi scheme" costing investors $50 billion made the TV network news. Curiously, a lawsuit the same day against Clinton Treasury Secretary Robert Rubin for defrauding Citibank shareholders of more than $122 billion, also described as a "Ponzi scheme," got no airplay whatsoever.

As we shall see, Rubin, a Director of Citibank, profited from the shady practices that destroyed the financial system and sent the world's economies into a tailspin. Then, to repair the damage, he and his banker friends put the taxpayer on the hook for trillions.

Rubin didn't get the same publicity as Madoff because of his close connection to Barack Obama.

Robert Rubin's son Jamie was Obama's main Wall Street fund raiser and is now one of his principal advisers. More significant, Obama's economic team consists of Rubin's proteges including Timothy Geithner, Treasury Secretary, Lawrence Summers, Senior Economic Adviser and Peter Orszag, Budget Director. The Times of London has already dubbed them the "Robert Rubin Memorial All Stars."

http://www.rense.com/general84/d22er.htm

[rj1]

Re: Madoff Leaves Many Bad Off

Just one of many cockroaches to come. Funny how this story gets no press though.

http://www.rense.com/general84/d22er.htm

That's because at the bottom of the site he lists himself as an author of a book on the Illuminati and how they're infiltrating into key positions in daily life. What's wrong? The Rothschilds are on vacation? The Masons have no schemes going?

Leave the sh*t out of this site.

[GRG55]

Re: Madoff Leaves Many Bad Off

So what's everyone's take here on this $50 billion pyramid scheme? Charities, rich individuals, wealth funds, other hedge funds as well involved. More involved?

And also, how can the SEC have any legitimacy after this?

For anybody with a functioning brain cell, the SEC didn't have any legitimacy before this.

The headline making scandals always come in the very final stages of the mania, just before it heads down into the triple waterfall for good, thus snuffing any remaining false hopes of a quick recovery to "normal".

Remember the TMT economy in the late 1990's? Remember when the news broke about Enron? And WorldCom? And Tyco? The TMT bubble was already bursting by the time Jeff Skilling "retired"...the event that started the really intense scrutiny of what was going on. History rhymes...

[D-Mack]

Re: Madoff Leaves Many Bad Off

So what's everyone's take here on this $50 billion pyramid scheme? Charities, rich individuals, wealth funds, other hedge funds as well involved. More involved?

And also, how can the SEC have any legitimacy after this?

Andrew Calamari, a senior enforcement official at the US Securities and Exchange Commission, described the scheme as “a stunning fraud that appears to be of epic proportions”.
http://business.timesonline.co.uk/to...cle5333901.ece

[rj1]

Re: Madoff Leaves Many Bad Off

For anybody with a functioning brain cell, the SEC didn't have any legitimacy before this.

Well, how can the SEC even defend their position after this?

[Slimprofits]

Re: Madoff Leaves Many Bad Off

That's because at the bottom of the site he lists himself as an author of a book on the Illuminati and how they're infiltrating into key positions in daily life. What's wrong? The Rothschilds are on vacation? The Masons have no schemes going?

Leave the sh*t out of this site.

True that Rense is a buffoon, but the lawsuit is for real. I don't know if it gets anywhere though.

[skidder]

Re: Madoff Leaves Many Bad Off

That's because at the bottom of the site he lists himself as an author of a book on the Illuminati and how they're infiltrating into key positions in daily life. What's wrong? The Rothschilds are on vacation? The Masons have no schemes going?

Leave the sh*t out of this site.

If I post something that is inaccurate or misstated then I do so without knowledge or malice aforethought, please correct me.

Otherwise, fu*k you (unless of course you are in fact the mayor of the blog here, in which case I apologize for my post from an unauthorized site, it's accuracy notwithstanding).

[GRG55]

Re: Madoff Leaves Many Bad Off

Well, how can the SEC even defend their position after this?

The SEC has been trying to defend the indefensible for quite some time, and absolve themselves of any responsibility at the same time. Here's a recent example. First this is barn door closing of the first order. Second, note what they didn't have the courage to tackle...

From the WSJ:

DECEMBER 4, 2008
SEC Tightens Rules for Ratings Firms

The Securities and Exchange Commission took steps to curb potential conflicts of interests at bond-rating firms and stepped up disclosure requirements around the ratings process.

The agency put off more controversial changes that would designate different ratings for structured products, such as mortgage bonds and corporate debt, and that would reduce agency rules' reliance on the use of credit ratings for such things as investments by money-market mutual funds.

The SEC also didn't implement an earlier proposal that would have required the rating firms to disclose to the public all underlying information about any debt they are rating...

[rj1]

Re: Madoff Leaves Many Bad Off

If I post something that is inaccurate or misstated then I do so without knowledge or malice aforethought, please correct me.

Yes, you're pushing the radical opinion of a conspiracy nut whose sole purpose in life is to paint the world as the New World Order is taking over and every powerful person in the world is out to destroy mankind, it's dumbasses like that that give those of us on this board pointing out real problems in the world a bad name. The people that think Martians killed Kennedy are more reputable. He passed one fact on and then ten bullsh*t opinions that he's hawking with no basis for fact outside of his worldview.

[walenk]

Et tu deja vu

1929 (1936), 2008 Rhymes.
http://en.wikipedia.org/wiki/Richard_Whitney_(financier)
Hmm...wikipedia has a klugey link to this guy, Richard goddam Whitney, embezzler, notorious crook. Feh.

[GRG55]

Re: Madoff Leaves Many Bad Off

So what's everyone's take here on this $50 billion pyramid scheme? Charities, rich individuals, wealth funds, other hedge funds as well involved. More involved?

And also, how can the SEC have any legitimacy after this?

Another right hook to the hedge fund industry. What is interesting is several "hedge" funds that were essentially fully invested with Madoff. Now why would anyone pay a hedge fund 2 & 20 so they can stick the money with someone else who's also taking a fee? Unbelievable...

From Bloomberg a partial list:

Bernard Madoff’s ‘One Big Lie’ Drew Global Investors: Table
Last Updated: December 14, 2008 00:01 EST

Dec. 14 (Bloomberg) -- Here is an alphabetical list of investors tied to the firm that founder Bernard Madoff confessed to being a “one big lie” that cost clients $50 billion...

[click on link to see table]

[santafe2]

Re: Madoff Leaves Many Bad Off

The people that think Martians killed Kennedy are more reputable.

Interesting, I thought it was the Cubans or the Mafia but if I cross my eyes and squint, I see what you mean.

So you're saying you oppose people posting absolute nonsense on this site and then pretending they're reporting something of value because they didn't understand that they were posting nihilist crap.

I sure hope the Martian-Cuban-Mafia-Illuminati elite are down with this or we're out of luck.

[D-Mack]

Re: Madoff Leaves Many Bad Off

Interesting, I thought it was the Cubans or the Mafia but if I cross my eyes and squint, I see what you mean.

So you're saying you oppose people posting absolute nonsense on this site and then pretending they're reporting something of value because they didn't understand that they were posting nihilist crap.

I sure hope the Martian-Cuban-Mafia-Illuminati elite are down with this or we're out of luck.

let me correct that

[skidder]

Re: Madoff Leaves Many Bad Off

Yes, you're pushing the radical opinion of a conspiracy nut whose sole purpose in life is to paint the world as the New World Order is taking over and every powerful person in the world is out to destroy mankind, it's dumbasses like that that give those of us on this board pointing out real problems in the world a bad name. The people that think Martians killed Kennedy are more reputable. He passed one fact on and then ten bullsh*t opinions that he's hawking with no basis for fact outside of his worldview.

I couldn't figure out what set you off about this article until I just went back and re-read it. I didn't remember when I went back to grab the quote that the end of the article went off on some zionist rant. I only read the Rubin lawsuit part, which was the relevant issue that I was trying to bring to your attention.
You are correct, that was an inappropriate article to post here because of that stuff towards the end.
I originally thought you were just offended at the source of the article, not the content. I stand corrected.