Madoff.....His firm NEVER traded!

[Mega]

He didn't buy 1 Bloody stock!
http://www.telegraph.co.uk/finance/f...er-traded.html

I thought you had the SCC types that could spot any iffy goings on............my dog could have sussed this!

Still, friends in high places
Mike

[pwcmba]

Re: Madoff.....His firm NEVER traded!

At this point - if you're not holding gold in your hand, you're holding a piece of paper shit!

[Many Arrows]

Re: Madoff.....His firm NEVER traded!

If this is true, his sons and brother who worked in the firm cannot conceivably be innocent of fraud themselves.

[Shakespear]

Re: Madoff.....His firm NEVER traded!

OK guys, don't laugh but there may be some truth in the following

http://www.deepcapture.com/bernard-m...short-selling/

Charles Gasparino (citing “speculation” from investigators) reported last week on CNBC that the Russian Mafia might have been partners in Madoff’s larcenous fund business. Or perhaps the Mob had an even greater interest in Madoff’s market making operation, as some of our sources have told us in recent weeks.
Either way, there is a certain cachet.
But it wasn’t just pierogies and pistol-packing wiseguys in purple suits. Mr. Madoff was also a dedicated public servant, volunteering countless hours at the Securities and Exchange Commission.
Indeed, Madoff seems to have written many of the SEC’s rules. For example, Madoff was the principal author of an SEC rule that exempted market makers (i.e. Madoff) from various regulations governing short sellers (i.e. Madoff’s friends).

I like pierogi, but Russian heavies have no sense of humor when I saw their types in St. Petersburg :-)

[flintlock]

Re: Madoff.....His firm NEVER traded!

If this is true, his sons and brother who worked in the firm cannot conceivably be innocent of fraud themselves.

It's laughable to think nobody at his business knew what was going on.

[don]

Re: Madoff.....His firm NEVER traded!

It appears we're collectively tiring a bit with Bernie. For Madoff junkies, however, there is an incredibly long, detailed, "they done me bad" academic 4-hankie job at this site:

http://www.counterpunch.org/velvel01222009.html

The author is Lawrence Velvel, dean of the Massachusetts School of Law, who apparently got his weeney in the Madoff sausage machine.

[World Traveler]

Re: Madoff.....His firm NEVER traded!

From the Deepcapture article. It it's true (I have no way of confirming), all I can say is - @#$%:

"
Indeed, Madoff seems to have written many of the SEC’s rules. For example, Madoff was the principal author of an SEC rule that exempted market makers (i.e. Madoff) from various regulations governing short sellers (i.e. Madoff’s friends).

Madoff’s rule ensured that market makers (Madoff) could, among other things, engage in so-called “naked short selling.” To sell “naked” is to sell stock that one does not actually possess. That is “phantom stock,” according to the SEC Chairman and many others.

Sometimes, short sellers (who profit when shares lose value) offload massive amounts of phantom stock to drive down prices, destroy pubic companies, or even crash the market. That is why there used to be restrictions.

At any rate, I don’t think Madoff had an office at the SEC. He certainly was not employed there. But the SEC was glad to have Madoff write a rule exempting Madoff from the rules. The formal name of the rule is, “the option market maker exception to Rule 203(b)1,” but the SEC was so thankful that it named the rule after the great man himself.

It was called, “The Madoff Exception.” ".

[don]

Re: Madoff.....His firm NEVER traded!

From the Deepcapture article. It it's true (I have no way of confirming), all I can say is - @#$%:

"
Indeed, Madoff seems to have written many of the SEC’s rules. For example, Madoff was the principal author of an SEC rule that exempted market makers (i.e. Madoff) from various regulations governing short sellers (i.e. Madoff’s friends).

Madoff’s rule ensured that market makers (Madoff) could, among other things, engage in so-called “naked short selling.” To sell “naked” is to sell stock that one does not actually possess. That is “phantom stock,” according to the SEC Chairman and many others.

Sometimes, short sellers (who profit when shares lose value) offload massive amounts of phantom stock to drive down prices, destroy pubic companies, or even crash the market. That is why there used to be restrictions.

At any rate, I don’t think Madoff had an office at the SEC. He certainly was not employed there. But the SEC was glad to have Madoff write a rule exempting Madoff from the rules. The formal name of the rule is, “the option market maker exception to Rule 203(b)1,” but the SEC was so thankful that it named the rule after the great man himself.

It was called, “The Madoff Exception.” ".

It goes a long way explaining the kid glove treatment old Bernie's received to date. He's hardwired into FIRE to the extent he glows...and smolders.