Banks hit worldwide by US fraud

Discussion in 'Current Affairs, News and Analysis' started by PartTimePongo, Dec 15, 2008.

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  1. http://news.bbc.co.uk/1/hi/business/7783236.stm

    So where is the money? If it's a Pyramid scheme, then the 'early' investors would be quids in.

    Who are the early investors?
     
  2. No doubt they'll be needing even more money to help them through these difficult times :|
     
  3. HSBC are in it for over 2 billion!!
     
  4. The early investors who actually got the supposed decent returns will be sued by the others, so no one is a winner really... (Except the law firms, as ever)

    What's funny is Nicola Horlick bleating on about how it's everyone elses fault but her own. You would think a 3 person firm doing the audit might be a slight clue...Greed :D
     
  5. Here we go again.
    The banks stuff up and looses a shedload of cash. I wonder who will pick up the bill this time?
     
  6. You have to admire him.... reportedly, he kept it going for years, and wouldn't let just anybody join - which meant people were queueing up and begging him to let them in!

    If you are going to break the law, do it with style and do it BIG!

    $50bn is a huge sum of money! The MOD's annual budget for a start (give or take)!

    Stand by for lots of stories about bankrupt financiers.

    Litotes
     
  7. You have to laugh at all these finance companies who have been making losses due to all these scams, when the money was rolling in it was great, now it's dead they're all out with the begging bowls asking the governments to help them out, the way they act you'd almost forget that nothing is guaranteed, yet these clever people think they should be supported due to losing, next we'll have gambers complaining that ladbrokes have taken their money and they want the government to give them their stake back.
     
  8. Didn't realise Ponzi Schemes were a regulated investment, well except for the grandest one of all namely Social Security........
     
  9. Those who fell for this one run by a dude called madoff,pronounced madeoff(as he duly did) were certainally turned over.

    No doubt Cyclops will be bailing out HSBS and RBoS.

    Bonuses still intact for bank fat cats?.I bet they are.
     
  10. So where has the money gone NWD?
     
  11. Read the glowing end of year reports put out by all the 'blue chip' financial insitutions over the past 5-10 years.

    The money has just gone round and round in circles. The money now being claimed as 'lost' was probably money paid out of or borrowed upon the basis of previous 'gains' from the same scam.
     
  12. But there would still have been a chunk taken by Madoff. Has it ended up in the same place as the Mirror pension fund?
     
  13. It would be very nice to hear that Madoff has gone to the same place as the mirror fund plunderer. ;)
     
  14. Of course Madoff will have stashed away a fair chunk. But that amount will be relatively small compared to the $50 billion being bandied around in the press.

    Remember, the entire global banking system has been running on dodgy instruments for a good while; instruments that financial institutions have bought into, despite the risk, because of the high rate of returns.

    Where do those high rates of return come from? They're all ponzi on ponzi-like schemes by another name.

    What the banks are claiming to have 'lost' now, are nothing more than imaginary wealth earned/created over the preceeding decade.