Discussion in 'The Intelligence Cell' started by scrofula, Jan 27, 2009.

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  1. Does anyone, like me, have a funny feeling that Bernard Madoff may be a sacrificial goat, to distract attention whilst other, bigger, Ponzi schemes keep going?
  2. No, can't say that I do actually.
  3. We'll see, and I'm not alleging to be some Nostradamus of Doom, I personally hope not, but I have a gut feeling.
  4. Brilliant piece in The Times by David Aronovitcg today - where did all the money go? Back to "the dupes" in their 12-14% returns. Zza Zza Gabor hasn't lost millions, she pi*sed them away over the last 20 years. She didn't know she was spending capital, but she actually lost nothing.
  5. always happy to learn more, anything in particular giving uou that gut feeling?
  6. To trivialise a bit, because you can't entirely explain a gut feeling, those type of animals usually hunt in packs.
  7. Not Bernie, this one is unique because of the length of time over which he operated and the scale which is simply epic. Other smaller scams are being uncovered almost weekly have all been unconnected with Bernie. The bigger financial crimes and incompetence are self evident and have and are discussed at length elsewhere.
  8. Thanks for your insights into the world of finance, I feel alot wiser now. But not for the reasons you intended.

    Stop dribbling on the keyboard you mong.
  9. I stand off, but in parting, I have taught, and learned alot from, some of the top financial people in central Europe....yes, I know, go back and listen to them. They're too busy worrying about things to talk at the mo.
  10. I have no crystal ball to say that other such schemes do not exist, but I do not think they are on the scale of Madoff's nor do I think that he has been made a sacrificial goat. Madoff's success at sustaining his fraud was because of his personal reputation of trustworthiness (having been Chairman of NASDAQ and an advisor to the SEC) and his non-flashy demeanour, which encouraged a constant flow of capital into his 'funds'. Many of his private client investors forgot the maxim that if it sounds too good to be true, it is and they provided mutual false assurance that all MUST be well as otherwise so-and-so would not be an investor.
  12. True, true. They're all altruistic, don'tcha know - just look at this fella: his wife must have fallen on hard times and he under-sold an asset to help her out! CLICKY
  13. an example of a smaller scam:

    Authorities on Monday arrested the chief executive of a private New York financing firm on suspicion of running a purported Ponzi scheme that attracted $400 million in investments, U.S. law enforcement officials said.

    Nicholas Cosmo, head of Agape World Inc on New York's Long Island, was said to provide commercial bridge loans, but was instead operating a traditional Ponzi scheme in which early investors are paid with the money of new clients, officials said.

    "Nicholas Cosmo took the advice of an attorney and complied with an arrest warrant," said Al Weissmann, spokesman for the U.S. Postal Inspection Service, which is investigating Agape World and Cosmo along with the FBI.

    It is the numbers that always surprise me. Everything about this credit crunch is big; these guys stopped dealing in small change and went for the millions, billions and gazillions.

    link here