The website of Bernard Madoff has a big blurb about deadlines for filing
claims for what is heralded as the largest Ponzi scheme ever.
Makes Enron look small and uncreative.
Equal opportunity swindling: from large non-profits to his own
social circle in Palm Beach.
Mr. Madoff could be the Mark Spitz of shell game Olympics.
So Mr. Madoff is under house arrest, along with personal security detail.
Have you wondered how he might be spending his sequestered time?
Padding 'round the penthouse in bunny slippers and cashmere socks perhaps.
My theory: iphone games. There is a B.Madoff currently logged into ichess.
He takes his own sweet time plotting and planning his next move.
You can almost imagine him peeking out the window from his Manhattan
Penthouse, returning with hot cocoa in hand to his next move.
This is a time tested guy. It was the unbelievably steady returns Madoff delivered
that attracted everyone. By most accounts, Madoff consistently delivered around
10% a year, even in bad times.
Apparently, Madoff was wise enough to avoid excessive returns so that even our
erstwhile regulators at the Securities and Exchange Commission were duped into thinking everything was fine. Well, no surprise there. The most amazing thing about this tale is how
the alleged $17.1 billion Madoff managed turned into a potential $50 billion loss for so many
banks, funds and individuals. Hey, what about audits? Accounting checks and balances..nope..nada. New York is one of six states not requiring a peer review..how convenient.
Does anyone still doubt that the global banking and investing industry is full
of greedy s.o.b.'s?
A track record clearly too good to be true, but greed makes a sucker out of even the smartest people. Foundations folding, and non-profits swindled, shameful on so many fronts. Maybe playing him in ichess is aiding and abetting.
Time to log off of ichess.
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1 comment:
It is clear the justice system in the USA can't keep up with all the a-holes out there like Madoff, and the Madoffs of the world know this..This sob made-off with $50 billion and will end up spending the rest of his days in a country club jail after costing the taxpayers even more $$$ for his trial...
The sad thing is the whole US financial system is based on a greater fool theory...That is he or she who panics first looses least, or every man (woman) for him(her)self, or like Steve Miller says, "take the money and run." If you think you are going to be the next buy and hold Warren Buffett you are a sitting duck..
Currently, our goverment is setting up a "ponzi scheme" for future generations of Americans to pay...The $1.5 trillion bailout which will be placed on the backs of future generations of taxpayers for years and years to come..All because of the Made-offs of the world.
And don't count on Social Security to bail you out..This is another government sponsored ponzi scheme..
So, fire up that printing press and print a stack of $100 bills that can reach Jupiter..We need a way to get off this planet some how..
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