michaelmars Posted December 13, 2008 Report Share Posted December 13, 2008 One of my partners lost at least $3mil so did a few clients and others i know, its gonna be a real interesting holiday season! maybe they'll get .10 on the dollar. -JUST venting Quote Link to comment Share on other sites More sharing options...
jainen Posted December 14, 2008 Report Share Posted December 14, 2008 >>JUST venting << One thing I like about this story -- finally the media has stopped sticking up for the guys who have been in power the last seven years. Madoff isn't being excused as a "bubble," it isn't being blamed on health benefits for retired factory workers, unregulated Chinese imports didn't cause this. Much of our current economic problems was deliberately set up for the oldest purpose in the world. (But of course, Madoff was probably the ONLY bad guy!) Quote Link to comment Share on other sites More sharing options...
mcb39 Posted December 14, 2008 Report Share Posted December 14, 2008 >>JUST venting << One thing I like about this story -- finally the media has stopped sticking up for the guys who have been in power the last seven years. Madoff isn't being excused as a "bubble," it isn't being blamed on health benefits for retired factory workers, unregulated Chinese imports didn't cause this. Much of our current economic problems was deliberately set up for the oldest purpose in the world. (But of course, Madoff was probably the ONLY bad guy!) And I pretty much like everything about your synopsis, Jainen. Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted December 15, 2008 Report Share Posted December 15, 2008 And I pretty much like everything about your synopsis, Jainen. I don't know if I would say that I like the synopsis, but I sure cannot argue with it! :scratch_head: Quote Link to comment Share on other sites More sharing options...
Booger Posted December 15, 2008 Report Share Posted December 15, 2008 Let's see.....LTCL of, say, $250,000. Will only take 83.33 YEARS to write-off!! Quote Link to comment Share on other sites More sharing options...
jainen Posted December 15, 2008 Report Share Posted December 15, 2008 >>I sure cannot argue with it!<< I hope you mean you can't argue AGAINST it. You can certainly argue WITH it as a powerful tool. This story will be an important element in economic theory for the next century. Why, capitalism at the highest, most refined level turns out to be a gigantic Ponzi scheme! Quote Link to comment Share on other sites More sharing options...
JohnH Posted December 15, 2008 Report Share Posted December 15, 2008 One story I read said that he kept the company's financial details a closely-guarded secret and never revealed any information to outside parties. I don't know if the story is accurate, but if it's true, what did everyone expect in an industry in which audited financial statements are a normal part of doing business? Quote Link to comment Share on other sites More sharing options...
taxxcpa Posted December 16, 2008 Report Share Posted December 16, 2008 Where was the SEC? How about those "independent" auditors? It's caveat emptor uber alles. Quote Link to comment Share on other sites More sharing options...
jainen Posted December 16, 2008 Report Share Posted December 16, 2008 >>Where was the SEC?<< In his pocket, figuratively speaking. And in his family, literally. Quote Link to comment Share on other sites More sharing options...
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