Notices

Bernie Madoff dead

Old 04-15-2021, 09:25 AM
  #41  
Senior MemberCaptains Club Member
 
Join Date: Aug 2003
Location: Out west
Posts: 3,373
Likes: 0
Received 591 Likes on 295 Posts
Default

Originally Posted by psychocuda View Post
Greed had everything to do with everyone involved...more,more, more I gotta have more. Everyone involved already had money & it's not like he dealt with average Joe"s you had to know someone to hook up with him & meet certain financial criteria to be considered as an investor. He had such a reputation it was like "Please take my money"
Greed
Dictionary sez: .........intense and selfish desire for something, especially wealth, power, or food.
"mercenaries who had allowed greed to overtake their principles"

Greed
THT sez: .......victims of swindlers and dishonest people are greedy and deserved what they got because they wanted a rate of return on their investment......

Elie Wiesel was greedy.
So was Kevin Bacon.
So were Jewish Charities.
So were Jewish congregations.......
...............
Old 04-15-2021, 02:59 PM
  #42  
Senior Member
 
Join Date: Dec 2009
Posts: 1,010
Received 484 Likes on 293 Posts
Default

Originally Posted by dssmith View Post
T​​​​HT at it's finest!!!!

Blame victims!!!!

This is a great place!! Gotta keyboard?? Show your true colors!!!
Tell me why it's wrong.

All scams are based on the greed of the "victims".
Old 04-15-2021, 03:24 PM
  #43  
Senior Member
 
Join Date: Jan 2011
Location: Retired Bizy Livin
Posts: 8,049
Received 1,410 Likes on 1,000 Posts
Default

Originally Posted by GravyBoat View Post
Yeah, he was a mega crook. But who give 1 man their entire life's savings? How could you give one investor over 20% on any one scheme. Even 20% is pushing it.
eye dun nuh ask those ex - Eron employees?🤦‍♂️
Old 04-15-2021, 04:10 PM
  #44  
Senior MemberCaptains Club Member
 
Join Date: Aug 2003
Location: Out west
Posts: 3,373
Likes: 0
Received 591 Likes on 295 Posts
Default

Count me as one of the Greedy!!!!!

In 1981 I purchased two whole life insurance policies. One for me, one for wife. Premium was $5000 for one and $2500 for the spouse.
Insurance agent gave me bogus policies and never paid the Travelers. Travelers told me the agent was the thief and to pound sand.

This agent was the second leading salesman of whole life for the entire company. Many farmers (greedy also) secured the passage of their farms to their sons and daughters by purchasing whole life policies. If you recall, the estate tax rate was very high back then. $7500 was a good bit of money in 1981. I had been out working for one year. The agent scammed over 120 Greedy people over the years and many never knew it until I went to the State Department of Insurance and reported him. I was one of the four lucky (greedy) ones to get my premium returned. The other 116 got nothing but lawsuits.

Many of Madoff's victims were the kindest and most generous people. They likely earned their wealth with their efforts. Could some of them have been greedy? Sure.

All scams are not because of the greed of the victims. I doubt you have the ability to see you are way off base.





Last edited by dssmith; 04-15-2021 at 04:46 PM.
Old 04-15-2021, 04:27 PM
  #45  
Member
 
Join Date: Jan 2012
Posts: 91
Received 73 Likes on 21 Posts
Default

Does anyone know how he made all the statements? When I get my statement I can see the fund I'm invested in with, I can google the fund to see if the returns match.

It'll say Vanguard XXX fund- cost basis 10k, returns 16.5% current value 14.5k or whatever

Did he really make his own monthly statements for thousands of clients, make up investment funds they're invested in, and calculate 12-15% returns for 30 years with nobody noticing it didn't match actual market returns for the whole time this fraud happened?

I just don't get it.
Old 04-15-2021, 04:53 PM
  #46  
Admirals Club Admiral's Club Member
 
Join Date: Jul 2010
Location: Palm Harbor, FL
Posts: 1,710
Received 214 Likes on 135 Posts
Default

Ran like a hedge fund I guess where investments are risky and the rules are lax. Long as people were getting their 8% through bull & bear markets they were happy until the bottom fell out and people started to cash in & the money wasn't there. If it wasn't for the 08 drop he might never had been caught as he had been doing this for years.
Old 04-15-2021, 05:03 PM
  #47  
Senior MemberCaptains Club Member
 
Join Date: Aug 2003
Location: Out west
Posts: 3,373
Likes: 0
Received 591 Likes on 295 Posts
Default

Originally Posted by capt. kidd View Post
Does anyone know how he made all the statements? When I get my statement I can see the fund I'm invested in with, I can google the fund to see if the returns match.

It'll say Vanguard XXX fund- cost basis 10k, returns 16.5% current value 14.5k or whatever

Did he really make his own monthly statements for thousands of clients, make up investment funds they're invested in, and calculate 12-15% returns for 30 years with nobody noticing it didn't match actual market returns for the whole time this fraud happened?

I just don't get it.
He really did make his monthly statements out of thin air. He reported the income as money he made for his clients with his "Strike Slip" technique. There were warnings and in 2001 a whistle blower warned the SEC his results count not statistically be realistic. SEC did their investigation and did not catch on to the scam. For another seven years he plied his scam and his downfall was the crash of 2008, when many wanted or needed to get into their accounts.

Recall that many victims were not dealing with Madoff, but investing with others that were fronting "feeder" funds that "invested" with Madoff on behalf of their accounts.

He did not calculate or manufacture 12-15% returns. I believe he represented somewhere between 8 and 10%. (I certainly could be wrong) His accounts were deemed the "Jewish Bonds" by many unfortunate enough to invest in what they thought were secure and safe investments.

My insurance agent really did give me Travelers Life Insurance policies. The pieces of paper anyways. It was only a year later that the Travelers notified me that they had never received the premiums that I caught wind of the theft. It is a long sad story I personally lived. I never trust any "investment adviser." Or Insurance Agent, or Banker. That doesn't mean I use a coffee can under the bed. I do my best to verify all holdings, but, in the end all you really have are computer screen shots or paper that says you have this or that investment.

Madoff ruined his family and wife. His son killed himself. He ruined the lives of many. Any poster that thinks his son (who killed himself) was Greedy is way off base. As mentioned, one of THT's finest blowhards.
Old 04-15-2021, 06:00 PM
  #48  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Sep 2003
Location: CA & San Carlos, Mx
Posts: 23,694
Received 1,351 Likes on 854 Posts
Default

Originally Posted by ronp364 View Post
Tell me why it's wrong.

All scams are based on the greed of the "victims".

Well he should sue his victims as it was their fault he was a crook.
Yes they made me do it. And no, fraud is not a crime.
Old 04-15-2021, 06:03 PM
  #49  
Senior Member
 
Join Date: Jul 2020
Location: SWFL
Posts: 347
Received 210 Likes on 120 Posts
Default

This just in... Bernie Madoff is still dead.
Old 04-18-2021, 08:41 PM
  #50  
Senior Member
 
Join Date: Dec 2002
Posts: 1,900
Likes: 0
Received 217 Likes on 121 Posts
Default

Originally Posted by magua View Post
eye dun nuh ask those ex - Eron employees?🤦‍♂️
Great point, never thought to ask about something completely unrelated, or relevant to the topic in the thread. Good work.
Old 04-18-2021, 08:57 PM
  #51  
Member
 
Join Date: Jan 2012
Posts: 91
Received 73 Likes on 21 Posts
Default

I googled his statements and they look fairly rudimentary. One listed Walmart, Chevron, Various Fidelity funds etc. You can even buy originals on ebay. Anyways, still don't understand how you can print these worthless statements for so long and none of the thousands of customers double check or google the returns to see how they match actual stock market returns. This went on into the mid 2000's long after you can log in to most investment accounts online.

https://www.ebay.com/itm/Authentic-O...cAAOSwM2ZgDbl9
Old 04-19-2021, 02:40 AM
  #52  
Senior MemberCaptains Club Member
 
Join Date: Jan 2002
Location: Theodore Al
Posts: 204
Received 250 Likes on 115 Posts
Default

How many of you went to your accounts and checked the returns. If he could do it, could this happen again? I really makes you wonder about the regulators, hard to believe he could do this for so long.
Old 04-19-2021, 03:00 AM
  #53  
Admirals Club Admiral's Club Member
 
spraynet 1's Avatar
 
Join Date: Sep 2005
Location: Sanford, FL
Posts: 7,482
Received 2,619 Likes on 1,236 Posts
Default

Originally Posted by fishingfun View Post
funny things is, he was just doing the same thing the government does with your social security money.

/\/\/\ bingo !!! /\/\/\
Old 04-19-2021, 04:44 AM
  #54  
Admirals ClubCaptains Club Member Admiral's Club Member
 
nicecast's Avatar
 
Join Date: Apr 2007
Posts: 1,634
Received 1,092 Likes on 648 Posts
Default

Originally Posted by N D H View Post
How many of you went to your accounts and checked the returns. If he could do it, could this happen again? I really makes you wonder about the regulators, hard to believe he could do this for so long.
Very true. Some of his victims were greedy, sure, but most were putting their hard earned money with a well respected, heavily regulated former chair of the NASDAQ... one recommended by legit advisors.

A complete failure of regulation, which is vital for capitalism to work properly.

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.