Madoff & the Ponzi

[Cannon Shell]

Originally Posted by Stall Mucker

Part of this hits home in Saratoga. Stone Bridge Farms, both the training center and farm are up for sale. 9 billion lost in the ponzi scam.

Tucker was involved? I suppose the horses are for sale too?

[Kasept]

Originally Posted by Cannon Shell

Tucker was involved? I suppose the horses are for sale too?

Tucker and his partner are Fairfield Greenwich Group.. as big a facilitator to Madoff as was out there.

[Stall Mucker]

Originally Posted by Kasept

Tucker and his partner are Fairfield Greenwich Group.. as big a facilitator to Madoff as was out there.

Sounds closer your way Steve. I don't have much detail.

[Kasept]

Originally Posted by Stall Mucker

Sounds closer your way Steve. I don't have much detail.

Fairfield was passing on a huge portion of their investors' funds to Madoff. To the tune of $7B..

WSJ: http://online.wsj.com/article/SB1229...googlenews_wsj

NYT: http://www.nytimes.com/2008/12/17/bu...7hedge.html?em

[packerbacker7964]

People where in the Sam Hell are the regulators of these funds? Where's the audit's? I mean no one checks up on these Billion $$$ funds? Lot's of banks in England are going dwon in a blaze of glory over this also. What a way to get money outside of the USA to invest now after this fisaco.

[Cannon Shell]

Originally Posted by packerbacker7964

People where in the Sam Hell are the regulators of these funds? Where's the audit's? I mean no one checks up on these Billion $$$ funds? Lot's of banks in England are going dwon in a blaze of glory over this also. What a way to get money outside of the USA to invest now after this fisaco.

The tip off should have been the accounting firm that signed off on the books was a one room operation that could never had the staffing to handle an account of that size and scope. The SEC blew it. But foreign investors wont hesitate to invest in the US because of this. People with money are desperate to find any place where they wont continue to lose. Our economy is bad but overseas there are much worse.

[packerbacker7964]

Originally Posted by Cannon Shell

The tip off should have been the accounting firm that signed off on the books was a one room operation that could never had the staffing to handle an account of that size and scope. The SEC blew it. But foreign investors wont hesitate to invest in the US because of this. People with money are desperate to find any place where they wont continue to lose. Our economy is bad but overseas there are much worse.

I hope your wrong because in my 401k I've got all international funds I'm one of only a few guys at work to that turned a profit on my 401k last year. Although it was a small one it still made money. With such large funds why don't they make more than one company in charge of tracking money?

[Stall Mucker]

Originally Posted by Cannon Shell

The tip off should have been the accounting firm that signed off on the books was a one room operation that could never had the staffing to handle an account of that size and scope. The SEC blew it. But foreign investors wont hesitate to invest in the US because of this. People with money are desperate to find any place where they wont continue to lose. Our economy is bad but overseas there are much worse.

Hey Honey. I lost 9 billion today. You'll have to start shopin at Wal-Mart. Talbots is out. Buy cheap Spanks and other pricey undergarments elsewhere.

[Linny]

Originally Posted by packerbacker7964

People where in the Sam Hell are the regulators of these funds? Where's the audit's? I mean no one checks up on these Billion $$$ funds? Lot's of banks in England are going dwon in a blaze of glory over this also. What a way to get money outside of the USA to invest now after this fisaco.

Madoff's neice (a well connected attorney) recently married a member of the board of the SEC. Hmmmm...

[ELA]

By the way, very often, when an event like this occurs, some of those who always rant and rave about everything tend to now have a captive audience, and the heretics can surface. Many use something like this as an opportunity. This is one of the reasons why many heretics call Social Security a Ponzi scheme.

Eric

[Stall Mucker]

Originally Posted by Cannon Shell

Tucker was involved? I suppose the horses are for sale too?

He was an investor. That's all I know.