Madoff faces sentencing in court

**Doggy Styles** · 29 June 2009, 09:03

Originally posted by gingerjedi View Post

I'm still not entirely sure how a 'Ponzi Scheme' differs that much from a traditional bank model??

A lot. Banks make real investments with their funds.

**gingerjedi** · 29 June 2009, 09:15

Yes like NR, they'd have kept their dodgy model going for a few more years if it wasn't for pesky Peston.

I know what you're saying, Madoff just cut out the middle man and kept the cash instead of making dodgy investments and playing pass the parcel with the toxic debt which is just fine as it’s perfectly legal.

**sunnysan** · 29 June 2009, 09:56

Maddoff

I am not sure about him,

I am not sure how many peoples lost pensions etc becuase of him, but all I know is that a lot of rich people got ripped off by him. if thats the case ICGAF as they should have practiced due diligence.

I couldnt give a stuff really, as is being insinuated here, its a very fine line between what is legal and what is not. All fine when everybodies palms are being greased, but now when the moneys gone all his clients are feigning disbelief that friendly uncles Bernie is actually not a financial whizz kid but a conman.

What really gets me about this is that people who have money and power and knowledge put money with him and what I find hard to believe is that these people had no idea what was going on.

Suddenly all these people with their wives dripping in diamonds are crying crying into their cocktails on Mustique, saying they had no idea? IMHO, bull s h i t

I maintain he is a fall guy, becuase I cannot accept that the calibre of people whose money he took, didnt know what was going on. There may have been some mugs, but it could not have just been him on the take. It doesnt make sense. I think in this case, somebody had to take the blame, and Bernie is that man, but he will be looked after and pop up somewhere when its all blown over.

**pzz76077** · 29 June 2009, 10:50

Golden Rule: dont buy financial products from a salesman. Especially those with 'Mad' in their name.

PZZ

**thunderlizard** · 29 June 2009, 11:08

http://www.thedailymash.co.uk/news/b...-200903131639/

**sweetandsour** · 29 June 2009, 11:13

Originally posted by sunnysan View Post

I think in this case, somebody had to take the blame, and Bernie is that man, but he will be looked after and pop up somewhere when its all blown over.

He is 71 years old now, he is facing a sentence of up to 150 years, his own lawyers are asking for 12.

I am not sure that he is going to be doing much "popping up" in years to come.

**pzz76077** · 29 June 2009, 11:32

The thing that amazes me about this case is that Madoff is not to be given the opportunity to pay back the money hes lost. I know Id rather have my money back than put him in clink.

Regardless of what he did, he seems to be hailed as a financial guru by all accounts, so should not have much of problem in coming up with some more cash generating schemes (with better supervision this time).

PZZ

**gingerjedi** · 29 June 2009, 11:37

Originally posted by pzz76077 View Post

The thing that amazes me about this case is that Madoff is not to be given the opportunity to pay back the money hes lost. I know Id rather have my money back than put him in clink.

Regardless of what he did, he seems to be hailed as a financial guru by all accounts, so should not have much of problem in coming up with some more cash generating schemes (with better supervision this time).

PZZ

His wife and kids syphoned off what money they could and he had access to the internet and a telephone whilst under house arrest, because of some odd quirk in US law they can't touch his family as he's not talking.

**sunnysan** · 29 June 2009, 16:15

Madoff

Originally posted by sweetandsour View Post

He is 71 years old now, he is facing a sentence of up to 150 years, his own lawyers are asking for 12.

I am not sure that he is going to be doing much "popping up" in years to come.

Well he got 150 years, so I suppose you are right. Next thing he pops up are going to be daisies methinks

Madoff faces sentencing in court