Benard Modoff scandal
 

The SEC is under harsh scrutiny from congress and the American people over the their neglectful dealings with the Bernie Madoff scandal which swindled over 50 billion dollars from investors.


http://business.timesonline.co.uk/to...cle5658000.ece


I don't understand how this type of scandal could go undetected for over a decade right under the nose of the same people who are suppose to be regulating the this medium. Does this show that the SEC is corrupt, or that they are simply incompetent? You got about 25 red flags that pop up, mountains of evidence on this guy, and the SEC simply sits there and picks their bum. I would have been so cheesed if i had invested with this guy. I find it odd that most of his clients did not ask for access to any electronic information. He gives you a figgin piece of paper! wtf? Not only did the SEC fail, but the government failed. They really dropped the ball on this one...

when you have a powerful figure on the SEC, while at the mean time a power player in the fund world, this is what you get.

Everyone can argue how America is better than the rest of the world, but $$$$$ and power corrupt the same

anyone explain how the scandel worked? I read that article but I'm kinda confused on what it is trying to say.

http://en.wikipedia.org/wiki/Ponzi_scheme

they should rename it as the madoff scheme

oo after reading on it, I think Bernard Madolf intentionally told his kids to report him so they will be clean from the whole scandel, and how his kids pulled out their investment years ago from his firm is totally arranged.

for all these years, not a single transaction lol

the investors got royally owned

so can the money be recovered and reimbursed to the investors?

penny to the dollar

if you are lucky

I don't think they really used that much of the money...
Many of the loss investor are claiming right now are the investment "gain" madoff reported - money that were never there in the first place

I think that guy told his son to report him too so they can be freed from any legal responsibility..i would do that if I were him.

But...what exactly is madoff thinking?? Everyone knows this sort of scheme eventually fall apart...he wasn't doing it just to get over a difficult time. he can probably make enough money to support a lavish lifestyle doing legitimate things with his qualification. The only other reason I see someone like him would do this is to take all the money and disappear...but obviously that's not the case here either :confused:

For Ponzis, it is always penny to the dollar.

There is no way the investors will get their money back. Madoff was claiming a stready 1% monthly return to the investors I believe.

That is more than 12% every year, and remember, there is NO stock transaction at all. All the money the investors received was someone else's money.

you know who's gonna get the shaft also beside the investors? the government.

these people have paid taxes on all the capital gains over the years, and now the government have to paid them back, because those gains were never there.

SEC can't have oversight over every single fund out there. That's why each firm has its own compliance dept and auditors.

True, but this is not something that should have been over sought.. It was brought to the SEC attention on numerous occasions.. yet they still chose to be willingly ignorant.. The report indicated that there was something very wrong with how the numbers added up, yet they still chose to ignore it..

Suicide..yeah right..
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