Bernie Madoff : Scamming of America - The $50 Billion Ponzi Scheme
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- Опубликовано: 28 сен 2024
- Forbes:"If indeed, $50 billion was lost, as apparently Madoff claims, it is the largest such fraud in history, and one that might even shame the conman whose name is attached to this brand of deception. In 1920, Charles Ponzi, an Italian immigrant, began advertising that he could make a 50% return for investors in only 45 days. Incredibly, Ponzi began taking in money from all over New England and New Jersey. By July of 1920, he was making millions as people mortgaged their homes and invested their life savings. As with all frauds, he was discovered to have a jail record and was indicted on 86 counts of fraud. Some tens of millions of dollars were invested with him."
In the streamlined (if somewhat simplified) opening of Ripped Off: Madoff and the Scamming of America, it is noted that "he puts a face on what we've all been feeling." It's a succinct and accurate characterization of the man who ran an elaborate, decades-long Ponzi scheme, bilking countless private investors and charities out of an estimated $65 billion dollars. The disclosure of his fraud, in the midst of the worst economic landscape since the Great Depression, grafted the face of a real-life villain onto the greed and excess of the Bush years--it's hard to personify (or even understand) a credit default swap or a NINA loan, but this was a guy that we could point at and say, "Him! Get him!"
The History Channel's short documentary examination of the Madoff scandal utilizes interviews with journalists, historians, and victims, in addition to some excellent archival footage (particularly those chilling tapes of Madoff holding court in the late 1990s as a wise elder statesman of the financial world). The special contains some valuable biographical information, not only of Madoff's humble beginnings as a Queens-born stock broker, but of Carlo Ponzi (the namesake of the Ponzi scheme) and other con artists who operated in Madoff's style, though perhaps not to his excess.
There's plenty of solid information to be found here--how the lure of the Madoff investment was its exclusivity (he didn't let just anyone throw away their money with him) and it's slow steady performance (one victim notes, quite convincingly, "this was not a get-rich-quick scheme"); the tale of Harry Markopolis, the financial analyst who attempted, for the better part of a decade, to alert the SEC that Madoff was a crook; and the tragic story of Rene-Thierry Magon de la Villehuchet, the hedge fund operator who responded to the news that his fund's $1.4 billion investment with Madoff wasn't worth the paper it was printed on by slashing his wrists in his Manhattan office.
The documentary moves a breakneck pace, a flurry of images and definitions and images and soundbites, though for all of the information it contains, it occasionally sacrifices nuance for the sake of a quick pulse. The misfortune of Ripped Off is that it follows Frontline's superior examination of the scandal, The Madoff Affair, into the marketplace; that program was simply stronger, with better access to more people on the inside and a more in-depth analysis of the Madoff story. Taken on its own terms, however, Ripped Off is a solid, if less than spectacular, television documentary program.
With a name like "made off" , he madoff with every one's money.
+Praise and Worship
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LOL good one m8
gr8 I'll r8 it 8/8 without a debate
+Praise and Worship the only reason why this case got so much attention is because he scammed some of the rich and famous, which is why he went to jail...what about the others who scammed the country...
+Praise and Worship Hahahahaha. That was good.
+detroitmetro101 You are right there, trouble is, many of the rich that invested millions, also received millions, but claim their original investment as a loss.
Lol!!!! Was thinking the same thing!!!
The Government is the biggest Ponzi of all!
+no hassle
It's not illegal when the government does it.
Remember....When the rich steal from the poor its Capitalism...but when the poor steal from the rich its theft.....Woe is this world.
+wizzy baller Time to stand up and speak out by presenting a united front with non violent protest(s), oceans of emails faxes, phone calls and signed petitions sent to your elected representative(s), without any form(s) of threat(s), intimidation(s) and/or offensive language usage. Get your point(s) of need(s)/neglect(s)/request(s) of correction(s) effectively communicated in various positive ways.
+Patti C. Do not just sit in a coffee shop, on a bar stool or around the kitchen/coffee table complaining about how the government doesn't care about the hardships which have befallen unto the everyday American or Canadian citizen(s); do something more positively effective, such as is described above. One person may not be heard but a group of 100, 200, 300, 500 or 1 000 persons united as one, will get the attention of the government in positive and effective ways to benefit the life(ves) of the individual American(s)/Canadian(s) in the ways expressed, in numerous voice(s) or amount(s) of various correspondence(s). Believe once again in the power of the people; a government for the people by the people. Stand up and speak out for the TRUE MEANING of DEMOCRACY and EQUALITY of ALL.
+no hassle Those who come first in this life will come last in the eternal life; such as the ones filled with a hunger for greed, who are self loving yet forsake all others, who do not extend a helpful hand to those who are in need of kindness, compassion, mercy and guidance needed to benefit each one's life. This applies to the government, rich, upper middle class and all churches.
The entire U.S. economy is a ponzi scheme.
HoldDaRoot and a big fucking mall
You can blame the country and everyone else but at the end of the day the investor made the choice to invest without looking into it too hard.
zcribe People's greed often exceeds their intellect.
NO: BOTH are dancing the horrible dance. Don't give the scammer a halo while spitting on the victim.
Exactly right, investing in Stockmarket it's a very personal Risk. Scheming goes with that Risk!
zcribe exactly. Shitty decisions on their part.
I think it's funny that this only became a national issue when the greedy fat cats got burned.
Jeffrey Riley I don't get how the companies didn't at some point ask themselves why is Madoff reporting he's buying our stock when he hadn't bought a dime??????
Jeffrey Riley nothing funny
Not funny as in haha, more like funny as in peculiar
I think he meant funny as in odd, or bittersweet revenge for those assholes who were in on it (madoff isnt the only crook ). Certainly he is not laughing at the folks who were scammed swindled and lied too.
Jeffrey Riley pretty much.
Why all the negative comments about Bernie Madoff? This guy was a genius to pull this off! He stole for years and years and stole from the elite 1%. Everyone here should be praising this guy he stole from the people who stole from the 99%. Bernie is my hero, too bad those greedy 1% are getting most of their money back. All those 99% who bought homes through bank scams lost all their life savings but the government gave more money to the banks ( the 1%) and gave nothing to the 99% .
The more he stole from the 1% the more the 1% stole from 99% to get back what their lost.
Probably, which goes to show that they didn't really get hurt by the Madoff scam. It's the middle class that gets hurt the most. Why didn't the middle class get their money back from the real estate scam?
Bernie Madoff did not create the largest ponzi scheme in history. The largest ponzi scheme in history is the US Treasury Bond system.
What I dont see is how Madoff can be called a fraud while the US Government can call itself legitimate. The US is the greatest Ponzi scheme in history. Billions collected in tax revenue, minimal value in returns for those taxes and an artificially inflated dollar to make the investment look like a success.
Are you seriously trying to tell me Bank of America didn't know he had 65 billion in his personal account? BULLSHIT, THEY ARE AS GUILTY AS MADOFF, on 65billion they could loan out $650,000,000,000 or $0.65 Trillion, and they didn't know this was fraud?
This ended with a point that always stuck with me about the economic collapse- the 99% claim the 1% got off easy in the recession, but Madoff alone took $50 billion from that 1%. Multiply that number by 99 and you have nearly 5 trillion dollars, the same approximate predicted loss for the 99%.
by definition, Social Security is the biggest Ponzi Scheme of them all
This century is off to a good start: Worst terrorist attack 9/11, a bunch of school massacres, global financial meltdown & worst Ponzi Scheme ever........anyone want to move to Mars? I've got a boat!
They might have beat you there and fucked it up .. Pick another spot
Yes....yes of course I see that now, thank you Great Oak. It is time for my backup plan: the ocean bottom.
The Ocean Sounds good Hurry up before Donald Trump puts a tower down there.
Too late....
Matthew Conti Youre an idiot a boat will never make to Mars. duh
The rich being ripped off and I am supposed to feel bad for these people?
What I keep wondering is... why did he continue to 65 billion... wasnt 30 billion enough? He was never going to be able to spend it all. Why keep going and nto shut it down, just take the money and vanish. One billion ought to make you vanish into thin air while you live in luxury.
Win Schutten He wasn't the only one in on this and they wanted more mabye? Idk I'm no expert at this
I have a feeling there was more than just money-there was also a lot of ego. Sort of like with the Enron crew, Madoff probably thought he really was that smart and that he'd never be caught, or at the very least he figured he'd be long dead by the time it all came to light. By the time he realized it was all coming to an end it was too late, which is probably why he actually confessed.
Every Ponzi scheme is not sustainable. The scheme requires new investors constantly and in a world of finite riches, he just couldn't keep it up. He must have known it was going to end.
Its all about greed and ego. Bernie had too much of it, and literally did think he'd get away with it forever.
Some folks are much, much brighter. One that sticks out is Lou Lung Pai from the Enron scam. When he learned what Enron was doing he went along with it... for a little while. Then, he sold his shares to the tune of $300 mil and took off. He had left so early on (unlike Madoff), and had very little paper trail, he was never charged with the Enron scandal because it was as if he never existed.
because the moment he stops so does the money going to his previous investors and would be immediately discovered
Greed over commonsense
Most of these victims were just freaking greedy
10-15% return - constant is an unrealistic amount. They were just being greedy and did not heed the signs of fraud
all they cared about is making money
+The Black Bloggress
................... or such as Kickstarter - at least if yuour going to loose - which is 90% certain - something happens
What those are really crying about is that they are so gullible
People paint Madoff as the Devil Incarnate, however if the market had not crashed, no one would have been the wiser, and he could have carried on indefinitely. Modern Banking particularly private central banking is not dissimilar to what Madoff did, except it is much more parasitical. Doesn't just bring down individual's but entire nations.
IThinkWithMy Liver Yes its true
J London He, like all the rest of the D E M O N I C SC#MBAGS OF THIS BANKING SYSTEM, W I L L (YOU CAN BE SURE) SUFFER BEYOND THEIR OWN VICTIMS, BEYOND THEIR OWN WILD IMAGINATIONS, once THIS life (this TEST) is over...
J London And that's where the problem is. The regulation services cannot even detect people like him when everytime is going well. Or, problably they refused to since everything was going well.
J London Madoff became the face of it all because of sheer timing. But he's still a scumbag who should have gone to the gallows instead of sitting in jail.
J London Two wrongs, or multiple wrongs don't make a right, or lesson what Madoff did.
The whole banking system itself was started by Jews (Rothschilds) and it's a ponzi scheme, you can never pay off debt when each dollar created is created with debt attached, there's never enough money in existence to settle the debt.
Just checked his profile and guess what he is a Jewish. How ironic that when he was arrested never I heard the media mentioning that he belong to a Jewish family.
I wonder what if he was a Muslim, would the media still hind his religious back ground.
44:00 Yap Jewish made a history and damned Media is hiding the credit of the Jewish nation, such antisemitic the Medias are.
Im flagging your shit. JewoooO
Hey man stop making Muslims look bad not all Jews are like this he just happened to have connections who were jewish leading him to his position of power. God man come on!
Awesome to see all these rich pigs crying.
But the moral of the story is there still rich
Madoff went to jail for "stealing" from other Jews...Period!
90% of his victims were Jews just like Madoff is, Hollywood is making a movie about him called "Jewing the Jew."
don't mock Religion
Why? It is fucking nonsense.
Christopher Weir no its not loser. All Religion Lives in Unity all Holy books shout out the one word in Common Unity u will find out how wrong u r soon I Pray and Read the scriptures my day gets better
FDSeoul San Diego your parents never gave u a childhood no wonder u r messed up in the head. Mother Mary is Kind and Divine
FDSeoul San Diego wish i could punch your dad for not giving u a childhood
Madoff scammed rich Jews and that can't be allowed. Please rip off the people who go to work every day and earn just enough to get by and we will leave you alone. Thank you.
LMAO I don't care about those rich fucks who lost money by giving their investments to Madoff. You guys are crying just because you won't be able to live in overly lavish mansions, with Mercedes-Benz's, taking expensive trips to the islands and such because of all the money you lost. You got people out here starving, without a roof over their heads, and that bitch Joyce Greenberg had the nerve to mention the step daughters losing their college fund. Let them pay off their college by working shitty jobs like the rest of us.
It's still disrespectful
It's just like those teens who stole from the celebrities
No one has the right to be stolen from unless they stole themselves
This is the reason i hate democrats
They are jealous assholes who mooch off the government and want to take other tax payers hardworking money
+mikoda it wasn't just rich fucks. It was charities, hospitals, old people retirement funds, and pensions. Working class peoples savings were lost.
DJ Fermi
Did you read my comment? I'm clearly referring to the rich people.
mike freeman
What's wrong with them "mooching off the government" when rich people sit on billions of dollars without helping those who are less fortunate?
mikoda
Imagine having working class friends that make a decent living and being the friend that sits home all day and collects
Rich celebrities, business men and pastors across the world have charities and donate to red cross, susan g koman, salvation army
Just because you don't hear them donating it doesn't mean they aren't helping out the poor
Plus the working class and people in charge of the donations steal the money
Liberals are a curse to the us
While the public was looking at Madoff, banks "made-off" with trillions.
they wanted to get richer? the greedy fucks wanted to be in the 1% but without the brains to be there. idiot fucks. lol. they deserved it.
+Corey Kinard Agreed! Don't have any sympathy with them. Quote: "It's not the money" - oh yes it fucking well is!!
+Corey Kinard I agree with you 100% but they are getting most of their money back while the 99% suffer and lose their money from any type of scam.
+Corey Kinard Exactly, 15 years old and doing investments myself. Already seeing returns over 200%. Best way to go about things is to simply do things yourself and at most get advice.
ha ha ha ha ha ha ha ha
People who invested with Madoff should be ashamed of themselves.
A statement show stocks purchased don't meant anything. They should have had
a brokerage statement in addition to Madoff's statement. Greedy lazy fools
Not to mention that no one seemed to care that a small accounting firm was auditing billion dollar financial statements.
+Leopold Martinez That one retired stockbroker woman, fucking too lazy to handle her own money, even with a license and expertise. What a fool.
Todd Lavigne,, yes... my mother lazy too your mother is proud
a stockbroker should have known better...I wouldn't dare say anything bad about your mother.
you never give control of money ie; hedge fund.... any more than you can afford to lose
sorry if your mother got burned
Why did they need a financial crisis to discover this?!
The anti-semetic comments are a bit much. These types of schemes have been going on for a vey long time and many of the masterminds aren't Jewish. Some of you are just using Madoff as a way to justify your ignorance. This isn't Nazi Germany.
I know. The comments were very unnecessary. I hate it
+TaelurAlexis stop acting like a bed wench
+Justin Hopkins - Wrong. It's not about Anti-Semitism. That is irrelevant and the term anti-Semitism means basically nothing. Most of the financial crime, war, and criminal wrong doing which has affected the entire world for the last 250 years, is the result of Zionist Jews. They are not really Jewish by religion or by blood/ethnicity. They are a sociopathic bunch that will sacrifice anything and anyone, indeed entire populations to get what they want. What they want is to control everyone and everything. They are war mongers, and power mongers.
+Justin Hopkins
No you're right. This isn't Nazi Germany. This is pre-Nazi Germany. This is the sort of evil that led to the rise of Nazi Germany. The German people were robbed of everything they had by a worldwide scam set up by the Jewish controlled international banking community . This included the deal between Britain and the bankers who used their influence to draw the US into WW1 and which led to the total emptying of the German economy. There is no such thing as antisemitism. But there certainly exists indignation resulting from fraud and treason. Zionism is not a race, nor a religion. It's a sort of conspiratorial Jewish sect of deceit that seeks the well being of its own members at the expense of everybody else.
And when people react against being robbed they are justified;
+Justin Hopkins
You're right. The Zionists don't fly planes into towers. Instead they spend years preparing elaborate hoaxes to convince the naive masses that Arabs flew planes into the towers. '_Make war through deception'_ is their motto.
Like with the Lavon affair. And the USS Liberty. And the Mossad trick to blame Gadaffi for the bombing of a club in Germany. Or the other Mossad hoax to blame Muslims for the mini-nuke they set off in Bali.
Global Warming is a 1 trillion dollar ponzi scheme, how America is Nazi Germany...
The Nazis (Catholics) can run ponzi schemes, however the Jews can´t.
Financial Fraud Examination class brought me here.
Madoff's work is as nothing compared top the scam, operated by America's leaders against the American people.
It was only $15 billion. The rest was the fake earnings of 1%/month. Amazingly, it went on for at least 30 years with no real stock purchases.
Bernie's mistake was that he fucked with what Americans care most about; their money. He was a convenient Jew to go to jail in place of all the others who should be with him. Dick Fuld and so on...
Bernie Madoff doesn't belong in prison because there are much larger Ponzi's still running in America and the World. Ponzi Schemes like Social Security, US Treasury Bonds, Wall Street Derivitaves market make B. Madoffs look like a shoplifter.
It's been almost 100 years, and we need to let Mr. Ponzi off the hook and rename that scheme the Madoff Scheme. It deserves to be named after him.
They say he stepped on to many rich people,is why he was brought down,,wall street is as crooked as ever,,the trick is dont steal millions,you will have the I.R.S. on you,steal trillions,then you will be alright.That guy that slit his wrists,,too bad Goldman Sachs and the rest of his bankster buddies wouldnt consider doing the same.
Work at McDonald's, save up just enough to buy your own and you'll be good.
So why don't people stop investing in wall street⁉ It will starve wall street of funds, disempoweing wall street, and put a $ dent in the usa government forcing the power of government to go back to the people‼ Or why don't usa people who I know are idiots at least support and vote for strong regulations/regulations to regulate what wall street does instead of always supporting/voting for deregulation⁉
These whiners don't want to take responsibility for their finances. Anyone who takes responsibility for their finances would pay strict attention, do the investing themselves, and frankly, they stupidly wanted to make a quick buck instead of being smart enough to invest wisely and PAY ATTENTION to how their money is being handled. It's clear that the concept of acting on their beliefs is beyond them and I don't believe that these fucktards understand that they need to look after themselves and their money and not rely on someone else to babysit their savings.
If the financial statements were fiction, the 1099's provided were also fiction of which individuals filed tax returns based upon this fiction. My question is does the Federal Government owe these people refunds on the amount of tax they paid, since the taxes that were collected were totally bogus?
Can anybody out there answer my question?
According to the book "Too Good to Be True," some of the victims are suing the Feds to recover past taxes paid on the interest that they reported earned, which turned out to be "fake" interest (in the sense that they lost their capital).
So in principle, it would appear that the answer to your question is yes.
Thank you for this response, it adds the proper perspective I was curious about.
John Edwards You're welcome. I would recommend "Too Good to Be True" (by Arvedlund) as an overview/first book to read on the scandal. It's pretty easy to read - she goes over concepts several times from different angles to make them easy to understand (which is good for me, as I had very little knowledge of the stock market stuff before). It's not that well-organized a book, but it's very easy-to-read and adds a lot of human interest on the various players.
I can't remember exactly where she writes about the victims suing the government for back-taxes paid, but there was definitely a sentence in there about that. It stood out for me as it made me realize the extent of the problems created by this fraud, and the many, many lawsuits that resulted.
I would venture to guess that the only group that could possibly benefit from this type of fraud would be the lawyers. What I found amazing in this video was the financial statements that Madoff's group was producing which were all fictitious, it made me think that if these statements were customized for each of the investors Madoff couldn't have done this without a team of individuals assisting him.in this fraud.
When making stock investments, have your funds with a reputable Brokerage, and learn how to manage your trades as a self directed investor. For two years I allowed a team to make my investments for me until I learned enough to venture forward on my own, and ended up doubling my gains once I did. This of course was after I joined IBD (Investors Business Daily) and followed their methods for investing.
I view some of Madoff's 'marks' as somewhat lazy investors, because without a whole lot of 'due diligence' they probably could have figured out they were being scammed by a very careful review of their financial statements. BTW, I also prepare all of my own tax statements with the assistance of 'Turbo-Tax', with the Premier version you can log on to your brokerage web site and it will automatically calculate the cost basis of all of your long and short term gains.
Treebard suing the feds will only be a effort in futility! you can't prove a negative?
Securites and Exchange Commission? Sure bolsters my confidence in America.
I have a former "friend" that my Wife and I have known since the late 1970's. He was a nice guy with a big personality. To an outsider he was a great guy. We attended the same Pentecostal Christian Church, had family barbecues together and he was a Navy Corpsman attached to a Marine Unit and earned the Silver Star and a Purple Heart in the Gulf War when he pulled several Marines from an IFV that had been hit and was on fire. This guy was a clean-cut Conservative Republican, married to a Pastor's daughter with two beautiful children. Well... He pulled off a BIG Ponzi Scheme in our rural town and had "Investors" from Church and local business. Luckily for me I didn't invest with the guy. He ended up doing 5 years in State Prison and everyone who knew him was shocked. With age comes wisdom and as I near retirement age I am cynical enough to Trust NO ONE...
Who invests life savings with anyone named "BERN"-IE "Mad (e) off. Think about it....
much respect mr maddoff, you are a great person and i'm here to pay my admiration to you sir. people use to disrespect you these days which i think it's absolutely unfair and painful. but you are not alone, sir. best regards!
FREEDOM TO BERNARD MADDOFF NOW!! A great man, a great mission, however not understood... far from a fraudster, you are a visionary, sir
If you think like me, please make yourself known commenting and leaving your thoughts here. Let's make the difference and leave a mark! Cheers.
I admire his hustle the man was hustling billions you've got to hand it to the jew bastard.
I don't think he WANTS to be freed. He's probably afraid someone will kill him if he ever leaves prison. lol
The biggest fraud in history (who was caught).
When the mania we are in right now is exposed, there will be another round of outrage. The US economy is in the worst shape for the longest period since the great depression and stocks are at an all time high. Keep that in mind.
Wait wait, isn't this exactly what banks do? Is the reason he was prosecuted because he wasn't J.P Morgan and registered as a "bank" ?
Incorrect
Greedy rich people...if it is too good to be true ...then it is; yes these people were defrauded but because of greed they did not follow their instincts. I feel bad for the investors. the government should have been more diligent in this instance. everyone loses except for the people that got paid
The story of your enslavement... aristocrats using the plebs for profit, physically enforced by the police and psychologically enforced by the media.
Richard Dreyfuss did an excellent job portraying Madoff in the miniseries on ABC.
According to "Victims Statements" a couple whose last name begins with E. a relation to Madoff said, "EVERYONE was making money hand over fist". Have they paid that back?
Madoof wasn't the only 1 why the FUCK aren't the rest of these ENTITLED pieces of SHIT IN PRISON AS WELL!!!
My theory is that Madoff stole from the rich & he wouldn't have gone to prison if he only stole from hourly workers like the rest of the bankers!
Anyone who thinks they should make millions and not working for it has to know there's something wrong.
There is one couple, made a big public cry baby scene in the news, to save their own neck were also stealing from their parents account, who also thought they should get something for nothing, during the whole thing. They got caught but didn't get jail time. There's something wrong with that. Did they learn? No they still think they are entitled to take from people, they were dishonest about their income in the news and pretend to be Christians. I have no sympathy for thieves and liars.
They made Madoff the scape goat. The real thieves are still working on wall street evil people
Bernie Made-off with the goods
Now a guy's making-off with Madoff's anal virginity.
It's funny because Madoff ripped-off some very powerful people that's why he went to jail. John Corsine from MFG Global walked away because he stole over a billion from a bunch of nobody's. The financial industry gets away with stealing from every day Joe's
but if your powerful that's the only time they may enforce the law
John Corsine had some of his clients commit suicide and was not punished at all
If it was me I'd track him down and kill him
I truly feel sorry for all those poor people who LITERALLY
lost everything! That man is MONSTER!
He built his house on quick sand for his entire family and ruined them ALL. I don't know why a person would want to lie? I couldn't do this my heart would betray me quickly. I feel sad when looking at him. Wow; unbelievable. Unbelievable.
There is no way Madoff avoided the SEC for so long without help from inside the SEC. I am sure there are SEC employees that received money to not investigate Madoff.
That comeback at 3:10 was so bad it's funny. :)
You can hear the speaker saying "Financial fraud is not new to Wall Street... " Excuse me but that's the definition of Wall Street: Fraud. It sounds like a "Fraud"ian , I mean Freudian slip.
And for the record our social security system is a ponzi scheme. Just putting that out there...
APATHY - the rotten cancer which allows people to be ripped off under their very noses and they blame their peer working man/woman instead of the rich and powerful criminals.
The Warren Buffett story is true - but extremely dangerous: The best evidence that honesty does exist. Then this is packaged to criminals. How many people actually double check with the filings every year at least. Laziness and greed.
Bernie Madoff is the perfect example of WHAT A JEW IS.
The money is not gone. We know exactly who took it, and how they did it. That's not the mystery. The mystery is how in the hell are we ever going to get it back? It's looking more and more like there never was a nursing shortage just like there is not an IT shortage in terms of American labor. The shortages or if they couldn't get people to work for 20cents on the dollar!? then once the employers bring in there for an H1B visa labor to get to immediately stop paying into Social Security! LIE, CHEAT, STEAL, AND SNEAK! Call them out, and get it back!
I wonder how many people would do the same if they knew they wouldn't be arrested until after 70yrs old.
he got back at the rich already.. i love it .. well done buddy
OMG. I just realized after reading a post below: Madeoff and he made off with the money. One of the really nutty things about this whole affair is that in all the years, nobody at the IRS or any people that got audited ever had any issues. What I mean is the IRS audits millions of people. And millions of people get 1099s. Nobody at any time saw any discrepancy anywhere?
Wow, and here I get anxiety when I take a pen from work ! How did this guy even function when every knock on the door or phone call could have been the Feds is mind boggling 😳
When I get stressed out, I get cold sores & upset stomach .......I would have looked like the blister monster from Hell 😱 with constant shit stains on my pants.......👍🏼
Why are we so afraid to ask the questions when our own hard earned money is on the line?
Starting at 49 seconds I had to say; "Hold it!..wait just a second! No, no, negatory, no. It wasn't a "boom" it was a bubble" That's right, a bubble. At the point it had grown to the size of the one in the Wizard of Oz, no one stopped to ask; "Are you a good witch or a bad witch?" No one paid attention to the bubble because they were mesmerized by shiny baubles such as the ruby slippers, or enthralled by the Emerald City, aspiring to own a piece of it. None of the rubes paid attention to the man behind the curtain. First the bubble, then the kaboom.
Sucked in by varying degrees of greed.
this is why a true honest man will not make tons of money but still live richly
America itself is a fraud, this country will fall in the next twenty years. So many greedy slimy motherfuckers out there
Consumed by greed, they ignored or set aside common sense, and when the collapse came they weren't ready for it. Money isn't the root of all evil, but the love of money probably is. How much money does any person really need, how much is enough. Millionaires want to become Multi-Millionaires, and Multi-Millionaires want to become Billiionaires, and then you become like Steve Jobs, who realised too late what is Truly Important.
I love the guys sign at 2:51 SPOT ON!!!
It is very hard not to laugh while watching this lol. But i suspect that the government made this happen as a distraction from the bigger picture. The government is screwing us all in some many ways for profit.
So sad. If he was socking it away in his own account, he should have been able to pay all of the clients something back.
I mean fuck,ya gotta give this guy credit. We need guys like this to make history and the news interesting
if 50billion lost in JPMC? then how JPMC could survived in financial crisis?
14:05 - 14:12 very well put, sometimes you can't find the right words to explain a situation or feelings.
Looks like he Made off with the cash.
Ha
Wow, that's (F)ing Amazing. If it's too good to be true, it absolutely positively is!
It was $17 billion he stole, the promises of profits amounted to $67 billion! Never let the truth get in the way of a good story!
The president of the Federal reserve is the Zionist Jew, Ben Shalom Bernanke!
That's funny there's too many companies and organizations were involved with the scheme. They have known Madoff was doing it, and been covering the scheme because of the percent kickbacks they're receiving.
Hahaha. Lack of resources?? Really? What a poor excuse. If one man can sound the alarm, surely, an entire commission could also do their due diligence. The guy did the whole homework for them, and they still I couldn't see? Damn.
Only the greedy get scammed. The rest of us are content to own only what we can earn.
A bunch of crooks upset because they got conned. Sounds like justice to me.
I think most people would do this if they could get away with it.
Sounds like Social Security..
The sad thing is this,Bernie was just the beginning of the Ponzi,somewhere ,there are others coming up with the next big scam,and they are properly getting ready to put it in too play,at anytime.People please be careful,and please beware of what ever you are investing in.Like James Cagney said,do not be a sucker!!!
How did this guy survive day-to-day. Every phone call, every knock on the star, every car that looked too familiar behind you could have been the end and he endured it for years and years.
The rich should not have been so greedy/money hungry by putting all their eggs in one basket. Maybe it is time for the rich to learn what it is like to be poor, to remember what it was like to be poor before each became financially wealthy and/or maybe the rich needed to experience what it was like to be poor by having lost the house on the hill which belonged to each and gain experience/knowledge of what the poor are faced to endure every day of life; maybe each needed to come down from the hill and stop looking down upon the poor. There could have been a very valuable life lesson to be learnt from the financial loss(es) suffered.
+Patti C. One more comment: Maybe this was also meant as a lesson of humility, so the rich learn to extend a helping, compassionate and assisting hand which can benefit the lives of the poor in beneficial ways needed, so the poor can live a more promising life and reach the hope(s), dream(s)/goal(s) each wants to achieve. Let the rich not forget the parable of the rich man and Lazarus, which can be found in the Bible, as well as the Golden Rule, do unto others as you would have others do unto you.
I see where persons are being refunded. If this is so why send him to prison or so long?
The "victims" are as part of the crime as their greed perpetuated the crime by Madoff. Think of it in these lines : Madoff is the prostitute and the investors were the clients; Madoff is the drug pusher and the investors were the drug users. Get the drift? It is not as if the clients nor the pusher nor the investors were held at gun point to perpetuate the crime. These people know there is a Ponzi scheme because the rates of return are unusually high. Yet they still feed the scam and hope no one reports it.
not to mention...nobody never has a losing month...if you don't see a few (-) beside a return you know it's a scam
Bernie's ponzi pyramid exclusively targeted the super rich, and "made off" with the loot.
My great great great great grand mother used to say, "Work hard, take only what you need and leave the rest, for others and for the future, and let niether a borrower nor a lender be," as a motto for everybody getting along in life.
a Jew screwing other Jews karma karma karma