The fraudster Madoff gets 150 years in jail.?

C

charterman

New member
Am I missing something here? Madoof is convicted of defrauding thousands of people out of their savings and is sent to jail to spend the rest of his life there.

What I can't understand is the people who gave him their money. Are they a couple of sandwiches short of a picnic?

Say you have $100,000 in a safe bank account earning a moderate interest and this man comes along and says give me your money and I will give you a lot higher return. So they do. They stop controlling their own funds and hand it over to him.

And for the next 3 months they get a cheque for $2,000 interest on their savings. Great they think, he's really good.

But the dopes have given him $100,000 dollars and he has given them $6,000!

Aren't they being a teeny weeny bit greedy by investing with him? And aren't they a teeny weeny bit stupid to give someone else all their money?

If they had left it in the safe bank account earning a modest yet guaranteed interest, they wouldn't be scrambling about in trash cans looking for food.

They only have themselves to blame in my eyes for being greedy and gullible.
Drake N

That is what is so frightening, he ripped off the so called experts in finance. Just goes to show they are no better at money management than the old girl who keeps her nest egg under the mattress.
 
The phrase involving eggs and a single basket obviously never crossed their minds.

In fact if I was the judge and somebody was telling me how they lost their entire savings I would have been like 'But you did spread your investments across a range of portfolios to minimize the risk right? like any sensible person would do'

Nope instead these people thought the sun would shine forever.
 
you are a master of hindsight

this guy was been chairman of the board of Nasdaq

he traveled in the most elite circles - a world of 'it's not whatcha know, it's whoya know', it's how a lot of them got their money in the first place

in that environment, it would be very easy to nuance the belief that he was letting in fellow elite on a deal where he had privilaged information, such as at exhanges and even the fed reserve

'free money' is something that really does exist - what do you think the bailouts are? You really think 'it's not whatcha know, it's whoya know' isnt at work there?

I'm not saying i have sympathy for these people, I'm saying that you dont know the way of the world nearly as much as you think yuo do
 
He was a con man and Wall St also invested in him. You can't blame the public for being duped if the professionals are duped.

People trusted the banks to look after their money. Instead they gambled it and lost requiring governments to borrow from your children and grandchildren to keep the banking system going.
Not all the crooks are locked up yet!
 
Obviously, you understand nothing about the world of investments. What is the highest interest rate currently available for an investor if they simply keep their money in an interest bearing savings account?

Making the statement that these people were simply greedy is ignorant. This has nothing to do with greed on the part of the investors. It has everything to do with the greed of Madoff and some of those working with him to take advantage of thousands of investors.
 
Couldn't agree more.They took a risk with their money because Madof offered high rewards.He was obviously running a pyramid scheme and anyone with a bit of common sense would realise it was doomed to failure.
 
these sorts of guys are very convincing, they know how to prey on a persons greed, fear, ignorance, own feelings of superiority etc.

Never underestimate these sorts of con men.
 
I am afraid you miss the fact that some of the real criminals of the current crisis got away with it. Madoff's straight forward swindle was hardly clever or original, and giving him a 150 years is laughable. You may as well hang him.
I am just waiting for the time when I hear news that the real culprits of the downfall of the American banking system are found and put on trial.
But you know as well as I that isn't going to happen.
Too bad.
 
you`re blaming his investors (for their greed )...how come nobody has mentioned Madoff`s cronies ...the other banks and companies that was effectively laundering the money for him...these so called financiers must have realised something was wrong...yet not one stood up to be counted..
while money was pouring through their door ..even pyramid companies need somewhere to put the cash...they weren`t ignorant or ripped off ...
they were making money off him and that`s all that mattered...why aren`t they held to account as well..
 
I personally feel he got way to much time.Jesus Christ! look at how old he is.Is your bank really treating you any differently than this guy treated his customers? Don't forget it's your money that kept their asses in business.What are you getting out of the deal?


Screwed!


They could have just as easily taken every penny he had and threw him on the streets to fend for himself. A life of hunger,poverty and rejection would have been a much better punishment.Why should I have to feed the bastard?
 
Back
Top