Madoff & the Ponzi

[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.

[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.

[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.

[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.

That place is a really nice farm and training center but is too far away and too big to pay for itself commercially unless you rent stalls for $10000 a month per stall. Maybe we can raise the money and make it base for Dee Tee's northern operations?

[GPK]

Originally Posted by Cannon Shell

That place is a really nice farm and training center but is too far away and too big to pay for itself commercially unless you rent stalls for $10000 a month per stall. Maybe we can raise the money and make it base for Dee Tee's northern operations?

I will volunteer to run the Dee Tee southern operations when you buy that farm in The Keys

[sumitas]

Originally Posted by Cannon Shell

That place is a really nice farm and training center but is too far away and too big to pay for itself commercially unless you rent stalls for $10000 a month per stall. Maybe we can raise the money and make it base for Dee Tee's northern operations?

They are full, past capacity with repeat clients .

Are there riots in Palm Beach yet ?

[Kasept]

Mass. investor saw inside Madoff scam

http://news.yahoo.com/s/ap/20081219/...wcSuI7.1iyBhIF

BOSTON – His repeated warnings that Wall Street money manager Bernard Madoff was running a giant Ponzi scheme have cast Harry Markopolos as an unheeded prophet.

But people who know or worked with Markopolos say it wasn't prescience that helped him foresee the collapse of Madoff's alleged $50 billion fraud. Instead, they say diligence and a strong moral sense drove his quixotic, nine-year quest to alert regulators about Madoff.

[philcski]

Originally Posted by Kasept

Mass. investor saw inside Madoff scam

http://news.yahoo.com/s/ap/20081219/...wcSuI7.1iyBhIF

BOSTON – His repeated warnings that Wall Street money manager Bernard Madoff was running a giant Ponzi scheme have cast Harry Markopolos as an unheeded prophet.

But people who know or worked with Markopolos say it wasn't prescience that helped him foresee the collapse of Madoff's alleged $50 billion fraud. Instead, they say diligence and a strong moral sense drove his quixotic, nine-year quest to alert regulators about Madoff.

Here's his letter to the SEC from 2005. Unbelievable that they tossed this aside like yesterday's salad.

http://online.wsj.com/documents/Mado...s_20081217.pdf

[Quiet Chris]

I don't feel sorry for people that invested with him directly. Only an idiot didn't see there was something shady going on.

I feel terrible for people that invested in feeders funds. They basically were screwed.

The fact that this guy is still living in his $7M apartment is disgusting.

He should be in jail right now and he should never get out again. He ruined thousands of people's lives and he should never have any enjoyment in his life again.

[Cannon Shell]

Originally Posted by sumitas

They are full, past capacity with repeat clients .

Are there riots in Palm Beach yet ?

As i have said before the place is far too large to ever make a go of it commercially. The property taxes alone would make it tough. And considering that the vast majority of the horses there are Tuckers it is likely to soon be empty.

[Kasept]

http://news.yahoo.com/s/ap/20081220/...ndal_charities

The fallout of this disgusting incident continues, and is going to go on destroying lives all over the place for so long a period as to be inestimatable.

The Picower Foundation, with a billion in philanthropic leverage lost, will close. Among other things, funded MIT, the New York Public Library, diabetes research at Harvard Medical School...

Which lost dollar in Picower's grants for diabetes research might have been the one that ended juvenile diabetics from having to take take insulin daily?

JEHT, a law and justice foundation, closing as well... The Litwin Foundation had donated money to research for cancer and Alzheimer’s disease and charities... Dozens more.

To be honest, I find the situation so sickening that I can't accurately convey my rage and disgust.

Paul Krugman's brilliant Op-Ed in the NYT:
http://www.nytimes.com/2008/12/19/op...gman.html?_r=1

[hi_im_god]

he's a very bad man and there is nothing remotely funny about any of this.

but i'm still confused by the happy days connection.

is it potsie or fonzi that's involved?