17 billion dollar hedge fund!
I do not know much about this firm but what I have read so far this is going to hurt !
Yet…“Bernard Madoff is a longstanding leader in the financial services industry,” said defense lawyer Dan Horwitz. “We will fight to get through this unfortunate set of events. He’s a person of integrity.”
Christopher Miller, chief executive of London hedge fund ratings agency
Allenbridge Hedgeinfo, said: "Some very big investor names are involved
in this. The scheme could only work if enough investors were
subscribing for him to pay money out. Some of the world’s biggest hedge
funds have been hit by this. There will be a monumental impact for the
hedge fund industry, it could be larger then Enron. (???)
[quote=mnbondguy]his brother I believe was on AG Edwards board…friend of Bob’s[/quote]
I think it actually was Bernie himself that was on the board
Madoff fleeced those that have been fleecing folks for a long time. He is the classic swindler who preyed on the egos of those who thought they were above the swindle that they pulled on other naifs. They are the most blind to their own vulnerabilities if you can access the thin air up in the social circles where they roam. Madoff owned the Palm Beach uber rich. There will be a few estate sales....Lock stock and barrel on Palm Way in a few months
It was a come uppance. Yep, foundations that help widows and orphans will be hurt. They always are. Our financial system has too many Madoffs that have exploited it for decades. Madoff is not a Oneoff unfortunately.Madoff just put the certification stamp that Wall Street is a tainted brand. Pinstrips are jailbars in the minds of clients. I dont even go near that look anymore.
Most of his clients were institutional, aka fund-of-funds and not many individuals.
I’m still trying to get my head around this whole Madoff mess. That was a large amount of money to be involved in this kind of scheme. And from what I’ve been reading, a lot of the clients, institutions and indviduals, had from 50% to 95% of their money with him. I don’t know what else you can say besides, wow.
As an advisor on the North Shore of Long Island, we battled the Legend of Bernie Madoff all the time. Constantly, we tried to explain to clients that we just didn’t understand how he could always be so consistently on the right side of the market…some clients listened to us and some didn’t. Personally I know of quite a few people who have lost 10’s of millions with him. My phone was ringing yesterday from clients telling me…“Thank God you talked me out it”…Just Last WEEK…I had a few clients moments away from pulling the trigger and giving him money always telling me “The guys up for the year”…and my personal favorite…“My buddy’s making a call and getting Madoff to take just 1 ml from me as a personal favor”The landscape of LI affluent will be severly impacted...wait to you see the fallout and the "who's who of names" he scammed.
Thats a classic. Doing him a favor by accepting just a mill. No doubt that dude had to change his underwear after seeing the news yesterday. Yeah, I imagine a lot of wealthy folks just got wiped out. Unless the gov bails them out too(LOL) the money is gone forever. The news in the world of investing just seems to get worse everyday. I just hope the industry can stay intact. How many more Bernie Madoff’s out there?
Hey Lon-guy-landerz why the Long Face?You had a good ride and at least you have some great memories of past fleecings that went your way. Dot.com hoaxes, Oxygen Bars, $5000 Birkin bags, botox parties, Parthenon like abodes ala "Da Gotti's". This fleecing was just your time, it was bound to find you eventually just like you found ready investors for the other scams mentioned above. The boiler rooms that you thought were beneath your money have nothing on the Mother of all Boilers....Mad Dog Madoff... New Joisey is ready and waiting to take many of you back home to the anonymous row houses where you belong. You laugh at the rest of "fly over America". Now we get to laugh at you. AHAHAHAAHAHAAAAAAA!!!!
So as a result of Madoff’s fraud the means for many familes on LonG-eye-lan Sammy Hagar, Shakira, and Jerry Seinfeld will not be playing at as many bar mitsvahs, birthdays and high school graduation parties.Boo Hoo
As a guy who is just getting ready to begin training for my license, I still very much have the ability to be on the outside looking in, and talk with others about being an FA and perceptions. While there is much laughing about the big ones falling, the general public isn’t necessarily making the distinction.I think hookers have about as much respect in their chosen profession right now. At least with them, there is a happy ending after being separated from your money.
[quote=daytradah]So as a result of Madoff’s fraud the means for many familes on LonG-eye-lan Sammy Hagar, Shakira, and Jerry Seinfeld will not be playing at as many bar mitsvahs, birthdays and high school graduation parties.Boo Hoo[/quote] Are you really that bitter about being Bridge-and-Tunnel?
[quote=TwoTour]As a guy who is just getting ready to begin training for my license, I still very much have the ability to be on the outside looking in, and talk with others about being an FA and perceptions. While there is much laughing about the big ones falling, the general public isn’t necessarily making the distinction.I think hookers have about as much respect in their chosen profession right now. At least with them, there is a happy ending after being separated from your money.[/quote] It depends on what you do. I promise you right now guys that have a decent piece of their book in insurance products look like heros to their clients right now. But in the general public's view, I think you are correct. However, I do believe clients are more upset at those in charge than their individual reps. I'd be willing to bet that a lot of reps have lost a good amount of their own personal money just as easily as it's been lost for their clients.
What an arrogant
The fraud is inexcusable but buyer beware. Someone whose numbers look too good to be true just might be.
And shame on the fund of funds bozos for put the entire fund with him. My clients pay an extra 1-2% expense ratios to the fund of funds jackasses for DUE DILLIGENCE.Where the F was it? Sounds like they were just collecting the fee and doing nothing. Lawsuit time!
I'm Jewish. I give a lot of other people shit, so I know I have to take it too. The funny thing is I'm actually good looking...[/quote]
Follow my lead - this should be reported to the admin by everyone on the board.
And a request should be made in the report to block his IP address.
This goes beyond taking sh*t, i know how to take it believe me. Ice said it best. This is hatred.
Anyone that doesnt believe this crap should be nipped in the bud, no matter how harmless a comment seems, needs to read some history books. Then if they are still not convinced, move to Iran, where they believe the holocaust never took place.