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Old 12-15-2008, 07:33 AM   #1
limey
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Any comments about Mr Madoff?

and his Ponzi scheme?
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Old 12-15-2008, 07:41 AM   #2
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If it seems to good to be true, it usually is.
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Old 12-15-2008, 09:23 AM   #3
footfootfoot
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Any comments about Mr. Meoff and his porno scheme?

(That's Jack Meoff)
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Old 12-15-2008, 09:46 AM   #4
glatt
 
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You just have to shake your head. How much worse can it get? 50 Billion in fraud? WTF? Were there any regulators at all? Or all they all surfing the web when they should be regulating?
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Old 12-15-2008, 10:07 AM   #5
HungLikeJesus
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They've all been spending too much time in the Cellar.

They're sorry, it won't happen again.
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Old 12-15-2008, 10:22 AM   #6
limey
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Quote:
Originally Posted by HungLikeJesus View Post
They've all been spending too much time in the Cellar.

They're sorry, it won't happen again.
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Old 12-15-2008, 10:24 AM   #7
Trilby
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I think it's funny that his name is Madoff. HA HA. He really 'made off' with their money, huh? This is why I chose to spend all my money on magazines and candy--no one can hurt me that way. I'm bullet proof.
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Old 12-15-2008, 11:01 AM   #8
footfootfoot
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At the risk of sounding like tw, the foxes have been regulating the henhouse for a while, and the hens have been thinking "Holy smokes! look at all the corn we've been getting! Much better than when that miserly Farmer Brown was looking after us." And as the nearby hens fell to the foxes the remaining hens just watched and said to themselves "It can't happen to me..."
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Old 12-16-2008, 03:30 PM   #9
tw
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At the risk of sounding like tw, the foxes have been regulating the henhouse for a while, and the hens have been thinking "Holy smokes! look at all the corn we've been getting!
So why fear what accurately describes a problem for about a decade now?

Problem in this particular example is information. Currently not clear is whether any regulations existed to enforce. SEC received numerous tips on this particular hedge fund. SEC has been starved for funds for over a decade. Even after Enron, the Congress tried to double the SEC budget and Harvey Pitts refused to accept the money. Not even known if the SEC investigators had sufficient knowledge or experience to see or understand this fraud. All we know is the SEC did investigate this hedge fund previously due to tips - and did nothing.

Did nothing because their people are not smart enough - have enough experience? Or did nothing because the fraud was legal? Well, one would think after LTCM and that massive emergency $billions bailout, then some regulation would exist. Nope.

Instead, the powers in power stifled regulation, refused to increase the SEC budget, and were promoting more deregulation as the solution to our economic ills. What we now know - those ills were created because finance people must be highly regulated. Even Enron accounting is alive and well.
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Old 12-15-2008, 12:14 PM   #10
Shawnee123
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Ahem...since we're all in here together right now...why the hummus quote? Of all the funny damn things I've said and you quote me on a salad bar issue?

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Old 12-15-2008, 12:14 PM   #11
HungLikeJesus
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When someone wears your quote, that means you're going steady.
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Old 12-15-2008, 12:16 PM   #12
Shawnee123
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So foot's like, a dating Mormon?
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Old 12-15-2008, 05:11 PM   #13
footfootfoot
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So foot's like, a dating Mormon?
You're my wife now, Dave...

Shawnee there was something sweet and innocent about it and it makes me smile, I don't know why.

Was "drowning a fish" one of Jim's sock puppets?
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Old 12-16-2008, 07:41 AM   #14
Shawnee123
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You're my wife now, Dave...

Shawnee there was something sweet and innocent about it and it makes me smile, I don't know why.

Was "drowning a fish" one of Jim's sock puppets?
Well shucks.

hummus hummus hummus hummus hummus...

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Old 12-16-2008, 03:40 PM   #15
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You're my wife now, Dave...
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