Any comments about Mr Madoff? - Page 12

sugarpop · 03-13-2009, 12:25 PM

The bottom line is this, his family is living off money he stole from other people. Regardless of wether they were complicit in that theft, they should still have to return the money. Why should they get to keep it when there are people out there who literally lost EVERYTHING? shit, he even bankrupted some charities, did he not?

Queen of the Ryche · 03-13-2009, 01:00 PM

http://www.nydailynews.com/money/200...he_metr-1.html

classicman · 03-13-2009, 01:10 PM

So are the families of all the employees at the company and and and...

tw · 03-15-2009, 06:13 AM

Quote:

Originally Posted by classicman

If someone was knowingly doing something illegal, yes. Otherwise, wouldn't we have to punish everyone who worked there?

The recipient is held partially responsible for knowing that profits / money are not from ill-gotten enterprises. It’s not fair. It’s legal. But the family could never have been that ignorant.

If you see a crime and don't report it, then you are an accessory to that crime. Can also be and should be prosecuted.

I turned the knob and someone screamed in pain. But I was told to turn the knob. Therefore I was not responsible for killing him. Conservatives don't like this requirement for responsible actions. Being responsible (and regulations that require it) would infringe on my god given freedoms.

classicman · 03-15-2009, 10:59 AM

How does what you said differ from my post? Aside from the fact that it took you three paragraphs to answer a closed ended question?

TheMercenary · 03-16-2009, 09:53 AM

Dude is going to jail. His story ends but it sounds like the investigation is just beginning.

classicman · 03-16-2009, 12:07 PM

I hope so. I also hope they didn't "wait long enough" for everyone to hide what they already got.

classicman · 03-21-2009, 11:46 PM

Madoff accountant charged with fraud
David Friehling arrested, accused of helping Madoff defraud thousands

Quote:

Bernard Madoff's longtime accountant was arrested on fraud charges Wednesday, accused of aiding the man who has admitted cheating thousands of investors out of billions of dollars in the past two decades.

The charges against David Friehling, 49, come as federal authorities turn their attention to those who they believe helped Madoff fool 4,800 investors into thinking that their longtime investments were growing comfortably each year. Friehling is the first person to be arrested since the Madoff scandal broke three months ago.

Friehling ran an accounting office in a nondescript suburban building north of New York City, and quickly drew scrutiny. Experts in accounting said it would be preposterous for such a tiny firm to audit properly an operation the size of Madoff's.

He had served as Madoff's auditor from 1991 through 2008 while he worked as the sole practitioner at Friehling & Horowitz. He was paid a tidy sum by Madoff: Prosecutors said he made between $12,000 and $14,500 a month from 2004 to 2007. That works out to $144,000 to $174,000 a year.

Friehling faces up to 105 years in prison if he is convicted. He is charged with securities fraud, aiding and abetting investment adviser fraud and four counts of filing false audit reports with the U.S. Securities and Exchange Commission.

Hopefully this is only the first domino to fall.

Clodfobble · 03-22-2009, 09:41 AM

Wow. This is a guy who could have blown the whistle at any time, who knew exactly how many millions Madoff had--and Madoff was paying him less than $175,000 a year? I wonder if he had some other kind of blackmail on the guy...

classicman · 03-22-2009, 10:44 AM

that or he paid him millions in offshore accounts or something. :shrug:

tw · 03-22-2009, 04:14 PM

Quote:

Originally Posted by Clodfobble

Wow. This is a guy who could have blown the whistle at any time,

We don't know he did not. Many did blow the whistle on Madoff. Since the political agenda demanded deregulation and no government oversight, those numerous blown whistles were ignored.

A poltical agenda could not have been more apparent. Both Democrats and Republicans offered to double the SEC budget. Harvey Pitts (representing the George Jr adminstration's political agenda) refused to accept that money. That was the 2002(?) Enron hearings. It only got worse because the political agenda was to deregulate everything. Later, laws were passed to make regulations of derivatives illegal.

For all we know, Madoff's accountant did blow the whistle. What we do know is the George Jr administration ignored numerous Madoff whistleblowers. Even refused to prosecute Skilling and Lay for Enron until embarrassed by the state of Oklahoma. We do not yet know if this accountant tried to blow a whistle. We do know that if he did, he would have been ignored.

classicman · 03-22-2009, 07:38 PM

Quote:

Originally Posted by tw

For all we know, Madoff's accountant did blow the whistle. What we do know is the George Jr administration ignored numerous Madoff whistleblowers.

That is true the previous administration did nothing. Perhaps that is because all the warning went to Senate Banking Committee chairman Chris Dodd or Barney Frank the Chairman of the Financial Services Committee.

Also why is it ok to blame the George Jr. Administration here whereas it is not ok to mention transparency and accountability with anyone other than Obama himself? Seems rather hypocritical albeit typical for some posters.

tw · 03-23-2009, 01:32 AM

Quote:

Originally Posted by classicman

That is true the previous administration did nothing. Perhaps that is because all the warning went to Senate Banking Committee chairman Chris Dodd or Barney Frank the Chairman of the Financial Services Committee.

Again you are reading wacko extremist mantra. Numerous whistle blowers went to the SEC. Some SEC investigators actually did look into Madoff. But when the lowest paid regulators in Washington are also manipulated by the political agenda, then the SEC never bothered to do any serious investigation.

So the wacko extremists instead lie right here in the The Cellar. Extremists again blame Dodd and Franks. Not blame the SEC that was defanged by an extremist political agenda. Amazing. This time Obama was not blamed.

TGRR · 03-23-2009, 07:19 AM

Quote:

Originally Posted by classicman

That is true the previous administration did nothing. Perhaps that is because all the warning went to Senate Banking Committee chairman Chris Dodd or Barney Frank the Chairman of the Financial Services Committee.

Also why is it ok to blame the George Jr. Administration here whereas it is not ok to mention transparency and accountability with anyone other than Obama himself? Seems rather hypocritical albeit typical for some posters.

Yes, yes, we know. The Bush administration danced with the angels.

piercehawkeye45 · 03-24-2009, 12:00 PM

I wonder if Madoff knew the scheme was going to blow up in his face soon and told his children to turn him in to save them from jailtime?

03-13-2009, 01:00 PM	#167
Queen of the Ryche is fleeing the scene Join Date: Apr 2005 Location: Beautiful CO Posts: 1,510	Welcome Home Bernie http://www.nydailynews.com/money/200...he_metr-1.html __________________ Once, in an interview, Chuck Norris admitted that he was not the most awesome thing ever. He declined to elaborate; but I believe we all know that he was referring to the existence of chocolate covered bacon. I'd rather be judged by twelve than carried by six.

03-13-2009, 01:10 PM	#168
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	So are the families of all the employees at the company and and and... __________________ "like strapping a pillow on a bull in a china shop" Bullitt

03-15-2009, 10:59 AM	#170
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	How does what you said differ from my post? Aside from the fact that it took you three paragraphs to answer a closed ended question? __________________ "like strapping a pillow on a bull in a china shop" Bullitt

03-16-2009, 09:53 AM	#171
TheMercenary “Hypocrisy: prejudice with a halo” Join Date: Mar 2007 Location: Savannah, Georgia Posts: 21,393	Dude is going to jail. His story ends but it sounds like the investigation is just beginning. __________________ Anyone but the this most fuked up President in History in 2012!

03-16-2009, 12:07 PM	#172
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	I hope so. I also hope they didn't "wait long enough" for everyone to hide what they already got. __________________ "like strapping a pillow on a bull in a china shop" Bullitt

03-13-2009, 12:25 PM	#166
sugarpop Professor Join Date: Nov 2008 Location: the edge of the abyss Posts: 1,947	The bottom line is this, his family is living off money he stole from other people. Regardless of wether they were complicit in that theft, they should still have to return the money. Why should they get to keep it when there are people out there who literally lost EVERYTHING? shit, he even bankrupted some charities, did he not?

03-22-2009, 09:41 AM	#174
Clodfobble UNDER CONDITIONAL MITIGATION Join Date: Mar 2004 Location: Austin, TX Posts: 20,012	Wow. This is a guy who could have blown the whistle at any time, who knew exactly how many millions Madoff had--and Madoff was paying him less than $175,000 a year? I wonder if he had some other kind of blackmail on the guy... __________________ My book My other book My spirit animal

03-22-2009, 10:44 AM	#175
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	that or he paid him millions in offshore accounts or something. :shrug: __________________ "like strapping a pillow on a bull in a china shop" Bullitt

03-24-2009, 12:00 PM	#180
piercehawkeye45 Franklin Pierce Join Date: Oct 2006 Location: Minnesota Posts: 3,695	I wonder if Madoff knew the scheme was going to blow up in his face soon and told his children to turn him in to save them from jailtime? __________________ I like my perspectives like I like my baseball caps: one size fits all.

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