Bernie Madoff has died
bloomberg.com
Bernie Madoff has died
1–10 of 406 posts
Re: Bernie Madoff has died
#2Interesting. I thought he was already dead, or in house arrest. He just sort of went away after that whole debacle.
Bernie Madoff was actually what put me back on my heels when it comes to investing and capitalism in general. I know it's a hot take on reddit, but genuinely - it appears that the only way to get punished is to scam people with loads of money.
Re: Bernie Madoff has died
#3Oh no!
Anyways ...
Re: Bernie Madoff has died
#4Interesting. I thought he was already dead, or in house arrest. He just sort of went away after that whole debacle. Bernie Madoff was actually what put me back on my heels when it comes to investing and capitalism in general. I know it's a hot take on reddit, but genuinely - it appears that the only way to get punished is to scam people with loads of money.
Yup, scamming per se is rife and as with most borderline 'white' white collar crime, largely consequence-free - in sell-side analysis for example. But step on the wrong toes...
Re: Bernie Madoff has died
#5Hopefully he serves as an example to other Ponzi schemers in Wall Street. It's rare in the US white collar guys like this die in prison.
Re: Bernie Madoff has died
#6Interesting. I thought he was already dead, or in house arrest. He just sort of went away after that whole debacle. Bernie Madoff was actually what put me back on my heels when it comes to investing and capitalism in general. I know it's a hot take on reddit, but genuinely - it appears that the only way to get punished is to scam people with loads of money.
Yup, scamming per se is rife and as with most borderline 'white' white collar crime, largely consequence-free - in sell-side analysis for example. But step on the wrong toes...
As a person with 21 year of experience in custom software development, i struggle to define what "scam" is, at all...
Re: Bernie Madoff has died
#7I hope this provides at least a little comfort for all those whose old age and retirement were ruined for his profit.
Re: Bernie Madoff has died
#8The scapegoat. The only one who ripped off the rich instead of the poor. I would like to see people like Paul Singer die in prison, who made the lives of millions of people miserable, but I guess it's all legal what he did...
Re: Bernie Madoff has died
#9Interesting. I thought he was already dead, or in house arrest. He just sort of went away after that whole debacle. Bernie Madoff was actually what put me back on my heels when it comes to investing and capitalism in general. I know it's a hot take on reddit, but genuinely - it appears that the only way to get punished is to scam people with loads of money.
Yup, scamming per se is rife and as with most borderline 'white' white collar crime, largely consequence-free - in sell-side analysis for example. But step on the wrong toes...
The law around scams looks a lot like the design of unit tests.
On the one hand, you have the full suite of hypothetical unethical mechanisms (realized and unrealized) human beings could scheme up to unfairly cheat each other out of hard-earned resources. Analogous to the full suite of behaviors a complex program could exhibit given arbitrary inputs over infinite time.
And on the other hand, you have a subset of those behaviors carved out and codified as illegal, where a violator will go to jail. Analogous to the behaviors a unit test suite can rule out.
But unit tests, as we know, are not mathematical proofs of soundness.
Re: Bernie Madoff has died
#10> clients entrusted him with more than $19 billion in principal
> Irving Picard, the trustee appointed to unwind the accounts, had recovered more than $14.3 billion
Wait WHAT?? That's only a 25% loss. Not the 100% loss I assumed. Does anyone know more?