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Ponzi scheme....Maddoff et.al

Discussion in 'Off Topic Threads' started by bigdogtx, Jan 13, 2009.

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  1. bigdogtx

    bigdogtx Well-Known Member

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    He had a good teacher,,,,


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  2. shannon391

    shannon391 Active Member

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    All the contractors I sub for did the same thing, rob Peter to pay Paul, when Peter takes a hike they filed bankrupcy.
     
  3. Dahaub

    Dahaub Active Member

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    That scumbag was let to live in his penthouse apartment while awaiting trial. The Federal judge must have been one of the earlier investers. I think he shouldn't get anything more than the Enron group got and they should be getting out in a few short years. Then the ones who lost all they had in their retirement funds can talk to them up close and personal. Dan
     
  4. halfmile

    halfmile Well-Known Member

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    It's Ok when the government does it, though.

    HM
     
  5. School Teacher

    School Teacher Well-Known Member

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    If something is too good to be true, it probably isn't. History is full of examples of Ponzi schemes. What makes them work is simple greed.

    Many years ago in Louisville, KY we had a Building and Loan (not a Savings and Loan) that paid 1/4% more interest on a passbook account than a Savings and Loan and 1/2% more interest than a bank. They ran wonderful commercials on TV and Radio and used the slogan "Save a dollar a day the Prudential way and we will help you get rich."

    My aunt, a hardworking and thrifty immigrant, really wanted that extra 1/4% and we were forever talking her out of it. When she arrived in the United States in 1951, she had not eaten for two days and held her last quarter in her hand so that it could not be stolen if someone took her purse.

    About 1980, she was on her way via the bus to take her life savings (over 3 years pay) out of a Federally insured S&L and to deposit it into Prudential. She had withdrawn her money from the S&L but was stopped at the door of Prudential by a closed door with a sign on it. The FBI and the banking regulators closed had them down. The managers of Prudential were simply withdrawing money for their personal use and using new depositors money to pay interest. They went to jail but only for a few years.

    After several years of litigation, Prudential customers got back about 30 cents on the dollar.

    My aunt thanked all of us and came to understand what "FDIC" means.

    Ed Ward
     
  6. Hap MecTweaks

    Hap MecTweaks Well-Known Member

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    Madeout Madeoff Maddoff, took thievery to a new level, billions!! I'd wager you or I would get more time in the pokey, for a drunk driving charge, than he'll serve in jail. Top of the totem pole crimes do pay off handsomely it seems. Hap
     
  7. shannon391

    shannon391 Active Member

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    He will get at least 15-20 years. He is 70.
     
  8. Bocephas

    Bocephas Well-Known Member

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    Where in the $ell did all the money go?

    Matter of fact, where did the money go on Wall Street?

    Years ago,they use to think the (GYPSIES) were con artist.

    These people were Cub Scouts compared to these people.

    Bocephas
     
  9. shannon391

    shannon391 Active Member

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    If the stock market was still roaring we would not even know his name.
     
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