Comments on: History Lesson: Madoff tops charts; skeptics ask how http://www.ritholtz.com/blog/2008/12/history-lesson-madoff-tops-charts-skeptics-ask-how/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Tue, 14 Feb 2012 23:28:32 +0000 hourly 1 http://wordpress.org/?v=3.0.5 By: Dow http://www.ritholtz.com/blog/2008/12/history-lesson-madoff-tops-charts-skeptics-ask-how/comment-page-2/#comment-133187 Dow Sat, 13 Dec 2008 20:51:11 +0000 http://www.ritholtz.com/blog/?p=12783#comment-133187 So few are happy to settle for modest returns and a reasonably comfortable lifestyle. If it sounds too good to be true, it is. Again and again. More clients... Carl and Ruth Shapiro The Shapiro Family Foundation Avram and Carol Goldberg, former owners of the Stop & Shop supermarket chain Stephen A. Fine, president of Biltrite Corp. in Waltham Robert Jaffe, Cohmad Securities Corp. Massachusetts state pension So few are happy to settle for modest returns and a reasonably comfortable lifestyle. If it sounds too good to be true, it is. Again and again.

More clients…

Carl and Ruth Shapiro
The Shapiro Family Foundation
Avram and Carol Goldberg, former owners of the Stop & Shop supermarket chain
Stephen A. Fine, president of Biltrite Corp. in Waltham
Robert Jaffe, Cohmad Securities Corp.
Massachusetts state pension

]]> By: Barry Ritholtz http://www.ritholtz.com/blog/2008/12/history-lesson-madoff-tops-charts-skeptics-ask-how/comment-page-2/#comment-133185 Barry Ritholtz Sat, 13 Dec 2008 20:12:32 +0000 http://www.ritholtz.com/blog/?p=12783#comment-133185 A reader writes in from Palm beach: What is happening on Worth Ave in Palm Beach this morning is dire and sad. People have lost everything. Older Jewish couples in their 80's are walking into jewelry shops with diamonds in their pockets selling them at any price. People are pleading with real estate brokers to sell their homes at any price. The quote of the morning from someone I go to Temple with was this: "This is the most devastating thing to happen to Jews since Hitler." I was a Bar Mitzvah in Jerusalem in the early 1970's and never thought I would hear a comparison like this ever made in my lifetime. A reader writes in from Palm beach:

What is happening on Worth Ave in Palm Beach this morning is dire and
sad. People have lost everything. Older Jewish couples in their 80′s
are walking into jewelry shops with diamonds in their pockets selling
them at any price.

People are pleading with real estate brokers to sell their homes at
any price.

The quote of the morning from someone I go to Temple with was this:
“This is the most devastating thing to happen to Jews since Hitler.”

I was a Bar Mitzvah in Jerusalem in the early 1970′s and never thought
I would hear a comparison like this ever made in my lifetime.

]]> By: TheReformedBroker http://www.ritholtz.com/blog/2008/12/history-lesson-madoff-tops-charts-skeptics-ask-how/comment-page-2/#comment-133134 TheReformedBroker Sat, 13 Dec 2008 14:44:04 +0000 http://www.ritholtz.com/blog/?p=12783#comment-133134 He'll have some time on his hands Buy Bernie a book from his amazon wishlist: http://thereformedbroker.com/2008/12/13/bernard-madoffs-amazoncom-prison-reading-wishlist/ He’ll have some time on his hands

Buy Bernie a book from his amazon wishlist:

http://thereformedbroker.com/2008/12/13/bernard-madoffs-amazoncom-prison-reading-wishlist/

]]> By: DavidB http://www.ritholtz.com/blog/2008/12/history-lesson-madoff-tops-charts-skeptics-ask-how/comment-page-2/#comment-133112 DavidB Sat, 13 Dec 2008 08:15:54 +0000 http://www.ritholtz.com/blog/?p=12783#comment-133112 The games of the greedy have been kicking people like me in the butt for years. It's nice to know the every once in a while greed levels the playing field. I have waited a long time for this day The games of the greedy have been kicking people like me in the butt for years. It’s nice to know the every once in a while greed levels the playing field. I have waited a long time for this day

]]> By: Dow http://www.ritholtz.com/blog/2008/12/history-lesson-madoff-tops-charts-skeptics-ask-how/comment-page-2/#comment-133110 Dow Sat, 13 Dec 2008 07:47:20 +0000 http://www.ritholtz.com/blog/?p=12783#comment-133110 From various news articles, like Bloomberg and WSJ. Clients... Ascot Partners - hedge fund J. Ezra Merkin, the chairman of GMAC Fred Wilpon, the principal owner of the New York Mets Saul Katz Sterling Equities Sterling Stamos (?) Judy & Fred Wilpon Family Foundation Norman Braman, who owned the Philadelphia Eagles Stephen J. Helfman, a lawyer in Miami Robert I. Lappin Charitable Foundation in Salem, Mass. Richard Spring, Boca Raton resident and former securities analyst Bramdean Alternatives Limited of UK Irwin Kellner, of Port Washington, New York Joyce Greenberg, a philanthropist and retired financial adviser in Texas Lawrence Velvel, dean of the Massachusetts School of Law Fairfield Greenwich Group Fairfield Sentry Ltd. Pioneer Alternative Investments Ira Roth, a New Jersey resident French bank BNP Paribas Nomura Holdings Inc. - Tokyo Neue Privat Bank - Zurich Banque Benedict Hentsch - Geneva Tremont Capital Management of New York - a unit of Massachusetts Mutual Life Insurance Co.’s Oppenheimer Funds Inc. Maxam Capital Management LLC Sandra Manzke, Maxam's founder and chairman Lombardier Loeb Family Banco Santander Union Bancaire - Geneva Optimal Investment Services SA - Geneva Kingate Management Ltd Note: according to the <a href="http://online.wsj.com/article/SB122914169719104017.html" rel="nofollow">WSJ</a>, shares offered by Neue Privat and Nomura were leveraged 3x From various news articles, like Bloomberg and WSJ.

Clients…

Ascot Partners – hedge fund
J. Ezra Merkin, the chairman of GMAC
Fred Wilpon, the principal owner of the New York Mets
Saul Katz
Sterling Equities
Sterling Stamos (?)
Judy & Fred Wilpon Family Foundation
Norman Braman, who owned the Philadelphia Eagles
Stephen J. Helfman, a lawyer in Miami
Robert I. Lappin Charitable Foundation in Salem, Mass.
Richard Spring, Boca Raton resident and former securities analyst
Bramdean Alternatives Limited of UK
Irwin Kellner, of Port Washington, New York
Joyce Greenberg, a philanthropist and retired financial adviser in Texas
Lawrence Velvel, dean of the Massachusetts School of Law
Fairfield Greenwich Group
Fairfield Sentry Ltd.
Pioneer Alternative Investments
Ira Roth, a New Jersey resident
French bank BNP Paribas
Nomura Holdings Inc. – Tokyo
Neue Privat Bank – Zurich
Banque Benedict Hentsch – Geneva
Tremont Capital Management of New York – a unit of Massachusetts Mutual Life Insurance Co.’s Oppenheimer Funds Inc.
Maxam Capital Management LLC
Sandra Manzke, Maxam’s founder and chairman
Lombardier
Loeb Family
Banco Santander
Union Bancaire – Geneva
Optimal Investment Services SA – Geneva
Kingate Management Ltd

Note: according to the WSJ, shares offered by Neue Privat and Nomura were leveraged 3x

]]> By: AGG http://www.ritholtz.com/blog/2008/12/history-lesson-madoff-tops-charts-skeptics-ask-how/comment-page-2/#comment-133105 AGG Sat, 13 Dec 2008 06:14:10 +0000 http://www.ritholtz.com/blog/?p=12783#comment-133105 Finally something in the way of righteous indignation by the law enforcement people will take place. All of us little guys will benefit. There are some serious toes getting smashed in this Maddoff scam that have the Democratic AND the Republican phones ringing. The elite tend to get huffy and vengful when they get scammed. That's only supposed to happen to the non rich. The lawyers at the justice department are growing a huge set right now. This should be fun. Oh, the rocks of this "free for the rich to steal" market are about to be moved to see what wonderous creeping slime lies underneath. Caveat emptor, my ass! Finally something in the way of righteous indignation by the law enforcement people will take place. All of us little guys will benefit. There are some serious toes getting smashed in this Maddoff scam that have the Democratic AND the Republican phones ringing. The elite tend to get huffy and vengful when they get scammed. That’s only supposed to happen to the non rich. The lawyers at the justice department are growing a huge set right now. This should be fun. Oh, the rocks of this “free for the rich to steal” market are about to be moved to see what wonderous creeping slime lies underneath. Caveat emptor, my ass!

]]> By: harold hecuba http://www.ritholtz.com/blog/2008/12/history-lesson-madoff-tops-charts-skeptics-ask-how/comment-page-2/#comment-133091 harold hecuba Sat, 13 Dec 2008 02:07:11 +0000 http://www.ritholtz.com/blog/?p=12783#comment-133091 i have not read any of the above comments but honestly (no offense) my wife and i can't help laughing as i explained to her the lunacy of this situation. good lord what the fuck is WALL STREET? wall street is a comedy show. i really have nothing left to say anymore besides my targets for the s+p are most likely way to high. confidence in this market is shot to hell. seriously we have a sideshow going on that the rest of the world finds hilarious. what a complete and total destruction of capitalism. what in god's name keeps this shit of a market up besides collusion for a year end rally. i traded the japanes market for 15 years. 15 YEARS!!! and i though it was a sideshow I thought i had seen gov incompetence to the max. but this market blows everything away. look for the markets to bottom 80-90% off their highs. god help everyone. protect your capital at all costs and protect your family. i have not read any of the above comments but honestly (no offense) my wife and i can’t help laughing as i explained to her the lunacy of this situation. good lord what the fuck is WALL STREET? wall street is a comedy show. i really have nothing left to say anymore besides my targets for the s+p are most likely way to high. confidence in this market is shot to hell. seriously we have a sideshow going on that the rest of the world finds hilarious. what a complete and total destruction of capitalism. what in god’s name keeps this shit of a market up besides collusion for a year end rally. i traded the japanes market for 15 years. 15 YEARS!!! and i though it was a sideshow I thought i had seen gov incompetence to the max. but this market blows everything away. look for the markets to bottom 80-90% off their highs. god help everyone. protect your capital at all costs and protect your family.

]]> By: Mark E Hoffer http://www.ritholtz.com/blog/2008/12/history-lesson-madoff-tops-charts-skeptics-ask-how/comment-page-2/#comment-133060 Mark E Hoffer Fri, 12 Dec 2008 23:38:53 +0000 http://www.ritholtz.com/blog/?p=12783#comment-133060 Madoff= truly, the E was missing.. Madoff= truly, the E was missing..

]]> By: the0ther http://www.ritholtz.com/blog/2008/12/history-lesson-madoff-tops-charts-skeptics-ask-how/comment-page-2/#comment-133039 the0ther Fri, 12 Dec 2008 22:55:16 +0000 http://www.ritholtz.com/blog/?p=12783#comment-133039 nice dick-measuring contest in these comments. nice dick-measuring contest in these comments.

]]> By: jason http://www.ritholtz.com/blog/2008/12/history-lesson-madoff-tops-charts-skeptics-ask-how/comment-page-2/#comment-133038 jason Fri, 12 Dec 2008 22:52:29 +0000 http://www.ritholtz.com/blog/?p=12783#comment-133038 A Ponzi scheme is rocking Colombia, it is not as large but may bring the government down as it is far more widespread: http://www.washingtonpost.com/wp-dyn/content/article/2008/12/04/AR2008120403545.html?hpid=sec-world A Ponzi scheme is rocking Colombia, it is not as large but may bring the government down as it is far more widespread:

http://www.washingtonpost.com/wp-dyn/content/article/2008/12/04/AR2008120403545.html?hpid=sec-world

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