Comments on: Pondering Madoff as we enter 2009 http://www.ritholtz.com/blog/2008/12/pondering-madoff-as-we-enter-2009/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Tue, 14 Feb 2012 21:16:44 +0000 hourly 1 http://wordpress.org/?v=3.0.5 By: goldeneye http://www.ritholtz.com/blog/2008/12/pondering-madoff-as-we-enter-2009/comment-page-1/#comment-135501 goldeneye Wed, 24 Dec 2008 03:30:14 +0000 http://www.ritholtz.com/blog/?p=13646#comment-135501 This is an extremely good piece and thought provoking in a number of areas, particularly with respect to the lives that will be changed for those accounts that lost huge charitable fund resources. This is an extremely good piece and thought provoking in a number of areas, particularly with respect to the lives that will be changed for those accounts that lost huge charitable fund resources.

]]> By: capt dave http://www.ritholtz.com/blog/2008/12/pondering-madoff-as-we-enter-2009/comment-page-1/#comment-135485 capt dave Wed, 24 Dec 2008 00:45:29 +0000 http://www.ritholtz.com/blog/?p=13646#comment-135485 I said in a earlier thread, but Kunstler nailed it: The tipping point seems to be the Bernie Madoff $50 billion Ponzi scandal, which represents the grossest failure of authority and hence legitimacy in finance to date in as much as Mr. Madoff was a former chairman of the NASDAQ, for godsake. It's like discovering that Ben Bernanke is running a meth lab inside the Federal Reserve. And out in the heartland, of course, there is the spectacle of Illinois governor Rod Blagojevich trying to desperately dodge a racketeering rap behind an implausible hairdo. What seems to spook people now is the possibility that everybody in charge of everything is a fraud or a crook. Legitimacy has left the system. I said in a earlier thread, but Kunstler nailed it:

The tipping point seems to be the Bernie Madoff $50 billion Ponzi scandal, which represents the grossest failure of authority and hence legitimacy in finance to date in as much as Mr. Madoff was a former chairman of the NASDAQ, for godsake. It’s like discovering that Ben Bernanke is running a meth lab inside the Federal Reserve. And out in the heartland, of course, there is the spectacle of Illinois governor Rod Blagojevich trying to desperately dodge a racketeering rap behind an implausible hairdo.
What seems to spook people now is the possibility that everybody in charge of everything is a fraud or a crook. Legitimacy has left the system.

]]> By: DP http://www.ritholtz.com/blog/2008/12/pondering-madoff-as-we-enter-2009/comment-page-1/#comment-135458 DP Tue, 23 Dec 2008 22:09:39 +0000 http://www.ritholtz.com/blog/?p=13646#comment-135458 @leftback: And however down someone might be this year that managed their own money, they still have access to what is left. Fund Liquidation is going to continue to be a big story for 2009 because the minute some of these guys open their funds back up for withdrawals (which they have to eventually), they'll find the 40% redemptions they were trying to stop suddenly became 80%. @leftback: And however down someone might be this year that managed their own money, they still have access to what is left.

Fund Liquidation is going to continue to be a big story for 2009 because the minute some of these guys open their funds back up for withdrawals (which they have to eventually), they’ll find the 40% redemptions they were trying to stop suddenly became 80%.

]]> By: leftback http://www.ritholtz.com/blog/2008/12/pondering-madoff-as-we-enter-2009/comment-page-1/#comment-135454 leftback Tue, 23 Dec 2008 22:02:15 +0000 http://www.ritholtz.com/blog/?p=13646#comment-135454 Madoff was an evil genius. He sucked people in with their own hubris, aspirations, greed and avarice. As Mr Kotok points out, one's first question should not be: how much can I make? but: how much can I lose here? Oddly enough those of us who manage our own money were safer this year than those who trusted "experts". Madoff was an evil genius. He sucked people in with their own hubris, aspirations, greed and avarice.
As Mr Kotok points out, one’s first question should not be: how much can I make? but: how much can I lose here?

Oddly enough those of us who manage our own money were safer this year than those who trusted “experts”.

]]> By: Moss http://www.ritholtz.com/blog/2008/12/pondering-madoff-as-we-enter-2009/comment-page-1/#comment-135448 Moss Tue, 23 Dec 2008 21:44:59 +0000 http://www.ritholtz.com/blog/?p=13646#comment-135448 They should make them all take a lie detector test each year in addition to the suggestions that Mr. Kotok makes. They should make them all take a lie detector test each year in addition to the suggestions that Mr. Kotok makes.

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