I lied. Sue me. But I still ask, where the hell is all that money? I can't believe he LOST it. This guy was a shysters shyster. He was in the ultimate thieving game, market making, when it was good. It's inconceivable he lost these billions. The money was either siphoned off or paid out to others.
Whatever the story is, I'm sure it is interesting, and I'm sure that it will never be revealed to the unwashed masses. I'm leaning toward a scheme to move a lot of money offshore and launder it for either select clients, a favored cause or organized crime. It will also be interesting to see how long he stays alive. If he does then he really didn't screw the people they are reporting he screwed.
Madoff business worked because people continued to put their money in as they were getting profits, when the panic started people stopped putting the money and begun taking it out so the business was not profitable anymore. I donât believe the money is lost though, he had to cover his ass.
It was never really there. The numbers were lies and the returns paid out was just the principal of the new investors.
The original investors who collected dividends or made withdrawls were collecting the proceeds of crime. Wouldn't they be liable for the illegal profits? If I buy a stolen car, even if I don't know it was stolen, I don't get to keep it when it's found out that it was stolen.
How could you spend 50bb? Or even the 17 bb the SEC said he had (like they ever got anything right). With all the UBS, Lichtenstein stuff, don't you think it's offshore, and maybe he figured he could go be with it before he got caught? Whatever it is, it 's going to be a barnburner. A week old tomorrow, and it gets stranger an d stranger.
He should sign a book and a mini tv series or even a movie series while he can...it will be an instant best seller. The victims can play themselves ..it would be surreal watching them packing their bags in Palm Beach to go to a homeless shelter:eek: Have to feel sorry for all the foundations and charities though....