Whether the Union is mobbed up or not, these working guys are just plain screwed. this is the end of the SEC thank God, but the anti-Semites will be out in full force. Not a big Jewish population in Syracuse NY. He screwed a bunch of working class Gentiles. My Jewish friends want Madoff skinned out like a piece of venison. This guy is a meglomaniac: http://www.cnbc.com/id/15840232?video=989658917&play=1
what truly sickens me is when someone on ET posts that he makes money others jump on him how sad how sad are people here
All they can do at this point is locate who redeemed more than their initial investment, then target those peeps for clawback to those who lost their initial investment. Even if that includes pension funds etc. Everyone got screwed here.
I don't know if you know how Unions work, but I guarantee you he was into at least the network of Upstate NY unions big time. Figure 150mm. That's about 1000 workers with Nada. Blood in the streets. I was brought up around guys like this. This is absolutely devastating. What Madoff may not realize is, in 1977 or so , a couple of Shearson brokers cheated the Amalgamated Whatevers from Utica. They were foiund bobbing in the river like a couple of bathtub toys. Madoff is a dead man, no matter how you slice it. Think Joe Pesci in Casino. Edit: Just got a call. He got the plumbers ' union in Albany, too. Bad news. I feel for those poor guys. Probably cost 300 bucks to install a urinal cake after this.
I'm not talking full clawback on returns + principle. Just returns over principle. So everyones initial investment is returned. Or close too. Sure, the Unions get fucked for 10 years of market returns, but hey. In this scenario, "fairness" for one investor means another investor gets fucked twice as hard. Not exactly "fair". I hear ya about Pesci. If Madoff ends up dead, I won't shed a tear. Him, Ebbers, Ken Lay all deserve the **** of a lifetime, if you ask me.
I really don't have any knowledge of this topic, so please forgive any ignorance here..but it seems to me that the mafia has lost a lot of power since the 1980', that the most powerful bosses all have gotten arreested, no one that's any good wants leadership positions and they all turn on each other as soon as things start to look a little uphill. It also seems as though they don't really kill nearly as many people..I know there was that Union president a few years ago that disapeared in the middle of his trial because I guess the mob wanted him to settle and not go to trial or something..but do they really have the power to do this type of stuff? And with most of the Unions having massive Federal oversight now do they still have that kind of pull with the unions. I'm just a country hick from Iowa, so forgive me if this is totally ignorant, but I guess I just thought that other groups (russians, colombians, albanians etc) were taking over and muscling out the Italian Mafia.
Its not a question of whether Madoff is Jewish or not. Any disgruntled investor in the Madoff scam could possibly find an opportunity to shoot him down and no one is going to regret that that smug smile on Madoff's big wide mug has been blown away for good. Also its possible that Madoff may yet bump himself off.