Yeah great. And It would also be great if they'd done the same thing for ... LTCM . Of course not same money involved: maybe it's better to lose a huge quantity of money to be safe from persuit of fraud by government . Same for the huge leverage of JP Morgan. Same for loss of more than 90% of value of tech stock from Merryl & Co etc... the fees they have to pay is really ridiculous and will take years and years and the fee will almost go into government pocket ... that they could even return after to Wall Street for some financial aid .
I have posted this before many moons ago, so forgive the duplication if it seems vaguely familiar. A friend of mine has a business, and his biggest customer was Global Crossing. He also used to employ about 25 independent contractors at any one time. Global Crossing went in to bankruptcy and stuck him with $50,000 of receivables that in all probability will never be collected in full. To further complicate things he paid his contractors. So here is a small business person, the lifeblood of the country (OR INSERT ANY SOUNDBITE YOU WANT) who is currently not hiring, and has RISKED AND LOST real money. On the other side of the fence we have Gary Winnick who cashed out $750,000,000 in Global Crossing Options. HE HAD ZERO RISK IN THE OPTIONS. 3/4 of a MILLION dollars for a company that is now worth almost zilch. He is building a mansion with an estimated cost of 100M in CA. This guy, along with Ken Lay, Joe Nachio, Richard Schrushy, and all the others should be Disgorged of 100% of their gains, or to a level where 100% of the companies creditors have been reimbursed. That would be a true picture of justice. But look at Charles Keating from the 80s, how many hundred billion did he cost the US taxpayers? And how long has he been out of jail? But I guess as long as Americans keep buying soundbites then it will seem like justice is being served.
Agreed - G.Crossing, Ebbers, Keating, et al. But, Oscar didn't 'profit' a bit from these trades/transactions. His personal account was the 'master' and the 98 (or less, including me) just 'mirrored' his trades with our explicit consent. How many times have we all lost money following worse advice in paid newsletters, slow charts and on CNBC? Oh well, the regulators need to look busy. . . .
i'm waiting for the day when i see in the news that some "disgruntled customer" paid one of these crooks a visit and blew him away with a shotgun. and i wouldnt feel sorry for the crook one bit. AND NO IM NOT GOING TO DO SOMETHING LIKE THAT.
Yeah, I'm surprised, given what some lost buying into Blodgett, Grubman et al blatant lies, that that hasn't happend.
Perhaps someone tried but that's not on the news . Also people who has been fooled think it is their fault and it is true that it is : some made suicide for that I told about a US friend of one of my associate who killed herself but saying before that it was because of one of the (famous) tech fund (one of the big 5 brokers) where she has put her millions which have then evaporated.