Picower estate to hand back Madoff billions

Discussion in 'Wall St. News' started by 1prometheus, Dec 17, 2010.

  1. http://www.bloomberg.com/news/2010-...llion-in-biggest-madoff-fraud-settlement.html

    I did not see this happening. The "heart attack" in the swimming pool seemed all to convenient. I had figured whoever was left with with this repository of madoff loot was scot free.

    The notion that Picower did not know it was a Ponzi scheme (or at least something illegal) is not possible given the "souped up" returns he was getting relative to the other Madoff customers that were ludicrous both in % return and dollars pulled out.


    The emperor had no clothes and his swinging c*ck was urinating on the little people, yet no one dared to look.

    Truth hides in plain sight when the powerful do not want the public to notice their crimes. How dare a peon question the mighty Maddoff!

    This is a general lesson that must be understood: Prestige, not truth, drives events for much longer than people realize.
  2. It's obvious that Picower had Bernie over a barrel. Picower had the goods on the BS collar strategy and worked it for billions. Picard has recovered nearly HALF of all monies invested with Madoff.
  3. I am not sure Obama should be in jail, however the fact he is president speaks very poorly of our electorate. I fear we are suffering from a massive decline in average population quality (Idiocracy).

    The notion that Obongo is a puppet seems accurate. He was propped up by the Chicago elite, then chosen by the international elite, and voted into office by the coalition of "minorities" that make up the new America (all looking for free goodies and handouts).

    (...This is the thread you create while kicking yourself for exiting a great trade farrrr to early.. .got to love hindsight!)
  4. That is not 100% obvious to me.

    My thought was that Maddoff and Picower were inner-circle cronies. If one looks at Picower's background, he is exactly the partner one would want to help one hide billions.
  5. Why are Picard's talents being wasted on Madoff. He should be at Justice (along w/Spitzer) going after the real criminals who looted the country (aided by Paulson, Geithner, and Bernanke) during the GFC .
  6. Well, it wasn't hidden very well. Regardless, you agree that he had to be in on the scam. Whether coercion was involved is immaterial. His actual cause of death is far more interesting.
  7. Look out for more "suicides" and "accidents". Where billions of $$$ are concerned, this is no longer chump change and your life is forfeit.
  8. Yes. He adjusts his will 10 days before he mysteriously dies in his swimming pool, which also just happens to be days before his court date. All too convenient. I have heard it said Madoff's son was also a madoff "super-investor" like Picower. Does anyone have confirmation of this or an article link? This would in my mind confirm that he was in on the scam.
  9. Yeah, I posted an excerpt earlier. Invested 750k that returned >10x in a short period, with ZERO transactions made in the account. IOW, there was never any securities held in the account. That was but one account of many held by Mark Madoff (8 in total?).
    #10     Dec 17, 2010