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US$50B Former Nasdaq Chairman Wall St swindle

teeth53
Supreme

31-Jan-2009 22:43

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If we depend on just one man or few good old man, then this is very dangerous, for S'pore...Ya.

This oldman called Madoff's is not just a rich con man. He will and can be considered world best professional conman for this century...conning off US$50 billion and causing a few billionaires to commit suicide too. Think US President Obama must do something, me think in China is die die liao, beaten to.....not just in jail lehh...read that he oso employ bodyguards to protect himself lehh...

Obama must has piss off w/o doing something after another blasting at US CEO n kakis for having issused to themself...a US$18.4 billion bonus last just when BOA is about to takeover ML.

Think we R also been piss off for buying into ML as well.

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novena_33
Veteran

16-Dec-2008 11:57

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well...he is just another rich con man.....

he should be JAIL..... fine is peanuts to them.....

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tanglinboy
Elite

16-Dec-2008 10:06

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If the ex-chairman of Nasdaq is a crook, how many other hedge fund managers are not what they seem to be??!!

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CWQuah
Master

15-Dec-2008 22:13

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Madoff's swindle is nothing compared to what you will find on today's Straits Times, Money Section, page 18, under the "INBRIEF" section, last article on what Atrocious Insurance Gluttons (A.I.G) is doing.

So much for AIG being 'unable to operate' without govt bailout. Really sickening to read about it. I find it odd that there doesn't even seem to be much news on them retrenching/cutting costs.

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teeth53
Supreme

15-Dec-2008 21:49

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If we depend on just one man or few good old man, then this is very dangerous, for S'pore...Ya.

teeth53 ( Date: 14-Dec-2008 09:04) Posted:

Bernard L. Mad.off, 70, facing a single count of securities fraud, declined to speak with reporters after a federal magistrate judge in U.S. District Court in Manhattan ordered him released Thursday night on $10 million bail. (US50Bil) They trusted him with everythings.

They trusted him with everythings...Ya (which mean it is very, very dangerous if one man were to made a misjudgement. We all DEAD) and will our own regulators ignore d RED flags ?. when Sharejunction posted early warning is abundance for years, since mid 2007.

Will it happen here in Singapore, where the regulators have any moral authority to check on those loop hole pending those who rule or enable to make decision for cheating

Here a lesson we all need to learn and it make me think of how our public funded money were to be invested oversea where early warning is abundance for years

derekchong ( Date: 15-Dec-2008 16:04) Posted:

so many ppl got cheated. I just wonder our smm, mm, pm, sm etc all very rich,

duno got kena cheated by this angmo or not.

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AK_Francis
Supreme

15-Dec-2008 16:19

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Thats go the so-called Ponzi Scheme headed by d angmoh Mad n Off he go.

European banks suffer new hit from Madoff scandal

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Madoff is alleged to have lost US$50 billion in a giant pyramid scheme that collapsed in the global financial crisis

Madoff is alleged to have lost US$50 billion in a giant pyramid scheme that collapsed in the global financial crisis.

Santander said its investment fund Optimal has an exposure of 2.33 billion euros (US$3.1 billion). The bank said it had also invested 17 million euros of its own funds in Madoff products.

French bank BNP Paribas SA also revealed it could lose up to 350 million euros in the scandal.

A BNP Paribas said the bank had no direct investment with Madoff's company but 'it does have risk exposure to these funds through its trading business and collateralised lending to funds of hedge funds'.

'If, as a result of the alleged fraud, the value of the assets of these hedge funds is nil, BNP Paribas' loss could amount to around 350 million euros.'

In Britain, a spokesman for Royal Bank of Scotland said the bank had 'some exposure' to Madoff, but declined to give details.

European media have said HSBC of Britain and Union Bancaire Privee of Switzerland could also have suffered, although neither has admitted or denied losing money.

A British investment fund that also acknowledged being a Madoff client criticised what it called the 'systemic failure' of US regulators.

Bramdean Alternatives Limited said the accusations against Madoff raised 'fundamental questions' about the American financial regulatory system.

'It is astonishing that this apparent fraud seems to have been continuing for so long, possibly for decades, while investors have continued to invest more money into the Madoff funds in good faith,' the firm said in a statement.

Bramdean Alternatives invested around 21 million pounds (US$31.2 million), or around 9.5 per cent of its portfolio, with Madoff's company.

British newspapers reported that among Bramdean's clients is property magnate Vincent Tchenguiz, one of Britain's richest men, who apparently invested 40 million pounds with the firm.

Swiss bankers
Swiss bankers face losses of up to US$5 billion, Geneva's Le Temps newspaper said.

It said Union Bancaire Privee, a major asset management institution specialising in hedge funds, could be exposed to the tune of one billion dollars.

UBP refused to comment on the report, which said that 90 per cent of fund management companies operating in Geneva invested in products of Bernard L Madoff Investment Securities LLC.

Italy's stock market watchdog, the Consob, has launched an investigation into the impact of the scandal on the national financial system, Ansa news agency reported.

The Bank of Spain also opened an investigation to determine the level of involvement of Spanish companies, the Spanish daily El Mundo said.

The Madoff scandal could have a bigger impact in Spain than the collapse of US bank Lehman Brothers this year, in which Spanish investors had exposure of between 1.3 and 2.6 billion euros.

Madoff was arrested on Thursday for allegedly defrauding his customers through a giant pyramid scheme, with prosecutors alleging that the 70-year-old, a Wall Street veteran, confessed to losing at least US$50 billion. -- AFP

Other Companies - World Headlines

Nomura has US$303m Madoff-related exposure

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derekchong
Veteran

15-Dec-2008 16:04

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so many ppl got cheated. I just wonder our smm, mm, pm, sm etc all very rich,

duno got kena cheated by this angmo or not.

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pointer
Senior

15-Dec-2008 09:52

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If u choose to cheat yet not greedy, then might as well dun cheat right? Small cheat won't get u anywhere near the Miami beach. One need to feel contented of the things he has cheated & should stop & quietly vanish. But the devil will come & haunt him someday.

AK_Francis ( Date: 15-Dec-2008 09:40) Posted:

lesson learnt:

dun greed if cheat. do big n flee quick. keeps tail n quit.

typical exp, the SIA's incidence.

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AK_Francis
Supreme

15-Dec-2008 09:40

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lesson learnt:

dun greed if cheat. do big n flee quick. keeps tail n quit.

typical exp, the SIA's incidence.

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Hulumas
Supreme

15-Dec-2008 09:30

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That is real world and real life of us, we are subjected now.

singaporegal ( Date: 14-Dec-2008 21:57) Posted:

Sigh... Wall Street has really fallen to the depths now. Even a trusted figure like an ex-Nasdaq chairman can be convicted of cheating and fraud.

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Hulumas
Supreme

15-Dec-2008 09:29

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Yes, it is clear and I understand now. Thank you.

DnApeh ( Date: 14-Dec-2008 20:16) Posted:

Meant as a joke. If u want to swindle $, make sure u do it big lah!

Hulumas ( Date: 14-Dec-2008 17:14) Posted:

I don't get it

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singaporegal
Supreme

14-Dec-2008 21:57

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Sigh... Wall Street has really fallen to the depths now. Even a trusted figure like an ex-Nasdaq chairman can be convicted of cheating and fraud.

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DnApeh
Master

14-Dec-2008 20:16

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Meant as a joke. If u want to swindle $, make sure u do it big lah!

Hulumas ( Date: 14-Dec-2008 17:14) Posted:

I don't get it.

DnApeh ( Date: 14-Dec-2008 15:24) Posted:

Lesson is " if want to do, do big, big. "

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Hulumas
Supreme

14-Dec-2008 17:14

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I don't get it.

DnApeh ( Date: 14-Dec-2008 15:24) Posted:

Lesson is " if want to do, do big, big. "

pikachu ( Date: 14-Dec-2008 14:50) Posted:

Lesson learned - TRUST NO ONE !

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Hulumas
Supreme

14-Dec-2008 17:09

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Lesson learned: BIG AND GOOD PERFORMANCE DOES NOT MEAN SOUND...YET SMALL AND BAD PERFORMANCE DOES MEANS BEAUTIFUL. Ha... ha... ha...Noticeably, almost all bad news with the big, big corporation lately becomes a trend.

pikachu ( Date: 14-Dec-2008 14:50) Posted:

Lesson learned - TRUST NO ONE !

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DnApeh
Master

14-Dec-2008 15:24

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Lesson is " if want to do, do big, big. "

pikachu ( Date: 14-Dec-2008 14:50) Posted:

Lesson learned - TRUST NO ONE !

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pikachu
Veteran

14-Dec-2008 14:50

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Lesson learned - TRUST NO ONE !

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teeth53
Supreme

14-Dec-2008 08:58

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They trusted him with everythings...Ya and did thec regulators ignore d RED flags ?.

Bernard L. Madoff, 70, facing a single count of securities fraud, declined to speak with reporters after a federal magistrate judge in U.S. District Court in Manhattan ordered him released Thursday night on $10 million bail.

Will it happen here in Singapore, where the regulators have any moral authority to check on those loop hole pending those who rule or enable to make decision for cheating

Here a lesson we all need to learn and it make me think of how our public funded money were to be invested oversea where earlt warning is abundance for years.

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teeth53
Supreme

13-Dec-2008 16:36

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This one n many more such stories will appear...

'It was all one big lie'

Wall St broker Bernard L. Madoff, 70, has confessed to a massive US$50 billion fraud scheme. »Details

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teeth53
Supreme

13-Dec-2008 10:15

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Just wondering how many got cheated..Lehman got 8,000 ppl. He is free temp on US$10 million bond for cheating US$50,000,000,000 million.

In US is call CID, Here the CPIB will be pouring overnite checking....

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