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Investors Furious Over $50. Billion Ponzi Scam

Discussion in 'BlackHat Lounge' started by The Scarlet Pimp, Dec 13, 2008.

  1. The Scarlet Pimp

    The Scarlet Pimp Senior Member

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    Many Fear The Worst After Wall Street Legend, "Barnard Madoff" Reveals He Lied About Company Profits And Stole $50. Billion From Investors...

    http://www.nypost.com/seven/12132008/news/regionalnews/investor_furor_over_50b_scam_143966.htm

    Panicked investors scrambled desperately yesterday to determine whether their life savings had been wiped out after a Wall Street legend allegedly admitted blowing as much as $50 billion in what is emerging as the largest Ponzi scheme in history.

    Among several big-name investors who trusted former Nasdaq Chairman Bernard L. Madoff with their cash were New York Mets owners Fred Wilpon and Saul Katz, who may have lost as much as $500 million in the scheme, sources said.

    New Jersey Sen. Frank Lautenberg also confirmed he had invested money from his charitable organization through the 70-year-old Madoff's company, though he did not say how much.

    Around 20 angry investors stormed the lobby of Madoff's offices yesterday to find out what happened to their life savings - only to be ordered to leave by police.

    "When I found about it, I felt lousy, I held my head," said one elderly man, who was too distraught to say how much money he may have lost. "We've got problems."

    While the scope of countless other investors' losses remains unclear, it appears that most of the victims reside in New York and South Florida and were among Madoff's closest friends and business associates.

    Madoff allegedly told authorities that he estimated he blew through $50 billion in the scheme he called, "one big lie."

    "This is a major disaster for a lot of people," said investor Lawrence Velvel, 69, dean of the Massachusetts School of Law who said he and friends had lost millions among them.

    "You work all your life, you finally manage to save up something, and somebody who's entrusted with it, it turns out suddenly he's a crook. Lots of people are getting fully or partially wiped out."

    Said one hedge-fund manager who knew many of Madoff's investors, "There are a lot of people in New York who were rich yesterday and are insolvent today."
     
  2. outacre

    outacre Newbie

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    Welcome to the wonderful world of the "Wall Street Casino." It's really sad the the biggest victims in these economic meltdowns are always the small investors.
     
  3. kevinfoster

    kevinfoster Registered Member

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    In this case, the biggest losers were not the small investors, but some of the largest ones. I can't wait until the movie of this comes out (like Enron, etc...) so the details as to how this happened are exposed.
     
  4. dogdog

    dogdog Regular Member

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    one by one emerging once the economy downturn
     
  5. banditrei

    banditrei Registered Member

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    thats why you should keep yer cash in the mattress.

    gotta go now and get more mattress', having a great month.
     
  6. Jaz

    Jaz Regular Member

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    We need this old guy to teach us somethings, hes like the BlackHat Jedi .
     
  7. scubaslick

    scubaslick Regular Member

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    I chuckled.

    Not for the reason you think. I laughed because at 70 years old, he still wasn't satisfied with his hundreds of millions. He still needed more.

    What a fucking loser.

    Learn what you really want, then go get it.

    If "more" is all you can understand, you will NEVER be happy, no matter how rich you get.

    Loser.

    Loo-hooo-zuuuu-her.

    Oh yea, there's a "blackhat" lesson for us to learn here. But it's not about how to be a blackhat; it's about how to know when enough is enough.

    I hope he goes to jail and gets ass fucked for the next 3 years before he dies. That way all his stupdity ends in nothing. Maybe that way a few of his "admirers" will learn that there's more to life than just a bank balance.

    roflmfao.
     
  8. antsaoo

    antsaoo Supreme Member

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    Uh oh this is just retarted. :p if they let me think where to start getting idiots off ruining economy it would be wall street mofos thinking only their own profits.