Madoff Admits to Running a Ponzi Scheme
Kind of interesting to read his statement of guilt.
UPDATE: Some worthwhile items on Madoff from the Rude Pundit and from Hullaballoo.
UPDATE: Some worthwhile items on Madoff from the Rude Pundit and from Hullaballoo.
posted by spooked at 8:24 AM
2 Comments:
First, thanks for providing a link to Mr. Madoff's statement. It is, indeed, interesting.
After reading it, I've concluded that:
* Madoff's claim that he couldn't "extricate myself and my clients from the scheme" isn't credible.
* Madoff's claims that only one of his "business" entities was a fraud and that the rest ("the legitimate proprietary trading and market making businesses") weren't isn't credible. After all, surely the other entities "succeeded" in large part because of the appearance of success of the Ponzi scheme he was running.
* Madoff may be sincerely "deeply sorry and ashamed" but it's hard to believe he is in light of his failure/refusal(?) to say what happened to all of the money his firms took in.
* The ancient sin of greed is at the base of the best explanation I can think of to explain the actions of the entire Madoff crime family.
Madoff's guilty plea leaves questions unanswered
investor George Nierenberg eloquently put it: "I know that the operation was massive. I know that he didn't commit these crimes alone and do not understand why conspiracy isn't one of his pleas."
Mr Nierenberg, who described himself as "one of the many victims of Madoff's egregious crimes," said that just producing the false client account statements for the 4,800 customers Madoff's investment firm had at the end of November 2008 would have required an "army of people".
----
madoff's plea of guilty seems to hide the complicity of any co-conspirators.
i wonder: where did the $50 billion that madoff extorted go?
Post a Comment
<< Home