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The Masked Tulip

Bernard Madoff - Wizard of Lies

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Sky has a really interesting docu-drama on about Bernard Madoff - played by Robert De Niro with Michelle Pfeiffer playing his wife.

It is very good.

I wonder how much of it is based on fact rather than artistic licence? De Niro plays him as a mix of a complete narcissist yet someone to somehow pity. Very cunning and very, very controlling - especially of his sons and immediate family. An incredible tale of the emperor who has no clothes but the bigger the lie he tells the more people want to believe the lies... and how so many people submit to the illusion of wealth.

The programme keeps reminding us of those individuals who lost their life savings under him and those who took their own lives as a result.

It reminds me of the early days of TOS and how, with stories like Madoff, we all thought that the world economy was about to go into a 1929 melt-down - how little we knew back then. We had no idea just how much QE was coming.

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1 minute ago, SNACR said:

He's also largely responsible for those fucking Kevin Bacon EE ads. Never forget that.

 

Exactly.

As I said above, the programme keeps mentioning the individuals who lost everything and how they took their own lives as a result.

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I was bored one day so I googled old Bernie. Interesting stuff.

I then googled who had been stung by him, it was a pretty extensive list. The one thing that made me double take was the English county councils on the list and how much they had been done over for.

https://en.m.wikipedia.org/wiki/List_of_investors_in_Bernard_L._Madoff_Investment_Securities

 

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19 minutes ago, Sgt Hartman said:

I was bored one day so I googled old Bernie. Interesting stuff.

I then googled who had been stung by him, it was a pretty extensive list. The one thing that made me double take was the English county councils on the list and how much they had been done over for.

https://en.m.wikipedia.org/wiki/List_of_investors_in_Bernard_L._Madoff_Investment_Securities

 

See also  Landsbanki  ....how dose it go ...if it`s to good to be true  ...nah fuck it balls deep it is then 

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4 minutes ago, Long time lurking said:

See also  Landsbanki  ....how dose it go ...if it`s to good to be true  ...nah fuck it balls deep it is then 

Yup. Right up to the nuts.

That sort of incompetent profligacy is usually only found when spending other people's money.

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13 minutes ago, Sgt Hartman said:

Yup. Right up to the nuts.

That sort of incompetent profligacy is usually only found when spending other people's money.

Your average council manages a budget of 10's of millions and a pension liability  of 100's of millions.

What is the entry qualification for the average councillor who manages this budget *?

*Or supposedly holds the council CEO to account.

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Something makes me think there was some edict from central government deliberately encouraging local authorities to move funds away from traditional investments.

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7 hours ago, Horrified Onlooker said:

Your average council manages a budget of 10's of millions and a pension liability  of 100's of millions.

What is the entry qualification for the average councillor who manages this budget *?

*Or supposedly holds the council CEO to account.

Pensions investment management is usually dire for exactly the reason you say.  I found out my first defined contribution one was entirely in safety-first bonds at a time when the stock market had been booming for five years and realised that the "financial experts" managing it were idiots.

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8 hours ago, Horrified Onlooker said:

Your average council manages a budget of 10's of millions and a pension liability  of 100's of millions.

What is the entry qualification for the average councillor who manages this budget *?

*Or supposedly holds the council CEO to account.

Council officer, not councillor.

COs are mainly solicitors/legal quals. Which then raises the question - What does it say about UK legal training? Its shit basically, full of idiots/morons.

Any council that had money in Iceland should have had all its senior finciai management people sacked.

Total magic beans.

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9 hours ago, Sgt Hartman said:

Yup. Right up to the nuts.

That sort of incompetent profligacy is usually only found when spending other people's money.

A lot of people spent their own money.

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Wieldy, Madooff people did not lose everything.

Not sure what the recovry was but if I rmmber it was something like 50c/$

People were just not as rich as they thought they were.

I dont think he embezzled all the money. He appeared to have invested it, lied about the return, and used the fund to pay off early people.

I guess he thought he could make it last til he died.

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4 minutes ago, spygirl said:

Wieldy, Madooff people did not lose everything.

Not sure what the recovry was but if I rmmber it was something like 50c/$

People were just not as rich as they thought they were.

I dont think he embezzled all the money. He appeared to have invested it, lied about the return, and used the fund to pay off early people.

I guess he thought he could make it last til he died.

That is a Ponzi scheme!:o

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Just now, MrPin said:

That is a Ponzi scheme!:o

Nah, pure Ponzi are uncovered/neked!

Madoffs had an everyday investment fund that he was dipping in to make up the differences between returnrs and what he claimed.

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9 hours ago, SNACR said:

Something makes me think there was some edict from central government deliberately encouraging local authorities to move funds away from traditional investments.

It is also what happens when central banks get into overt manipulation of investment and the economy - they created the demand when returns were not available elsewhere and a return was needed to prevent lack of future returns turning  obligations in pensions into a time bomb.

We're nuts in now - every investment market / store of value out there has been pushed to extremis.

 

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Apparently lawyers have recovered about 15 billion out of 50 billion. Their fees to date are supposed to be around 700 million.

I enjoyed this last night. De Niro manifested some of his gangster roles from the past. Pfeiffer was her good - she is so thin.

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16 minutes ago, The Masked Tulip said:

Apparently lawyers have recovered about 15 billion out of 50 billion. Their fees to date are supposed to be around 700 million.

I enjoyed this last night. De Niro manifested some of his gangster roles from the past. Pfeiffer was her good - she is so thin.

Ah, thats the claim about how much the fund was was claimed to be worth, which is BS.

When you look at recovery for money paid in then the loss is a lot less. Still a loss mind.

https://www.theguardian.com/business/2010/mar/24/bernard-madoff-whistleblower-harry-markopolos

http://www.npr.org/templates/story/story.php?storyId=124208012

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I've read Harry Markopolis' book ("No One Would Listen).  It was fascinating, in a "car-crash" kind of way.  The level of denial amongst the regulators was astounding, and, in my opinion, unforgivable.

The impression I got was that there was some sort of collective form of denial, perhaps because most of the people he informed of the fraud were invested in it themselves, and by listening to him (and exposing the fraud) their losses would be crystallised.

Isn't it odd that the only person who got sent to prison during with a huge fanfare is the only one who made fools (and a lot of money) out of the wealthy?

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