Secret fund behind £33bn Madoff scam is uncovered

[emad]

Investigators have identified a secret, unregistered money-management business they say former Nasdaq chairman Bernard Madoff may have used to run a $50 billion (£33.4 billion) fraudulent pyramid-style scheme.

The business was run alongside his firm's brokerage and investment-advisory units, and was housed on a floor at his Manhattan headquarters to which few staff had access, and which was not linked to the other floors the firm occupied.

Prosecutors and the US Securities and Exchange Commission say Madoff has confessed that his advisory business, which catered to rich people, institutional investors and hedge funds, was "all just one big lie", and the business had been insolvent for years.

But its operations remain a mystery, with investigators trying to figure out where customers' money went. Madoff, 70, told his sons last week he had as much as $300 million left, according to an SEC allegation lodged with a federal court in Manhattan. The agency is looking for additional money that may be recovered for victims.

http://www.thisislondon.co.uk/standard-business/article-23601737-details/Secret+fund+behind+33bn+Madoff+scam+is+uncovered/article.do


THIS is begining to smell a bit like the unravelling of Enron.

[The_Casual_Observer]

1. I'm always astounded that in the high-tech information/analytical age we live in

that old school fraud like this can still happen on such a grand scale.

[ayeshahaqqiqa]

2. I hope this guy didn't get any bailout money from the government n/t

[malaise]

3. Where customers' money went?

I would bet the Israeli lobby. Madoff has dual citizenship. I read on a strange website that Mossad has taken its biggest hit to date.

[oberliner]

6. Why are you spreading lies?

Dual Citizenship? Mossad? You read it on strange website?

Why would you believe what was written on this "strange website"?

What is your agenda here?

[emad]

7. Mossad Pension Fund hit for $900 million in Madoff Ponzi scam

SNIP:
...
Madoff, 69, is said to have asked for FBI protection after rumors of irate Israeli spooks sending out a posse to 'nail his thieving ass' for the pyramid scheme....

http://www.thespoof.com/news/spoof.cfm?headline=s3i45161

[oberliner]

8. Are you trying to be funny?

That is from a website called "The Spoof" - they are fake headlines and fake stories.

[emad]

9. Ah, you noticed!

"The story above is a satire or parody. It is entirely fictitious"...

Looks like the author queen mudder certainly spoofed you.

[oberliner]

10. What are you talking about?

Someone posted here that they read on a "strange website" something about Mossad. Did that person realize that it was from a spoof site? If so, that has not been made clear.

[emad]

13. Maybe the spoof site and the 'strange' site were two entirely

different websites!

[oberliner]

14. In any case, the "story" is fake

That is my point.

[emad]

15. I think most of us have got there by now!

[Name removed]

11. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Ichingcarpenter]

4. The building he was in was called "The Lipstick Building"

With all the inferences on 'lipstick and a pig' this political season
I thought that was ironically amusing.

[Ioo]

5. I blame the gays - I am sure it will come out it is our fault.

It always is as of late.

- We caused Katrina
- We caused GM to make crappy cars (maybe they should hire a few as designers)
- We caused AIDS
- We caused the Tsunami
- We caused the San Fran Earthquake
- Blame us for the flooding in the mid-west
- 9/11, that was our fault
- The lass of the Redskins to the Bangles, yep, I did it.
- The mortgage meltdown, the gays...
- Global Warming, us
- We caused the great depression
- We caused WWII and maybe WWI (Archduke Ferdinande may have known a gay)

I could go on and on... so on behalf of the gays, we will take this as well, because it only a matter of time before we are blamed anyway.

[Behind the Aegis]

12. Sweetie....you aren't "pure" enough....

...it is the "gay Jews!" Trust me, being gay and Jewish, makes me more powerful than the anti-Christ. I am a "fike" or is it "kag?" Who knows? The gas will be just as deadly.