^^^Good point. By the way great post Muddahudda – very insightful.
It’s true. Back in Israel I was indoctrinated to rip off Christians and funnel the money to the Jewish community and to the glorious Eretz Yisrael. I have also sworn an oath to keep the NWO 9/11 nazi gold conspiracy a secret and forever guard the code of reverse vampires.
How long does he go to jail for?
life
http://www.google.com/hostednews/ap/article/ALeqM5jF_4G4a4XAV7qDQOp8KfWCykIrYQD953FCL82 It’s unfathomable to me that any of these people are actually going to be recovering their money at the expense of the U.S. taxpayer. I thought this was a hedge fund, not a failed brokerage firm?
ceo1975 Wrote: ------------------------------------------------------- > So CFAI ethics rules dictate due diligence, > diversification, etc. etc. My question is: should > the CFAs that invested money with Madoff loose > their charters? Well, I totally agree!!! I would even go further, in my opinion every Enron-, Siemens-,…investor, George W. Bush, the SEC and Jerome Kerviel should loose their charter. That everyone still got his charter only shows that the CFAI is money-greedy and corrupt, so the CFAI should also loose its charter… Let’s fill a pedition! Let’s make the world a better place 
Yehs, lett’s ahl fil eh pedition.
I’m surprised this post isn’t gone by now b/c of the Jew comment… I mean, to even bring religion into this at all is a complete misunderstanding of reality. Would you believe a devout Muslim primarily because they are ‘commonly known’ to be the most dedicated in their faith and should thereby be ethical? It doesn’t matter what your answer to that question is, but that it has no relevance to this at all as ethics and faith are in different fields of play. One can be religious and unethical all at once; but they often believe they are ethical based on what their own personal view of religion is. Everyone’s religion is different, although you may share a common denominator.
MattLikesAnalysis Wrote: ------------------------------------------------------- > I’m surprised this post isn’t gone by now b/c of > the Jew comment… > > I mean, to even bring religion into this at all is > a complete misunderstanding of reality. Would you > believe a devout Muslim primarily because they are > ‘commonly known’ to be the most dedicated in their > faith and should thereby be ethical? It doesn’t > matter what your answer to that question is, but > that it has no relevance to this at all as ethics > and faith are in different fields of play. One can > be religious and unethical all at once; but they > often believe they are ethical based on what their > own personal view of religion is. Matt, Most Ponzi schemes uncovered in my country (moderate Muslim country) were designed by the most “seemingly” religious Muslims (Long bears, white dress, … the whole enchilada), they actually use their looks as the most effective way to rob average “uneducated” individuals. I am personally extra careful with anyone trying to play the religion card on me, I know better. The NY Times had an article yesterday about how the most shocking element in this story is that it was done by “one of them”, they were talking about the exclusive Jewish country club in Florida were he raised a majority of his money.
thread is circling the bowl 
MattLikesAnalysis Wrote: ------------------------------------------------------- > I’m surprised this post isn’t gone by now b/c of > the Jew comment… > > I mean, to even bring religion into this at all is > a complete misunderstanding of reality. Would you > believe a devout Muslim primarily because they are > ‘commonly known’ to be the most dedicated in their > faith and should thereby be ethical? It doesn’t > matter what your answer to that question is, but > that it has no relevance to this at all as ethics > and faith are in different fields of play. One can > be religious and unethical all at once; but they > often believe they are ethical based on what their > own personal view of religion is. > > Everyone’s religion is different, although you may > share a common denominator. The way the original comment was worded may be interpreted as inflammatory, but on average, people often put more trust in people of the same faith (or really any sort of group) and that provides opportunity for impropriety for those without scruples. See Catholic priest abuse over the past half century.
JoeyDVivre Wrote: ------------------------------------------------------- > mudda - I haven’t followed this as much as you > clearly, but my impression was that they had only > a small firm doing the auditing, not a small > auditing firm as the administrator and a big 4 > firm doing the auditing. If you are correct on > that, I would say that a small firm as admin > doesn’t mean squat. Who cares who the admin is? > That wouold be the tiniest of red flags for me. > In fact, I don’t want a big 4 firm doing the admin > because it’s expensive and admin fees come > directly from the fund. The admin doesn’t do any > real compliance work anyway (or any work that I > believe is worth anything) so I want some tiny > firm doing it for no money. I would invest in a > hedge fund without an admin and think I had run > into someone progressive. JDV, just to bring this back to the topic and to clarify: Madoff Broker Dealer: small firm auditor (3 people), SEC, FINRA regulated Madoff Advisory business farmed out to Fairfield et al: top four accounting firm (KPMG/PwC and the like). Top notch administrator (again think along the lines of Globe Op/Bisys etc). Prime brokers and leverage provider (think along the lines of Citi/DB/anyone large etc). *** By the way these arent the actual names, just examples of the pedigree *** I do know who was involved but will obviously not disclose them . So bottom line on the advisory part is to check all the relationships and they are all the biggest in the business. Bottome line on the broker dealer part is that it is fully regulated. I note with interest today that the niece of Madoff married some guy at the SEC who worked on the Madoff audits. Doesn’t mean anything, but just a little bit out there. The film is gonna be good.