Enron is 1000x worse. I call ‘buyer beware’ for Madoff’s products. I will never put any money in a ‘fund’ because of this reason, before and after this incident. NOBODY can produce returns greater than the market throughout eternity and this has been proven time and time again, Madoff, LTCM, etc etc. I’m sure Buffet’s day will come and if it doesn’t, if he had lived for 1M years, I’m sure it’d eventually come. Investing in a fund with double digit returns, you should be expecting a reversion to the mean and in madoff’s case the reversion is zero because the returns have been so high for so long. I feel absolutely no sympathy for any investor in Madoff and I think he should be let free after 5 years in prison. Without people like Madoff, we would not be reminded of how simpleminded regulatory officials and the ‘average’ investor is. In the end, Madoff is still the smartest of all involved, including his investors, so i think his investors should lose and he should win. Being on the side of the investors is being on the side of idiots. Every time you invest in a fund, you know the risks involved. How much money would all of you give to a stranger? I would personally give none, unless its a bank account where I am covered by law and the government itself. I feel no sympathy whatsoever for any investor of his funds. If you go undiversified, expect to get destroyed a few times in your life.
MattLikesAnalysis Wrote: ------------------------------------------------------- > Enron is 1000x worse. > > I call ‘buyer beware’ for Madoff’s products. I > will never put any money in a ‘fund’ because of > this reason, before and after this incident. > NOBODY can produce returns greater than the market > throughout eternity and this has been proven time > and time again, Madoff, LTCM, etc etc. One name for ya: Paul Tudor F’N Jones
An accountant friend mentioned that the accountant who was auditing Madoff was getting paid $150K per year for the job. Is that correct? I know very little about the audit biz, but if the accountant knew he was doing a cursory, half-@ss job, wouldn’t accepting annual fees of $150K make him an accomplice to the crime?
“Don’t be a hero. Don’t have an ego. Always question yourself and your ability. Don’t ever feel that you are very good. The second you do, you are dead.” hehe. i’m sure his day will come. if most people can’t trade for a living in their lifetime, then there has to be that one guy who goes on a 50 year winning streak in his lifetime right? extend his life out 200,000 years and his day will come 
frisian Wrote: ------------------------------------------------------- > An accountant friend mentioned that the accountant > who was auditing Madoff was getting paid $150K per > year for the job. Is that correct? I know very > little about the audit biz, but if the accountant > knew he was doing a cursory, half-@ss job, > wouldn’t accepting annual fees of $150K make him > an accomplice to the crime? absolutely, audit fees are generally much higher then that for a client who is that big and if he’s dealing with assets that are hard to price there is alot testing that is involved. Sometimes it’s difficult for an auditor to give an appropraite decision but with a business like Madoff’s a serious examination of the internal controls is a requisite and my assumption is that a serious look at his internal controls would reveal this fraud. Though its difficult to be certain because I personally don’t know what Madoff’s operations were like. However, there is alot of legwork involved with doing a proper audit with due care and 150k wouldn’t cut it, it seems he was just receiving a cheque and mailing his opinion in and for that he should be locked up.
MattLikesAnalysis Wrote: ------------------------------------------------------- > “Don’t be a hero. Don’t have an ego. Always > question yourself and your ability. Don’t ever > feel that you are very good. The second you do, > you are dead.” > > hehe. i’m sure his day will come. if most people > can’t trade for a living in their lifetime, then > there has to be that one guy who goes on a 50 year > winning streak in his lifetime right? extend his > life out 200,000 years and his day will come extend anyones life 200k years and their time will come. 200k years ago we were still living in caves
They have to be incredibly stiff for financial crimes. If I can live like a king untill I’m 65, and then do ten years in jail, I’ll take that right now. F***g sign me up
joemontana Wrote: ------------------------------------------------------- > They have to be incredibly stiff for financial > crimes. > > If I can live like a king untill I’m 65, and then > do ten years in jail, I’ll take that right now. > F***g sign me up At 65 you’ll likely be soft and an easy target for everyone else, ever watched oz?