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“In fact I hope Madoff get away with is crap because it will bring us back to normal (what ever that is. ; ^ }).”
What, I disagree with you on this one and don’t want to see innocent folk (if perhaps not the most intelligent investors) lose everything; least of all those who were just middle class, hard-working folks who were just trying to do what they thought was best for them and their families. As for Madoff, I hope he’s made an example of, which is what he deserves. Then again, letting him walk free might be the modern day equivalent of feeding him to the lions.
What…can you seriously tell us that you’ve analyzed the finances at Overstock.com and prove the large number of people wrong who are short this stock??
Posted by: daveinbedstuy at December 16, 2008 10:51 AM
So I’ll ask again then. You seem to be quite hard headed when it comes to actually answering any question that calls in question your posts.
Don’t throw out some website supporting your viewpoint when you don’t have the slightest clue what is going on with the writer of that website.
“Again, ask the What a question and never get an answer. You’re probvably a great broker to work with on the other side of a sale. What an Asshat.”
You know something Dave, I have enjoyed the last 2 days on the open thread. I have a dialogue with Biff (of all people) and it’s good. Dave when you attack me you just adding to my creditability and BTW thanks for calling me a Asshat. It’s was getting a little too civil around here..
What, all I’m saying is, sure there are stories like the one you gave (and other similar ones), just like there are stories we’ve all heard about unethical real estate brokers, lawyers, car salesmen, etc. Again, the sheer magnitude of the financial damage that can be done by a minority of scrupulous individuals in financial services is the difference. I’ve been in investment banking for years and can tell you that this behavior is not the norm. What went awry and what is now crystal clear is the lack of effective oversight, both internally at the firms themselves (within compliance, risk management, etc.) and from the SEC, Fed, OCC, etc. I personally don’t believe one has to be dastardly to succeed on Wall Street. Madoff himself very well might have been rich beyond his dreams had he run a legitimate operation, but his own greed, combined with a lack of oversight, insufficient investor due diligence, etc. allowed this to happen.
As for layoffs, I personally know eight who have lost their jobs in the last six weeks: some in fashion, some in graphic design, one in publishing. I’m a freelance graphic artist and I know dozens of people in my position who, while technically not unemployed, are woefully underemployed. An alarming number of my clients are having budget cutbacks as well and are either not commissioning work or are offering less $ for the same work.
“Apparently, as is always the case during times of too much liquidity, not a lot of due diligence was being performed out there. Very sad but most of these people were supposed “professional” investors.”
Yeah Dave, Yeah..
“I’m telling you – we need to bring back the stockades!”
Nope Cobblehiller, just let the idiots lose everything! Guess what Madoff will walk free! Why you may ask??!! Have you ever read the contract to a Hedge Fund???? That thing is think as a telephone book and the Lawyers who wrote that crap gave that Hedge Fund and Madoff a ton of “outs”. The Big Boys keep a Law firm at the ready and will sic them when the time comes.
“Robbing retirees of their hard earned saved money is the lowest of the low. They played by the rules, they did the right things, and they deserve better.”
Oh no!!!! Greed and Delusion plays a BIG part on getting fleeced! A Con Man will always tell you what you want to hear, not what is good for you. 12% returns, yeah right.
In fact I hope Madoff get away with is crap because it will bring us back to normal (what ever that is. ; ^ }).
rob…I did see JEHT among the list of investors. I in no way want to detract blame from Madoff but the boards that supervise ANY organization have no business putting all of their eggs in one basket. It shows an incredible high degree of mismanagement.
“In fact I hope Madoff get away with is crap because it will bring us back to normal (what ever that is. ; ^ }).”
What, I disagree with you on this one and don’t want to see innocent folk (if perhaps not the most intelligent investors) lose everything; least of all those who were just middle class, hard-working folks who were just trying to do what they thought was best for them and their families. As for Madoff, I hope he’s made an example of, which is what he deserves. Then again, letting him walk free might be the modern day equivalent of feeding him to the lions.
What…can you seriously tell us that you’ve analyzed the finances at Overstock.com and prove the large number of people wrong who are short this stock??
Posted by: daveinbedstuy at December 16, 2008 10:51 AM
So I’ll ask again then. You seem to be quite hard headed when it comes to actually answering any question that calls in question your posts.
Don’t throw out some website supporting your viewpoint when you don’t have the slightest clue what is going on with the writer of that website.
“Again, ask the What a question and never get an answer. You’re probvably a great broker to work with on the other side of a sale. What an Asshat.”
You know something Dave, I have enjoyed the last 2 days on the open thread. I have a dialogue with Biff (of all people) and it’s good. Dave when you attack me you just adding to my creditability and BTW thanks for calling me a Asshat. It’s was getting a little too civil around here..
The What
Someday this war is gonna end…
What, all I’m saying is, sure there are stories like the one you gave (and other similar ones), just like there are stories we’ve all heard about unethical real estate brokers, lawyers, car salesmen, etc. Again, the sheer magnitude of the financial damage that can be done by a minority of scrupulous individuals in financial services is the difference. I’ve been in investment banking for years and can tell you that this behavior is not the norm. What went awry and what is now crystal clear is the lack of effective oversight, both internally at the firms themselves (within compliance, risk management, etc.) and from the SEC, Fed, OCC, etc. I personally don’t believe one has to be dastardly to succeed on Wall Street. Madoff himself very well might have been rich beyond his dreams had he run a legitimate operation, but his own greed, combined with a lack of oversight, insufficient investor due diligence, etc. allowed this to happen.
As for layoffs, I personally know eight who have lost their jobs in the last six weeks: some in fashion, some in graphic design, one in publishing. I’m a freelance graphic artist and I know dozens of people in my position who, while technically not unemployed, are woefully underemployed. An alarming number of my clients are having budget cutbacks as well and are either not commissioning work or are offering less $ for the same work.
It’s looking grim from my perspective.
Yes it is cobblehiller.
“It shows an incredible high degree of mismanagement.”
And why is it that individuals and organizations did put all their eggs in one basket? Isn’t it investing 101 – diversify?
“Apparently, as is always the case during times of too much liquidity, not a lot of due diligence was being performed out there. Very sad but most of these people were supposed “professional” investors.”
Yeah Dave, Yeah..
“I’m telling you – we need to bring back the stockades!”
Nope Cobblehiller, just let the idiots lose everything! Guess what Madoff will walk free! Why you may ask??!! Have you ever read the contract to a Hedge Fund???? That thing is think as a telephone book and the Lawyers who wrote that crap gave that Hedge Fund and Madoff a ton of “outs”. The Big Boys keep a Law firm at the ready and will sic them when the time comes.
“Robbing retirees of their hard earned saved money is the lowest of the low. They played by the rules, they did the right things, and they deserve better.”
Oh no!!!! Greed and Delusion plays a BIG part on getting fleeced! A Con Man will always tell you what you want to hear, not what is good for you. 12% returns, yeah right.
In fact I hope Madoff get away with is crap because it will bring us back to normal (what ever that is. ; ^ }).
The What
Someday this war is gonna end…
rob…I did see JEHT among the list of investors. I in no way want to detract blame from Madoff but the boards that supervise ANY organization have no business putting all of their eggs in one basket. It shows an incredible high degree of mismanagement.