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"Was Madoff running two frauds?"

3 Comments -

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Anonymous Chief Seattle said...

Markipoulis (spelled from memory), who wrote the letters explaining the Madoff fraud to the SEC years ago, propsed that Madoff's returns could only be explained by front running or by a Ponzi scheme. In his letter he suggested that the front running was less likely, but still a real possibility. He didn't even suggest the possibility of both going on at the same time, but it does kind of make sense. If you're a smart dishonest guy, why wouldn't you use all the tools at your disposal. The only reason not to use a tool is if it increases your risk of being caught. So using too tools sparingly is better.

12/20/08, 9:55 AM

Anonymous Anonymous said...

Re: Madoff - “He might have violated a primitive rule against hurting your own tribe,” said Ira Moses, director of Clinical Services at the William Alanson White Institute, a psychoanalytic training center. “He may have broken a taboo amongst criminals.”

What's that say about the actions of Europeans over the past, uh, 3,000 years?

12/20/08, 9:27 PM

Anonymous Proofreader said...

The scary thought to ponder is that actually Wall Street had become a giant Ponzi scheme before it came crashing down: money in, money out, but few real investments to show for. Hence the bubble burst.
Madoff may have been the tip of the iceberg.He's certainly taking the fall for many other operators. Being 70 yo, he'll be out of jail soon while his family and partners safely hide the money.

12/21/08, 2:35 AM

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