Top investors 'hit by $50bn con'

  peter99co 22:11 13 Dec 2008

What do you make of this?

click here

Many fingers burnt here!

  GANDALF <|:-)> 23:20 13 Dec 2008

'They have nothing left but their apartments or homes - which they are going to have to sell to get money to live on' the stock market, hedge funds have always been very risky gambles and at least the greedy oiks that poured money into his get-rich-quick scheme (that is all hedge funds are)have some assets left. Hedge funds over-valued everything that they touched, contributed nothing to the economy apart from gross over-valuations and the Day of Reckoning approacheth.
I await the limpimg creditors whining to the US Govt. and pleading for financial assistance (yeah right). Not much sympathy at Gandalf Acres I'm afraid.


  Geronimo. 01:06 14 Dec 2008

This imho is certainly going to have another knock on affect with banks & lots of other companies as the money was mostly from millionaires & company owners & without that cash available the simply will shut down.. I saw the news that someone had lost $100 Million in this..thats increadable news & lots of people involved in this who was "Rich" are now bankrupt or broke...a huge kick to those "Highlifers"...the guy in question Bernard Madoff is now 70 yrs old so if he gets the rest of his life in jail he wont be that bothered...i noticed he has also stated "My last $200 million will be getting offered out to family & friends"...hes clearly knew its coming to a hard end & he had no respect for the people he's robbed it from...

  GANDALF <|:-)> 09:26 14 Dec 2008

Madoff was basically running a huge Ponzi scheme click here which should come as no surprise as most investment schemes tend to veer toward this.......and essentially, this is how pensions work...oooops!
rather astonishingly, many traders could not quite understand how his funds were knocking on 11-15% interest every year for over 11 years....these sparkling geniuses are the same ones that the Government is entrusting with getting us out of the current does not take a rocket scientist to work out our future.

Apparently Santander and Nicola 'I can read the market coz I is clever' Horlick have lost substantial amounts of loot (NH around 10% of her gross fund and Sant. around £3bn).

I can confidently predict that there will be many more *ahem* investment schemes *ahem* and hedge funds that go belly-up in the next few months and all bets are off Madoff topping himself fairly great loss there then.


  amonra 22:14 14 Dec 2008

Couldn't have happened to nicer people. When you are so full of what maks the grass grow in Texas, then you tend to overlook the obvious !

  lofty29 15:42 15 Dec 2008

It is nice to see the characters at the top getting their fingers burnt, but somewhere along the line at least some of that money is going to come out of our pockets.

  Geronimo. 16:37 15 Dec 2008

yeah i quoted in a earlyer post above a single family lost $100Million...i think the two above posts from "amonra & lofty29" can relate here...How much is enough to some people eh..???

  john bunyan 17:21 15 Dec 2008

The bank and local authority etc. decision makers who invested in this should be fired. Also those who recklessly lent to those with no hope of paying loans back (self certified 125% mortgages etc) and putting too much into Icelandic banks. Our money was not safe in their hands.
These people seem to have had no idea that "If something looks too good to be true" - keep away.

  GANDALF <|:-)> 18:52 15 Dec 2008

Nicola 'I can read the market coz I is clever' Horlick has been whining on TV about how she is dismayed at the lack of regulation and that it was not cricket...did she never question that the returns were too much to be true. Although being sent many invites, I never invested In the Icelandic banks as I could never quite understand how a bunch of fish scarers could beat all the other investment groups in the world.


  lofty29 09:07 16 Dec 2008

In my opinion, all the top finacial bosses and government financial ministers should be charged with criminal incompetance and greed, the fact that this worldwide disaster was allowed to happen is disgraceful, we now have a recession coupled with a market meltdown, and in the opinion of some this fraud is only the tip of the iceberg of what will be revealed in the coming months. There are now thoughts that when the true story emerges that this will not be a recession but a 1930's style slump, with all that that implies for the ordinary people, one is almost inclined to take ones money out of the banks and keep it under the floorboards, escpecially as the interest on savings is virtually going to be nil, the government are saying that depositors money is safe, but where is this almost bankrupt government going to get the money from to guarantee those deposits from, they are already needing to borrow massive amounts, and the value of the pound is showing that people do not trust the UK currency any more.

This thread is now locked and can not be replied to.

Elsewhere on IDG sites

iMac Pro review

Illustrator Charles Williams on how to create magazines and book covers

iMac Pro review

Les meilleures prises CPL (2018)