150 years in prison. $50bn con. Yet, the man's facial expression never changes. He looks very cool all the time. The ultimate conman.
Bernard Madoff
Quote: Jacob Loves Comedy @ June 30 2009, 9:41 AM BST150 years in prison. $50bn con. Yet, the man's facial expression never changes. He looks very cool all the time. The ultimate conman.
The ultimate conman doesn't get caught and sentenced to 150 years in jail. Deservedly so. He ripped off peoples life savings who could ill afford it.
Quote: chipolata @ June 30 2009, 9:43 AM BSTThe ultimate conman doesn't get caught and sentenced to 150 years in jail. Deservedly so. He ripped off peoples life savings who could ill afford it.
You're right, I meant ultimate though just because it was the biggest con. Madoff's actions meant that a 90 year old man had to go back to work in a supermarket to survive.
What a c**t - Madoff I mean.
And when he started going for charities and investment companies so people got conned by proxy.
But a ponzi scheme? Every financial adviser who fell for that should get a kick up the bum and 6 months in prison.
I still don't understand a ponize scheme.
The money from new investors gives the previous investors their payout right?
so how did he make his money?
Well if you start with a million pounds and drip it out over a couple of years it looks like generous interest payments.
Then as new investors come in you can give the top lot more. The problem happens when there's so many people you can't raise enough money to satisfy the upper echelons.
Yeah but how did he make any money?
Well he obviously creamed some off for him self.
So if I give out a million pounds I gave that to a 100 people who gave me a million pounds each.
Then I give half of that 100 million to another 200 who give me a million pounds each.
Each echelon thinks they're getting interest payments when they're actually getting cash from the lower rung, from which I'm skimming a healthy slice/.
The more succesful you become the more desperate people are to join the scheme because the more succesful you look.
I see.
And this is illegal. Obviously.
Well because the money runs out and every one goes broke eventually.
Like any pyramid scheme, it would theoretically work up until the point everyone in the world was involved.
I think he has one of those names that fit his activity - he "made off" with millions.
The BBC did a programme on the Madoff thing on Sunday night, was quite interesting.
He worked out of a building in NY. The 17th floor of the building was dedicated to the con, only Madoff and selected people were allowed on the 17th floor. On that 17th floor were old computer systems that needed to be updated, but Madoff couldn't afford to risk updating the equipment as that was a sure way that someone would find out about the con, so he ran the con off very old computer equipment through fear of being caught.
Although he's been setenced alone, some people who were involved must be wiping the sweat off their heads now.
But someone who cons people gets 150 years - and someone who kills someone gets 7. Where is the logic?
Quote: Chappers @ June 30 2009, 12:13 PM BSTBut someone who cons people gets 150 years - and someone who kills someone gets 7. Where is the logic?
Couldn't agree more.
I think a lot of the 150 year sentence has to do with setting an example. Smaller examples of this are popping up here and there around the country. Plus, he ripped off a lot of charities. Maybe that has something to do with it.