For general discussion and debate. Possible talking point: Are there more Madoff scams out there?
The ranking member on the House Financial Services Committee, Rep. Spencer Bachus (R-Ala.), says he’s confident there’s more bad news on the way. “History teaches us that if there is a gap in regulatory enforcement, there will not only be one offender that will be devious enough to slip through,” Bachus said. “Unfortunately, when the tide goes out you find out who’s swimming naked, and I suspect that Madoff was not the only one.” Veteran fraud investigators, too, say they’re almost certain that other financial frauds are waiting to be discovered. “There are probably a lot of shocks out there still to come,” said Michael Varnum, a former chief of the FBI’s public corruption and economic crimes programs who’s now a senior vice president at the private investigative firm Corporate Risk International.
How many more "Madoffs" are out there, and how big might they be? What would such revelations do to already nervous stock markets?
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The Biggest is Yet to Come
January 11, 2009 - 12:31 ET by nofateEver hear of Social Security? And there is no regulation regarding SS that does not aid and abet the continuance of it. Unfortunately, ALL schemes like this eventually reach a "tipping point" where they are unsustainable, just as in Madoff's case. When SS reaches that point, though, it won't just be a few investors, it will be the whole country. It is unimagineable to me the extent of what that final collapse will do to this country.
"The future is not set. There is no fate but what we make for ourselves."
michaelyon-online.com
I don't know about how many
January 11, 2009 - 12:34 ET by BlondeBut that fella sure used some colorful and evocative language, LOL.
“Unfortunately, when the tide goes out you find out who’s swimming naked, and I suspect that Madoff was not the only one.”
The Feds, no doubt, just like after Enron, will swing the pendulum entirely too far the other way, we'll end up paying "regulatory fees", I'm sure of it (I know you can say SOX audit!).
After hearing of this
January 11, 2009 - 12:34 ET by WorriedAfter hearing of this Bernie Madoff POS, I told my husband the exact thing, that everything out there is a ponzi scheme. Hell, the stock market is a ponzi scheme. The Presidency, Senate, and Congress are all ponzi schemes. What makes me sick is I keep contributing to my 401k. Will I reap any benefits?
BTW, Madoff used to contribute to the NAACP. The judge he appeared in front of is a standing member of the NAACP. That's why he's allowed to live in his 7-8-9-10? million suite. This guy should be hung up to dry.
→ Don't worry worried
January 11, 2009 - 12:44 ET by Cool ArrowIf you are fortunate enough to be a member os a 401k that has several choices that you can change daily online, you can actually begin climbing out.
If it's one of those "over the phone" accounts, good luck.
You're leaving out the
January 11, 2009 - 16:02 ET by fitzfongYou're leaving out the greatest Ponzi Scheme of them all...Social Security. And participation isn't voluntary.
"Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it." -Ronald Reagan
fitzfong.blogspot.com
I saw the President and his
January 11, 2009 - 12:50 ET by SeashellI saw the President and his father on FNS today. They are both very impressive men. It was very moving.
→ Self deprecating
January 11, 2009 - 12:54 ET by Cool Arrow"You can drool and jump at the same time" - 43
That was great, wasn't
January 11, 2009 - 14:01 ET by SeashellThat was great, wasn't it!
I also saw a little of Cheney w/Blitzer today and Blitzer ask him about the financial crisis and Cheney said several times that they put up legislation for regulation of Fannie and Freddie and that they couldn't get it through congress. That that was one of his biggest regrets that "congress wouldn't pass it". Bet you a buck the Old Media won't be reporting on that little fact.
Noel
January 11, 2009 - 12:58 ET by shawn228Don't forget that the clock starts ticking on Season 7 tonight. Two things that will be interesting.
The first is I am wondering from what POV FOX will portray torture.
The 2nd is I wonder how the enviromentally friendly version of 24 will be, will Jacks vehicles be hybrids? ;-)
He had my vote
→ I can't wait Shawn
January 11, 2009 - 13:05 ET by Cool ArrowThis season opens with Jack tracking down a sinister couple who have cleaned up a broken fluorescent lightbulb without calling in a HAZMAT team.
Jack is torn when he finds the couple is none other than Tony and Michelle Almeida whom he thought dead in a terrorist attack.
lol
January 11, 2009 - 13:08 ET by shawn228Good one :-)
He had my vote
A Sucker is Born
January 11, 2009 - 13:18 ET by CaringwhiteguyRe: Bernie Madoff. As Barnum supposedly said, "a sucker is born every minute".
Another old adage worth considering is that those both simultaneously wealthy and greedy are happy to look the other way until their own oxen are gored. Remember, the third animal in investing after the bull and the bear is the pig.
While Madoff is a crook's crook, he couldn't have done his dirty deeds without his ability to network and gain respectability among a willing segment of uber-wealthy. Let the buyer beware!
→ Hot Stock Tip
January 11, 2009 - 13:36 ET by Cool ArrowInvest in Smooth Away pads.
Everyone will want to look like the Goldenbreasted Chiselpeccer.
Good Lord!
January 11, 2009 - 13:48 ET by SeashellThe media has made such a big deal about waterboarding and now I find out that our government only waterboarded 3 people. THREE PEOPLE! You would have thought that every detainee was being subjected to this. And the three that were WB gave info. that saved OUR lives.
The OM are just a bunch of crybaby weenies. So is Leon Panetta.
→ TIME ♥ Hamas
January 11, 2009 - 14:10 ET by Cool ArrowThe latest cover of TIME magazine has got antisemite all over it.
I'd swear Harriet Reid and Jack Murtha wrote the headline.
Seashell
January 11, 2009 - 14:56 ET by Delsa3 people and they were under the illusion of drowning for less than it took me to type "3 people"
We have been protected but after reading the following story http://www.guardian.co.uk/commentisfree/2009/jan/11/gaza-britain-judaism-antisemitism today and watching the, in the street muslim protests here in Ft Lauderdale, I am praying we NEVER get rid or outlaw any tactic helping us to extract important information.
Watching these awful people I realized they have slowly infiltrated all our cities. It is only a matter of time before we are over run.
The American people have elected the first Marxist President supported by a friendly Senate and Congress. We are as helpless as the Jews who were rounded up and exterminated.
God help all Constitution lovers.
I also agree with you regarding the Presidents Bush! Real Class ACTs !
Madoff's out there?????
January 11, 2009 - 15:06 ET by DelsaDOES SOCIAL SECURITY RING A BELL??
The first two that come to
January 11, 2009 - 15:33 ET by billbThe first two that come to mind are, Dodd and Rangel
Frank, Corzine, Reid,
January 11, 2009 - 16:04 ET by fitzfongFrank, Corzine, Reid, Paulson and (especially) Schumer.
"Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it." -Ronald Reagan
fitzfong.blogspot.com
Anyone watching CNN right
January 11, 2009 - 18:54 ET by LighthouseJAnyone watching CNN right now?
They had some guy selling Obama swag and it had a whole creepy Home Shopping Network feeling. I doubt CNN would be this giddy if McCain won.
"Boats are safe in the harbor, but that's not what they're made for." -- Maritime quote
CNN's Wolf Blitzer Trys Again to Blame Bush/Cheney for 911
January 11, 2009 - 19:03 ET by Rush FanOn todays Late Edition with Wolf Blitzer Blitzer interviewed Vice President Cheney. Here are a few highlights of this interview:
BLITZER: And welcome back to LATE EDITION. In the next part of my
interview with the vice president, Dick Cheney, I asked him about his
defense some of highly controversial interrogation tactics, including
waterboarding.
BLITZER: Let's go through some of the criticisms that have been leveled
against you and the administration. The Presidential Daily Briefing
memo that the president received on August 6th, 2001. That's before
9/11. It showed that bin Laden was determined to strike in the United
States. The question -- the criticism has been, what did you do between
August 6th and September 11th to try to stop bin Laden and al Qaeda?
BLITZER: But the 9/11 Commission did say there was -- you know, the FBI
knew things about pilots flying, wanting to land but not take off.
BLITZER: The -- your -- at that time, your chief White House
counterterrorism adviser, Richard Clarke, who became a major critic of
the administration after he left the government, he said on that night
of 9/11, there was a meeting, and the then-defense secretary, Donald
Rumsfeld, was there. And then he says this. He says: "And I made the
point, certainly that night, and I think Powell acknowledged it, that
Iraq had nothing to do with 9/11. That didn't seem to faze Rumsfeld in
the least." Was there an immediate sort of knee-jerk reaction after
9/11, you know what, Saddam Hussein has got to go?
BLITZER: We're out of time, but a quick couple of questions and then
I'll let you go. Waterboarding, it was used how many times?
BLITZER: John McCain says it's torture.
-------------
What is it about liberals, including liberal reporters, that they are not grateful and thankful that the Bush/Cheney administration has kept them and all of us safe for the last seven years?
------------------------------------------------
Wolf Blitzer took an IQ test and the results were negative.
→ Tomorrow on Wall Street
January 11, 2009 - 19:03 ET by Cool ArrowHere's my market prediction for tomorrow. (I'm never right, btw)
Everything not receiving a bailout and a promise from Obama suffers. Down 95 points on earnings numbers.
So before all this does not happen as predicted, remember. I'm never right.
And remember Obama told us to go shopping. We're going to spend our way out of this, aren't we?
→ See! I was right
January 12, 2009 - 17:36 ET by Cool ArrowJPM down 4% (Only 11% off)
Citi down 17% (Only 23% off)
GM up 3% (Boy, did I call that one!)
Dow was down 125 pts instead of 95 pts.
And I did not go shopping.
See? I told you I'm never right.
METRO pass image
January 11, 2009 - 22:39 ET by ThisnThatThe METRO (D.C's subway) is issuing 40,000 passes with Obama's "smiling face" on them. Costs an extra $5 bucks.
"President George W. Bush’s face was not put on the Metro fare card in 2001 because his inauguration did not generate enough positive public attention", said Angela Gates, a spokeswoman for the D.C. Metro.
Anyone wanna bet Angela Gates is a Democrat, and voted for Obama? And that President Bush wasn't honored because Angela and the rest of the METRO crowd hated him?
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If you can read this, thank a teacher. If it is in English, thank a Soldier. - My barber
The METRO (D.C's subway) is
January 12, 2009 - 06:42 ET by Dan The Man 2The METRO (D.C's subway) is issuing 40,000 passes with Obama's "smiling face" on them. Costs an extra $5 bucks.
Get used to it, soon all currency shall have the One on it. All hail the One.
Nuke em til they glow then shoot em in the dark.