"Madoff Was Cheating--That's Why I Invested With Him"

[grassfed]

I Knew Bernie Madoff Was Cheating--That's Why I Invested With Him

Madoff's investors thought was that he was simply front-running in conjunction with his brokerage. So what they assumed he was doing was this-- when he knew a big order was going through his brokerage, he would order that equity for his fund beforehand. This is illegal, but from his investors comments, they seemed to understand that this is what he was doing. So they invested with him precisely because they hoped he was doing something illegal.

http://clusterstock.alleyinsider.com/2008/12/i-knew-bernie-madoff-was-cheating--thats-why-i-invested-with-him

[Critters2]

1. And now they want taxpayers to bail 'em out? I don't think so!! nt

[patrice]

2. Is that what's called "Insider Trading", the sort of thing that put Martha Stewart in jail? nt

[DURHAM D]

7. Wrong - Martha was not charged with insider trading.

She was not an "insider" of the corporation ImClone.
Lying to federal authorities was the charge.

[riverdeep]

3. "He may be a crook, but he's OUR crook." n/t

[Catherine Vincent]

4. This guy had investors from everywhere

http://www.chron.com/disp/story.mpl/front/6166751.html

[The_Casual_Observer]

5. How much empathy can you muster for Palm Beach investors?

People out to get 10+%?

[TahitiNut]

6. The key to success in any con game is to exploit the mark's dishonesty.

Forever has this been true.
:shrug:

[Tierra_y_Libertad]

8. They're like the people who buy hot watches and bitch when they're not really Rolexes.

:nopity: :nopity: :nopity:

[Octafish]

9. And he was PROTECTED.

And his protectors "Madoff" with all the money.

Gee. Who would that be?

[mrreowwr_kittty]

10. Follow the money. Who divested themselves recently?

I'm sure there's a list of those people somewhere.

[jaksavage]

11. These investors deserve to lose. nt

[NashVegas]

12. It's Why I Don't Feel Sorry For Any of Them

Most big investors were demanding yearly returns of 10% + this decade. They knew damn well that's not a reasonable expectation in a self-sustaining economy.

[leftofthedial]

13. capitalism is crime.