Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Whats up with the madoff case?

Answer Question
 
4kids1970

Asked by 4kids1970 at 12:30 PM on Dec. 17, 2008 in Politics & Current Events

Level 1 (0 Credits)
Answers (8)
  • Well last I heard, some of these investors who were scammed (some of the richest people in the US) are ASKING for a bailout via their management company. "Hedge fund trade association the Alternative Investment Management Association (Aima) called on Monday for restitution for investors caught out by an alleged $50 billion fraud at New York hedge fund firm Madoff Securities."


    That is just CRAP"Membership of the Madoff fund was very strictly by invitation only - merely being rich was not enough in itself. Clients were recruited through the social networks of which Mr Madoff and his wife were themselves members - many were Jewish New Yorkers who spent part of the year in Florida. "

    grlygrlz2

    Answer by grlygrlz2 at 12:41 PM on Dec. 17, 2008

  • Are you serious? They are so rich that they weren't smart to investigate him first before giving him money!!!!

    4kids1970

    Answer by 4kids1970 at 1:07 PM on Dec. 17, 2008

  • Yuppers... They are requesting it. Even the Rich want a piece of the Bailout Pie. It makes me SICK to my stomach. But I think this might be one of those moments to watch carefully. I think if they DO get any bailout $, it will be done quietly in the form of pork, midnight vote, etc...
    grlygrlz2

    Answer by grlygrlz2 at 1:09 PM on Dec. 17, 2008

  • Not only rich people were investing their money with Madoff. There were everyday people who invested their money and now finding out that all their savings are gone.
    Anonymous

    Answer by Anonymous at 1:40 PM on Dec. 17, 2008

  • Please provide a link to show average American's were investing? Here is mine(rich)"Membership of the Madoff fund was very strictly by invitation only - merely being rich was not enough in itself. Clients were recruited through the social networks of which Mr Madoff and his wife were themselves members - many were Jewish New Yorkers who spent part of the year in Florida.Others came across the charming, wealthy, discreet giant of Wall Street at the golf club or the yachting marina.

    grlygrlz2

    Answer by grlygrlz2 at 1:51 PM on Dec. 17, 2008

  • ...The very respectability of the clientele helped with further recruitment. Madoff customers were directors of charities and managers of investment funds as well as wealthy business people and pensioners. They were mainly, in other words, people who should have known better and they fell for one of the oldest illusions in the book: that there is an inside track in the world of investment. Mr Madoff fed that illusion, and offered himself as the man who could offer you access to that magic, secret circle."


    http://news.bbc.co.uk/2/hi/business/7786813.stm

    grlygrlz2

    Answer by grlygrlz2 at 1:52 PM on Dec. 17, 2008

  • http://www.msnbc.msn.com

    Dec'15 broadcast of Nightly News,the name of the story is: Tallying the cost of corruption.

    It's about wife&husband,wife was a physical therapist and husband carpet salesman who lost all their life savings.You can hardly call them super rich!
    Anonymous

    Answer by Anonymous at 4:18 PM on Dec. 17, 2008

  • Thanks for sharing. I found a couple other articles on http://www.msnbc.msn.com, but the one you were referencing. I think this entire ordeal is going to get soooooooo much messier before it gets straightened out...
    grlygrlz2

    Answer by grlygrlz2 at 11:39 PM on Dec. 17, 2008

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Cafemom Join now to connect to other members! Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN