Ponzi Scheme, like Social Security for example?

Twenty years for stealing 50 billion. The guy made 2.5billion per year.

What shall it profit a man if he shall gain the whole world and lost his own soul? (or if you gain billions and die without hope where in the next world money doesn't count).

What shall it profit Martha Stewart if she could gain a few thousands and go to jail? (I salute you Martha for learning to accept responsibility and paying the price for it. You are a better person for the experience).

"Ponzi Scheme, like Social Security for example?"

YEAH!

Provided you are confused as to what an Insurance Policy is vs. an Investment!

NOOO!

I am not confused at all.

Red, I think he means they are both rip-offs for the person that donates.

Do I have to follow your lib ass around and explain everything.

NOOO!
I am not confused at all.
#5 | Posted by member2586 at 2008-12-12 09:59 AM

So then, how much profit did you make last year from your auto insurance policy --- provided you didn't utilize it, of course?

And how much return did you see from your healthcare ---- again, provided you never had to tap into it?

And Most Importantly -- if the answer to the above is $0.00, why aren't you whining about it?

"Red, I think he means they are both rip-offs for the person that donates."

So then, it's your opinion the money you have spent this year on Auto, fire, health, flood, etc, etc insurance is a rip-off ---- in the event you didn't suffer an accident, a fire, a flood or whatever this "insurance" covers for this calendar year?
And does the bill(s) for these services say "donate"?

Wow. Redneckville's stupid.

How about this? If it's an insurance policy, I should have the right to self-insure. Can I do that? Can I tell the government that I would prefer to pay for my own retirement, and fund it myself?

How about this? If it's an insurance policy, I should have the right to self-insure. Can I do that? Can I tell the government that I would prefer to pay for my own retirement, and fund it myself?

#9 | Posted by rightisright

You can if you set up the correct account at the bank and you have a bundle of money to put in it.

"Can I tell the government that I would prefer to pay for my own retirement, and fund it myself?"

What's stopping you? Is the evil government somehow stopping you from exactly what you describe? And is the miniscule amount you contribute to this "insurance" that detrimental to your income (i.e. uneducated, low income or otherwise piss-poor).

See, provided all goes well --- you won't need the "insurance" in the end if you're smart and prepared. However, should some unforeseen circumstance arise --- then at least you have a safety net, more commonly known today as "insurance".

That's why it's called Social Security Insurance and not the Stock Market, fool.

But leave it to the Fake Plastic "conservatives" like yourself to sweat the small stuff, while we've got nations to build, pirates to kill and Muslim Oil profits for you to eagerly throw money (billion after billion) at!

If he had killed himself instead of getting himself arrested he would be saving a lot of money.

I didn't know that SS was like an insurance policy. Can I have mine in a lump sum settlement?

Bush and Paulson lie for and conspire with those who would bring the whole country down to make a quick buck.

To get at the heart of this countries problems investigate Wall Street, Hedge Funds, Haliburtons, Enrons and the relationships they have with our politicians.

"We are alleging a massive fraud both in terms of scope and duration," said Linda Chatman Thomsen at the Securities and Exchange Commission.

Andrew M. Calamari, an associate director for enforcement in the S.E.C.'s regional office in New York, said the case involved "a stunning fraud that appears to be of epic proportions."

The Madoff firm was, at one point, the largest market maker on the electronic Nasdaq market, regularly operating as both a buyer and seller of a host of widely traded securities.

They were in a position to make the market and, as is the norm, abused that privilege. What is unusual is that this broker's behavior was investigated. More typical would be for them to turn a blind eye to market makers while chasing less significant players.

he was released on $10 million bond guaranteed by his wife and secured by his apartment.

I'm sure he'd have no motivation to flee to somewhere with no extradition with all that on the line.

I didn't know that SS was like an insurance policy. Can I have mine in a lump sum settlement?
#13 | Posted by Sniper at 2008-12-12 10:51 AM

I don't know, you will need to check the small print.

"Can I tell the government that I would prefer to pay for my own retirement, and fund it myself?"

What's stopping you? Is the evil government somehow stopping you from exactly what you describe?
* * * *

Ummm. Yeah, they are. I have to pay 6.2% of the first $102k into this insurance program that I don't want. Tack on what my employer matches (another 6.2%)--and that's 12.4% every year I wish I had, instead of you.

If you arn't saving money in your own account for your retirement, you are a stupid fool.

I guess you know the dems are working on a plan to grab your 401k so don't save it there.

"I guess you know the dems are working on a plan to grab your 401k so don't save it there."

Got Names (of the dems working on this "plan")?

12.4% every year I wish I had

Then perhaps you should get a more lucrative job.

It's not my fault the choices YOU made professionally.

A lot of Democrats are going to be hurting for money. He has been a top doner to the Democrats.

Well I have to say that I'm bitter. No one EVER told me how this government taxes wages or anything at all like that. Now that I've been doing it for years, after receiving the benefits from those taxes all my life, I'm actually pretty upset about it. MORE FOR ME, PLEASE.

-Rightisright

(That 6k I could have had could have gone to something important. Like a new toy, for my amusement.)

Got Names (of the dems working on this "plan")?

#19 | Posted by Redneckville

It was in the news about 2 or 3 weeks ago. I guess you have no memory at all.

They should drop this guy in the Gaza Strip. If he lives, he can stay there.

Got names?

Powerful House Democrats are eyeing proposals to overhaul the nation's $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
House Education and Labor Committee Chairman George Miller, D-Calif., and Rep. Jim McDermott, D-Wash., chairman of the House Ways and Means Committee's Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.
A plan by Teresa Ghilarducci, professor of economic-policy analysis at The New School for Social Research in New York, contains elements that are being considered. She testified last week before Mr. Miller's Education and Labor Committee on her proposal.
At that hearing, the director of the Congressional Budget Office, Peter Orszag, testified that some $2 trillion in retirement savings has been lost over the past 15 months.
Under Ms. Ghilarducci's plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5% of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3% a year, adjusted for inflation.

It's a plan. It's not inevitable. Sheesh. Pants-pissers, indeed.

WTF does this broker's theft of billions have to do with Social Security? Stay on topic people. Good grief.

now is a good time to give 43 his cut and ask for a pardon...

(That 6k I could have had could have gone to something important. Like a new toy, for my amusement.)

#22 | Posted by 6655321
* * * *

Actually, it did go to a new toy. Or a vacation home in the Hampton's. Or some crinkly old guy's viagra medication.

Time we saw Social Security for what it really is: an enormous transfer of wealth from American workers, to retired white people. And unless you're white or Asian, you lose your money.

"Under Ms. Ghilarducci's plan"

Which was only testimony...one time, and hasn't been endorsed by anyone of note.

Continue pretending, however.

"Powerful House Democrats bla, bla, bla"

YEAH!

Except I don't see a single sentence in this that states "dems are working on a plan to grab your 401k"

Can you point out that part?

And unless you're white or Asian, you lose your money.
#29 | Posted by rightisright at 2008-12-12 02:52

Which are you?

And here I thought it was only blacks and Hispanics who got all this free money for nothing! Is this a new talking point?

For all the dr left, he was a hard core democratic supporter!!!!!!!!!!!

Fucking thief.....

"For all the dr left, he was a hard core democratic supporter!!!!!!!!!!!"

Who also gave to GOPiggies!!!!!!!!!!!!!!!!!!!

The whole 'For Profit' model has ALWAYS been nothing more than a confidence scam. As anyone with an i.q. over the median can understand the simple idea that the only way to make long term pure profits is to collude with your competitors to achieve monopoly power.

One big mother fucking scam from the top down, and it always has been.

Don't send him to jail, make him bailout the auto industry.

Tosser-
re: One more light fingered Jew.... So what else is new?

I think Hitler concluded your argument quite effectively, one Jew at a time. By the bushel, in fact. You're late to the table, it seems.

The question before us today is... is this chap another Jew, yes or no? Let's keep it simple.

#39 | Posted by Tosser at 2008-12-13 12:08 AM | Reply | Flag:

You seem to "keep it simple":

Jew = Bad

Tosser-
The person you remind me most of on this blog is Johnson. You don't have his perverse 19th century facility with the Queen's english, but you two are opposite sides of the same rotten coin. Twinkies, separated at the factory.

I can remind you of Old Man River for all I care.

All I know is, never put your money in an American bank. They are all infested.

Put your money in Arab banks only. They are not infested and don't go bust.

Tosser-
Like I said, you and Johnson are exactly the same in every way that counts.

Saving and investing money is supposed to be something very simple for Asian people. We are good at it... those of us with money.

That is because we believe in simple rules. We don't go for all this stupid Wall-St Jaadoo stuff.

You two really should talk more. I'm tempted to start a thread...

You hate Jews, and he he hates blacks, latinos, Muslims, etc.

You're a fine match, and between you, well you would make one fine devil.

You hate Jews

Sez you.

I would hate the person who took 5 Rupees out of my pocket.

This guy took 50 Billion! And you still don't feel bad about who he is and what he believed in and how he was raised?

Brother.. for the amount of money he stole, his life should be under a microscope!

Anyway.. it wasn't my money... it was yours. I am just surprised at the lack of outrage.

America has let political-correctness get out of control.

Your similarity, in a nutshell, is this:

You blame entire ethnic/religious swaths of the known universe for all of your troubles. Now, that in itself would be a rather pedestrian opinion, but you go further:

You each wish to destroy those groups (as you define them).

You're genocidal maniacs in your own equal yet opposite ways; little hitlers relegated to spouting your obscenities on a little blog such as this.

It must be rough, being the only ones with a clear-headed and pragmatic understanding of the world, each in your opposite ways.

for all of your troubles.

Not MY troubles in this case. LOL

Jews have never hurt Pakistan. We are too smart for Semitic peoples.

So I don't blame MY troubles on them.

I blame YOUR troubles on them. LOL

And let me straighten you out there Bubba.

I am not saying Jews should be killed or something.

I am saying... don't give them your money.

Big difference.

For the record, I hope and pray Jews thrive in America and get more and more powerful.

When you are living on the streets, THEN you might get it. LOL

Allright, now if they would only arrest those crooks in Washington who keep perpetuating that pyramid scheme known as Social Security!

His office had a sign: "The Owner's Name is On the Door"

Who gets the door?

I read this morning on Foxnews that Socialites are panicking and country clubs are buzzing and fearful so hopefully it is just the super rich that suffer. Then it will be fine. This guy will be a hero to the left.

"Who also gave to GOPiggies!!!!!!!!!!!!!!!!!!!

#34 | Posted by Doc_Sarvis

So if he gave money to dem's (most of his contributions, because he was a dem) it's AOK. But if he gave ANY to republicans, it's GOPiggie time heh?

HYPOCRITE!!!!

BTW dare you to back up your claim

HYPOCRITE!!!!

Chill chill!!!

If money does not master you, then you have mastered a hurricane.

"For the LOVE of money [not money in and of itself] is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and PIERCED THEMSELVES WITH MANY GRIEFS." (1 Timothy 6:10).

"Broker" seems to be a bit of a misnomer here.

This guy is a "Richer".

The fools who bought into his Ponzi scheme are the real "Brokers"

Squeeze his assets dry, make him tell ya where the rest of the money is, then toss his ass in the clink fer life.

/And not one of them rich folks prisons either.

Be Well.

Spud the header is probably more shocking then the actual facts. 50 billion? I read he had 17 billion under management. Of that how much will be recovered? My guess is anywhere from 50-80%+. He probably lost the rest, and I think you'll find there isn't much left to recover outside of the actual investment under management.

As for throwing the book at him?? I FULLY AGREE!!!

Takit-
"It is easier for a camel...."

I'm sure you know the rest.

Spud the header is probably more shocking then the actual facts. 50 billion? I read he had 17 billion under management. Of that how much will be recovered? My guess is anywhere from 50-80%+.

You may be right about the 50 Billion figure being a conflation designed to shock and move paper.

As for throwing the book at him?? I FULLY AGREE!!!

Woo Hoo! One of them shiny moments of consensus of the ole Retort that Spud luffs to see.

Here's another opporunity fer such.

As to who should throw that book at Madoff's head?

Spud would like to take a time machine back to 1974 and borrow Nolan Ryan fer that pitch.

That guy really brought the heat.

Be Well.

If he had $17 billion under management, it would be simple for him to have lost $50 bn by now. In fact, a good bit more, considering hedge funds are allowed to use a high degree of leverage.

Is Wall Street Just One Big Ponzi Scheme ?

Madoff told his employees that "It's all just one big lie".
It's amazing that the former chairman of the Nasdaq Stock Market
was arrested and charged with one of the largest fraud schemes
in Wall Street history.

It was a giant $50 Billion Ponzi scheme!

So Where is the Money?

But didn't the SEC, wonder why this fund wasn't audited by a known firm?

You can prevent frauds and scams
just making some background research in his public records.
That's why I recommend to verify the people before doing any business.

Before any deal, just check at this free information service