Monday, December 22, 2008

Yes, Where's Theirs?

Why not?

This strain of socioeconomic madness will be extremely hard to stamp out. In coming years, don't forget how and when it all started.

8 Comments:

Anonymous Anonymous said...

The "madness" took over completely in less than a year. Scary.

12/23/2008 12:11 AM  
Anonymous KAIMU said...

ALOHA !!

I will remember it all started in 1913 when the US FED was created! That is all you need to know and it has been downhill ever since!!!

12/23/2008 1:47 AM  
Anonymous Anonymous said...

Dear CR,

It may be off-topic, but I was wondering if you could explain the role of what brokerages call the "market maker" and the mechanisms market makers use to do whatever they do.

Thanks

12/23/2008 11:18 AM  
Anonymous Anonymous said...

When I read this story the first thing that came to mind was Paulson asking for additional TARP funds

12/23/2008 10:06 PM  
Blogger Mrs Panstreppon said...

C.R., Search "Madoff" between 2001 and 11/08 and there is nothing on the NYT, the WSJ and another financial data search site.

Madoff should have been in the financial news. For example, it was an investor along with Goldman Sachs in NASDAQ Europe and, I think, Primex.

The other thing is that there is a Goldman Sachs partner named Paula B. Madoff who specializes in fixed income derivatives. (GS has gotten into hot water more than once in this area in the last few years.)

Paula Madoff is married to a former GS vp, Eric Madoff.Info on Eric stops in 2006. He was with JD Capital Management.

If Paula Madoff wasn't related to Bernie, somebody online would have made sure the general public knew it.

Can you find out what's up with Eric and Paula Madoff?

BTW, Madoff's controller, Enrica Cotellessa Pitz, is not in the news either. I did find a tribute she wrote about Sister Marguerite Torre published last year in the NY Daily News and Pitz lives in Ozone Park.

12/24/2008 3:10 PM  
Anonymous Anonymous said...

I have this theory :-) that there are many more Madoff schemes than anyone can imagine or wants to let on, and that the bailout monies have been going to replenish the pots of the wealthy (those that created the problem via an active role or indifference) --- which is why there is no accountability or auditing of the bailout funds.

It's more maddening when you think back these past 20+ years, especially the last 8, and how arrogant these folks were, and how giddy the media was (the financial media is useless). Investment clubs were in love with these companies, not because of what they did, how they did it, or if it made sense, but simply because they were contently blinded by some numbers first massaged by the CEO's, skipped over by the auditors, ignored by regulators, cheered by the media, than displayed on pretty graphs and charts. Quite frankly, when I look at all the garbage and destruction to the environment, shoddy building practices, I think these "developers" owe us.

12/27/2008 1:02 PM  
Anonymous goldhorder said...

I have this theory...LOL. Dude... that should have been obvious to you as soon as Paulson came hat in hand to congress. Goldman Sachs and Morgan Chase...everybody took on too much leverage. Why do you think they needed that money? They were going under. They were leveraged 30...40 to one when these mortgages started to default. The reason they are not lending is not because they are "greedy banks". The reason they are not lending is because they have to get their reserves back to a more traditional fractional reserve standard (10 to 1)...they need liquidity to keep from going bankrupt. Believe you me...Goldman Sachs was on its way to bankrupcty court before the bailout. Why on Earth do you think Paulson embarrased himself in front of Pelosi? They are all criminals. Paulson and his buddies just went through the trouble of creating "structured investments" that looked like a good deal as long as the people taking out the mortgages paid their bills. LOL. Madoff just skipped the bells and whistles and went right to pocketing the loot. That is really the only difference. We should make Madoff treasury secretary. He is clearly more effecient at stealing then Paulson. I mean hell...since you guys enjoy having your pockets picked lets just get the pain over with and let them rip us off as quickly as possilbe so we can bury this USA brand once and foreall. LMAO.

12/28/2008 7:21 PM  
Blogger nbb said...

...and THEIRS?
http://edition.cnn.com/2009/US/01/07/campbell.brown.porn.bailout/index.html

1/08/2009 12:27 PM  

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