Bernie Madoff 50 BILLION scam takes out Universities and Endowments.

Parent Cafe
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<p>I enjoyed reading the Markopolos testimony. His critique of the SEC workers reminds me of a story from my law school. This is out of a taxation class. There is some provision which deals with “rolling” stock. So a guy raises his hand and asks, well I’ve heard of common and preferred, but what type of stock is rolling stock. Oopsy, rail road cars…Now I was in the JD/MBA program, and I had a good grasp of vocabulary, so I got a good laugh out of it.</p>

<p>Back in the 1980’s I actually did a clinical internship in an SEC branch office during law school. The previous semester there had been a “hot” enforcement case, but while I was there, no cases were active. </p>

<p>I think that what Markopolos did not say to Congress, but is probably true is that to the SEC, Madoff was part of the “club” and his stellar reputation made him immune from questioning. A clear case of the emperor’s new clothes.</p>

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<p>Someone in the know, I think who is a reporter hosts a satirical blog</p>

<p>Googe: madoff scam blog</p>

<p>VERY informative and VERY funny</p>

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<p>Markopolos brought the info to Elio Spitzer the then NY Attorney General, he did nothing. Spitzers family had investments with Madoff</p>

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<p>Was watching the news this morning and they said the list of madoff victims were just released so here is the link</p>

<p>[Madoff’s</a> Victim List - The Wall Street Journal](<a href=“http://s.wsj.net/public/resources/documents/st_madoff_victims_20081215.html]Madoff’s”>Madoff's Victim List - The Wall Street Journal)</p>

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<p>In the absence of government regulation, bad business drives out good business.</p>

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<p>If you want to see the Full list of individuals/companies who say they are victims here is the 163 page report…does not list any amounts just names, address, etc</p>

<p><a href=“http://www.nypost.com/seven/02042009/news/madoff_victim_list.pdf[/url]”>http://www.nypost.com/seven/02042009/news/madoff_victim_list.pdf&lt;/a&gt;&lt;/p&gt;

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<p>I see that this has already been suggested:
“Madoff should be hung in public.” (#48)
and this
“I think his kidneys should be removed and sold to the highest bidder on ebay.” (#55)</p>

<p>My thoughts, exactly.</p>