Jay Bookman

By Mrs. Godzilla

December 16, 2008 7:25 AM | Link to this

I heard Morning Joe woefully lamenting about how six or seven multi-million dollar condos were forced up for sale on the same day because of this guy…..

Be still my breaking heart.

By DB, Gwinnettian

December 16, 2008 7:30 AM | Link to this

What’s this “we” stuff, white man?”

—Tonto

By DB, Gwinnettian

December 16, 2008 7:54 AM | Link to this

“On the surface you saw the excesses, the easy money and financial froth, and beneath it you saw the negative savings rates, the flow of wealth and jobs outside the country, and you knew for damn sure the disconnect could not last. And perhaps you even wound up screaming at your conservative friends who were too thick or dishonest with themselves to admit what was obvious.”

Fixed your typo.

By AJC/DNC Management

December 16, 2008 8:00 AM | Link to this

I knew the daythe liberals took over control of Congress that we were screwed.

Turns out I was right, eh?

Up until that point it was all good.

But now- thee Oblahmi coup de grace.

By Yankee

December 16, 2008 8:30 AM | Link to this

Ever notice on the blogs how these REDNCEKS FROM JAW JAW always trying to change the subject from the blog reference to President - Elect Obama All you HILLBILLIES please wait until January 20th after that “Y’all” will have 8 years to WHINE LIKE A SWINES

By GOP is gone

December 16, 2008 8:31 AM | Link to this

I have long operated on the given assumption that if something is too good to be true, it probably isn’t. I might have passed on some opportunities but I believe in the tortoise not the hare.

I do generally sympathize with the Palm Beach Club group, it sounds as if they were not only rich but believed, as most Jews do, that it is necessary to give back when you have plenty. It seems as if a number of Philanthropic organizations have been wiped out. Just what we need in this time of recession and possible depression, less people to help the needy. I heard on NPR that many of the duped Palm Beacher’s have retained the same attorney to help track down the money. He sounds like a Patrick Fitzgerald kind of guy and is more than likely right about 50 billion dollars not disenigrating into thin air. The money is somewhere, I doubt this guy could have spent that much.

By B.Burns

December 16, 2008 8:51 AM | Link to this

This guy should spend the rest of his sorry life in jail. Not one of the “nice” prisons, but where they hold the real scum bags. He has in a real sense destroyed the lives of hundreds, if not thousands of innocent people. He has not physically killed anyone, but he hasw emotionally killed. Frankly, the “death” sentence would be appropriate.

By B.Burns

December 16, 2008 8:53 AM | Link to this

This guy should spend the rest of his sorry life in jail. Not one of the “nice” prisons, but where they hold the real scum bags. He has in a real sense destroyed the lives of hundreds, if not thousands of innocent people. He has not physically killed anyone, but he hasw emotionally killed. Frankly, the “death” sentence would be appropriate.

By Redneck Convert

December 16, 2008 8:55 AM | Link to this

Well, I got a big kick out of watching this Fox News innerview with a man and wife that got wiped out in this Madoff scheme. They thought they was real smart in giving all their money to Madoff. Thought they would get a leg up on everybody else and rake in all kind of money. In the innerview they was moaning and crying about how they was going to have to go back to work now. Instead of living in this mansion and playing golf all day. They cheated people all their life to pile up the dough and now some smarter guy comes along and cheats them out of it.

Anyhow, that’s how a Free Innerprize is suppose to work. You put your money in and take your chances. Turns out their chances is the same as a snowball in the Devil’s house. Just watch the stock market sometime. All the big dummies keep buying stock all day and the price goes way up. Around 3:30 the rich people sell all of their stock and the market plunges lower than a UGA coed’s neck line. The dummies are left holding a bag full of doo-doo.

That’s Free Innerprize for you, and I wouldn’t change a thing about it. You got to have about 98 out of a 100 people that are dummies so the other two can get rich. This Madoff was one of the two, but I reckon pretty soon he will be Bubba’s girlfriend in the pen.

Have a good day everybody.

By B.Burns

December 16, 2008 8:55 AM | Link to this

This guy should spend the rest of his sorry life in jail. Not one of the “nice” prisons, but where they hold the real scum bags. He has in a real sense destroyed the lives of hundreds, if not thousands of innocent people. He has not physically killed anyone, but he hasw emotionally killed. Frankly, the “death” sentence would be appropriate.

By The Corporal

December 16, 2008 9:06 AM | Link to this

Anyone who steals that much money should get the death penalty.

I would sleep like a baby.

By Bosch

December 16, 2008 9:07 AM | Link to this

This may sound a little crass, but I don’t feel one damn bit sorry for these people who’ve lost their “fortunes.” So what?

Life goes on.

Oh my God, maybe now they’ll have to live within their puny little means. Maybe, oh my, they’ll see how the proletariat live. Gasp.

It’s the stock market baby, it’s gambling, and sometimes you lose.

By Bosch

December 16, 2008 9:14 AM | Link to this

Well, this guy actually STOLE their money, so I do feel a little sorry for them, but still.

By Davo

December 16, 2008 9:28 AM | Link to this

It’s only news when the rich lose money.

By The Corporal

December 16, 2008 9:29 AM | Link to this

Bosch

You’re having a major wealth envy attack this morning.

Those people would have spent a lot of that money (that they earned) and because they won’t be spending it, the trickle down will hurt a lot of less fortunate people even more.

Rich people make jobs for others !

By AJC/DNC Management

December 16, 2008 9:31 AM | Link to this

Dec. 16 (Bloomberg) — Democrats in the Illinois House of Representatives postponed stripping Governor Rod Blagojevich’s power to fill the U.S. Senate seat vacated by President-elect Barack Obama that prosecutors say Blagojevich tried to sell.

democrats turn the blind eye on the crime spree in Illinois, ignore the massive fraud perpetrated by the likes of ACORN, shower gimmick loans on people that cannot repay them, whine and moan about the government not bailing out the 40 year old retirees at the UAW, drive the name of Christ from the celebration of His Birth, make war on the fake enemy of the environment, oil and the gasoline engine and then they have the nerve to wonder why everything has become a free for all?

Heal thyself, physician.

By Bosch

December 16, 2008 9:34 AM | Link to this

Corporal,

Can you define rich?

By Morningstar

December 16, 2008 9:38 AM | Link to this

By Bosch December 16, 2008 9:07 AM It’s the stock market baby, it’s gambling, and sometimes you lose.

Wonder how long it will take the wingnuts to start rehashing, oops, reharping about placing the Social Security funds into the stock market.

Golly gee, every unemployed, underemployed, mimimim wage earner in the country could be rich by the time he/she reaches 65. (Sarc)….

By The Corporal

December 16, 2008 9:40 AM | Link to this

I describe it this way:

“The love of money (not money) is the root of all evil.” I Timothy 6:10

There is nothing wrong with having lot’s of money.

It’s how you earned it, what you do with it, how you feel about having it ………. and of course remember you can’t take it with you.

By getalife

December 16, 2008 9:45 AM | Link to this

They gambled, they lost, happens everyday.

The ex CEO of Nasdaq punked them and shows the need of a corruption czar.

Need to hand out some life sentences because this guy knows he can hire the best lawyers and get a slap on the wrist.

Of course, our corrupt Senate will never write the laws to put them away like drug users but many are leaving the corrupt Senate.

The justice system is broken like our government.

By findog

December 16, 2008 9:46 AM | Link to this

I do believe that as a Ponzi scheme a good portion of the money went out to the first in and as I recall the first story on the guy it crashed when people called to cash out $5b and he only had $300m left. The real story is that the SEC had two reports on this guy and either never acted or never looked hard enough into the financials. How difficult is it to determine if someone actually is investing and therefore holding stock?

By Mrs. Godzilla

December 16, 2008 9:48 AM | Link to this

describe, define….oh what the hell.

By Bosch

December 16, 2008 9:49 AM | Link to this

Corporal,

Huh?

You didn’t answer my question.

Define “rich.” Or more specifically, what makes one “rich.”

I need to know what defines “rich” so I’ll know what I’m supposedly jealous of.

By Bosch

December 16, 2008 9:57 AM | Link to this

Morningstar,

I don’t think we’ll be seeing that anytime soon, but I’m certainly in the camp that if people choose to put their Social Security in the stock market, so be it.

I’m 40 years old, and I don’t think I’ll ever see a dime of my Social Security, as I also believe that I’ll never retire.

I’m being nice to my kids, so maybe they’ll take care of me later. :-)

By It's Just Business

December 16, 2008 10:01 AM | Link to this

This guy Madoff was probably another one of Cheney’s hunting buddies. They just love hunting for turkeys and other fresh meat.

By Ted Striker

December 16, 2008 10:18 AM | Link to this

Perhaps someone more informed can offer some clarification. I understand that $50 billion flowed out of the fund, but my curiosity is — where did it flow?

Am I correct to assume the entire $50 billion didn’t actually go into Madoff’s pockets? If he’d actually been spending $50 billion on himself, wouldn’t he have a tremendous net worth by now personally, assuming that the majority of his purchases were not depreciable assets such as cars and clothes? Stated another way, if Madoff bought real estate or had the money socked in bank accounts, the real estate would still exist and the money would be in accounts somewhere.

While he may have led an extravagant lifestyle, I’m inclined to believe, unless someone can correct me, that a majority of the $50 billion was paid out to investors earlier. Yes, they thought they were receiving incredibly high investment returns — when actually they were cannibalizing their own initial investments and especially the investments of newer investors. I’m just guessing but isn’t it possible that many of the early investors received payouts over the years approximating or exceeding what they actually invested? Wouldn’t the folks hit hardest — if there is such a thing — be the investors coming into the game the latest.

Another question: Were there ever legitimate investments being made by the fund (i.e. was it legitimate and then went bad?) or was the fraud occurring from day one?

It doesn’t lessen the scandal and severe nature of the crime but I suspect many innocent people spent other innocent people’s money over the years — in addition to what Madoff took for himself.

By Midori

December 16, 2008 10:19 AM | Link to this

why bother, Bosch?

after all, we all know its the Democrats in Congress’ fault if people are rich, just as it is their fault if people are poor.

see how that works?

By professional skeptic

December 16, 2008 10:20 AM | Link to this

Never, ever give all your money to some guy named Bernie.

By Bosch

December 16, 2008 10:29 AM | Link to this

Midori,

Oh yeah, I forgot. Stupid me.

I’ve always wondered how the wingnuts who yell “wealth envy” supposedly know that they may be yelling at a rich person, you know, by their definition. Strange, but not surprising.

professional skeptic,

Or Bubba, or Sonny.

By tcoach

December 16, 2008 10:29 AM | Link to this

Bosch, I do not know what is defined as rich either, is it rich according to tax brackets, “x” amount of on hand money, property, or what level establishes one being rich.

I saw were you said you did not feel bad for these people @9:07.

These people were conned just as any others, but you feel they should have seen it or understood the risk involved.

Do you feel the same way about those that took out bad mortgages and loans as well, or is that still just the bankers’, who tricked them, fault?

By Bosch

December 16, 2008 10:34 AM | Link to this

tcoach,

Yes, I do.

By Midori

December 16, 2008 10:52 AM | Link to this

Wow, Bosch —

You weren’t given a time limit in which to respond.

You must have connections!!!

By AmVet

December 16, 2008 11:02 AM | Link to this

One quick comment on the topic downstairs.

As we all know, OFTEN the Reich-wing shows itself to be utterly repugnant and myopic. VERY often.

Even so, it is hard to understand the moronic comments made about Carolyn Kennedy’s APPEARANCE!

I’m certainly not sure of her qualifications, and perhaps she would be a poor choice.

Yet the worst of the lunatic fringe, as represented so very well here, looked entirely the other way on Sarah BarraClueless.

Why?

ONLY because she is cute.

They have so very little integrity and intellect to hang onto these days that a shapely posterior and nice smile is enough.

No wonder these pitiful little boys keep getting slaughtered every other November.

Fortunately, I just don’t see that changing…

Off to pay for the occupation. And bailout.

Pray for rain.

Put the X back in Xmas.

01-20-09 The End of a National Disaster

By getalife

December 16, 2008 11:06 AM | Link to this

The SEC dropped the ball again.

Figures. The fed is running out of options to save the economy.

By Bosch

December 16, 2008 11:07 AM | Link to this

“Put the X back in Xmas”

That’s funny.

By Bosch

December 16, 2008 11:09 AM | Link to this

Midori,

Maybe I should challenge Corporal to a time limit to define “rich.” I’ve been waiting all morning.

Or I could challenge him to a dance-off. Which do you think?

By ByteMe

December 16, 2008 11:11 AM | Link to this

Striker: the way the game works is that he was consistently showing a high rate of return — too consistently for reality as it turns out — and the way to do that is to use new investor money to cover for shortfalls in your investment returns. Yes, there were investments, but like many mutual funds, those investments are worth a whole lot less now than they were a year ago.

This scheme works great as long as no one wants to cash out. But with the economic “troubles”, people were cashing out fast and furious and the assets he held were not enough to cover the payouts and new investors were scarce, so he couldn’t make up the shortfall.

Do I feel bad for these people? Not really. Risk has a price and these people should have questioned the risk involved in getting a consistent high return. Past performance is not indicative of future performance and all that….

By The Corporal

December 16, 2008 11:12 AM | Link to this

To Bosch

I did answer it.

Amounts or goods mean nothing because:

You can be rich, yet poor ….

Or you can be poor yet rich ….

“Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal; but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal. For where your treasure is, there your heart will be also.

By tcoach

December 16, 2008 11:21 AM | Link to this

Midori, There is no time limit needed for Bosch.

Though I may not agree with him on many issues, I have to admit he answers the question.

While you on the other hand are never too eager to engage in a debate unless you can have your friends support too. See how you tried to start a conflict but only with Bosch’s backing.

We are all to familar with how it will go though. Everything is every republicans fault. All good and only good come from only democrats. If any democrate does ever appear to be wrong it is only because a republican in the past did the same thing now making it ok.

If your friends do not want to fight your fights then we also all know that you will then attack. You are not informed enough nor reasonable enough to actually engage in a disagreement or debate. Nope if omeone makes a point that you have not learned the counter to from a website, then you try to make fun of the other person.

You are just like the little kid in school who does not know the answer to the teachers question. You just make fun of the other kids in class instead.

So go ahead we can have a fun day if you want. However if my post seem off a bit, it is because I am posting them from word documents. When dealing with you I have found since we all know the response before it is posted I have taken the time to have some pre-typed post, so no actual thought is used on you. So like I said if they are off, just wait as I will surely catch back up to your recycled points and insults.

Have a nice day, and I hope you and your family have a happy holiday season and a refreshing newe year.

So ready go-insult and attack me, got 5 pre-typed post ready.

By The Corporal

December 16, 2008 11:28 AM | Link to this

To Bosch

I just heard this …. it’s a much better question:

What is a luxury item?

Then, whatever is on that list should never be manufactured or bought because only the rich can afford it.

If you make a decent living working at a yacht manufacturing facility (even if you sweep the floors) - too bad. You’re out of work.

This way we can get rid of all the wealth envy !

By norman ravitch

December 16, 2008 11:52 AM | Link to this

Interesting that most of Madoff’s victims are Jewish. Could it be that they didn’t trust a gentile swindler, had to have a kosher one? Or are Jews not quite as smart as they are credited with being?

By Bosch

December 16, 2008 12:01 PM | Link to this

Corporal,

But I still don’t know what “rich” means. I could be envious of myself for all I know.

Really, I need some answers. Not Bible verses.

That’s it: I challenge you to a dance-off.

and here’s the song

By Bosch

December 16, 2008 12:06 PM | Link to this

tcoach,

Midori doesn’t need my help, trust me. She’s plenty insightful and can stand her own.

Watch out, or I might challenge you to the same dance-off.

By tcoach

December 16, 2008 12:20 PM | Link to this

Bosch, I only accept if we are going to go old skool break dancing. Anything else is too structured.

You sure about Midori, Last 3 days I have had interactions she has consistantly called upon someone else or attempted to infuse others.

Seriously have not heard an actual point from midori in over a week. Nothing more than insults for those who challenge her or her web site info.

Give me 10 min. to strecth first then let’s dance.

By Midori

December 16, 2008 12:30 PM | Link to this

Oh stop being a drama queen, Tcoach.

I’m trying to spread your “wealth”.

Why tag time limits on me, and not others?

I regret that you read insults in my challenges to you and your hypocrisy.

NOT

By Bosch

December 16, 2008 12:30 PM | Link to this

Corporal,

Anything could be described as a luxury.

tcoach,

My challenge, no break dancing. Straight out funk.

And Midori is one of the most insightful people on this blog - as with many people, sometimes you have to read between the lines.

By Fly_on_the_Wall

December 16, 2008 12:33 PM | Link to this

Corporal,

Your 9:29 post is so funny. Rich people make jobs! Since when? Rich people are rich because they KEEP their money and don’t share it. That’s called trickle-down economics (or is it Ray-Gun economics?). The rich only let a trickle go out of their wealth. If they lived by those Bible versus you keep posting they wouldn’t rich (as in wealthy) but rich in spirit. I sure don’t see too many of them acting as those Bible versus tell all of us. I usually see them complaining about poor people wanting some more of that trickle.

By Mrs. Godzilla

December 16, 2008 12:53 PM | Link to this

If these posts are true, somebody in power was more interested in the the details of Eliot Spitzer’s transactions than Bernard L. Madoff’s. They were obviously more interested in killing the watchdog than in catching the billionaire burglar.

More here

Verrrry interesting!

By The Corporal

December 16, 2008 2:10 PM | Link to this

To Bosch and Flyonthe_Wall

You can tax it but you can’t tag it …….

Rich like beauty is in the eye of the beholder ……….

By Class of '98

December 16, 2008 5:24 PM | Link to this

I know no one is going to read this, but as a Christian, I have no problem with calling it X-mas.

Xmas actually has ancient Christian roots, because the “X”, also known as the greek Chi, was an early Christian name for Christ himself.

So call it X-mas. I have no problem with that.

Glory to the newborn King.

By The Corporal

December 16, 2008 7:22 PM | Link to this

To Class of ‘98

I hear you but I have a problem with X-Mas because most people don’t realize what you just said.

Let your light shine !!