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12/16/2008

Madoff With Hedge Funds' Money

By ALEN MATTICH A DOW JONES NEWSWIRES COLUMN LONDON -- ....According to press and blog reports, the SEC never investigated Bernie Madoff, never even put him through routine checks, because, well, he was too cuddly. And too well respected by his peers. OK, not quite never, back in 1992 they had a sniff about suspicious goings on in an unregistered Florida trading scheme, which they traced back to Madoff. But none of the accusations stuck and Madoff was left to make off with investors' money, unhindered forever after. Made all the more invulnerable by his status as a Wall Street institution. Because if Bernie Madoff, ex-chairman of Nasdaq, boss of one of its biggest market makers and manager of the most solid, long lived and steadily performing of all hedge funds wasn't purer than Caeser's wife then who was? Who indeed? 'This is how reputation and track record can blind people into complacency. - Redbean'

4 comments:

Anonymous said...

its all seem to go back to clinton era of politics and historian must look back at his legalcies!

redbean said...

i won't want to go back so far. it is all a case of human greed. when everyone is sharing the loot, no one will want to rock the boat. everyone just join in to take his share. and this will go on and on if it can be contained.

even when the whole shit has exploded in their faces, no one is thinking of hanging the thieves. for all of them are thieves.

this is the new morality and new justice.

Danny said...

hey redbean, great blog post... just wondering if you would like to provide/share some insights about what you think about this case over at a local Singapore Financial community over at http://www.moolah.sg ?

Anyway I personally think human greed is a great analogy to sum the end of this era... cheers

redbean said...

hi danny, welcome to the blog.

oh, i have just paid a visit to your site. will post there if i have something relevant.

i also post on the stockmarket and analyst reports from the broking houses at www.redbeanforum.com. you may want to link up with the forum.

cheers.