Comments on: Will Wall Street Banks be Compelled to Compensate Madoff Investors? http://www.noquarterusa.net/blog/38375/will-wall-street-banks-be-compelled-to-compensate-madoff-investors/ Sun, 27 May 2012 09:27:00 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: creeper http://www.noquarterusa.net/blog/38375/will-wall-street-banks-be-compelled-to-compensate-madoff-investors/#comment-1286435 creeper Thu, 17 Dec 2009 15:39:45 +0000 http://www.noquarterusa.net/blog/?p=38375#comment-1286435 Nuts. My comment above was supposed to be in reply to this from Peggy Sue. More coffee! Nuts. My comment above was supposed to be in reply to this from Peggy Sue.

More coffee!

]]> By: creeper http://www.noquarterusa.net/blog/38375/will-wall-street-banks-be-compelled-to-compensate-madoff-investors/#comment-1286433 creeper Thu, 17 Dec 2009 15:37:48 +0000 http://www.noquarterusa.net/blog/?p=38375#comment-1286433 Only slightly OT... We are also living in a world in which the AP names Tiger Woods "Athlete of the Year". One has to wonder if that is for his golfing skills... We now return you to your regular discussion. Only slightly OT…

We are also living in a world in which the AP names Tiger Woods “Athlete of the Year”.

One has to wonder if that is for his golfing skills…

We now return you to your regular discussion.

]]> By: Patience http://www.noquarterusa.net/blog/38375/will-wall-street-banks-be-compelled-to-compensate-madoff-investors/#comment-1286401 Patience Thu, 17 Dec 2009 07:35:02 +0000 http://www.noquarterusa.net/blog/?p=38375#comment-1286401 While I can understand why some of Madoff's victims felt safe investing with a former head of the NYSE (con is short for confidence after all), I'm sorry to say that when I saw how unprofessional the statements issued to his investors looked like, coupled with the fact that they enjoyed unreasonable returns on their investments, I lost sympathy for them. It reminds me somewhat of the '80s Keating scandal in that the more I learned the more I realized there was greed all around. Caveat emptor. That said, our so-called watchdogs failed. I wonder if any got a big fat juicy piece of meat to distract them while the crime was being committed? While I can understand why some of Madoff’s victims felt safe investing with a former head of the NYSE (con is short for confidence after all), I’m sorry to say that when I saw how unprofessional the statements issued to his investors looked like, coupled with the fact that they enjoyed unreasonable returns on their investments, I lost sympathy for them. It reminds me somewhat of the ’80s Keating scandal in that the more I learned the more I realized there was greed all around. Caveat emptor.

That said, our so-called watchdogs failed. I wonder if any got a big fat juicy piece of meat to distract them while the crime was being committed?

]]> By: Sonic Ninja Kitty http://www.noquarterusa.net/blog/38375/will-wall-street-banks-be-compelled-to-compensate-madoff-investors/#comment-1286365 Sonic Ninja Kitty Thu, 17 Dec 2009 03:40:39 +0000 http://www.noquarterusa.net/blog/?p=38375#comment-1286365 I agree with you both. There are many balls the SEC has dropped over the years where investors lost big because of faulty information. They cannot selectively choose to recompense only certain people. And this: <blockquote>...but it’s really alarming to see the general trends in this country, starting with bailing out the politicians, Fed, and banksters who have committed FAR MORE EGREGIOUS sins than Bernie Madoff</blockquote> Oh, so true, so true! It is sickening what is happening. PS--Thank you for this post, Larry. PPS--The MSM is dead. Worse than useless. I agree with you both. There are many balls the SEC has dropped over the years where investors lost big because of faulty information. They cannot selectively choose to recompense only certain people.

And this:

…but it’s really alarming to see the general trends in this country, starting with bailing out the politicians, Fed, and banksters who have committed FAR MORE EGREGIOUS sins than Bernie Madoff

Oh, so true, so true! It is sickening what is happening.

PS–Thank you for this post, Larry.

PPS–The MSM is dead. Worse than useless.

]]> By: jwrjr http://www.noquarterusa.net/blog/38375/will-wall-street-banks-be-compelled-to-compensate-madoff-investors/#comment-1286313 jwrjr Wed, 16 Dec 2009 23:35:42 +0000 http://www.noquarterusa.net/blog/?p=38375#comment-1286313 I am not sure that the big banks <strong>can</strong> be <strong>legally</strong> required to compensate the investors. To be sure, SIPC should have charged much more for the premiums. But SIPC said "150 dollars", and the banks paid it. Legally speaking, what did the banks do that was wrong? I am not sure that the big banks can be legally required to compensate the investors. To be sure, SIPC should have charged much more for the premiums. But SIPC said “150 dollars”, and the banks paid it. Legally speaking, what did the banks do that was wrong?

]]> By: Peggy Sue http://www.noquarterusa.net/blog/38375/will-wall-street-banks-be-compelled-to-compensate-madoff-investors/#comment-1286299 Peggy Sue Wed, 16 Dec 2009 22:07:40 +0000 http://www.noquarterusa.net/blog/?p=38375#comment-1286299 I don't know, Larry. When we're living in a world where Time Magazine feels compelled to name Ben Bernake "Person of the Year," all bets are off that sanity will rule, anywhere. But I appreciate the transcript link. I'll put it in my "to read" stack. I don’t know, Larry. When we’re living in a world where Time Magazine feels compelled to name Ben Bernake “Person of the Year,” all bets are off that sanity will rule, anywhere.

But I appreciate the transcript link. I’ll put it in my “to read” stack.

]]> By: NomNomNom http://www.noquarterusa.net/blog/38375/will-wall-street-banks-be-compelled-to-compensate-madoff-investors/#comment-1286231 NomNomNom Wed, 16 Dec 2009 16:49:03 +0000 http://www.noquarterusa.net/blog/?p=38375#comment-1286231 http://news.yahoo.com/s/ap/20091216/ap_on_bi_ge/us_time_person_of_year Considering that Time just named Bernanke Person of the Year, I'd guess...<strong>no</strong>. But we probably will. http://news.yahoo.com/s/ap/20091216/ap_on_bi_ge/us_time_person_of_year
Considering that Time just named Bernanke Person of the Year, I’d guess…no. But we probably will.

]]> By: Docelder http://www.noquarterusa.net/blog/38375/will-wall-street-banks-be-compelled-to-compensate-madoff-investors/#comment-1286225 Docelder Wed, 16 Dec 2009 16:35:39 +0000 http://www.noquarterusa.net/blog/?p=38375#comment-1286225 If you ever have to go to the bank on a Friday afternoon... trust me, don't have to do it... it is full of illegals "cashing" payroll checks... and having their thumb prints taken in doing so, I might add. These people for one don't have or probably don't want bank accounts. If you ever have to go to the bank on a Friday afternoon… trust me, don’t have to do it… it is full of illegals “cashing” payroll checks… and having their thumb prints taken in doing so, I might add. These people for one don’t have or probably don’t want bank accounts.

]]> By: mountainaires http://www.noquarterusa.net/blog/38375/will-wall-street-banks-be-compelled-to-compensate-madoff-investors/#comment-1286222 mountainaires Wed, 16 Dec 2009 16:29:53 +0000 http://www.noquarterusa.net/blog/?p=38375#comment-1286222 Recent article I read said that about 17% of the population don't even have bank accounts. The economy isn't as "global" as we think, I guess. Recent article I read said that about 17% of the population don’t even have bank accounts. The economy isn’t as “global” as we think, I guess.

]]> By: Ellen D http://www.noquarterusa.net/blog/38375/will-wall-street-banks-be-compelled-to-compensate-madoff-investors/#comment-1286219 Ellen D Wed, 16 Dec 2009 16:21:32 +0000 http://www.noquarterusa.net/blog/?p=38375#comment-1286219 I believe that every country needs a well-functioning banking system. If Americans cannot depend on American banks that are sensibly regulated and insured, money will move to foreign banks that are. This is now a Global Economy. It isn't the 1930's. I believe that every country needs a well-functioning banking system. If Americans cannot depend on American banks that are sensibly regulated and insured, money will move to foreign banks that are. This is now a Global Economy. It isn’t the 1930′s.

]]> By: mountainaires http://www.noquarterusa.net/blog/38375/will-wall-street-banks-be-compelled-to-compensate-madoff-investors/#comment-1286208 mountainaires Wed, 16 Dec 2009 15:44:54 +0000 http://www.noquarterusa.net/blog/?p=38375#comment-1286208 Promote those who let it happen, and rush in to save the victims so we don't notice that Mary Shapiro is running SEC? Why are Americans so fucking gullible? This is political theatre, not good governance. I am sick of this administration and this congress; they are idiots. Kanjorski may have good "intentions," but it's really alarming to see the general trends in this country, starting with bailing out the politicians, Fed, and banksters who have committed FAR MORE EGREGIOUS sins than Bernie Madoff---all of whose victims took a risk because they were willing to gamble for big returns on their investments. Citi gets a TAX BREAK for their bad behavior because it will look good for Obama? This is simply UNCONSCIONABLE. The Health Care "Reform" Bill is the most despicable act of treachery on the American people and now we're expected to see this as RELEVANT? Well, I really don't care about Madoff's victims. They gambled; they lost. Period. N<strong>o truer heretical words were ever spoken, Creeper. Thank you for leading us off on the right sentiment! </strong> <blockquote>This business of government insuring every d@mn thing we do is leading to a nation of people who refuse to take responsibility for themselves. Far from accepting the idea that we should be insuring investors like Madoff’s, I’m beginning to question the logic of FDIC and FSLIC. If the government insures every dime people deposit in any so-called “financial institution”, where is the incentive for officers of those institutions to work hard or even be honest? It is precisely that invulnerability to loss that leads to the sort of shennigans we’re seeing all over the financial industry.</blockquote> Promote those who let it happen, and rush in to save the victims so we don’t notice that Mary Shapiro is running SEC? Why are Americans so fucking gullible? This is political theatre, not good governance. I am sick of this administration and this congress; they are idiots. Kanjorski may have good “intentions,” but it’s really alarming to see the general trends in this country, starting with bailing out the politicians, Fed, and banksters who have committed FAR MORE EGREGIOUS sins than Bernie Madoff—all of whose victims took a risk because they were willing to gamble for big returns on their investments. Citi gets a TAX BREAK for their bad behavior because it will look good for Obama? This is simply UNCONSCIONABLE.

The Health Care “Reform” Bill is the most despicable act of treachery on the American people and now we’re expected to see this as RELEVANT? Well, I really don’t care about Madoff’s victims. They gambled; they lost. Period.

No truer heretical words were ever spoken, Creeper. Thank you for leading us off on the right sentiment!

This business of government insuring every d@mn thing we do is leading to a nation of people who refuse to take responsibility for themselves. Far from accepting the idea that we should be insuring investors like Madoff’s, I’m beginning to question the logic of FDIC and FSLIC. If the government insures every dime people deposit in any so-called “financial institution”, where is the incentive for officers of those institutions to work hard or even be honest? It is precisely that invulnerability to loss that leads to the sort of shennigans we’re seeing all over the financial industry.

]]> By: creeper http://www.noquarterusa.net/blog/38375/will-wall-street-banks-be-compelled-to-compensate-madoff-investors/#comment-1286207 creeper Wed, 16 Dec 2009 15:29:00 +0000 http://www.noquarterusa.net/blog/?p=38375#comment-1286207 Some thoughts after reading the transcript: Yes, the investors were lied to if they were led to believe their Madoff money was insured. Yes, SiPC and SEC dropped the ball. No, it is not all the fault of the Republicans. Yes, a $150 premium for $500,000 worth of insurance is ludicrous. Yes, people lost fortunes to Madoff. No, I don't feel sorry for them. Warning: heretical content follows. This business of government insuring every d@mn thing we do is leading to a nation of people who refuse to take responsibility for themselves. Far from accepting the idea that we should be insuring investors like Madoff's, I'm beginning to question the logic of FDIC and FSLIC. If the government insures every dime people deposit in any so-called "financial institution", where is the incentive for officers of those institutions to work hard or even be honest? It is precisely that invulnerability to loss that leads to the sort of shennigans we're seeing all over the financial industry. Some thoughts after reading the transcript:

Yes, the investors were lied to if they were led to believe their Madoff money was insured.
Yes, SiPC and SEC dropped the ball.
No, it is not all the fault of the Republicans.
Yes, a $150 premium for $500,000 worth of insurance is ludicrous.
Yes, people lost fortunes to Madoff.

No, I don’t feel sorry for them.

Warning: heretical content follows.

This business of government insuring every d@mn thing we do is leading to a nation of people who refuse to take responsibility for themselves. Far from accepting the idea that we should be insuring investors like Madoff’s, I’m beginning to question the logic of FDIC and FSLIC. If the government insures every dime people deposit in any so-called “financial institution”, where is the incentive for officers of those institutions to work hard or even be honest? It is precisely that invulnerability to loss that leads to the sort of shennigans we’re seeing all over the financial industry.

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