Schiff: Bernie Madff Could Never Have Happened Without the SEC

[He Who Pawns]

Schiff makes a great point. He says that there is "no way" Madoff could have pulled off his Ponzi scheme if the federal government and SEC did not give him their stamp of approval and legitimacy. he says private investors would have smoked him out in two seconds if they were really worried about their assets.

To me, this is one of the strongest arguments ever against "regulations."

[trey4sports]

good find,
did you clip this from a radio show or is there a link on the net with a more detailed explanation?

[He Who Pawns]

good find,
did you clip this from a radio show or is there a link on the net with a more detailed explanation?

it's from his radio show. i'll see if i can put together a youtube clip. he lays it out so clearly that it's just devastating to people who are clamoring for more regulation.

[Reason]

a clip would be awesome! TY

[Dripping Rain]

as much as id like to believe its a ponzi scheme theres so many details pointing to something else. some much bigger scam

[Carole]

as much as id like to believe its a ponzi scheme theres so many details pointing to something else. some much bigger scam

Are you having a gut feeling?

The reason I ask is because even knowing Madoff was enabled by the SEC and others, I have had this uncomfortable feeling that something more was amiss in this scheme. Something I am not knowledgeable enough to put my finger on.

This is the first I have mentioned it, but something seems rotten in Denmark about this entire business.

Could you point out some details that you feel point to something more and bigger? (Because I am not an economist-:D)

[He Who Pawns]

The rotten thing is that many of the investors, who are smart enough to accumulate huge amounts of money, probably suspected something was amiss, but just enjoyed their 20% returns or whatever.

Are you guys speculating that Israel was involved, because IMO that's very far-fetched.

[Dripping Rain]

Are you having a gut feeling?

The reason I ask is because even knowing Madoff was enabled by the SEC and others, I have had this uncomfortable feeling that something more was amiss in this scheme. Something I am not knowledgeable enough to put my finger on.

This is the first I have mentioned it, but something seems rotten in Denmark about this entire business.

Could you point out some details that you feel point to something more and bigger? (Because I am not an economist-:D)

im too not an economist. the truth is i bought the story at first. then this article i saw on rense.com was a real eye opener. its author is a wall street boy and he goes into deep details. enjoy Carole
http://www.rense.com/general84/madoff.htm

[trey4sports]

but if this was just financial planning gone bad, then falsely labeled a "ponzi scheme" so the investors could recoup their losses whats in it for Madoff? jailtime, that doesnt sound fun

[He Who Pawns]

but if this was just financial planning gone bad, then falsely labeled a "ponzi scheme" so the investors could recoup their losses whats in it for Madoff? jailtime, that doesnt sound fun

what???? in other words, madoff would never have been able to rake in billions if the SEC hadn't certified him as "Legit." everyone thought the federal government's "regulations" were checking out madoff.

but anyone putting in 100K could have done 5 minutes of research and discovered his scam. two minutes of questioning traders on the floors of the chicago and ny exchanges revealed that none of them had EVER made a single trade for madoff.

[Bruno]

The rotten thing is that many of the investors, who are smart enough to accumulate huge amounts of money, probably suspected something was amiss, but just enjoyed their 20% returns or whatever.

Are you guys speculating that Israel was involved, because IMO that's very far-fetched.

Who knows where the money went at this point. Some speculation was the Russian mafia was involved.

One thing is for sure - $65 Billion didn't just disappear. By his own admission, Madoff didn't invest a single penny. He said, "I simply placed it in a bank account and paid investors back out of other people's money when they wanted theirs."

So where did all the money go? Something is very rotten in Demark, indeed.

Madoff taking the entire rap of the public's wrath and the MSM and prosecutors not probing further into where the money went and who profited besides Madoff is as much of a intentional distraction as getting the public riled up about AIG bonuses in the millions while ignoring the hundreds of Billions stolen from the American taxpayer and funneled through AIG to foreign banks, members of congress, and Goldman Sachs boys.

[Dripping Rain]

but if this was just financial planning gone bad, then falsely labeled a "ponzi scheme" so the investors could recoup their losses whats in it for Madoff? jailtime, that doesnt sound fun

miscalculation on his part? probably thought he would get off easy because of his old age and health condition. the judge who ruled it a ponzi scheme without investigation was the same one who put him under "house arrest" in his luxury penthouse lololl. i personally believe theres a lot to it. running a ponzi scheme on some of the worlds most notable banking institutions seems like a stupid conspiracy theory imho. I have other opinions that id rather keep for myself untill more details arise. only time will tell what really happened.

[He Who Pawns]

Who knows where the money went at this point. Some speculation was the Russian mafia was involved.

One thing is for sure - $65 Billion didn't just disappear.

Sure it didn't disappear... it went to the Ponzi scheme holders... that's how a Ponzi scheme works.

[Bruno]

right. so follow the money

[He Who Pawns]

right. so follow the money

yeah but that's not a way to increase wealth, except for the 10% that the final fools get left holding. it makes no sense as anything other than a classic Ponzi scheme.