So how do you stash $50 billion?
15 December 2008, 07:33 PM
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So how do you stash $50 billion?
So Bernard Madoff has ripped off $50b.
I guess some went back to early investors as that's how pyramid schemes work. But what about the rest??
You can't exactly open a PO savings account and I'd have thought that even an offshore bank might think twice about accepting billions?
Any one hazard a guess?
dl
I guess some went back to early investors as that's how pyramid schemes work. But what about the rest??
You can't exactly open a PO savings account and I'd have thought that even an offshore bank might think twice about accepting billions?
Any one hazard a guess?
dl
15 December 2008, 07:41 PM
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When they arrest the Drug Barrons in Liverpool and the surounding areas, the first thing to go in is the mini digger, in the garden....straight up.
16 December 2008, 08:59 AM
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It's not really disappeared has it? If the scheme has returned some high interest to early investors, and he's spent his commission on yachts, helicopters, fast cars, holidays etc. then that has been fed back into the economy. Like a bank subsidy to keep those companies and their employees going.
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16 December 2008, 09:15 AM
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It's not really disappeared has it? If the scheme has returned some high interest to early investors, and he's spent his commission on yachts, helicopters, fast cars, holidays etc. then that has been fed back into the economy. Like a bank subsidy to keep those companies and their employees going.
Last edited by Bravo2zero_sps; 16 December 2008 at 10:04 PM. Reason: reply appeared rude when not intended
16 December 2008, 03:46 PM
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I didn't say he did invest it. He paid interest to early investors, so that money wasn't 'lost'. The chunk that he took out has presumably funded an extravagant lifestyle keeping the yacht and sportscar companies in business.
The banks have lost out, but the money itself wasn't lost. Mr. Madoff has spent it on what the bankers would have spent it on themselves.
The banks have lost out, but the money itself wasn't lost. Mr. Madoff has spent it on what the bankers would have spent it on themselves.
17 December 2008, 12:24 PM
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it'll be clean by now, as in untraceable as stolen money, so he'll have it sat in offshore accounts somewhere in a country that won't touch it becuase they need the money to keep the country running and can't risk him removing it
17 December 2008, 12:33 PM
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17 December 2008, 12:40 PM
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Dave
17 December 2008, 02:40 PM
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According to BBC NEWS | Business | Watchdog 'ignored' Madoff warning they did have a 'sniff' years ago but didn't follow up ...... Hmmm. Wonder what else will come out in this case???
Dave
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