Well here's a blow for justice. Five Bernie Madoff underlings have been found guilty of aiding and abetting the great man in his great Ponzi scheme.
Off with their heads! That's a verdict that's bound to ensure personal ruin for folks who were, at the most, guilty of ignoring their better judgement as their boss passed every test the SEC threw Madoff's way in the course of twenty years.
Meanwhile, Dick Fuld and Steve Cohen have no worries beyond a decent tee time at Wampanoag.
That's justice, American style!
Showing posts with label Bernie Madoff. Show all posts
Showing posts with label Bernie Madoff. Show all posts
Monday, March 24, 2014
Thursday, July 25, 2013
NEWS FLASH: SAC Capital Partners face jail time!
No, no, no! It's not the the actual partners in SAC Capital Partners who will go to jail...
It's the corporate entity itself.
Yup, corporate entities are people too, as Mitt reminded us, and if they've been naughty they have to face the music just like flesh-and-blood people.
Flesh-and-blood Bernie Madoff got 150 years in the big house for his hanky panky. SAC Capital Partners have arguably hankied more panky for more money, so the corporate entity, i.e. a file folder full of incorporation papers and partnership agreements, could be sitting in a cell for the next 200 years!
I suppose the good news from the point of view of the tax-payer is that the file folder will be cheaper to feed, less of a security risk, and won't be kicking up a fuss over kosher prison food.
It's the corporate entity itself.
Yup, corporate entities are people too, as Mitt reminded us, and if they've been naughty they have to face the music just like flesh-and-blood people.
Flesh-and-blood Bernie Madoff got 150 years in the big house for his hanky panky. SAC Capital Partners have arguably hankied more panky for more money, so the corporate entity, i.e. a file folder full of incorporation papers and partnership agreements, could be sitting in a cell for the next 200 years!
I suppose the good news from the point of view of the tax-payer is that the file folder will be cheaper to feed, less of a security risk, and won't be kicking up a fuss over kosher prison food.
Friday, March 29, 2013
Steve Cohen is toast
Time to go short on shares in Steve's world.
Even though a steady stream of SAC insiders has been finding themselves in the headlines, Mr. Cohen himself has managed for the most part to avoid the splatter.
The arrest of Mike Steinberg this morning brings the long nose of the law closer to Cohen than it's ever been. What's amazing about the Cohen story is that after Madoff, everybody, from the doorman to the janitor to the guidance counselor at your kid's school, knew that year after year of suspiciously robust returns could mean only one thing.
Monkey business.
Dirty deals.
Insider trading.
Don't know where the SEC types are finding the cahones after letting this stuff slide for thirty years, but it seems the game has changed.
And it's about time.
Even though a steady stream of SAC insiders has been finding themselves in the headlines, Mr. Cohen himself has managed for the most part to avoid the splatter.
The arrest of Mike Steinberg this morning brings the long nose of the law closer to Cohen than it's ever been. What's amazing about the Cohen story is that after Madoff, everybody, from the doorman to the janitor to the guidance counselor at your kid's school, knew that year after year of suspiciously robust returns could mean only one thing.
Monkey business.
Dirty deals.
Insider trading.
Don't know where the SEC types are finding the cahones after letting this stuff slide for thirty years, but it seems the game has changed.
And it's about time.
Friday, January 4, 2013
Slide over Bernie, Steve Cohen's gonna squeeze in there too...
No sign of panic yet as Feds sniff around Cohen's SAC Capital.
But does it not seem somewhat apocryphal to read about those consistent 30% returns?
After Bernie's fall from grace everybody and their uncle was claiming "oh ya, 15% return year after year; we all knew something was fishy!"
If 15 is fishy, what the hell is 30?
Better slide over in your cell there at Butner, Mr. Madoff. You'll be having company soon.
Steve and Bernie, together at last!
But does it not seem somewhat apocryphal to read about those consistent 30% returns?
After Bernie's fall from grace everybody and their uncle was claiming "oh ya, 15% return year after year; we all knew something was fishy!"
If 15 is fishy, what the hell is 30?
Better slide over in your cell there at Butner, Mr. Madoff. You'll be having company soon.
Steve and Bernie, together at last!
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