Skip to main content

Madoff - "Made off" with $50bn

The link is to a list of organisations (people) who have lost in the Madoff Ponzi Scheme.

There is an important principle to remember in financial services (and life generally) which is that if something is "too good to be true", then most likely it either isn't good or it isn't true.

This was one that wasn't true.

I am surprised that this was not picked up by the SEC, however.

This one will reverberate a bit. Some of the people who have sent money his way have then benefited by also reporting high returns - that are not real returns.

Comments

Martin said…
The problem I have with this John is understanding it. Madoff has profited to the tune of $50,000,000,000 - what do you do with a sum like that. It has to be somewhere either in cash or tangible assets. Surely it was all used in robbing Peter to pay Paul. In which case the regulators should be demanding the unwarrented and unearned returns back from Paul to repay Peter!

Popular posts from this blog

Trudiagnostic change PACE leaderboard algorithm - was in position 40, now position 44 - does it matter?

Trudiagnostic have changed the way they handle the Rejuvenation Olympics Leaderboard algorithm. The result of this initially was that I was globally no 40 and have now dropped to 44. Trudiagnostic are a US company that get samples of blood and they look at the DNA to see which parts of the DNA have methyl groups (CH3) attached to them. These modifications to DNA are called methylation markers. DunedinPACE is an algorithm which uses DNA methylation markers in white blood cells to work out how quickly or slowly someone is aging. I had three results on this. The odd thing about the results was that whilst my epigenetic age calculated from the same methylation markers was going down, the speed at which I was aging was going up. I find this somewhat counterintuitive. It is, however, I think relevant that in a global contest my approach on biochemistry which is quite different to many other people's does seem to keep up with others working in the same area. To that extent it...