Bernie Madoff RIPieces

[F30lolz]

That is all.

[M-technik-3]

I put him in same category as Enron. They too should have all rotted.

[Littlebear]

He helped ruin the NY Mets!

[F30lolz]

Originally Posted by Littlebear

He helped ruin the NY Mets!

Indeed he did, no matter how hard the Wilpon’s denied it. IIRC, they had to shut down a facility in DR, PR or something like that? You can thank Madoff for that.

[Tommy-G]

Originally Posted by Littlebear

He helped ruin the NY Mets!

Clift notes?
I don't follow Baseball too much but growing up in NJ, the Mets were always my team

[Littlebear]

Originally Posted by TommyG-inFlaNow

Clift notes?
I don't follow Baseball too much but growing up in NJ, the Mets were always my team

The Wilpons invested lots of $$ in Madoff's funds, which Madoff wasn't investing in companies, but using it for a ponzi.
Madoff 'promised' I think a 10% return every year, which is quite a promise. The Wilpons were in court testifying that they thought Madoff was investing properly, and that they didn't suspect they were facilitating a crook.
After a bunch of years the Wilpons were cleared of wrongdoing, but they lost lots of money when Madoff's fund collapsed.

Murf

[DocL]

One of my patients told me when he got handwritten 1099's from Madoff he knew something was off. He got out early and didn't lose money fortunately. But I think there had to be a reassessment of people's taxes because even though there were not actual income gains, many people reported the income that was fake on their taxes because they got 1099's.

Madoff deserved to die in jail.

[Tommy-G]

Originally Posted by Littlebear

The Wilpons invested lots of $$ in Madoff's funds, which Madoff wasn't investing in companies, but using it for a ponzi.
Madoff 'promised' I think a 10% return every year, which is quite a promise. The Wilpons were in court testifying that they thought Madoff was investing properly, and that they didn't suspect they were facilitating a crook.
After a bunch of years the Wilpons were cleared of wrongdoing, but they lost lots of money when Madoff's fund collapsed.

Murf

Now it makes sense. I didnt know who the Wilpons were until I read your statement.

[RickFLM4]

Guy was a complete scumbag. It’s actually unfortunate he died before serving more time.

But I have also always questioned how some of the victims, many of whom were seemingly sophisticated investors, gave him such huge concentrations of their wealth to manage. Granted he scammed them and hindsight is 20/20 but goddam he had to seem fishy. I suspect some (many?) knew or suspected something was going on and mistakenly thought they were the lions when they were the gazelles.

[Littlebear]

https://www.nytimes.com/2021/04/14/s...doff-mets.html