BIH Madoff

Okay, I don’t have a huge amount of personal animosity toward the deceased (yet), because two “good” things came from Madoff doing his thing:

Bobby Bonilla Day
This book:

but others here may have gotten burned by his shenanigans. Let rip!

The Bobby Bonilla Day connection:

Is he right about GE? Stay tuned to find out!

He was a grifter who stole a lot of money from a lot of people on a really big scale. Some were rich and could afford the losses, others were not as fortunate. I won’t lose any sleep over his passing.

With new ownership I heard the Mets are actually steering into the skid.

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The Bobby Bonilla thing is still funny I mean the mEts are still going to paying him after Padres are done paying Tatis Jr. Made sense to defer payments at what was is 8%? When they were earning 10+% annually, but little did they know those returns were based on a ponzi or pyramid like scheme.

And FWIW, that does seem like a fun play on it.

I highly approve of holding a big ceremony w/ giant check, because then I would have some new pics for my blog. And I wouldn’t forget about it (someone usually emails me to remind me… I should put it on my calendar)

If you could live Bernie’s lifestyle in exchange for going to prison at 70 and dying there would you do it? For this question assume you aren’t stealing from anyone else, you’re just being given billions in exchange for going to prison.

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Will I also have to endure knowing, while in prison, both of my sons will die early deaths, one from cancer and the other by suicide? Obviously I won’t be able to attend their funerals.

Most of the people who run Ponzi schemes don’t have the luxury of choosing to get caught decades after starting the scam. Most get caught a lot more rapidly.

in this scenario, you don’t care about your loved ones too much. you only care about yourself

I gather he started out as an actual investor, but then started playing pyramid games to keep up his “returns”. I suspect his deadly sin was more pride than greed. (although I’m sure there was a bit of that, too.)

No. I like my lifestyle. I like my family. I like my friends.

But I’m going to fight the hypothetical. Why am I going to prison if I’m not doing something wrong?

yup. I’m guessing he was legit until one time when his investments went south. Then he fudged the numbers, thinking he’ll get back on track, but that never happened. So, oh well? What do u do? Come clean?

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Just a hypothetical. I think a lot of people would trade that. I wouldn’t either, but I make a lot more money than most people.

Bernie Madoff made a lot more money than you or i before he went crooked, though.

The question with his death. “Have we learned anything from his life and actions?”

The years and breadth of his successful Ponzi scheme illustrated the limitations and biases built into the regulatory agencies. Have we gotten better at regulating since then? The amoral nature of “it’s only business” was also on display, have we addressed the negative results that can arise from an amoral system?

Yeah. If you want to make whatever it is you’re doing legal, you gotta pay speaking fees to the right person. Madoff did not apparently.

I think the crazy thing with Madoff is his kids worked at his firm. His exit strategy was death, but he was screwing his kids with that strategy. In fact I believe one of his sons committed suicide.

The second half sounds very billion dollar bubblish.