wall street journal special on Madoff
纳斯达克市场前主席涉基金诈骗被捕
虽然周玉女和师太侄子的破事很果汁，虽然伊州州长的索贿丑闻很无耻，华尔街大拿霉到负的牛事儿一出来，我兴奋的都没心思看其他新闻了。
霉到负实在太牛了！他基本上就等于在运作一个老鼠会。老鼠会不希奇，希奇的是，他怎么就能一手把老鼠会转上二十多年？要知道，他有很多投资者，每个投资人都会做due diligence ，为什么没有一个人发现可疑之处？就是现在被抓，还是他自己顶不住跟儿子们交代了以后儿子们报告的。每年那么多accounting, audition, 他怎么混过去的？如果他真的是象新闻里说的，根本没投资净拿后面人的钱付给前面的人，那他不是都得一手把持，不能让手下的人干么？会计上还是一笔笔股票交易要记账，有盈亏，他管着50比林的钱，就是成天编造纪录都得累死啊！你也不能大笔一挥说：今天买入了一比林ibm. 三个月后卖出获利－－一比林两比林的买卖在市场上不可能没声响就做了，记账的能不注意到么？怎么也得把仓位弄到几千万的级别看上去才勉强合理吧。算他平均是两千万一个仓位，那就是两千五百个仓位，这些仓位哪怕每个月买卖一次，他每天就得编出一百个买卖来，这一百个买卖单，如果每个平均是十个交易，就是每天有一千个交易纪录。就是他那么大年纪又不可能是电脑天才去直接改数据库，这老头每天干手工活造假就得累死。。。
我怀着急切的心情等待更多果汁的报道。。。
忽悠这回事，搞好了叫投资
还正想问你这个大果汁新闻呢。 
他做假帐做了二十年！？？ 哇塞，听说很多人追着他pg后面求他拿他们的钱去投资。 我在nytimes看到这段，不大明白他的公司和hedge fund的差别，小k你给讲解一一下？
他做假帐做了二十年！？？ 哇塞，听说很多人追着他pg后面求他拿他们的钱去投资。 我在nytimes看到这段，不大明白他的公司和hedge fund的差别，小k你给讲解一一下？
Mr. Madoff was not running an actual hedge fund, but instead managing accounts for investors inside his own securities firm. The difference, though seemingly minor, is crucial. Hedge funds typically hold their portfolios at banks and brokerage firms like JPMorgan Chase and Goldman Sachs. Outside auditors can check with those banks and brokerage firms to make sure the funds exist.
But because he had his own securities firm, Mr. Madoff kept custody over his clients’ accounts and processed all their stock trades himself. His only check appears to have been Friehling & Horowitz, a tiny auditing firm based in New City, N.Y. Wealthy individuals and other money managers entrusted billions of dollars to funds that in turn invested in his firm, based on his reputation and reported returns.
这个好玩
Until at least November, 2006, the firm, which claimed to manage billions of dollars and be among the largest market makers in the stock market, used as its auditor Friehling & Horowitz, a small New City, New York firm.
Mr. Vos says his firm hired a private investigator and determined that the accounting firm had only three employees, one of whom was 78 and lived in Florida, and another was a secretary, and that it operated in a 13 foot by 18 foot office.
这HEDGEFUND的管理费也挣的真容易.a group of clients who had unknowingly become entangled in the scandal by investing in a hedge fund managed by Merkin, which then put almost all of its $1.8 billion in capital in Madoff's hands.
"They had no idea they had exposure," Susman said. He said his clients were now dumbfounded as to how the fund came to invest all of its holdings with just one man, especially since concerns had been circulating for years about Madoff's operations.
不明白这段话什么意思，但是根据我多年看不靠谱财经报道的经验，这个记者大概不知道自己在说什么，所以说的不清楚。karen wrote:还正想问你这个大果汁新闻呢。
他做假帐做了二十年！？？ 哇塞，听说很多人追着他pg后面求他拿他们的钱去投资。 我在nytimes看到这段，不大明白他的公司和hedge fund的差别，小k你给讲解一一下？
Mr. Madoff was not running an actual hedge fund, but instead managing accounts for investors inside his own securities firm. The difference, though seemingly minor, is crucial. Hedge funds typically hold their portfolios at banks and brokerage firms like JPMorgan Chase and Goldman Sachs. Outside auditors can check with those banks and brokerage firms to make sure the funds exist.
madoff brokerage 的生意是个大型合法的公司，他同时有个“小”的投资管理公司，作假的是这个。至于这个公司实体是什么性质我不清楚。hedgefund 一般是把钱收进来在自己的账户上运作，但是也有代管客户账户有全权买进卖出的方式。不管那种，他们都可以把账户开在任何一个brokerage，只不过现在是开在了基金管理人自己的brokerage. 事实上如果他不是在自己的一个账户里运作，而是代管N个账户，作假更费事了。
我特别想不通的是，一笔交易有那么多手续呢，他是怎么假装一直在交易。底下的midoffice backoffice 有那么多人，如果他不给他们很多钱，没有incentive让人干犯法的事情。如果他给他们很多钱。。。二十年，那么多人来来去去，还要保证他们都不揭发，这个成本也太高了吧！
尤其是交易得有另一方，你要凭空捏造出盈利，就得捏造出亏钱的一方。每次看到瞒着别人亏大钱的交易员，基本都是捏造了一个账户亏钱。他真能二十年如一日的维持一个假账户，所有的买卖都是跟那个账户做？
现在实际的报告太少，什么都不好说，所以我在等更多的果汁。
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挖, 这下连升斗小民都要担心BROKERAGE ACCOUNT了, 哪怕没直接投资, 也有401K, IRA, PENSION FUND和EDUCATION FUND. BROKERAGE不会和某些银行一样有大规模资金出逃吧.Investors who lost money with Bernard Madoff shouldn't count on the Securities Investor Protection Corp. riding to their rescue.
The federally mandated SIPC has a narrow requirement as to what it covers -- generally theft in brokerage accounts.
Furthermore, securities attorneys say the nonprofit organization, which is supported by brokerages' membership fees, has a miserly track record of paying out claims and its current reserves may not be nearly big enough to handle potential losses from the Madoff case.
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http://www.bloomberg.com/apps/news?pid= ... refer=homeMadoff Fund Operator De La Villehuchet Found Dead (Update1)
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By Saijel Kishan and Katherine Burton
Dec. 23 (Bloomberg) -- Thierry Magon de La Villehuchet, who ran a fund that invested with Bernard Madoff, was found dead at his office today in an apparent suicide, according to a police officer at the scene.
De la Villehuchet, 65, was a co-founder and chief executive officer of Access International Advisors, according to a marketing document. Access, based in New York, invested $1.4 billion with Madoff, who was arrested on Dec. 11 for allegedly running a $50 billion Ponzi scheme.
Police were called to the Madison Avenue office about 7:30 a.m., said New York Police spokeswoman Doris Otero. She declined to provide a cause of death.
Before founding Access in 1994 with Patrick Littaye, de La Villehuchet was chairman and CEO of Credit Lyonnais Securities USA, the U.S. investment banking arm of the French bank, according to Access marketing documents. Prior to joining Credit Lyonnais in 1987, he ran Interfinance, an international broker firm specializing in French, Belgian and Italian stock markets that he founded in 1983.
Access’s LUXALPHA SICAV-American Selection invested solely with Madoff. Access said last week that it was working with lawyers to assess the situation.
Clients of Madoff had at least $36 billion with his firm, according to a Bloomberg tally that may include some double counting. Before his arrest, Madoff, 70, confessed to employees that his “giant Ponzi scheme” may have cost as much as $50 billion, according to an FBI complaint.
His misconduct may have stretched back to at least the 1970s, two people familiar with the government’s inquiry of Madoff said last week. Madoff is now under house arrest at his New York apartment.
On the one hand, I agree that some people are just greedy without shame, on the other hand I think the Madoff scandal is different from other investment banks.豪情 wrote:真奇怪, 丢了客户1.4BILLION也要自杀. 那么多人一边丢钱一拿肥BONUS. 听说某投资银行今年BONUS照常, 倒是买了他们的银行刚全国裁了上万. 不过生活本来就是不公平的.
The investment bank executives probably believe they have only been doing their job, not to mention the employees who get bonuses. Many of them will soon be out of a job. Why not grab as much as you can? And institutionalized greed (like institutionalized genocide) kind of removes the sense of guilt from people's self-image. They probably view their clients as nothing more than suckers, or at least faceless, dehumanized figures. There is much less pressure to feel guilty. It's all just business and capitalism.
The Madoff thing was an out-and-out LIE. The kicker is that Madoff went to his friends in hisown community -- the Jewish charities and causes and organizations, and swindled their money. This is as close to robbing your neighbor in a close-knit community as you can get. This guy was probably a member of this small, wealthy, powerful community in which everyone knows everyone else for generations. It's really quite sad. I am surprised that only one person has killed himself so far.
此喵已死，有事烧纸
He was probably not a 骗子, but anyone who invested in Madoff's secret little club was at least negligent and very imprudent. And perhaps the people who entrusted money with him are all friends and families, and he just couldn't face them.
Many of Madoff's investors were Israel-based charities and nonprofits, I heard.
Many of Madoff's investors were Israel-based charities and nonprofits, I heard.
此喵已死，有事烧纸