Madoff: A Nigerian Jew?

For those of you who are not interested or not into the Financial World- you might as well shut down your browser now and come back when I’m talking about………whatever I normally talk about. lol!!

Bernard “Bernie” Madoff, a ‘Nigerian’ Jew? Lol!! It’s very interesting how Nigerians are arguably considered the most corrupt people on earth. Me sef wey I be Naija person, I dey fear for my people. Cos Nigerians are just wrong!!!! And in most cases lack any form of conscience and would do anything in order to make money. But that’s story of another day. Now the 419 Nigerians are internationally known for emails about their relative who died and has PLENTY money in a foreign account and need to transfer money blah blah blah. You guys know that scheme. Now personally the folks who fall for this are just greedy individuals who I can't sympathize with. I mean, how can someone who you don’t know say they’ll dash you millions of dollars- just like dat? Na plantain chips?!!! Now there is a new one of winning lottery. I don’t know how I could have played a lottery in the UK while I’m Yankee- I look like mugun?

But with Madoff meeeeehhnnnnnn- forget, he was/is the scammer of the century, convicted of operating a Ponzi scheme that has been called the largest investor fraud ever committed by a single person. Single (assumed) handedly pulled a cover over SEC’s eyes. They must feel like the biggest fool ever, I mean a WHOLE U.S. SEC!!!! WTH?!!! You see, those Nigerian scammers base their operations on the scammees being muguns/greedy. And I may be wrong, but I wouldn’t have thought any of the Naija scammers were well respected in the financial world. But Rupert was another level, and I’m sorry- in as much as what he did was TOTALLY wrong, I have to give him respect. First and foremost- I pray that may all the finances of the scammees Rest in Peace. Amen! :)

Madoff, a prominent philanthropist, was born April 29, 1938 to a Jewish couple in Queens NY. A plumber turned stockbroker (the American dream) once served as a non-executive chairman of the NASDAQ stock exchange, founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, served on boards of nonprofit institutions and universities, was one of the top market maker businesses on Wall Street, which bypassed "specialist" firms, by directly executing orders over the counter from retail brokers.

So what exactly did Madoff do? What is this Ponzi scheme they are all shouting about? Richard Lawson’s blog explains what a Ponzi scheme is:
1. Scammer asks scammees to lend him money, promising big returns.
2. 10 Scammees give say 100 each = 1000.
3. Scammer gives each 10 at end of year, and keeps 900 for his lifestyle.
4. Scammees are pleased with their 10 (believing it to be in addition to the 100
they gave, which is not now the case, as it has gone to support the scammers lifestyle). Scammees are encouraged to recruit further scammees, who repeat 2,3,4, until no further scammees are recruited, or until the original scammees request their money back.
5. The scam works while it is growing. Just like the "growth economy". When growth stops, the scam collapses.

I’m not sure if any of you will remember the Pyramid scheme that was going on in the mid 90’s back in the UK. They chopped #100 of my money! I have a friend who lost a lot more than.

With that explained, Madoff basically took money from investors and instead of investing that money, he sat on it. Then he returned a percentage of those funds to the original investors claiming he was returning profits from his investment program but was, in fact, returning part of the original funds given to him. He made sure he was vocal about his returns. It looked as if he was a terrific investor. His high returns were seen as opportunity for other investors. As it became more difficult to make a profit in the financial market many hedge fund managers sent their own investor’s money to Madoff (a common practice among fund managers searching for help returning profits to investors). Madoff would then use “new” money to pay off requests for current investors looking to cash in their chips.

But the question then is- how did he get away with it? Where was SEC? How did no one think to investigate a highly profitable one man business? Initially he might have been the only brain behind it, but surely after it got REALLY big, he must have had help- right? Surely he ought to have faced scrutiny? I reckon he must have bribed an SEC insider, top offical(s), for them to turn a blind eye. I mean for 48 years he operated his business. And then they say we Nigerians are fraudulent. Aah!!! What they need to do is look at their backyard 1st.

The bottom line is that if it appears to be too good to be true, run like the wind.

Anyway, I want to start a scheme like this. I don’t mind going to prison at 71. I for don live life to the fullest by then.

On June 29, 2009 Madoff was sentenced to 150 years imprisonment and $170 billion in restitution. So all una wey dey contemplate carrying out this crime with me- think very well o! hehehehehe!