With France Inter, la chronique de Bernard Maris economic journalist and writer. Back on customers deprived of Madoff. Which are unlikely to recover anything from them.
Madoff case is now that the decision to imprison Bernard Madoff will be taken. What can investors rolled by Madoff? Not much Madoff against himself, the brave "Uncle Bernie" Uncle Bernard Madoff, who arranged continuously charity bazaars to bring with him huppés investors, who had the privilege to approach the privilege to enter the very exclusive club of those who earned 10% net per annum guaranteed. We just discovered another investment pyramid, built by a certain Joseph Forte in Philadelphia, which covers only 50 million (nothing near the 50 billion Uncle Bernie). But that Joseph Forte, he offered returns between 18% and 37%! If people are stupid enough to believe in the net returns of 37 %....
Investments unhealthy ... or naive
Yet the richest grew by Madoff and its minimum 10% net, proving that greed is the engine of human activity. Greed: let's be clear: the unbridled desire to make money without doing anything. Why do we Madoff? For one reason: it was as boss of Nasdaq, the stock market of high technology, that his brother was vice president of the Nasdaq, it was thought he knew what others did not know. In other words it was an insider. In exchange, the only way to beat the index, to do better than the average of the other, is to have information that others do not. For example, will know that Airbus delivery delays and Airbus sell shares before they fall. People who trusted Madoff placed on a not very healthy. Not everyone, however. Ms. Bettencourt who lost 2 or 300 million euros to his trusted fund manager. Other trusted their banks. And once again the French banks are illustrated in the case. Include BNP Paribas, in mind, Credit Mutuel, and inénarrable lousy business, Dupont and Dupond of finance, Dexia and Natixis, which, after the subprime, could not not be in Madoff.
The question is where are the 50 billion dollars to recover a portion of the money, we must know where he is. It is becoming increasingly clear that Madoff has not acted alone. He had a network of touts, who touched in passing, that received so-called retro-commissions, so that its system was snowball, especially in Jewish charities. It is impossible that Madoff, alone with his brothers, his son and brother-in-law, has spent 50 billion. Now we must update the network.
The phrase of the day: "Ah, if I sub, I would do business, but to do business you must know them! "
Monday January 12 2009 - 19:44
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