pongo Posted December 19, 2008 Share Posted December 19, 2008 I completely disagree. There were a great many people, including Conservative politicians like Kenneth Clake, who would have supported him. I like Kenneth Clarke. But even within the past two months I have heard him on The Today Programme - still talking in support / in favour of the securitization of debt. As far as I can work out he more or less goes along with the thinking of people like Alan Greenspan (& the Bill Clinton people) who encouraged these methods as a way of facilitating lending and rebooting the US economy. Link to comment Share on other sites More sharing options...
Sebrof Posted December 19, 2008 Share Posted December 19, 2008 I completely disagree. There were a great many people, including Conservative politicians like Kenneth Clake, who would have supported him. I like Kenneth Clarke. But even within the past two months I have heard him on The Today Programme - still talking in support / in favour of the securitization of debt. As far as I can work out he more or less goes along with the thinking of people like Alan Greenspan (& the Bill Clinton people) who encouraged these methods as a way of facilitating lending and rebooting the US economy. I was talking about the housing bubble, which is the main problem for Britain. But, in principle, the securitisation of debt is a viable financial product. It does, however, require that people who sell it are supervised, and that people who buy it understand what they are doing. I wish that the media had more sense than to allow Brown to characterise the current problems as a single issue, affecting everybody, and largely American in origin. There are, broadly, two distinct problems: 1 Housing bubbles in four countries - UK, US, Spain, and Ireland. And the UK one is perhaps the worst (It has a long way still to go). 2 Complicated financial products that bankers did not understand but were happy to buy. Part of regulation would be to ensure transparency. I don't blame Brown particularly for the second problem, but the first one was totally under his control, and blindingly obvious. And its effect on the UK is much greater than the second problem. S Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted March 13, 2009 Author Share Posted March 13, 2009 Text of Maddoff plea In light of the other thread on here about Financial Regulation it appears his Ponzi has been going on since the early 1990s!! Link to comment Share on other sites More sharing options...
bluemonday Posted March 13, 2009 Share Posted March 13, 2009 I'm still waiting for Maggie to be brought to book for starting World Wars 1 and 2 Link to comment Share on other sites More sharing options...
GD4ELI Posted March 13, 2009 Share Posted March 13, 2009 Text of Maddoff plea In light of the other thread on here about Financial Regulation it appears his Ponzi has been going on since the early 1990s!! In a way I quite admire what he did - if you're going to be corrupt then do it in style. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted March 13, 2009 Share Posted March 13, 2009 1 Housing bubbles in four countries - UK, US, Spain, and Ireland. And the UK one is perhaps the worst (It has a long way still to go). I would go further as there is a contagion effect - Britains property market is at least the cause of Spain's housing bubble as the Spanish bubble was caused by UK properties being re-mortgaged for repurchases or people selling up at high prices and moving down there with money to burn. That's partly true in certain US states like Florida too. Britains ridiculous asset bubble must come off at least another 40% yet as there must be so much debt overseas property and buy to let debt still secured British homes where the overseas property or buy to lets are almost worthless. Link to comment Share on other sites More sharing options...
hboy Posted March 14, 2009 Share Posted March 14, 2009 In a way I quite admire what he did - if you're going to be corrupt then do it in style. I could live with the ripping off of big mouthed fat American arseholes who got rich quick and their vacuous over facelifted and false titted trophy wives. But when he went on to rip off charities, church groups and normal people he crossed the line really. Link to comment Share on other sites More sharing options...
Animal Posted March 15, 2009 Share Posted March 15, 2009 More Madoff news --------------------- MADOFF PLEADS GUILTY TO NOT BEING A BANK FRAUDSTER Bernard Madoff yesterday pled guilty to not realising he should just have turned his failed investment firm into a bank. Madoff, the former darling of Wall Street, told a New York court he was 'deeply sorry and ashamed' for being prosecuted when it would have been so much easier to have been bailed out. He added: "When I heard about the huge amounts of public money being given to banks I suddenly thought 'oh shit'. "You know that feeling you get when you've totally ballsed it up and you're just like, 'shit, shitty, shit, shit'. It was a bit like that." Tom Logan, scams analyst at Madeley-Finnegan, said: "Bernard Madoff was taking money in, telling everyone that everything was okay and then, when the financial crisis hit, he ran out of money. Sounds eerily familiar doesn't it? "After studying his business model very carefully I have concluded that the key difference between Madoff and the banks is the word 'bank'. "If his company had been called Halifax Bank of Madoff or the Royal Bank of Madoff, he'd now be enjoying his retirement and laughing at all those people who wanted him to give up his pension." Logan added: "All he had to do was open a couple of branches, stick a cash machine in the post office and get his staff to appear in a series of unwatchable adverts set to ghastly music. "And when things got really bad he could always just have asked Gordon Brown to find him a big, stupid arsehole of a bank to merge with." Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted April 8, 2009 Author Share Posted April 8, 2009 Just to show it isn't a new swindle....an article on where the phrase "Ponzi scheme" came from Law Gazette Link to comment Share on other sites More sharing options...
Chinahand Posted June 29, 2009 Share Posted June 29, 2009 150 Years - bloody hell. Having a judge sentence you to that must sting a bit. Good! Link Link to comment Share on other sites More sharing options...
Mutley Posted June 29, 2009 Share Posted June 29, 2009 Seeing as the guy is 71 he'd have to find a very generous parole board to let him off for "good behaviour" before he shuffles off this mortal coil. Personally I'd have liked to see him get the 12 years he requested but that it be served in the Wyoming coal mines or in the Alaska oil fields - might be nice for him to work alongside the guys who's pensions and life savings he lost. Link to comment Share on other sites More sharing options...
Sebrof Posted June 29, 2009 Share Posted June 29, 2009 Seeing as the guy is 71 he'd have to find a very generous parole board to let him off for "good behaviour" before he shuffles off this mortal coil. Personally I'd have liked to see him get the 12 years he requested but that it be served in the Wyoming coal mines or in the Alaska oil fields - might be nice for him to work alongside the guys who's pensions and life savings he lost. Quite so. And the sooner Gordon Brown joins him there, the better. S Link to comment Share on other sites More sharing options...
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