Local Madoff fallout: Beyond the rich

  • Article by: CHRIS SERRES , Star Tribune
  • Updated: December 17, 2008 - 4:42 PM

Victims include employees of a Maple Grove drug company and a large local foundation.

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rhinozDec. 16, 0810:01 PM

I find it interesting that once this hit the media, other people in the Wall Street business cant stop talking about how this con-man was rather well known to be "too good to be true" and numerous reports were made to the authorities over the years. However, nothing happened. How many more of these hidden-but-known-cons are there? All the laws in the world mean nothing if there is no one to enforce them!

pacificgatepDec. 16, 0811:08 PM

------------------------------------------- MADOFF IS NOT SO UNIQUE - OVERSIGHT MAY NOT BE ENOUGH Much requires cleaning-up on Wall Street… http://pacificgatepost.blogspot.com/2008/12/is-madoff-really-anomaly.html

keb1521Dec. 17, 08 1:11 AM

A sucker is born every minute.

buzzman0755Dec. 17, 08 1:51 AM

Has long as people dream of making a quick fast buck the easiest way possible scamers like Madoff will conitue to come and feed off their dreams. The human greed no longer surprises me, what surprises me is the length to which these scumbags will go to accomplish it and if you happen to be in their way watch out!

memorylaneDec. 17, 08 3:02 AM

Still, I don't know if I'd buy a car from him. I'd rather see Denny Hecker.

ussforrestalDec. 17, 08 3:57 AM

When hedge funds started exploding in popularity, everybody wanted in on it. I'm sorry people are losing their money, I'm sorry pension funds are being horrendously devalued, I'm sorry the rich are now just ric. THEY ARE ALL STUPID. Investing in hedge funds? STUPID. The wealthy do it because its money they can afford to lose. PENSION FUNDS SHOULD NOT. CHARITIBLE ORGS SHOULD NOT. UNI ENDOWMENTS SHOULD NOT. The decisionmakers at these various organizations should be held accountable and FIRED for even thinking about it, let alone doing it. Hedge funds are like craps in vegas. If they took their pension fund holdings, cashed them in, and played the tables in Vegas, we'd be calling for their heads and probably sending them to jail. Well they did the same thing here. Fire these idiots. Get the message out that gambling with people's retirement isn't "ok". Jeez....

thistimeDec. 17, 08 5:47 AM

how does a guy con people out of 50 billion end up posting 10 million of the stolen money to get out?? also why does MR Christopher Cox have a job he is the watchdog hired by you guessed it us ! and was told many times to check into Mr Madoff dealings that were very ? and he did NOTHING and now blames those under him obviously there was some payed look the other way going on. Sorry to all who lost . Lets pray all that were involved pay .

redflasherDec. 17, 08 5:56 AM

The comment feature is turned ON for this story. The Trib must not think it is a "sensitive" story.

angevgenDec. 17, 08 6:12 AM

I propose when a person or the company they control takes fiduciary responsibility for money belonging to someone else the penalty for theft, swindle and incompetency should be raised to a proper level. Like seizing ALL of their assets permanently and ten years minimum prison sentences. Maybe this stuff would be less enticing and the markets would be steady not bouncing up and down.

dsteele04Dec. 17, 08 6:13 AM

Should the fact that the negligent will investigate themselves assure us?


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