Bernie Madoff Scams HSBC for $1 Billion

skank-la · Post by **skank-la** » 16th Dec, '08, 01:51

Jesus F'in Christ, this guy was the former Chairman of NASDAQ &one of the oldest longest standing Jewish players on Wall Street. Are all these guys just total scum or what?

This story broke Friday & I knew it would be big-Most people trust Jews to only screw them within certain parameters.

BTW The next wave of NON SUBPRIME mortgage defaults will start in the spring & this will dwarf the Subprime & Bernie Madhoff mess-the financial Tsunami is just getting moving.

The Financial Times reported that HSBC could be one of the largest victims, with potential exposure of about $1 billion to the investment manager's collapsed venture. HSBC (HFC.PRB) later confirmed its exposure could be as much as $1 billion.

Madoff, a former chairman of the Nasdaq exchange market, was arrested Thursday on a single securities fraud charge for operating a $50 billion Ponzi scheme from his investment advisory business. A federal court in Manhattan Friday issued a temporary order freezing Madoff's assets and appointing a receiver over him and his firm, his global securities broker company, Bernard L. Madoff Investment Securities (BMIS).

http://money.cnn.com/2008/12/15/news/ne ... 2008121508

Joseph27 · Post by **Joseph27** » 16th Dec, '08, 07:09

Unfortunately I think you are right. My shop is coasting into Jan but after that I have forwarned my staff of the shit that is upon us. First round is job cuts of non essential staff (the ones we can make do without) - then cut backs of casual sales hours so the blanket of extra people you can enjoy in peak times is reduced. This then leaves all the work to the remaining full time and permanent part timers who will just have to work longer and harder for a while. Across the country this will play out - in retail - in wholesale - I would say manufacturing but that is already happening in China and since we exported the lions share of those roles they can feel the pain.

Once the real jobs start to go - non subprime mortgages start to feel stress. You can even see that in Aus - people will hold on and make do so their house payments are made. That feeds into the downturn which ultimately ends up costing them their jobs. If you lose your job >$100K you will generally struggle to get a new one that quickly - and that $700K house you have will need to be downgraded or repossessed. All those people who bought houses last year for massively inflated prices need to be nervous.

So onto solutions? Where the hell are they?

Once next year hits and the stress takes the recession to new depths - what can governments do to get things moving again or is this one we just need to ride out until debt is reduced? I heard that being raised but it would seem that if we are to wait for strategies to reduce debt - resolving personal debt is painful but possible - but what of the multi trillion dollar US debt? Is it possible to get the US economy back on course - keep printing money and hoping it holds value - and get people spending?

skank-la · Post by **skank-la** » 16th Dec, '08, 07:34

BTW The next wave of NON SUBPRIME mortgage defaults will start in the spring & this will dwarf the Subprime & Bernie Madhoff mess-the financial Tsunami is just getting moving

I was referring to the next wave of defaults which will be triggered whem millions of ARM's (Adjustable Rate Mortgages)sold to non subprime buyers reset to higher rates over the next 18 months-starting heavily in the spring & that is w/o the scenario J27 envisions w/people losing jobs also losing homes.

If you're in the financial sector or vaguely interested watch this:

http://www.cbsnews.com/stories/2008/12/ ... 6112.shtml

Snaffled · Post by **Snaffled** » 16th Dec, '08, 08:10

I had started typing out some coherent questions on the ARM defaults versus lowering market interest rates, and the availability of credit. But I'll change this to a more pertinent "Oh shit".

slinky · Post by **slinky** » 16th Dec, '08, 09:19

skank-la wrote:Jesus F'in Christ, this guy was the former Chairman of NASDAQ &one of the oldest longest standing Jewish players on Wall Street.

I'm just curious, what does his being Jewish have to do with anything?

avatarless · Post by **avatarless** » 16th Dec, '08, 10:02

skank-la wrote:
This story broke Friday & I knew it would be big-Most people trust Jews to only screw them within certain parameters.

Is this board going to stand by and let skank's hatred of Jews go unchallenged? HIs language is completely inappropriate for an expat board which claims to embrace diversity. Merry f*ing christmas to you too, skank.

Kooky · Post by **Kooky** » 16th Dec, '08, 10:14

I can't speak for the "management" but I think the community deals with such issues far more effectively than some unseen entity.

Two of you have picked skank up on it.

(I generally ignore him.

)

slinky · Post by **slinky** » 16th Dec, '08, 10:24

Yikes. I didn't even see the part Av'less quoted

Scrummy Mummy · Post by **Scrummy Mummy** » 16th Dec, '08, 10:35

avatarless wrote:
skank-la wrote:
This story broke Friday & I knew it would be big-Most people trust Jews to only screw them within certain parameters.

Is this board going to stand by and let skank's hatred of Jews go unchallenged? HIs language is completely inappropriate for an expat board which claims to embrace diversity. Merry f*ing christmas to you too, skank.

I was pretty shocked by this too. Immediately it lessens the credibility of all other points made (in this and other postings).

Tas · Post by **Tas** » 16th Dec, '08, 11:09

interesting, I read that and didn't have a single emotional response to it. I guess I was focussed more on the point that it turn out he's A BIG CROOK, and it's going to affect average jo bloggs people in the long run when the bank goes pear shaped. I guess I'm as bored with the whole jewish persecution thing as I am with the whole muslim persecution thing, as I was with a certain nose's shoulder chip thing. Guess I'm more worried about the roof over head thing at the mo.

Kooky · Post by **Kooky** » 16th Dec, '08, 11:16

Tas wrote:Guess I'm more worried about the roof over head thing at the mo.

Well you really know times are 'ard when I'm about to send my CV off to somebody.

baloo · Post by **baloo** » 16th Dec, '08, 11:43

Agree with kooky somewhat. While the comments are unsavory, they're not surprising seeing who the author is. Plus there is plenty of similar slights of other ethnic groups but I guess we don't have that many muslims on the board to take offence.

Highlighting the bigotry, as a couple have done, is probably the best way to address it and let the members form their own opinions of the author. By all means challenge the author and debate him on his racist bigot views. But deleting or modifying by the admins might just be pouring petrol on the flames.

Joseph27 · Post by **Joseph27** » 16th Dec, '08, 12:06

Must say I didnt even pay attention to the Jewish label. If the guy was African American and you put in Black - is that as bad?

"Jesus F'in Christ, this guy was the former Chairman of NASDAQ &one of the oldest longest standing Jewish players on Wall Street. Are all these guys just total scum or what?"

"Jesus F'in Christ, this guy was the former Chairman of NASDAQ &one of the oldest longest standing BLACK players on Wall Street. Are all these guys just total scum or what?"

"Jesus F'in Christ, this guy was the former Chairman of NASDAQ &one of the oldest longest standing Mexican players on Wall Street. Are all these guys just total scum or what?"

Is it inherently more unsavourly because of the inference of what Jewish means in this context? It is certainly a label - and I am going simply stick with him being a f**ken greedy dishonest manipulative arsehole who destroyed so many peoples lives for greed..... Dont care about his ethnicity / religion he is a c**t

Fuzz · Post by **Fuzz** » 16th Dec, '08, 12:11

Whilst my first reaction was that the post should be deleted or edited accordingly, I agreed that it would've been a learning experience for everybody here to let it stand unsanitised. After googling Madoff, I also read that the sentiment was quite widely spread, even within the Jewish community, that Madoff's downfall would be a gift to the anti-semitic movement.

I agree that it's low to connect Madoff's crime to his cultural background - we're back to generalising certain personal traits to a group of people. It was also quite disappointing to hear such comments coming from you, skank - I certainly don't have much of the understanding that Kooky and Baloo has about you, but I remember contributing to the thread about your Dad and how he was the champion for equality. I know that you're not him - but for somebody who also supports a more equality and tolerance between the Whites and the Afro-Americans, it seems hypocritical that you attack the Jews.

T2K · Post by **T2K** » 16th Dec, '08, 13:05

Actually, I don't think Skank (who I disagree with on nearly everything) was attacking Jews. I think he was saying that Jews have a reputation for forthright, if somewhat hardnosed, business dealings so this is a real shock in the regard that it was a total scam.

I could be wrong, but that's how I read it.

skank-la · Post by **skank-la** » 16th Dec, '08, 13:30

Actually, I don't think Skank (who I disagree with on nearly everything) was attacking Jews. I think he was saying that Jews have a reputation for forthright, if somewhat hardnosed, business dealings so this is a real shock in the regard that it was a total scam.

This time T2K isRight on target. By are all these guys scum I meant wall street. I deal with Jewish partners all day every day & always feel that although they drive a hard bargain they are 'safe' longtime partners in part due to a certain set of values. The funny thing is I dont really think Bernie Madoff set it up as a scam, he made some bad plays, his ego wouldn't let him admit it & then tried like a typical gambler tried desperately to pay catch up & threw his whole life *(& all his investors $$) down the rathole.

Muslims I do have a thing against & always will they. A large majority treat women like shit & want us all dead. So no love lost there.

Fresh Mint · Post by **Fresh Mint** » 16th Dec, '08, 13:38

As a Jew, I find Skank's comments offensive and racist.

T2K · Post by **T2K** » 16th Dec, '08, 13:40

Never took you to be so thin-skinned, FM. And I still don't. So, where's the punch line?

Fresh Mint · Post by **Fresh Mint** » 16th Dec, '08, 13:44

T2K wrote:Never took you to be so thin-skinned, FM. And I still don't. So, where's the punch line?

I was too busy eating a bacon sandwich to think of one.

I think I am pretty thick-skinned, actually, but I think if you replace "Jew" with "black", you'd hardly be surprised if some home boy popped a cap in your ass.

skank-la · Post by **skank-la** » 16th Dec, '08, 13:48

I'm a mutt like Obama. Quarter Jewish from the German grandparent side myself, never bothered me. Just typed it out free form didn't even guess it would have the effect it had here. My we're all politcally correct in SG.

Do you have to come from NYC to see what a big deal this is? BTW entire Jewish communities in West Palm Beach & Miami have COMPLETELY been wiped out by Bernie Madhoffs inability to own up to less than a stellar record over time. Plus HSBC, Royal Bank of Scotland, Paribas the list goes on

50 Billion $$$. Ouch

Fresh Mint · Post by **Fresh Mint** » 16th Dec, '08, 13:54

My grandfather died in Auswitch.

He fell out of a guard tower when drunk.

azzam · Post by **azzam** » 16th Dec, '08, 13:59

Good grief, I saw it the same way T2K did. Just a statement of fact, rather than any suggestion that it happened "because" he's Jewish.

slinky · Post by **slinky** » 16th Dec, '08, 14:02

I simply didn't see his religion or ethnicity as necessary at all to the story & that was the reason I asked what his being Jewish had to do with anything. I understood pointing out his former connection with NASDAQ, but the Jewish part just seemed unnecessary and meaningless info.

baloo · Post by **baloo** » 16th Dec, '08, 14:03

Fresh Mint wrote:My grandfather died in Auswitch.
He fell out of a guard tower when drunk.

It's really sad when you have to resort to stealing Lichty's jokes....

azzam · Post by **azzam** » 16th Dec, '08, 14:08

Elie Wiesal Foundation and Yeshiva University got burnt.

RBS owns part of the company in NZ that has my money. Should I be worried?

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Bernie Madoff Scams HSBC for $1 Billion

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Re: Bernie Madoff Scams HSBC for $1 Billion

Re: Bernie Madoff Scams HSBC for $1 Billion

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Re: Bernie Madoff Scams HSBC for $1 Billion

Re: Bernie Madoff Scams HSBC for $1 Billion

Re: Bernie Madoff Scams HSBC for $1 Billion

Re: Bernie Madoff Scams HSBC for $1 Billion