Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The coming US dollar crisis -- Ignore unavailable to you. Want to Upgrade?

To: Real Man who wrote (19806)	4/19/2009 9:06:39 AM
From: Amelia Carhartt	Read Replies (1) \| Respond to of 71456

I wholly agree with this. BTW, where has everybody gone? Left early for May? Not only on SI but most places I visit are deader than door nails.

To: Real Man who wrote (19806)	4/19/2009 9:40:16 AM
From: Bank Holding Company	Respond to of 71456

> The Collapse of 'The Great American Ponzi Scheme' << I think the story has been digested. Everyone who wants to believe the great funnymoney collapse now believes. I think we have to sit back and be patient. Watch the festivities as they say...

To: Real Man who wrote (19806)	4/19/2009 1:44:07 PM
From: Giordano Bruno	Respond to of 71456

Where the adults play...

To: Real Man who wrote (19806)	4/23/2009 8:47:23 AM
From: Rarebird	2 Recommendations Read Replies (1) \| Respond to of 71456

The saving grace of a fiat economy is that more fiat can pump it up and keep it afloat for the next round. The bubbles have been blown, burst and new bubbles blown. The current bubble of massive debt expansion of the US government is likely the last unless there is radical reform of the United States. Some say the US Dollar will collapse. The only problem with that argument is that the dollar is still the safe haven fiat reserve currency of the most powerful military machine in the world. And, thus both Gold and the Dollar have risen together.

To: Real Man who wrote (19806)	6/27/2009 4:49:52 AM
From: RockyBalboa	2 Recommendations Read Replies (1) \| Respond to of 71456

Madoff sentencing - I´m laughing out loud on reading this: But Sorkin argued in filings that his client deserved credit for his voluntary surrender, full acceptance of responsibility and meaningful cooperation efforts. He dropped not one name about the folks behind his back; he refused to provide evidence whether managers of feeder funds were in the know (or victims as they claim) besides that the madoffs tried to poach assets (>the jewellery) away, obstruct justice, that being a serious offense itself. The organisation and all of its supporters, as it appears avoided RICO charges as well. Looks like a deal has been struck. And a show trial... a Made-off for many! >>>>>>>>>>>>> Madoff ordered to forfeit $171 billion Madoff stripped of everything in $171B forfeiture order; prosecutor seeking 150-year sentence By Tom Mcelroy, Associated Press Writer On Saturday June 27, 2009, 4:20 am EDT NEW YORK (AP) -- Bernard Madoff would be stripped of all his possessions under a $171 billion forfeiture order handed down only days before prosecutors seek to put the disgraced financier away in prison for the rest of his life. U.S. District Judge Denny Chin entered the preliminary order Friday, ruling that Madoff must give up his interests in all property, including real estate, investments, cars and boats. The forfeiture represents the total amount that could be connected to Madoff's fraud, not the amount stolen or lost, and the order made clear that nothing prevents other departments or entities from seeking to recover additional funds. A call to Madoff's lawyer, Ira Sorkin, after hours Friday was not immediately returned. In a court filing in March, Sorkin said the government's forfeiture demand of $177 billion was "grossly overstated -- and misleading -- even for a case of this magnitude." The 71-year-old Madoff pleaded guilty in March to charges that his exclusive investment advisory business was actually a massive Ponzi scheme. Federal prosecutors say Madoff orchestrated perhaps the largest financial swindle in history. Acting U.S. Attorney Lev Dassin, who released a copy of the order Friday night, plans to seek a 150-year prison term at Madoff's sentencing Monday. Sorkin has argued in court papers for a 12-year term. According to Friday's order, the government also settled claims against Madoff's wife. Under the arrangement, the government obtained Ruth Madoff's interest in all property, including more than $80 million-worth that she had claimed was hers, prosecutors said. The order left her $2.5 million in assets. The agreements strip the Madoffs of all their interest in properties belonging to them, including homes in Manhattan, Montauk, N.Y., and Palm Beach, Fla., worth a total of nearly $22 million. The Madoff's must also forfeit all insured or salable personal property contained in the homes. Other seized assets include accounts at Cohmad Securities Corp., valued at almost $50 million, and at Wachovia Bank, valued at just over $13 million, and tens of millions of dollars in loans extended by Madoff to family, employees and friends. The judge's order also authorized the U.S. Marshals Service to sell the Manhattan co-op, properties in Montauk and Palm Beach and certain cars and boats. At the time of Madoff's arrest, fictitious account statements showed thousands of clients had $65 billion. But investigators say he never traded securities, and instead used money from new investors to pay returns to existing clients. Prosecutors said the total losses, which span decades, haven't been calculated. But 1,341 accounts opened since December 1995 alone suffered loses of $13.2 billion, they said. "The sheer scale of the fraud calls for severe punishment," the prosecutors wrote in response to the defense motion seeking lighter punishment. Prosecutors said federal sentencing guidelines allow for the 150-year term, and any lesser sentence should still be long enough to send a forceful message and "assure that Madoff will remain in prison for life." The government's papers quoted from letters to Chin written by victims of the scheme who are suffering severe hardships. Madoff "ruined lives," one letter said. "He deserves no mercy." But Sorkin argued in filings that his client deserved credit for his voluntary surrender, full acceptance of responsibility and meaningful cooperation efforts. "We seek neither mercy nor sympathy," Sorkin wrote. He urged the judge to "set aside the emotion and hysteria attendant to this case" as he determines the sentence. Associated Press writer Tom Hays in New York also contributed to this report. <<<<<<<<<<<<<<<<