Author Topic: Interesting Articles...  (Read 1203630 times)

Offline JTZ

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Re: Interesting Articles...
« Reply #5700 on: January 01, 2017, 08:55:45 PM »
That is what I always wondered. Is there no such thing as a " Cultural Catholic"?
Not that I know of. What would you call a someone that follows about 50% of the rules of Judaism?
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline churnbabychurn

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Re: Interesting Articles...
« Reply #5701 on: January 01, 2017, 09:02:11 PM »
you will need to explain that for the non accountants here
This funds assets were primarily level 3 - which basically means hard to value/not marketable securities/aka bs.
(Could be litteraly anything. - from equity in small businesses, loans, insurance contracts, real estate, etc etc etc. It doesn't matter- the bad auditors rely on management estimates and perform some garbage reasonablness tests..Provide clean financials and all of a sudden the fund made 15% last year..)
Investor money is swept out as management fees and performance fees... -  based on the funds performance!

Anyway, they had consistent massive unrealized gains by booking bogus appreciation on these "assets".

It's all very nice untill investors wish to redeem. - kesef minolon?

Offline mmgfarb

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Re: Interesting Articles...
« Reply #5702 on: January 01, 2017, 09:04:45 PM »
Not that I know of. What would you call a someone that follows about 50% of the rules of Judaism?
A Jew who isn't religious.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline JTZ

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Re: Interesting Articles...
« Reply #5703 on: January 01, 2017, 09:05:54 PM »
A Jew who isn't religious.
Ouch! Is it 100% or nothing?
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline zh cohen

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Re: Interesting Articles...
« Reply #5704 on: January 01, 2017, 09:07:53 PM »
Not that I know of. What would you call a someone that follows about 50% of the rules of Judaism?

If they were born to a Jewish mother, Jewish...

But I understand what you mean. I think there are people who consider themselves a member of a specific religion even if they do not meet the religion's criteria

Offline mmgfarb

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Interesting Articles...
« Reply #5705 on: January 01, 2017, 09:08:54 PM »
Ouch! Is it 100% or nothing?
Everything that someone does counts so they would still get "credit" for whatever they are following but I would not consider that person to be a religious Jew. Obviously nobody is perfect and we all make mistakes but if you don't believe that you are obligated to follow everything than you are not a religious Jew IMO.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline mmgfarb

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Re: Interesting Articles...
« Reply #5706 on: January 01, 2017, 09:10:19 PM »
If they were born to a Jewish mother, Jewish...

But I understand what you mean. I think there are people who consider themselves a member of a specific religion even if they do not meet the religion's criteria
I agree. The problem becomes when different people within that religion have different ideas of what the criteria are.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline JTZ

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Re: Interesting Articles...
« Reply #5707 on: January 01, 2017, 09:15:03 PM »
If they were born to a Jewish mother, Jewish...
Even in Judaism isn't there different flavors (don't want to use sect)? When I was googling what it means to be raised Jewish many flavors came up.
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline TimT

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Re: Interesting Articles...
« Reply #5708 on: January 01, 2017, 09:21:42 PM »
This funds assets were primarily level 3 - which basically means hard to value/not marketable securities/aka bs.
(Could be litteraly anything. - from equity in small businesses, loans, insurance contracts, real estate, etc etc etc. It doesn't matter- the bad auditors rely on management estimates and perform some garbage reasonablness tests..Provide clean financials and all of a sudden the fund made 15% last year..)
Investor money is swept out as management fees and performance fees... -  based on the funds performance!

Anyway, they had consistent massive unrealized gains by booking bogus appreciation on these "assets".

It's all very nice untill investors wish to redeem. - kesef minolon?
And this had the Feds (as well as others) stumped for years ?

Offline hvaces42

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Re: Interesting Articles...
« Reply #5709 on: January 01, 2017, 09:27:35 PM »
And this had the Feds (as well as others) stumped for years ?
The Feds werent looking until Murray tried to get Corrections Department pension money with some old fashion payola.

Thanks to one dope who wanted to get out of tickets (ok, he wanted to be chaplain and kingmaker in the NYPD) all this is unraveling. Not that its a bad thing that they are finally facing the music. People were suckered into investing with Madoff the same way.
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Offline churnbabychurn

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Re: Interesting Articles...
« Reply #5710 on: January 01, 2017, 09:28:26 PM »
And this had the Feds (as well as others) stumped for years ?
Stumped? Who said anyone was stumped? It's pretty basic.

 Ponzi schemes only fall apart because of cash flow issues. These came up over the last couple of years..

Offline hvaces42

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Re: Interesting Articles...
« Reply #5711 on: January 01, 2017, 09:29:21 PM »
Stumped? Who said anyone was stumped? It's pretty basic.

 Ponzi schemes only fall apart because of cash flow issues. These came up over the last couple of years..
Dont forget, Kosher Delight closed down. So the cash for the payola dried up as well.
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Offline churnbabychurn

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Re: Interesting Articles...
« Reply #5712 on: January 01, 2017, 09:30:58 PM »
The Feds werent looking until Murray tried to get Corrections Department pension money with some old fashion payola.

Thanks to one dope who wanted to get out of tickets (ok, he wanted to be chaplain and kingmaker in the NYPD) all this is unraveling. Not that its a bad thing that they are finally facing the music. People were suckered into investing with Madoff the same way.
It's the best thing that could have happened for the investors!
If this would have continued who knows how much frum money would evaporate c"v. Schron rechnitz etc etc

Offline hvaces42

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Re: Interesting Articles...
« Reply #5713 on: January 01, 2017, 09:32:55 PM »
It's the best thing that could have happened for the investors!
If this would have continued who knows how much frum money would evaporate c"v. Schron rechnitz etc etc
Exactly.

Terrible that people will have to sit in jail for this. But best for our community to stop feeding the monster.
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Offline TimT

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Re: Interesting Articles...
« Reply #5714 on: January 01, 2017, 09:33:47 PM »
Years ago they were already scratching their heads how platinum was able to do it consistently.