Author Topic: Interesting Articles...  (Read 1481529 times)

Offline David Smith

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Re: Interesting Articles...
« Reply #5720 on: January 01, 2017, 09:56:49 PM »
Can we keep this civilized?
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline hvaces42

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Re: Interesting Articles...
« Reply #5721 on: January 01, 2017, 09:58:53 PM »
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline hvaces42

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Re: Interesting Articles...
« Reply #5722 on: January 01, 2017, 10:00:40 PM »
Such ganuvim deserve to be hanged from the tallest tree in central park.
We dont hang ganuvim. They work and pay off their debts. Thats the torah way. We know in certain sectors money is the end all and "ganuvim" are hung, but its not that way in real life or al pi halucha.
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Offline churnbabychurn

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Re: Interesting Articles...
« Reply #5723 on: January 01, 2017, 10:11:59 PM »
We dont hang ganuvim. They work and pay off their debts. Thats the torah way. We know in certain sectors money is the end all and "ganuvim" are hung, but its not that way in real life or al pi halucha.
Even if they were sold as eved ivris for generations they wouldn't be able to pay up... The numbers are huuge

Online TimT

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Re: Interesting Articles...
« Reply #5724 on: January 01, 2017, 10:15:49 PM »
Interesting to see some of the names that fell for it. Thought a few of them were far more careful with their money.

Offline hvaces42

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Re: Interesting Articles...
« Reply #5725 on: January 01, 2017, 10:16:47 PM »
Even if they were sold as eved ivris for generations they wouldn't be able to pay up... The numbers are huuge
So you hang them instead? Or send them away to rot?

Wouldnt it be better to see Madoff working the Times Square Alliance with a garbage pail and broom, living in an SRO, eating at a soup kitchen with his check garnished every week, then hidden away in some anonymous concrete building in Butner NC?
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Offline hvaces42

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Re: Interesting Articles...
« Reply #5726 on: January 01, 2017, 10:19:38 PM »
Interesting to see some of the names that fell for it. Thought a few of them were far more careful with their money.
He did get money from the creme de la creme. I always wondered when i saw him working the register at KD the week before Pesach.
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Offline zh cohen

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Re: Interesting Articles...
« Reply #5727 on: January 01, 2017, 10:22:27 PM »
Or send them away to rot?

Wouldnt it be better to see Madoff working the Times Square Alliance with a garbage pail and broom, living in an SRO, eating at a soup kitchen with his check garnished every week, then hidden away in some anonymous concrete building in Butner NC?

This x100.

Prison is 90% about society's need for revenge, and 10% deterrence/punishment.

ETA: I'm talking about for financial crimes, not when the person is a danger to those around him and needs to be locked up.

Offline hvaces42

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Re: Interesting Articles...
« Reply #5728 on: January 01, 2017, 10:23:29 PM »
This x100.

Prison is 100% about society's need for revenge, and 0% deterrence/punishment
FTFY
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Offline Cheesecake

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Re: Interesting Articles...
« Reply #5729 on: January 01, 2017, 10:28:30 PM »
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.
I doubt I would agree with most of what you found on Google.

Offline zh cohen

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Re: Interesting Articles...
« Reply #5730 on: January 01, 2017, 10:36:25 PM »
FTFY

-1

If prison is not a deterrent, it is because people don't know what it is like in there.

I go pretty regularly, and if I was ever considering doing something that would land me in there it certainly would stop me.

Offline good sam

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Re: Interesting Articles...
« Reply #5731 on: January 01, 2017, 10:41:32 PM »
Such ganuvim deserve to be hanged from the tallest tree in central park.

We dont hang ganuvim. They work and pay off their debts. Thats the torah way. We know in certain sectors money is the end all and "ganuvim" are hung, but its not that way in real life or al pi halucha.
This is not petty theft. There should be a special punishment for someone who causes this sort of destruction in the community. I'm quite certain even a Jewish beis din has this sort of latitude.
If you don't care why would you comment?
HT: DMYD

Offline Moshe123

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Re: Interesting Articles...
« Reply #5732 on: January 01, 2017, 11:57:27 PM »
He did get money from the creme de la creme. I always wondered when i saw him working the register at KD the week before Pesach.

Maybe he closed them because he was making way more money stealing.

Offline hvaces42

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Re: Interesting Articles...
« Reply #5733 on: January 02, 2017, 12:13:00 AM »
Maybe he closed them because he was making way more money stealing.
Unlikely
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Offline Super Speed

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Re: Interesting Articles...
« Reply #5734 on: January 02, 2017, 12:24:21 AM »
What are we talking about over here, I feel like I'm in middle of a conversation but I don't see the beginning.

Offline hvaces42

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Re: Interesting Articles...
« Reply #5735 on: January 02, 2017, 08:18:57 AM »
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline churnbabychurn

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Re: Interesting Articles...
« Reply #5736 on: January 02, 2017, 09:10:19 AM »
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 here, in 2015, buried in the article that mentions all the other relatively petty fraud that they were involved in, Bloomberg mentions the main scam. But no one paid attention...

Quote
The valuation report, dated March 2014, shows that illiquid, hard-to-value assets make up much of Platinumís portfolio. The second-biggest holding is a group of oil fields in California. The valuation agent, Murray Grenville, didnít respond to requests for comment. The fundís auditor, CohnReznick LLP, a New York-based accounting firm with 2,500 employees, declined to comment.

https://www.bloomberg.com/news/articles/2015-10-21/no-blow-up-is-big-enough-to-tarnish-platinum-partners-returns

Anyone with even a minimal amount of professional skepticism would have called this years ago.

Offline Emkay

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Re: Interesting Articles...
« Reply #5737 on: January 02, 2017, 09:19:14 AM »




Anyone with even a minimal amount of professional skepticism would have called this years ago.

We are all great Monday night quarterbacks.

Offline JTZ

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Re: Interesting Articles...
« Reply #5738 on: January 02, 2017, 09:22:50 AM »

We are all great Monday night morning quarterbacks.
;)
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Online TimT

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Re: Interesting Articles...
« Reply #5739 on: January 02, 2017, 09:32:35 AM »
People have been sounding the alarm on them for years. But they couldn't prove any wrongdoing, just that it didn't make sense.