buyout?? Amongst the fallout of this massive fraud is that there are some very nervous developers out there who had invested millions with him. A lot of people were chummy with him and members of his various country clubs around the country, all dying to have him 'manage' their money. I noticed that both Stephen Ross and Bernard Madoff are both residents of Palm Beach and have both been honoured on the Jewish Palm Beach Honour Roll. They are both involved heavily in Jewish Philantrophy groups and from what I have heard up here as I have some friends at a predominately Jewish Country Club that their group (Jewish Business Community) has been severely hit, and some of the numbers of $s lost in the Twin Cities I have heard to be in the hundreds of millions. What say you? I really hope he lived by the motto if it sounds too good, it must be and wasn't heavily involved, as we don't need a bankrupt owner.
We don't but from what I am hearing up here in the MSP area, a lot of the people affected have been connected to him through Jewish social networks, and they appear to share the same social networks, and I would find it very unlikely if they didn't know each other. I am not sure if Ross is a golfer as that is where Madoff swindled most of his money from. It is said that he bilked nearly a billion dollars each out of Palm Beach Country Club and Boca Rio Golf Club, having been a part of the Golf Club world for quite a few years on both sides of the counter, a lot of money passes by on a handshake and Madoff seems to have been a real charmer. I hope for our sake he did not.
I think its a logical association and I have to think Ross will take a bath but its doubtful he will be ruined as billionaires seldom put all of their chickens in one basket . However the Miami developer who wants to buy in may be more exposed
BERNIE MADOFF PONZI SCHEME: Victim List Grows METS owner Wilpon said to be out $1/4B to $1/2B estimates....ouch.
Thanks (first time any of my posts have been said to be logical lol)! My concern is two fold, not only his outlay with Madoff, but how much of his Billions was paper and not real, i.e. leveraged out for Real Estate Holdings that are now severely depressed in value. Thus affecting his overall value. Hell if Trump can go bankrupt so can others, the problem this time around IMHO is that the credit isn't there to build back up ones holdings. I have heard that a couple of his big projects have been put on the back burner due to credit issues. I want him to succeed, it just worries me with all that is going on we are going from a known owner to an unknown. I like the direction of this team and I don't want to see it go down the drain.
I think one big lesson I learn from all of this is that at the end of the day you can only ever trust one person with your money: you. Personally I might do it myself. Hey somethings always make money, invest in them and you'll get some. You may not retire overnight, but you won't go homeless either. Sorry, but the guys that are beating the system are usually screwing someone to do it.
This story and I am leading my own post off topic, so I will ***** slap myself or something but this story fascinates me. Here is a great article from the NYT. http://www.nytimes.com/2008/12/20/business/20madoff.html?pagewanted=1&_r=1
My uncle lost everything he has because of this guy... and he is in no position to go to work with poor health issues... this guy is a dirtbag
Bloody sorry to hear that man, I think it is a travesty that he not in jail and is on house arrest. He should be in the pen waiting...
Well the list is out, and unless he had it under a trust not of his own name or business name, it looks like our new owner wasn't involved in the scam by Madoff, I am sure that is a relief for him! The list of all his investors, only 163 pages of fine print! http://www.iht.com/pdfs/business/madoff.pdf
