Someone has a blog totally devoted to keeping us all on top of the satanic doings of Bernie Madoff. Read such life-destroying gems as:
And the winner of the Madoff sob story of the day is Ian Thiermann. The 90-year-old had to leave retirement to work at a supermarket because his investments were tied into Madoff funds. He considers himself a “beginner” worker at the grocery store.
Check it.
Showing posts with label madoff. Show all posts
Showing posts with label madoff. Show all posts
Wednesday, February 11, 2009
Friday, January 30, 2009
Even More People F'ed by Madoff! Maybe Even YOU!
Posted by Nicholas Kristof on The New York Times' blog "On The Ground", 1/29/09:
I've obtained a list of nearly all the private foundations that invested money directly with Bernard Madoff. What is staggering is how many of these 147 foundations had all their assets invested with [him] and may have been wiped out as a result. Many non-profit organizations invested with Mr. Madoff and will suffer a double-whammy, losing not only their own savings but also the support of foundations that previously donated regularly but are now broke. And they will also lose some of their individual donors who were invested with Mr. Madoff as well.
This is the first time this information has been compiled and made public. I'm posting the list because this is a matter of public concern: These foundations serve the public interest, and if the non-profits that rely on them have been financially crippled we should get a heads up. The philanthropic world also should wonder if there aren't more Madoffs out there.
These foundations didn't do anything wrong; they thought they were safely invested in a variety of financial instruments that they describe on the tax forms. Then there's the question of the accountants who prepared these tax returns. A surprising number of the foundations invested in Mr. Madoff shared the same accounting firms, generally small ones at that. One wonders if they could have looked more skeptically at the kinds of trades that supposedly were being placed on the foundations' behalf by Mr. Madoff. Who knows what else is out there? If I were a board member of a non-profit, I'd be making some calls.
I've obtained a list of nearly all the private foundations that invested money directly with Bernard Madoff. What is staggering is how many of these 147 foundations had all their assets invested with [him] and may have been wiped out as a result. Many non-profit organizations invested with Mr. Madoff and will suffer a double-whammy, losing not only their own savings but also the support of foundations that previously donated regularly but are now broke. And they will also lose some of their individual donors who were invested with Mr. Madoff as well.
This is the first time this information has been compiled and made public. I'm posting the list because this is a matter of public concern: These foundations serve the public interest, and if the non-profits that rely on them have been financially crippled we should get a heads up. The philanthropic world also should wonder if there aren't more Madoffs out there.
These foundations didn't do anything wrong; they thought they were safely invested in a variety of financial instruments that they describe on the tax forms. Then there's the question of the accountants who prepared these tax returns. A surprising number of the foundations invested in Mr. Madoff shared the same accounting firms, generally small ones at that. One wonders if they could have looked more skeptically at the kinds of trades that supposedly were being placed on the foundations' behalf by Mr. Madoff. Who knows what else is out there? If I were a board member of a non-profit, I'd be making some calls.
Sunday, January 25, 2009
On Employment
Check out this article in today's Times.
I keep reading about people with master's degrees and former six-figure salaries considering $12-an-hour work and just can't fathom it. These are people much closer than I am to retirement, and with children, and mortgages.
At times the Republican remnant in me wants to blame the people in foreclosure that never should have bought property they couldn't afford, who should have known investments by definition can very well lose value, or who think themselves above blue collar work; but I know my current situation of good health and employment and very little debt is largely due to luck. In fact, a good number of those who would have formerly had the luxury of gazing down from ivory towers have had those towers repossessed, courtesy Mr. Madoff. All our houses are made of glass these days.
When my friends and I talk about our jobs and their relative (in)security, I say I feel pretty good about mine for the time being... meanwhile I spent much of yesterday with Suze Orman, so clearly I don't feel 100% secure. After all, it was only just over a year ago that I finally was able to quit my second job as a bartender, vowing all my income would henceforth come from one source, my primary career. Now I'm thinking of pulling out the cocktail flashcards.
I really don't know what I would do if I were laid off (proverbial wood knock). As a single, young person pretty early in her career, I feel a certain excitement at the idea of being given a fresh start - finally! An excuse to travel the world, to live abroad for a year, to find an opportunity that feels like a lifelong calling!
But reality -- I don't have the Orman-ordered eight-month emergency fund at the ready, and the idea of cashing out investments literally makes me nauseous after opening last month's statement.
A friend of mine was laid off over a year ago and he's since travelled the world and is somehow living on a combination of savings and day trading, seemingly unworried about getting work anytime soon. I don't envision myself comfortably living that way for much more than a month.
Unrelated: If anyone's looking for a marketing/promotions/events professional with arts/entertainment background, cheeky writing skills, grammatical obsessiveness, basic Spanish, passport, and enviable style, I'd be happy to help you find her.
I keep reading about people with master's degrees and former six-figure salaries considering $12-an-hour work and just can't fathom it. These are people much closer than I am to retirement, and with children, and mortgages.
At times the Republican remnant in me wants to blame the people in foreclosure that never should have bought property they couldn't afford, who should have known investments by definition can very well lose value, or who think themselves above blue collar work; but I know my current situation of good health and employment and very little debt is largely due to luck. In fact, a good number of those who would have formerly had the luxury of gazing down from ivory towers have had those towers repossessed, courtesy Mr. Madoff. All our houses are made of glass these days.
When my friends and I talk about our jobs and their relative (in)security, I say I feel pretty good about mine for the time being... meanwhile I spent much of yesterday with Suze Orman, so clearly I don't feel 100% secure. After all, it was only just over a year ago that I finally was able to quit my second job as a bartender, vowing all my income would henceforth come from one source, my primary career. Now I'm thinking of pulling out the cocktail flashcards.
I really don't know what I would do if I were laid off (proverbial wood knock). As a single, young person pretty early in her career, I feel a certain excitement at the idea of being given a fresh start - finally! An excuse to travel the world, to live abroad for a year, to find an opportunity that feels like a lifelong calling!
But reality -- I don't have the Orman-ordered eight-month emergency fund at the ready, and the idea of cashing out investments literally makes me nauseous after opening last month's statement.
A friend of mine was laid off over a year ago and he's since travelled the world and is somehow living on a combination of savings and day trading, seemingly unworried about getting work anytime soon. I don't envision myself comfortably living that way for much more than a month.
Unrelated: If anyone's looking for a marketing/promotions/events professional with arts/entertainment background, cheeky writing skills, grammatical obsessiveness, basic Spanish, passport, and enviable style, I'd be happy to help you find her.
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