SAYA COPY PASTE DARI BLOG TUN DR M. PENGAJARAN YANG AMAT PENTING UNTUK SEMUA AGAR TIDAK LAGI MUDAH TERPEDAYA....IF IT IS TOO GOOD TO BE TRUE, MAYBE IT IS. TERUTAMA SEKALI TIME KEMALAPAN EKONOMI SEKARANG INI, AKAN LEBIH BANYAK SKIM-SKIM BARU YANG BERUPA PONZI AKAN MUNCUL. HATI2LAH. JADIKAN PENGALAMAN LALU SEBAGAI PENGAJARAN. BUATLAH BIZNIS YANG NYATA. BIAR PENAT SEDIKIT ASAL JANGAN RUGI!!! - KAK JAYN (KEEP THE PRESSURE ON OTHERWISE OUR HOPE WILL GONE WITH THE WIND, JUST DONT BARK ON THE WRONG PERSON)
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1. Today's Starbiz reports that 50 billion US dollars of investor's money were lost by just one man.
2. Bernard Madoff invested US5000 of his money to set up an investment firm. Such was his personality and sales talk that he was able to convince lots of rich people to invest their money with him. The returns were so good that his fund became exclusive, open to select people only.
3. When he was arrested recently by the FBI he admitted that "There is no innocent explanation".
4. We got on to Pak Man Telo ponzi scheme quite early. He caused the naïve Malaysian who invested in his scheme several millions, I believe.
5. Apparently the Securities and Exchange Commission (SEC) of America did not detect Madoff's operation for years. He was even made Chairman of Nasdaq Stock Market.
6. He was living a high life, with a 5 million dollar mansion in Manhattan and membership of the most exclusive clubs.
7. Pak Man Telo would probably have done better if he had gone to New York where he would not have the Malaysian Government overseeing such activities. Or perhaps the SEC might learn some lessons from Malaysia as indeed the US Government has learnt about bailing out companies.
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Komen:
ANOTHER INTERESTING SNIPPET FROM YOU TUN, AWAY FROM THE SUBJECT OF MALAYSIAN POLITICS!
GREED! HUMAN NATURE!
THE SHEER PASSION OF GETTING A LOT FROM NOTHING BY DOING NOTHING IS THE ATTRACTION HERE.
SOMETIMES EVEN THE SMARTEST OF PEOPLE FELL INTO THE TRAP.
LET ME RELATE TO YOU MY PERSONAL EXPERIENCE DURING THE HEIGHT OF PAK MAN TELO. I WAS A BANKER ONCE AND I STILL REMEMBER VIVIDLY HOW PEOPLE WERE JUST RUSHING TO SEND TENS OF THOUSAND OF RINGGIT THRU MY BANK TO PAK MAN TELO.
THE CROSS-SECTION OF PEOPLE WERE SENIOR POLICE OFFICERS, PROFESSORS, ENGINEERS, BUSINESSMEN AND NOT TO MENTIONED HOUSE-WIFES AND THE REST!
I WAS SHOCKED AT THE INTENSITY OF PEOPLE WILLING TO PART WITH THEIR MONEY JUST AT THE PROMISE OF A RETURN OF 40 TO 60%. AND STRANGELY NO QUESTIONS ASKED !!!
MANY WITHDRAW FROM THEIR SAVINGS AT ASB, ASN AND BANKS MAINLY BECAUSE THE RATES WERE LOW!
WHEN THE GOVERNMENT RAIDED PAK MAN TELO SOMEWHERE IN TAIPING, HIS HOUSE WERE FULL OF CASH(MILLIONS I WAS TOLD!!)
I WONDER WHAT HAPPEN TO ALL THE MONEY! THE GOVERNMENT MUST HAVE KEPT IT OR BANK NEGARA KEPT IT. WHATEVER, NO-ONE DARE MAKE A CLAIM FROM THE GOVERNMENT FOR THESE MONEY SIMPLY BECAUSE THE FELT FOOLISH OR THERE IS NO RECEIPT TO PROOF ITS THEIR MONEY.
THE BOTTOM-LINE IS GREED! IF YOU KNOW HOW TO MANUPLATE THIS HUMAN FALACIES, YOU CAN BE RICH TOO.
MEANWHILE, TUN, I AM STILL AWAITING YOUR PROVOKING THOUGHTS ON MY EARLIER POSTING TO YOU ON THE "SIGNS OF END OF DAYS!!".
REGARDS.
JAMILMALIK88
Good evening Tun,
Bernard Madoff looks so kind and holy by appearance, no wonder many people trusted him.... Is he a jewish???
Here is the latest fraud caused by Bernard-A “systemic failure” of American regulators seems to have allowed Mr Madoff to preside over the alleged swindle for years. “It is astonishing that this apparent fraud seems to have been continuing for so long, possibly for decades, while investors have continued to invest more money into the Madoff funds in good faith. The allegations appear to point to a systemic failure of the regulatory and securities markets regime in the US.”
Here is list of the banks and financial institutions affected so far, according to company statements and agency reports:
1. Access International Advisors said some of its funds were invested with Bernard Madoff. The New York-based investment frim said it was working with counsel to assess the situation, describing it as "a shocking development".
2. Insurer Axa said that it faced losses because of the Madoff scandal, but said that its exposure amounted to less than €100m (£90m).
3. Spain's Banco Santander, which owns Abbey and Alliance and Leicester, said its hedge fund unit invested €2.33bn (£2bn) of client funds with Bernard Madoff.
4. The Geneva-based Banque Benedict Hentsch Fairfield Partners SA said its exposure is 56m Swiss francs (£32m) of client assets. Spain's second-largest bank, BBVA, said it could potentially lose €300m (£270m) in the alleged scam run by New York trader Bernard Madoff.
5. Boston philanthropist Carl Shapiro’s charitable foundation - $145m (source Boston Globe).
6. Bramdean Alternatives Ltd - 9.5pc of its assets, according to a company statement.
7. BNP Paribas, France's biggest listed bank, said it could face a potential €350m (£313) loss from an exposure to Bernard Madoff's investment activities.
8. EIM Group - $230m (£153m) (source Reuters, citing Le Temps Newspaper).
9. Elise Wiesal Foundation for Humanity - undertermined ( source Wall Street Journal).
10. Fairfield Greenwich Group - $7.5bn, according to a company statement.
11. Fix Asset Management - $400m (£266m), according to a company statement.
12. GMAC chairman Jacob Ezra Merkin's Ascot Partners - Most of its $1.8bn (£1.2bn) of assets (Wall Street Journal).
13. Harel Insurance Investments and Financial Services - $14.2m (£9.5m), according to a company statement.
14. HSBC is reported by the Financial Times to have a potential exposure of about $1bn (£688m) in loans provided to clients who invested about $500m of their own money in the venture.
15. Julian J. Levitt Foundation - $6m (£4m) (source Washington Post).
16. Kingate Management Ltd - $3.5bn (£2.3bn) (source Bloomberg). Korea Life Insurance - $50m (£33m) (source Yonhap news).
17. Korea Teachers' Pension - $9.1m (£6m), according to a company statement.
18. Man Group said that its institutional fund of funds business RMF has approximately $360m (£239m) invested in two funds that are directly or indirectly sub-advised by Madoff Securities and for which Madoff Securities acts as broker/dealer executing the investment strategy.19. Madoff Family Foundation - $19m (£13m) - (source Washington Post).
20. Maxam Capital Management - $280m (£186m) - (source Wall Street Journal).
21. Neue Privat Bank, a Zurich-based bank, said its clients may lose as much as $5m (£3m) invested in the fund linked to Bernard Madoff. The money was invested through Nomura Bank International, Neue Privat Bank said in a release.22. New York Met's owner Fred Wilpon's Sterling Equities - undertermined, according to a company statement.
23. Nomura Holdings, Japan's largest brokerage, said it has 27.5 billion yen ($302 million) at risk linked to Bernard Madoff's investment funds
24. Norman Braman, former owner of the Philadelphia Eagles Football Team - undertermined (source Wall Street Journal).
25. North Shore-Long Island Jewish Health System - $5m (£3.3m), according to a company statement.
26. Notz, Stucki & Cie - undertermined (source Reuters, citing Le Temps newspaper)
27. Pioneer Alternative Investments - almost all of its $280m (£187m) of assets (source Bloomberg).
28. Robert I. Lappin Charitable Foundation - $8m (£5.3m) (source Washington Post).
29. Royal Bank of Scotland said it had exposure through trading and collateralised lending to funds of hedge funds invested with30. Bernard L Madoff Investment Securities.If as a result of the alleged fraud the value of the assets of these hedge funds is nil, RBS's potential loss could amount to approximately £400m.
31. Reichmuth and Co’s Reichmuth Matterhorn fund - $330m (£221m) (source letter to clients).
32. Societe Generale - less than €10m, according to a company statement.
33. Tremont Capital Management - undertermined (source Wall Street Journal).
34. Yeshiva University - undetermined (source Washington Post)
Rationale of the story Tun is "High Risk, High Return" lo..."There is no innocent explanation" as Bernard admitted to FBI after his arrest. Who's fault then? Wondering who are the naive Malaysian who believe in this fomula... Well, if people are greedy, they will be trapped and believed in this formula, I sincerely hope that the boys at "tingkat 4" are not one of those naive Malaysian....
Good night Tun.
