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USMC-Retired

Where are all those people that pushed and tried to sell this fake Legacy scam. I was so sick of hearing about this and knowing it would fail. I am just glad it is over for now. However it will happen again.

 

50 Billion dollars. WOW that is a huge amount and banks are affected all around the world. To include several charities.

 

He is 70 years old so how much can you do to him. I guess not much unless he lives to a 100 highly unlikely in prision.

 

 

 

I guess there is a lot of greed in the west . . found this link on another forum . . . now I have a good idea where Legacy learned their tactics.

 

http://www.tribune.net.ph/business/20081216bus1.html

 

12/16/2008

 

London

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MattFromGA

What they should do with Madoff is "claim ownership" of the man. They should put him in jail, then start a "reality TV" show based on his humiliation. Each episode could be about things like being gang raped in the shower, doing hard labor in the chain gangs of Arizona, and other humiliating situations for the old man. That way it would serve 2 purposes. 1. It would pay for his cost of incarceration and, 2. It would serve as a new lesson for the other white collar criminals that are out there who havent gotten caught. Think Madoff is the only con in wall street?

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USMC-Retired

*ell he was the leader of the NASDAQ.

 

He was he top dog in charge. People learn from their leaders. So he inspired other wall street types...

 

 

 

What they should do with Madoff is "claim ownership" of the man. They should put him in jail, then start a "reality TV" show based on his humiliation. Each episode could be about things like being gang raped in the shower, doing hard labor in the chain gangs of Arizona, and other humiliating situations for the old man. That way it would serve 2 purposes. 1. It would pay for his cost of incarceration and, 2. It would serve as a new lesson for the other white collar criminals that are out there who havent gotten caught. Think Madoff is the only con in wall street?
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Where are all those people that pushed and tried to sell this fake Legacy scam.

 

They've sure been awfully quiet since mid November haven't they!

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LastManStanding

I have only one thing to say to all those who were gullible to buy this stuff and those agents who knew it was a scam, promoted it and now have to think about how some of their clients will react if substantial losses occur.

 

MU HA HA HA HA

 

Also, I was at HSBC today. Apparently the PDIC only covers one account per name. So you cannot have two accounts with the same name. I thought I could create two different accounts and split 500k between the two and be fully covered. No can do. One account per name is covered. Not sure how this applies to multiple accounts across banks and the whole legacy mess.

 

I am more than willing to bet that when they total everything up and they are short huge sums of money, they will look to screw the foreigners on any technicality they can.

 

And they should because what in God's name were you thinking.....

 

GREED

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Apparently the PDIC only covers one account per name.

 

Correct.

 

As a side note my wife has 4 friends at the gym she goes to that invested money in Legacy and one of the ladies along with here husband had 8 million invested in two accounts.

 

One in her name and one in the husbands name.

 

Talk about being brain dead...

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What they should do with Madoff is "claim ownership" of the man. They should put him in jail, then start a "reality TV" show based on his humiliation. Each episode could be about things like being gang raped in the shower, doing hard labor in the chain gangs of Arizona, and other humiliating situations for the old man. That way it would serve 2 purposes. 1. It would pay for his cost of incarceration and, 2. It would serve as a new lesson for the other white collar criminals that are out there who havent gotten caught. Think Madoff is the only con in wall street?

 

Now that's funny :D:) B)

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I feel for those here that are now faced with the issue of getting the money back.

 

If it's a lot, I can only think what I would do. That is, identify the people in the system that can prioritise you, not on the phone, up close and personal. Use your charm. Use your prudence to grease the wheels without an additional burning ($ as needed versus your investment).

 

Too much is at stake to just sit back and soak up verbal placation. If their reassurances prove right, then you've only wasted personal energy.

 

The issue is what if, in time, the reassurances prove false? If they are wrong and you stand to be screwed, then you've done all you could to get it back and should suffer no additional regrets.

 

Again, I feel sorry to anyone that has to go through this sort of trouble.

 

Got shotgun?

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Speak of the devil...and he is sure to appear. My gf has dough in Metrobank. A bank holiday for Metro will happen late December. Get your cash to safety folks.

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USMC-Retired

I looked for any article on Metro Bank declaring a Bank holiday. I could not find such an article. Can you please provide a link.

 

Several things about hours during the holdays but none on a closure or Bank holiday to look at the banks solvency.

 

Tim

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I looked for any article on Metro Bank declaring a Bank holiday. I could not find such an article. Can you please provide a link.

 

Several things about hours during the holdays but none on a closure or Bank holiday to look at the banks solvency.

 

Tim

 

Sure

 

My gf's uncle is an attorney. The bank holiday is said to run from dec.25-jan.2. I'll update as I get info. It's time to move your money to safety, bells on guys.

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I looked at Legacy quite carefully, and I dont believe it was a Ponzi scheme.

(That doesnt mean that there were /are no other irregularities, but it wasnt a Ponzi.)

 

As for Madoff, although they wont admit it, some of the major banks that had money in his funds were less than happy about the legality of them or of what he was doing.

I dont think that any had a clear idea how he was making the returns he apparently was, and doubt any thought it was as simple as a Ponzi scheme, but they had reservations.

 

Right now, with economic meltdown all round, there will be other banks caught up in these various collapses, and even the best and safest banks are likely to get into trouble, just because the public dont trust any of them, and will withdraw their money.

 

I cant feel sorry for the banks or professionals who have or will lose out, but the ordinary people who have trusted banks etc, are a different matter.

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MattFromGA

oh, dont worry about the people that Madoff stole money from. The USA feds are already talking about bailing them out too. See, investing in the stock market in the US is a guaranteed win. If your stock goes up great, if not, get a bail out from uncle sam! Think I'm full of BS, here is the article outlining the potential bailout of Madoff's victims.

 

http://wcbstv.com/business/madoff.ponzi.scheme.2.888036.html

 

Wait, I guess you have to have millions invested before uncle sam bailes you out. Anyone else, well... they're to small to bail out. After all, the big rich fat cats in the USA cant fail or it would be soooo bad for the US. hmm.... Again, where is my bail out check. Im only asking for USD 50M... Do you think that will buy a loaf of bread next year?

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USMC-Retired
I looked at Legacy quite carefully, and I dont believe it was a Ponzi scheme.

(That doesnt mean that there were /are no other irregularities, but it wasnt a Ponzi.)

 

Then just tell me what the company invested in to make such returns? That is the million dollar question. In addition to your returns they paid a recruiter fee. So where did all this money come from?

 

Definition of Ponzi Scheme:

It is the name given to pyramid selling in the US. A Ponzi scheme uses cash from new customers or investors to pay returns to existing investors. It does little legitimate business, but just recycles money. The scheme depends on a constant stream of new investors to fund the payouts.

 

Someone that invested what did they say on your statement where the money came from to pay the interest? Or did you just go forward and say well the money is coming in I do not need to worry about all the details.

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