4 ms·
If I'm interpreting your allegation correctly, that would be a serious crime. I could conceive of that happening in the early days, but Jim has tens of billions
by kolbe 6y ago
If I'm interpreting your allegation correctly, that would be a serious crime. I could conceive of that happening in the early days, but Jim has tens of billions of dollars now. I don't know why he'd risk spending the rest of his life in prison for an extra 1-3b a year.
Also, you've misunderstood the charges on Bluecrest. Platt may also have been doing the scheme you described, but that is not what the SEC fined him for. He would be in prison had he been charged with what you allege.
- chrisgd 6y agoYou could have said the same about Madoff.
- kolbe 6y agoExcept Madoff had to conceal an accounting hole. If he ever stopped, his investors would ask for their $x back, and he would have to give them $0.5x. I know there's a lot of room for cynicism in the financial world, but you still need to know what is happening for each type of fraud or misdeed or good action.
- redis_mlc 6y agoWhat was interesting about Madoff was that more than 0.5x was recovered (last thing I read it was much more), even considering the trustee billed over $1 billion in fees. Normally around 0.01x is recovered, as 99% is just blown on "expenses."