Curiouser and Curiouser

In a Ponzidom far far away, there lived a King who amassed a great fortune, to the tune of 64 billion, by defrauding his loyal subjects. Then the great civil war started and the king was dethroned and thrown into jail and the accountants took control of the land and started to calculate the King’s fortune to divide it back to the people. Only they made a fatal mistake in calculating the fraud based on a newfound accounting theory which showed the loses to be 21 billion. Soon the people revolted again, but this time they took the heads of the chief accountant, who was soon charged of operating a reverse Ponzi. And they lived happily ever after. OK boys, it’s late now, go to sleep.

“The sum of all of those individual account balances was more than $64 billion. By contrast, Mr. Picard has said that the eligible losses in the fraud, by his formula, total just over $21 billion”

Title of the annual millenial monthly weekday

 

‘SEE YOU IN 150 YEARS’

Reuters. On the sentencing of Madoff. I know that the article is somehow different in feeling, but still, Reuters reporting on the verdict, is like saying what the entire business world (just world) wants to say to this guy.

Yet, somehow, i can’t escape the feeling that all of them (us) don’t realize that this isn’t some guy who was gaming the system. This is one of the guys that helped build the system, and he built it so it CAN be gamed. It’s as if nobody is realizing this yet…ts ts ts

Working Title ?

In a story that is sure to inspire the future Ocean’s 14 movie script, Italian police seize $145,5 BILLION !!!!! in US securities being smuggled in a suitcase at the borders with Switzerland. Apparently Italian law says that 40% of the value of money illegally moved can be seized, which would give Berlusconi the ability to pay back the full national debt of Italy and some pocket change for some new players for Milan (potentially some of the pocket change could be used to buy El Pais if they keep irritating him).

This is how we do it

We now take a small commercial break from the world of high finance (and high losses presumably) to demonstrate the capability to game the system in other non related areas.

Stephen Colbert is the bomb