Wednesday, December 17, 2008

Madoff's yacht was "Bull" ship

Madoff lived about 10 blocks from the office in an apartment in a tan-brick building on the corner of Park Avenue and 64th Street that he bought in 1990 for $3.325 million, according to county real estate records. He also owned a 55-foot wooden fishing boat that he bought in 1977 for $462,000. The yacht, built in 1969 by Rybovich & Sons in Riviera Beach, Florida, is called “Bull.”

He also had a yacht in the South of France. No word yet on this name:

Even as Mr. Madoff’s sphere of liberty shrank slightly, new details about his wealth emerged Wednesday. Besides having a 55-foot boat in Florida, Mr. Madoff owned a yacht that he kept in the south of France and was a regular at the Hotel du Cap-Eden-Roc in Antibes, near Nice, where suites rent for as much as 5,000 euros — more than $7,000 — a night, according to one person who had invested with him and had seen him at the hotel; the person asked to remain anonymous because he had lost money.


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Anonymous said...

I really feel I had my eyes opened by the interview/shellacking of Jim Cramer by Jon Stewart. I thought he really put much of this disaster in to terms that made sense:
1. Americans sold on the sensible philosophy of long-term investment (a la 401K's and pensions) got screwed.
2. The big boys--and their apologists--have labeled it a "meltdown" even though there was an understanding among the financial elite that the high-stakes gambling had given signs and signals months earlier that the volcano was about to blow. These signs and signals went unREPORTED by the apologists.
3. The folks who gambled everything on an unsavory mortgage market are still being held to task in greater proportion than those who *structured* these mortgages, *sold* the mortgages, *possessed financial market training and knowledge* that gave them much greater capacity to predict the nationwide reach of the potential disaster posed by this mortgage market.
4. Lastly, has the SEC been re-built in terms of staffing and budget? And re-armed in terms of regulation?

That's a lot, I know, but I'd like a reaction from someone who pays more attention to such things than I do.

Palmoni said...

You hit the nail completely on the head.

Why did so many people have insurance with AIG if this meltdown, that the whole world supposedly couldn't see, they had the foresight to see?

Their financial products amplified the problems by a multiple factor of at least 5.

That's because 80% of the credit default contracts are for speculative positions.

In other words, they created synthetic mortgages that they sell insurance against!

The injustice of Wall Street!

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