Judge signs order to protect Madoff investors.

[DC Tom]

What's wrong with selling a ticket that you paid $50 for and then reselling it for $150. That's a great profit. Why do you have to sell it for $500?

 

Let me get this straight...your business experience is scalping tickets at a 200% markup...and you think Wall Street is exploitive?

 

Has anyone mentioned today that you're a !@#$ing idiot?

[RLflutie7]

Let me get this straight...your business experience is scalping tickets at a 200% markup...and you think Wall Street is exploitive?

 

Has anyone mentioned today that you're a !@#$ing idiot?

 

 

Sucks doesn't it!

 

And that's how I know that Wall Street is nothing but a buch of "hustlers".

 

They're no better than a bunch of ticket scalpers. That's their trade. Buy low sell high!

 

Tickets scalpers sell cardboard. That's all they do. Buy low sell high. I did it full time for 10 years. And I sat around and watched CNBC all day.

 

FYI: Pittsburgh has a law that you can't sell tickets more than 25% over face value, unless you a ticket broker. Regulation my friend.

[RLflutie7]

And now we've come to the final circle of hell where a guy with a masters in watching CNBC tells a practicing attorney for Wall Street firms that he's wrong about Wall Street regulation.

 

Go get 'em John Clayton.

 

 

Hey GG. I wanted to say I was sorry for my mean spirited posts. I reread the last part of the thread, and I sound pretty mean there.

 

I'm not admitting I was wrong or anything. But I did hate it when people would try to tell me how to sell tickets and which events to buy and which ones to go to. They never did it and yet they would try to tell me how to do it.

 

You do know more than me about Wall Street firms and regulation because you work with them and I don't.

 

 

I just don't like their excuse making, finger poining, and shifting blame all the time.

[jjamie12]

FYI: Pittsburgh has a law that you can't sell tickets more than 25% over face value, unless you a ticket broker. Regulation my friend.

And yet, somehow, you're sure that more government regulation is going to solve the problem, even though your own example provided just a small glimpse into how corrupt government is. Basically, you can't sell tickets for what their worth, unless you have enough cash to lobby Congress... Unreal.

[RLflutie7]

And yet, somehow, you're sure that more government regulation is going to solve the problem, even though your own example provided just a small glimpse into how corrupt government is. Basically, you can't sell tickets for what their worth, unless you have enough cash to lobby Congress... Unreal.

 

 

I never said more gov't regulation is the answer. As a matter of fact, I said just the opposite. I said Wall Street people are using the lack of regulation arguement to shift the blame of the economic meltdown from them to the gov't.

 

Regarding the ticket regulation, it's the abuse from the ticket scalping industry that's causing the problem with regulation.

 

I don't agree that caps should be put on the open market for tickets but they do it to protect the consumer from being gouged.

I'm actually OK with the Pittsburgh law because ticket prices are so high, it doesn't really make a difference. And ticket brokers can charge whatever they want if they work out of an office and have a business license.

 

Some states you can't sell over face value and ebay won't let you sell over face value. A lot of states came down hard on Ebay for letting consumers sell tickets over face value. They never heard of a no reserve auction, I guess.

 

 

 

And, ticket scalpling laws are used to protect the box office. So they big people are controlling the little people with anti-free market regulation.

 

If ticket selling is illegal, there's no one to compete with the box office. That's the biggest anti free market thing I ever saw.

[GG]

I just don't like their excuse making, finger poining, and shifting blame all the time.

 

There are no excuses, just a simple recognition that if somebody is intent on committing fraud, it is very difficult to catch it unless somebody on the inside starts spilling the beans. Thus, when they say that regulation was useless in preventing what Madoff did, they're stating a fact.

 

Wall Street business is based on trust and confidence, and Madoff betrayed both brazenly without much remorse. Looking at the facts that are coming out now, it would have been difficult for SEC or any other regulator to spot the fraud from the outside. OTOH, in retrospect the investors should have seen and heard red flags about his operation and not put so much money with him. But it's easy to say that in hindsight.

 

Similarly, no matter how many laws and cops you put on the street, you'll always have thieves.

[RLflutie7]

There are no excuses, just a simple recognition that if somebody is intent on committing fraud, it is very difficult to catch it unless somebody on the inside starts spilling the beans. Thus, when they say that regulation was useless in preventing what Madoff did, they're stating a fact.

 

Wall Street business is based on trust and confidence, and Madoff betrayed both brazenly without much remorse. Looking at the facts that are coming out now, it would have been difficult for SEC or any other regulator to spot the fraud from the outside. OTOH, in retrospect the investors should have seen and heard red flags about his operation and not put so much money with him. But it's easy to say that in hindsight.

 

Similarly, no matter how many laws and cops you put on the street, you'll always have thieves.

 

 

I agree 100%.

 

Have a good holiday.

[erynthered]

For people who dont know what Madoff did, here's a little video to show you what happened.

 

http://www.youtube.com/watch?v=XJ8OjAB_e3g...player_embedded