Bernie Madoff's Daytona....

[train-time]

auctioned off today in New York City together with a few other of his Rolex watches:

[HL65]

Sweet!!! A classic Newman --the real deal--I wonder what it fetched. I know what they go for but wonder what this one went for at auction. That is a perfect specimen even though it belonged to a creep like that!

[Yazo]

Originally Posted by SteelerFan1965

Sweet!!! A classic Newman --the real deal--I wonder what it fetched. I know what they go for but wonder what this one went for at auction. That is a perfect specimen even though it belonged to a creep like that!

Well said... I'm very curious to see what it sold for!!

[RolexPete32]

I thought I heard on the news many months ago now that one of his Rolex models was said to be starting bid 77,000 USD when it goes up for auction. It was not this one but an early Rolex chronograph.

[Mac-Apple]

I hope it fetched Millions so it can help pay some of the people back that he screwed over.

[Watchdog]

I guess he sold it because it lacked a date function, and Bernie needs to know the days since that is all he has to count for the rest of his miserable life.

[steven.veres]

Originally Posted by Mac-Apple

I hope it fetched Millions so it can help pay some of the people back that he screwed over.

He stole from the rich and greedy, modern day Robin Hood imo.

[George Ab]

Originally Posted by steven.veres

He stole from the rich and greedy, modern day Robin Hood imo.

By that logic, I guess people who perpetrate fraud on watch forums are also modern day Robin Hood's.

[jameshe]

Originally Posted by steven.veres

He stole from the rich and greedy, modern day Robin Hood imo.

Hmm, I understood the 'joke' you were making at first, but at second glance that may be considered offensive.

Although they didn't lose their lives (although some did through feeling they had nothing left to do nut commit suicide), would you say the same about another hot US topic, 9/11? Weren't they "all just a load of rich/greedy investment bankers"?

That would be abhorrent. I realise you meant it in jest, but I would hate for any of the more sensitive members (and they would be well within their right) to take it the wrong way

Besides, what is greedy about investing your money which you have worked hard for and made sacrifices (to that point) to save? Of course there is always a risk when you invest in high yield funds. In this case they got screwed by the fund manager as opposed to systematic risk, for which they were otherwise being compensated at an equilibrium rate the market deemed par.

I have no ties to the US, and nor am I a wealthy person at 22, but I do understand finance and hate to see other human suffering, irrespective of their social standing/perceived wealth.

I found the Madoff scandal fascinating, in as much as I 'admired' the way in which he managed ti do what he did, on the scale that he did, for so long. The same with other sophisticated heists - it takes skill, a sharp mind, and plenty of balls/determination to see it through like he did. However, I stand firmly against the negative impact of the crime (or any for that matter) and agree that he should end his days in prison as a wicked human being. Greed: it is the demise of the human race in the capitalist-driven world we live in

There are my two pennies anyhow! Have a good weekend guys

[Tachymeter]

Originally Posted by jameshe

Although they didn't lose their lives (although some did through feeling they had nothing left to do nut commit suicide), would you say the same about another hot US topic, 9/11? Weren't they "all just a load of rich/greedy investment bankers"?

What in the world are you talking about? the Twin Towers were occupied other people, not only the financial sector.

One case relates fraud, the other a horrendous crime commited by Islam.

A terrible analogy!

[Rockrolex]

Originally Posted by Tachymeter

What in the world are you talking about? the Twin Towers were occupied other people, not only the financial sector.

One case relates fraud, the other a horrendous crime commited by Islam.

A terrible analogy!

Cool it. You misinterpreted the OP's comment. He was not saying they were all greedy investment bankers. He was analogizing to the purported joke about Robin Hood. Furthermore the 9/11 crime was not committed by "Islam." It was commeitted by a group of terrorists who have twisted the tenets of Islam beyond comprehension. No rational Muslim would contenance the garbage speyed by these fanatical extremists.

[mike]

Originally Posted by steven.veres

He stole from the rich and greedy, modern day Robin Hood imo.

Hardly the same thing.

[HL65]

Originally Posted by mike

Hardly the same thing.

Not even close to the same thing. He didn't steal from the rich and give to the poor! He stole from whoever he could and gave to himself and family!!!

[ersnyder]

Originally Posted by SteelerFan1965

Not even close to the same thing. He didn't steal from the rich and give to the poor! He stole from whoever he could and gave to himself and family!!!

He STOLE period, and that's a crime!

[sailmed]

Originally Posted by mike

Hardly the same thing.

x2

Some very normal, everyday hard working people invested their life savings with him and lost everything. Not a folk hero in my book!

[dddrees]

Originally Posted by mac-apple

i hope it fetched millions so it can help pay some of the people back that he screwed over.

x2

[nauticajoe]

Sweeet! Thanks Tim.

[Z-Dweller]

One of Madoff's Rolex Moon Phase watches also just sold at auction, at a bargain!

"The man who became a symbol of greed and deceit on Wall Street also had a lavish collection of watches. One of his vintage steel Rolex “Moon Phase” watches sold for $67,500, topping a $60,000 minimum estimate." The Toronto Star.

[johnbeth]

Awesome watch!

[hennabav]

I heard that his PN Daytona sold for $40k...quite a bargain.

[jameshe]

Ps, magnificent example, and (sacrilege!?) I was imagining how good it would look on a black leather strap a la speedmaster with the black chapter rings and markers

[pippin]

x3. Many older people who had saved all their lives for retirement lost those retirement savings.

Also, many charitable organizations had invested with him and lost huge amounts of money.

[rpryan55]

Well, first of all - those watches belonged to the people whose money he stole to buy them. But whenever anyone speaks about Uncle Bernie's victims, it would be important to remember this:

You could not just invest with Bernie. You had to be "in", and referred. You had to, as they say, know a guy. Your monthly statements came typed out on regular paper, and were clearly not computer generated even to the untrained eye. That means that every month you got a jarring reminder of how weird Bernie Madoff's operation was. You always got 10% - always. Not a percent more, or less. For months or years or decades. You had no idea of where your money was or in what funds, bonds or stocks he was relying.

In short, the minute you got your first statement, the minute you knew that he was not open for business to the general public, the minute you knew that it would always be ten percent no matter the state of the economy, you were clued in that something was rotten in Denmark. Yet the people who lost the money closed their eyes to the obvious clues about Mr. Madoff's strange and improbable operation and accepted the money - and those same people kept their connection with Bernie secret from all but their closest friends, who they referred. It was a special club.

The "victims"? Yes, I feel for them. But I have reservations. Just my $0.02

[DWdrummer]

Originally Posted by rpryan55

Well, first of all - those watches belonged to the people whose money he stole to buy them. But whenever anyone speaks about Uncle Bernie's victims, it would be important to remember this:

You could not just invest with Bernie. You had to be "in", and referred. You had to, as they say, know a guy. Your monthly statements came typed out on regular paper, and were clearly not computer generated even to the untrained eye. That means that every month you got a jarring reminder of how weird Bernie Madoff's operation was. You always got 10% - always. Not a percent more, or less. For months or years or decades. You had no idea of where your money was or in what funds, bonds or stocks he was relying.

In short, the minute you got your first statement, the minute you knew that he was not open for business to the general public, the minute you knew that it would always be ten percent no matter the state of the economy, you were clued in that something was rotten in Denmark. Yet the people who lost the money closed their eyes to the obvious clues about Mr. Madoff's strange and improbable operation and accepted the money - and those same people kept their connection with Bernie secret from all but their closest friends, who they referred. It was a special club.

The "victims"? Yes, I feel for them. But I have reservations. Just my $0.02

That is disturbing on so many levels. When you really think about it all they were responsible in helping perpetrate the fraud in the first place. I would never invest my money in such a way. Yes things went very wrong with the whole thing, but there were also a hundred red flags that these people ignored along the way.

It really makes one wonder, that much is certain.

[brkanand]

It went for around 67000/-

[B. Doggy]

man i love that watch.

[DS_Obsessed]

Love that model, but I wouldn't touch his with a 10 foot pole. Too much negative energy! That's a providence that may help value in the future, but couldn't pay me to take it.

[onemandog]

It went for $40k on the nose - I was in on the auction and bailed out after this piece sold (and Mrs. Madoff's 10 carat engagement ring sold - for $550k). Some other great pieces, too.

Must be nice to have grail watches like this one just laying around in drawers in second and third houses...errrr...being sold by US Federal Marshals at auction.

[hhh007]

Madoff ruined many peoples lives as well as put several very worthwhile charities out of business, he was an arrogant white collar criminal of the highest order and will rightfully die in prison IMO.

I also believe that any possessions he bought and owned throughout his criminal life are now tainted and carry with them a bad karma.

[oo7]

I think there's a good chance a watchmaker in Geneva or Manhattan has a bunch of his other watches in for service, storage or restoration without invoices or pick tickets. When you own 250 + suits, 250 + pairs of shoes and $100M in artwork you generally have more than 5 high end, collector grade watches. I have more Rolex watches than he had and I'm a working man. How many were 'lost' when the wagons were circled? Doesn't add up IMO.