Posted on 12/11/2008 4:00:15 PM PST by joinedafterattack
Bernard L. Madoff, the founder of Bernard L. Madoff Investment Securities and a fixture of the Wall Street trading world for decades, was arrested Thursday morning by Federal Bureau of Investigation agents and charged with criminal securities fraud by federal prosecutors in Manhattan.
Press Release of Bernard Madoff's ArrestThe criminal complaint filed against Mr. Madoff alleges that he told senior employees Wednesday that his business was "a giant Ponzi scheme," according to a person familiar with the matter. The alleged scheme involved tens of billions of dollars, but the extent of investor losses wasn't immediately clear.
The disclosure came after Mr. Madoff tried to distribute early bonuses to employees of his firm, prompting questions by senior employees, a person familiar with the situation said.
Mr. Madoff, 70 years old, allegedly told employees he had a couple of hundred million dollars left and wanted to distribute it before turning himself in to authorities, this person said.
The Securities and Exchange Commission is expected to file parallel civil charges against Mr. Madoff.
The alleged scheme apparently involved an asset-management unit of Madoff Securities. The New York firm is primarily known for its business of market-making in stocks. The asset-management group at Madoff oversaw money for high net-worth individuals, hedge funds and other institutions, according to another person familiar with the matter.
(Excerpt) Read more at online.wsj.com ...
Press Release of Bernard Madoff's ArrestThe criminal complaint filed against Mr. Madoff alleges that he told senior employees Wednesday that his business was "a giant Ponzi scheme," according to a person familiar with the matter. The alleged scheme involved tens of billions of dollars, but the extent of investor losses wasn't immediately clear.
The disclosure came after Mr. Madoff tried to distribute early bonuses to employees of his firm, prompting questions by senior employees, a person familiar with the situation said.
Mr. Madoff, 70 years old, allegedly told employees he had a couple of hundred million dollars left and wanted to distribute it before turning himself in to authorities, this person said.
The Securities and Exchange Commission is expected to file parallel civil charges against Mr. Madoff.
The alleged scheme apparently involved an asset-management unit of Madoff Securities. The New York firm is primarily known for its business of market-making in stocks. The asset-management group at Madoff oversaw money for high net-worth individuals, hedge funds and other institutions, according to another person familiar with the matter.
WHAT DO YOU BET THIS DUDE IS A DEMOCRAT!!!
Bear, Lehman, countless nameless hedge funds, and now Madoff. Helluva year this has been.
MADOFF! You should have just asked for a bailout like all of the other Wall Street crooks. Obama is there for you, buddy!
Oh, wait... your’e not from Chicago... never mind...
Un-Enlightened Self-Interest
WOW, and his website says he is so ethical and personally involved in overseeing the company:
http://www.madoff.com/dis/display.asp?id=203&mode=1&home=1&madf=
The Owner’s Name is on the Door
In an era of faceless organizations owned by other equally faceless organizations, Bernard L. Madoff Investment Securities LLC harks back to an earlier era in the financial world: The owner’s name is on the door. Clients know that Bernard Madoff has a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm’s hallmark.
Bernard L. Madoff founded the investment firm that bears his name in 1960, soon after leaving law school. His brother, Peter B. Madoff, graduated from law school and joined the firm in 1970. While building the firm into a significant force in the securities industry, they have both been deeply involved in leading the dramatic transformation that has been underway in US securities trading.
PING
It appears he donated $25,000 to the Democratic Senatorial Campaign Committee in 2008, so probably so.
http://www.campaignmoney.com/political/contributions/bernard-madoff.asp?cycle=08
Securities?
Award for irony of the month?
Dang...............with this and Wall Street............and the Detroit Deal..............and the unemployment rates.....etc.........is there ANY good news anymore?
If you have not read information at this web site of Leo Donofrio, please do. Leo talks about the media lies in their few reports concerning the cases before the SCOTUS. http://naturalborncitizen.wordpress.com/
Then please take 90 minutes sometime soon to listen to the video at this link below. At the link click on the video on the left titled: “WTP Obama Citizenship Challenge - National Press Club”. Information the media won’t report.
Also go to Freeper Joe Thunder’s web site FreedomMarch.org and read other information on the cases before the courts.
Joe’s program on Plains Radio this evening 12/11 at 9:00PM Eastern will be an update on things going on the media won’t report.
http://freedommarch.org/Home_Page.html
So this old fart was just handing out the bonus money early before he turned himself in...and one of the early bonuses he awarded was really early, and made to the Dhimmies...
Who gets to return the money, and where do they send the check??
You just can’t purchase political capital like this at any price...
THREAD SPAM.
This spamming has been on half the threads I’ve read today and it’s become quite annoying. I’m sure the poster intends well, but this isn’t appropriate.
Sounds like Obama in the future. LOL.
This is incredible. Is he describing his business, or Wall Street in general?
“Dang...............with this and Wall Street............and the Detroit Deal..............and the unemployment rates.....etc.........is there ANY good news anymore?”
McDonald’s still has a dollar menu.
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