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 ...
I think this is the episode when Ponzi jumped the shark.
Typical, Bad news for Dems translates to good news for AMERICA.
Is everyone either brain dead or on the take at the SEC?
I used to think Chris Cox was a decent So Cal conservative Congressman but he has sucked at the SEC. People have begged him to reinstitute the uptick rule on shorting but he and Bush have been in a fog.
The hedge funds own Congress.
$50 billion! How could the SEC and FINRA (formerly called the NASD) miss $50 billion? This guy has been in business for decades? It makes no sense. But he is a Dem so he is probably crooked as hell. Incredible.
Well our new President may be an illegal alien so what the hell.
Oh yeah....Double cheeseburger bay-bee!!
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from the Madoff website:
“Sophisticated Disaster Recovery Facilities, Reflects the Attention to Every Detail
Madoff Securities has one of the most sophisticated disaster recovery facilities found anywhere in the securities industry.”
Well there you are!
Just spreading the wealth. /s
Am I wrong or were all or most of these brokerage and lending houses that went belly up run by demrat CEOs?
“I had giant Fonzi scheme spyware once. Took me 7 hours to get it off my desktop wallpaper.”
Was that a Fonzi scheme, a Fonzi Screen, or a Fonzi Scream ?
Nice job and thanks for the data.
I think repeating the classic stock broker jokes apply here.
Stockbroker: "I've made most of my clients small fortunes, of course when they started out, they had large fortunes, but that is beside the point."
Most were dems, or at least donated big bucks to the dems.
bookmark
You’re welcome. FEC.gov is a pretty useful site. That’s where all that came from, of course. It’s helpful when the person of interest has a fairly unique name.
Do the search, highlight the text you want, right-click and select “view selection source”, ctrl-C to copy the HTML source, move to posting window, ctrl-V, preview, post. Easy-peasy!
Bernard L. Madoff
He founded his New York firm in 1960. He is a former chairman of the board of directors of the Nasdaq Stock Market and has also been on the board of governors of the NASD.
Madoff's Bernard L. Madoff Investment Securities is a wholesale market maker that trades with other dealers.
Bernard L. Madoff Investments with offices in New York and London have unique interiors.
His head needs to be lopped off in the public square. I’m serious, this should merit capital punishment.
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