Posted on 12/11/2008 7:14:49 PM PST by Sammy67
NEW YORK (Reuters) – Bernard Madoff, a long-time fixture and powerful adviser on Wall Street, was arrested and charged on Thursday with allegedly running a $50 billion Ponzi scheme, U.S. authorities said.
The former chairman of the Nasdaq Stock Market who remains a member of Nasdaq OMX Group Inc's nominating committee, is best known as the founder of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he founded in 1960.
But the alleged fraud involved a hedge fund he ran from a separate floor of the building where his brokerage is based.
Madoff told senior employees of his firm on Wednesday that "it's all just one big lie" and that it was "basically, a giant Ponzi scheme," with estimated investor losses of about $50 billion, according to a criminal complaint against him.
A Ponzi scheme is a pyramid-type swindle in which very high returns are promised to early investors, who are
(Excerpt) Read more at news.yahoo.com ...
Was Madoff a Leftist? I didn’t see that in the article.
Usually Leftists arent’t head of NASDAQ.
~~~~~~~~~~~~~~~
Nope, just a DEMOCRAT!
Al Ponzi must be rolling over in his grave these days. He never got a cut of any of these operations, I bet.
After he was indited there were all sorts of politicians around here that couldn't give donations back fast enough.
Once you get to his level of corruption I suppose you become a equal opportunity detonator to keep all parties happy and political affiliations become a distant second to covering your bases.
He sounds like the right guy for that empty Ill. Senate seat!
local pols "giving back":Politicos give Petters campaign cash the heave-ho
His "Life style" now on a court appointed "dad budget" so sorry for him :( Tom Petters' lifestyle anything but cheap
Read the articles if you have the time and interest, I find it fascinating probably because I grew up around here and my sister went to high-school with his daughter (the older one from his first wife)
The biggest thieves in our nation use the “law” to steal from our hard working people the next biggest group of thieves use pens to do their dirty work. Most of these two groups have been trained by our universities in their ... uh ..... trade, in what are called law schools. It’s kind of nice to see them sacrifice a few now and then.
Dreier donated $5,000 to the Democrat Senatorial Campaign Committee, and $2,300 to Bill Richardson.He’s a rat.
That would make a great email.
Ping
Oh, trust me - it pales in comparison to the Ponzi Schemes known as Medicare, Social Security, and, in general, the various Treasury & Federal Reserve instruments used to float the Public Debt of the United States of America.
Securities Traders State of NY link= http://stany.org/Home/about_us/board_of_directors.aspx
• Larry T. Birch Bernard L. Madoff Investment Securities LLC President Where’s Larry?
I wonder if they’ll all return his donations now? /s
The key : Accounting. Never ever put funds to private unaudited “trust me” operators.
The SEC is a joke...continually letting “naked short-selling” to continue. Many people (innocent investors) have lost thier life savings thinking they are investing in a good stock...little do they know...
There are about 15 very pissed investors who put and lost billions with these clowns.
I say let those PO’d investors have a short 15 minute meeting with Madoff and see what other kind of information they can beat out of him...:)
Sure it is. The SS Ponzi scheme is far more than 535 times larger than this and involves every single person in the country.
Check out Goldman Sacs, Lehman Brothers and every other big firm involved in this financial meltdown....They all gave to democrats and millions to Obama!
This stink belongs to the democrats from the fannie mae/freddie mac fuse to the fires now on Wall Street!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.