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 ...
Bigger than Global Warming?
Look at it his way: 10,000 people lost $5 million each.
haha thanks!
I agree. The SEC is a joke and is owned by the hedge funds. So much for Sarbanes Oxley. Madoff, once convicted, should be hung on Wall Street to send a message. Build the gallows right at Broad and Wall.
BTTT for the newsmeat donor info! :)
In any case, no employer is listed for the woman. Large donation and no job?
NewsMeat.com Bernard Madoff political contributions
Think again. He hasn't donated to a Republican in 10 years.
I always thought my Mother had done me a big favor by sending me back to the drug store on the corner with a nickel for the charm pop that I stole. Having to face Ed the druggist and telling him I stole from has pretty much kept me honest for life. I see now we would have been much better off if she sent me back to steal more and we could have sold them on the corner outside to store for $.03.
Who says crime doesn’t pay?
Capitalism with no underlying Christian principles will fail every time.
Madoffs love to contribute to the left.
http://www.opensecrets.org/indivs/donor_lookup.php?name=Madoff
Sorry, I should have read the rest of the thread before being the fifth or sixth person to post the same link. lol
Only democrats think this big! They have a screw you attitude and an I win mentality!
no their not.
Please change first three letters of last name to JERK. Thank you.
Was Madoff a Leftist? I didn’t see that in the article.
Uh, is the pope catholic?:
http://www.newsmeat.com/fec/bystate_detail.php?zip=10022&last=MADOFF&first=BERNARD
The U.S. Congress is a ponzi scheme.
Many of his investors came from the enormously wealthy enclaves of Palm Beach, Florida and Long Island, New York, where people had invested billions in Mr Madoff’s firm for decades. He was a fixture on the Palm Beach social scene, and was a member of some of its most exclusive clubs, including the Palm Beach Country Club and Boca Rio Golf Club, where he drummed up much of his business.
Just wondering.
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