[George from New England]

I’ll bet there is plenty of Kennedy money in this Madoff theft. THAT IS WHY they will get the govt bail out.

[DieHard the Hunter]

> Harry Markopolos

Now *there’s* an improbable name for you. I wonder if he’s been to China?

[WayneS]

Well, FIRST you get a pyramid...

[Rumplemeyer]

Madoff was a very big contributor to the Democrat Party, it will be very interesting to see who he gave money to and their involvement in the oversight of his actions. As the old saying goes "Follow the money"

[NCjim]

First step is to find a group of greedy investors who are willing to ignore the adage, “If it sounds too good to be true, then it probably is.”

[Still Thinking]

The SEC did conduct two inquiries of Madoff, in 2005 and 2007. The agency did not find any major problems.....

Crack auditors or auditors on crack?

[Michael.SF.]

How a Pyramid Scheme Takes Shape

Step # 1:

[wizr]

Seems everyone has forgotten the “housing bubble” so soon.

That, too, was a scheme to draw investors in from the bottom, and spread the wealth at the top.

Worked fine, as long as more money was generated from the bottom. Then, oh, oh....

[GovernmentShrinker]

Trouble is, the SEC “investigators” are salaried dweebs who will get paid the same whether they uncover any fraud or not. Start putting them on some sort of commission program, for finds that result in convictions and prison terms for the perps (thus pretty firmly eliminating the collusion risk), and perps will start getting exposed much faster, and with the biggest ones getting exposed first.

[o_zarkman44]

For a minute i thought the article was going to be about Social Security..........shucks!

[mo]

If they bail out this schlepp and his clients...they better be prepared for pitchforks.....

[GOPJ]

The SEC and other authorities say Madoff confessed to running a Ponzi scheme - paying one set of clients with money from another - cheating dozens of investors, including some of the most prominent families in Massachusetts, out of millions. The charges came after Madoff allegedly confessed to employees of his own firm.

Madoff's investors would have doubled their money every 7 to 9 years. I have to assume NO ONE is going to bail out people who doubled their money in this scam, right?