Posted on 12/13/2008 3:21:11 AM PST by SkyPilot
Some of America’s wealthiest socialites were facing ruin last night after the arrest of a Wall Street big hitter accused of the largest investor swindle perpetrated by one man.
Shock and panic spread through the country clubs of Palm Beach and Long Island after Bernard Madoff, a trading powerbroker for more than four decades, allegedly confessed to a fraud that will cost his wealthy investors at least $50 billion – perhaps the largest swindle in Wall Street history.
Mr Madoff, 70, a former Nasdaq stock chairman, was apparently turned in by his two sons and arrested on Thursday morning at his Manhattan apartment by the FBI. Andrew Calamari, a senior enforcement official at the US Securities and Exchange Commission, described the scheme as “a stunning fraud that appears to be of epic proportions”.
(Excerpt) Read more at business.timesonline.co.uk ...
The truth is, many investments are a "Ponzi Scheme" that depend on new investor's money to pay off previous clients. People just haven't figured it out - - yet.
A previous article published last night by Jon Stempel and Christian Plumb (Reuters) said:
"It appears that at least $15 billion of wealth, much of which was concentrated in southern Florida and New York City, has gone to money heaven."
Time to sell the 50' Sea Ray and the Condo - but good luck getting buyers.
The United States has been a ponzi scheme for about the last
25 years.
Serves the Schmaarters right! OiOi gevalt!
So exactly where did all the money go?
It was burnt?
Its in a huge safe with a duck swimming in it?
Its under Opras mattress?
Yes this is amazing, and the implications are mind-boggling - as you suggest, fraud of this sort (or another) may prove to be widespread at many Wall Street firms. If Madoff is a crook, anyone might be a crook.
These next few months will be very *interesting* - as in calling into question financial models that have been used for the last 30 years *interesting*. Armageddon on Wall Street that will make the last couple months look like a walk in the park.
whenever you see corrupt private individual who are republicans, you always see a republican tag next to theirname e.g big republican donor, donated to bush etc, but you never see it with the democrats. I’ll bet this guy is a democrat
Calamari?
Somethings fishy here.
You’ll win this bet, he is a BIG Democrat donor.
http://www.freerepublic.com/focus/f-bloggers/2148051/posts
I don't know what will"
I thought the same thing on 9/11.
A $50 billion ponzi scheme? A pittance compared to the ponzi scheme called Social Security.
I realize this isn’t a joking matter, but I can’t help picture the actress who always played the socialite in the Three Stooges shorts lamenting “I’m ruined, ruined,” and the boys shouting “Don’t worry, lady, we’ll save you!”
Another thought: I wonder if Rush had any money parked with him.
Ponzi scheme? Fraud? Arrested?
I guess impersonating the Social Security Administration is illegal- who knew?
Looks more like she ate it.
They have tentacles everywhere
lol you beat me to it!
Speaking of Ponzi Schemes, maybe I should be the first on the thread to mention fractional reserve banking.
That should attract a few responses...
“Calamari? Somethings fishy here.”
I understand they are good fried or good eaten “en su tinta” (eaten in calamari ink).
“They have tentacles everywhere”
Squid pro quo.
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