This is a most interesting and astonishing story. $50B Ponzi scheme (or is that now, the Madoff Scheme?) that went on for years, hidden, completely hidden, and seemingly thriving for the most part. I mean really, look at the pics at the party, so so many happy people at P.J. Clarkes pub! (http://www.madoff.com/stany2008/index.htm)
This must be one of those....friends you'd rather not have?
Madoff Investors Were His Friends and Neighbors, Lawyers Say
NEW YORK (Reuters) - Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a $50 billion "Ponzi scheme" in what may rank among the biggest fraud cases ever.NEW YORK (Reuters) - Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a $50 billion "Ponzi scheme" in what may rank among the biggest fraud cases ever.
The former chairman of the Nasdaq Stock Market is best known as the founder of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. But he also ran a hedge fund that U.S. prosecutors said racked up $50 billion of fraudulent losses. (http://www.reuters.com/article/businessNews/idUSTRE4BA7IK20081212?feedType=nl&feedName=usbeforethebell)
As with so much in this "scenario" of global meltdown, the real people, on the ground, and in real jobs, with real children, and real needs are the ones that pay; a real and unavoidable loss to hard working good people that mean well.
Where Was the S.E.C.?
Failure to uncover alleged fraud in Madoff case is astonishing.
Bernie Comes Out of the Closet Cassandra and Naked Capitalism
Seventy to one-hundred basis-points-a-month. Net. Net. Net. During tempests, earthquakes, panics and crashes - even during the closure of the exchange itself, Bernie apparently minted coin like few others. Even Renaissance and Shaw tripped occasionally. Not Bernie. Yet no one new what he did.
Either he was crooked beyond belief or he was an evil contrapreneurial genius. Who would have have thought he was both??!!
Bernie Madoff: The Indictment Clusterstock and Naked Capitalism
As has been highlighted, if you read anything of this, read the paragraphs from the "Senior Employee 1 and 2" and Bernie himself. At seventy, Bernie grew a conscience? A(nother) story for the grandchildren!
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