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12-12-2008, 08:31 AM
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CD News Reporter
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Join Date: Jan 2007
13,383 posts, read 8,574,724 times
Reputation: 5450
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News, Bernard Madoff arrested, charged with $50B fraud.
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.
Bernard Madoff arrested, charged with $50B fraud - USATODAY.com |
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12-12-2008, 08:58 AM
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Senior Member
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Join Date: Jun 2008
638 posts, read 304,213 times
Reputation: 321
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Ponzi scheme describes most of Wall Street
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12-12-2008, 01:38 PM
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Senior Member
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Join Date: May 2007
8,006 posts, read 3,934,299 times
Reputation: 1655
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Why on earth is this man out on bail......IMO he will never be in prison, he probable will get the same thing as the Enron man...heart attack and dead...
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12-14-2008, 07:21 AM
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Indy (RIP)
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Join Date: Apr 2006
1,460 posts, read 925,604 times
Reputation: 1017
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I can’t wait to see the list of the “invited” suckers that lost it all.
On the bright side, as stated by none other than the “brilliant” Bill O’reily, "there are plenty of jobs for those willing to work". Why he sees plenty of help wanted signs at, walmart and fast food chains. Maybe they can join the outstanding ranks of the underemployed and see how well that works out for them.
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12-14-2008, 11:53 AM
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Senior Member
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Join Date: Aug 2008
Location: Manhattan
139 posts, read 73,759 times
Reputation: 73
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Na, this isn't the biggest "Ponzi scheme" ever. That would be Social Security.
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12-14-2008, 06:24 PM
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Things that can't go on forever, don't.
Status:
"keep throwing the bums out"
(set 18 days ago)
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Join Date: Jan 2007
5,841 posts, read 1,864,908 times
Reputation: 1452
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one of the larger “victims” of Madoff’s plundering is J. Ezra Merkin. His Gabriel Capital Group’s Ascot Partners hedge fund had “substantially all” of its $1.5 billion or thereabouts riding on Madoff, resulting in “major losses” for Merkin “as one of the largest investors” in Ascot.
Merkins is chairman of GMAC LLC, the all-but-bankrupt Cerberus-GM finance subsidiary currently, and to date unsuccessfully, grovelling for bank holding company status that would allow it to gorge at the taxpayer-financed troughs so freely offered mostly to institutions whose failure would inconvenience Goldman Sachs. GMAC, of course, ranks high in the, admittedly long, list of nominees for Ground Zero of the largest Ponzi scheme in the history of the capital markets.
are people starting to see the connection now between cerberus hedge funds (with a former treasury secretary at the head), goldman sachs and our current treasury secretary (paulson), GMAC, and the auto bailout?
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02-07-2009, 07:15 PM
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Senior Member
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Join Date: May 2008
3,631 posts, read 1,133,916 times
Reputation: 297
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house arrest anyone
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