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Old 12-12-2008, 07:31 AM
 
Location: Michigan
29,297 posts, read 52,908,090 times
Reputation: 21835

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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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Old 12-12-2008, 07:58 AM
 
706 posts, read 1,244,832 times
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Ponzi scheme describes most of Wall Street
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Old 12-12-2008, 12:38 PM
 
27,083 posts, read 44,368,818 times
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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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Old 12-14-2008, 06:21 AM
 
1,736 posts, read 4,547,900 times
Reputation: 1445
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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Old 12-14-2008, 10:53 AM
 
Location: Austin
15,033 posts, read 9,323,573 times
Reputation: 17950
Na, this isn't the biggest "Ponzi scheme" ever. That would be Social Security.
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Old 12-14-2008, 05:24 PM
 
12,867 posts, read 14,262,473 times
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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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Old 02-07-2009, 06:15 PM
 
6,012 posts, read 7,503,821 times
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house arrest anyone
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