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Old 12-15-2008, 08:55 AM
 
Location: Sacramento
14,044 posts, read 27,165,238 times
Reputation: 7373

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Quote:
Originally Posted by katzenfreund View Post
I don't know how someone like that can sleep at night .
I can't wait to read the critique of the fund auditors, responsible for certifying annual financial status.
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Old 12-15-2008, 08:56 AM
 
Location: wrong planet
5,161 posts, read 11,417,849 times
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YES! That will be most interesting indeed...
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Old 12-15-2008, 08:58 AM
 
Location: state of enlightenment
2,403 posts, read 5,232,016 times
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It's becoming increasingly clear American capitalism is one big Ponzi scheme benefiting the rich. The middle class was allowed along for the ride for a while but now we don't even get a lifeboat.
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Old 12-15-2008, 09:01 AM
 
Location: wrong planet
5,161 posts, read 11,417,849 times
Reputation: 4336
It will be most interesting to see how this will all play out.
So much for "investing" for your retirement in 401K's etc. Now millions of people are at retirement age and have lost half their savings and their home equity, so they can't even cash that out. Living on SS? Guess people have to start moving to Mexico etc. to be able to survive .
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Old 12-15-2008, 09:34 AM
 
Location: Sacramento
14,044 posts, read 27,165,238 times
Reputation: 7373
Well Katz, looks like the Washington Post finally woke up and discovered the story too, you were only two days ahead of them:

Alleged Ponzi Scheme Grows
11:10 AM ET: Word came this morning, via various media reports, that a number of rather recognizable names are caught up a ponzi scheme allegedly perpetrated by investor Bernard Madoff.


Economy Watch - Coverage of the financial crisis from The Washington Post and around the Web


Sometimes I think folks could be more up-to-date (and get better insights) reading this site than the major daily papers...
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Old 12-15-2008, 09:40 AM
 
Location: State of Superior
8,733 posts, read 15,906,609 times
Reputation: 2869
Look for the first County bailout in US history.........Palm Beach ! may be your last chance to own a Ferrari cheap !
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Old 12-15-2008, 09:42 AM
 
Location: wrong planet
5,161 posts, read 11,417,849 times
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Quote:
Originally Posted by NewToCA View Post

Sometimes I think folks could be more up-to-date (and get better insights) reading this site than the major daily papers...

I agree with that!
Actually I read the story on a german on line news website a day before I could find it here, strange!
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Old 12-15-2008, 10:33 AM
 
26,167 posts, read 48,881,878 times
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Quote:
Originally Posted by katzenfreund View Post
I agree with that!
Actually I read the story on a german on line news website a day before I could find it here, strange!
Agree. I often get better news from the BBC and Financial Times websites than I do from our USA sources.

Thanks for changing the title of this thread. Having all the right keywords in a Title will let more search engines find this thread and help bring more people to City-Data. Rah Rah City Data!
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Old 12-15-2008, 10:58 AM
 
Location: Beautiful Lakes & Mountains of East TN
3,454 posts, read 7,397,404 times
Reputation: 882
I wonder what this person's punishment will be.

It'll be interesting to compare it to the punishment our representatives will get from throwing around not billions, but trillions of our children's future income, harem-scarem, with not a CLUE what they're doing. In spite of our protests.

I mean, this guy probably meant well when he started his scheme, too.
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Old 12-15-2008, 11:11 AM
 
31,387 posts, read 36,975,677 times
Reputation: 15038
I think that it is time to drop the name of Charles Ponzi and replace it with Madoff.
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