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Old 12-11-2008, 08:08 PM
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jerhanner jerhanner is offline
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I just can't believe this. People are going hungry and losing their retirement $ and homes and jobs so this.... person.... could become filthy rich? Isn't it time for people to get upset?



Ex-Nasdaq chair arrested on fraud charge in NYC
(AP) NEW YORK - A former Nasdaq stock market chairman was arrested on a securities fraud charge Thursday, accused of running a fraudulent investment business that lost at least $50 billion before he confessed to senior employees it was a "giant Ponzi scheme," authorities said.
Bernard L. Madoff, his silver hair reflecting the lights of a federal courtroom, was released on $10 million bail secured by his signature and that of his wife. He declined to comment as he walked out of U.S. District Court in Manhattan.
Madoff, 70, the founder of Bernard L. Madoff Investment Securities LLC, maintained a separate and secretive investment-advising business that served between 11 and 25 clients and had a total of about $17.1 billion in assets under management, prosecutors said.
Late Thursday, the Securities and Exchange Commission announced a civil securities fraud charge against Madoff and said it was seeking emergency relief for investors, including an asset freeze and the appointment of a receiver for the firm.
Andrew M. Calamari, associate director of enforcement in the SEC’s New York office, said the SEC was alleging "a stunning fraud that appears to be of epic proportions."
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Old 12-11-2008, 08:16 PM
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wow... that's so epic I don't know if I should beat him with a stick or congratulate him... how bout both? Then I'll take his wallet...
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Old 12-12-2008, 05:58 AM
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It's only the tip of the iceberg, the whole financial crisis was a giant Ponzi scheme.
People who demand social security gotta reveal half their life to get a few hundred bucks per month and those who gamble with billions can repeat the mantra of "business-crunching regulations".
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