Bernard Madoff arrested! Bernard Madoff has been arrested is for alleged securities fraud, a PONZI scheme.
Bernard Madoff, founder of Bernard L. Madoff Investment Securities, was arrested by the FBI for the alleged fraud reports the WSJ late today online.
Madoff allegedly told senior heads of his company yesterday that it was all “a giant Ponzi scheme”.
Reportedly at stake, tens of billions of dollars.
“Bernard Madoff is a longstanding leader in the financial services industry,” said defense lawyer Dan Horwitz. “We will fight to get through this unfortunate set of events.”
Here are my thoughts about this.
It amazes me too, and i think it's only because the corruption in DC is just as great if not greater then on wall street. The only upside I see in the current fiasco and the market in general is that gold and silver are becoming attractive as real holders of value what with all the bailouts. Right now gold is trading at $855.40 according to ExactPrice and silver just topped $11! And you know people and institutions that lost in Madoff are going to go to the FED with their hands held out for another bailout and that's just going to send the dollar lower.
ReplyDeleteMany experts believe this is just the tip of the iceberg. Who knows where this domono effect will end.
ReplyDeleteTHE VIDEO GAME,
ReplyDeleteNew York, NY—June 29, 2009— If 150 years in a minimum security prison still feels a hair short of justice for Bernard , the online game THE WALL STREET MASSACRE–MURDER MADOFF will surely satisfy. Played more than 2 million times at http://crimetv.com the game has garnered thousands of votes and comments sparking controversy among the casual gamers who have already had a taste. Some gamers who claim to be victims of Madeoff’s historic scheme have voted on how they would like to see the disgraced financier die, others are enraged by the game’s violent irreverence and question its legality.
THE WALL STREET MASSACRE offers victims and gamers a new form of economic relief. The Internet game created by CRIME TV.com lets players vent their vitriol at big banking with shootouts, executive interrogations and a chance to take out Bernie himself.
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What about the other swindlers out there today? Madoff is only one portion of a very large picture. As Talking Points Memo states at newsy.com, "Large corporations and banks stole or wasted trillions. Most of their principle actors are still very prominent and directing current policy." http://www.newsy.com/videos/madoff_who_s_really_to_blame
ReplyDeleteMadoff receives 150 years in prison while the US government bails out other major companies. It doesn't add up to me.
It is apparent there are many who want to make money without working for it. I have spent years wading through internet scams and want to help people not be taken which is why I started http://www.rainmakerscam.com ... what kind of preventative sites operate for securities?
ReplyDelete