Bernard Madoff Securities Fraud

Bernard Madoff is well known in financial circles. Well, guess what? He's been arrested for securities fraud. Here's what lalate.com had to say about the story.

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 that in this post Enron age that we're still having problems with white-collar thieves like Bernard Madoff. With thousands of Americans out of work, he's lining his own pockets!