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View Full Version : Bernard Madoff arrested over alleged $50 billion fraud



RobJohnson
12-12-2008, 01:24 AM
http://d.yimg.com/us.yimg.com/p/nm/20081212/2008_12_11t210247_450x304_us_madoff_arrest.jpg?x=2 13&y=144&xc=1&yc=1&wc=408&hc=276&q=100&sig=9xcF9j74CvkrCCSO7hJNpA--

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.

The former chairman of the Nasdaq Stock Market is best known as the founder of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. But he also ran a hedge fund that U.S. prosecutors said racked up $50 billion of fraudulent losses.

Madoff told senior employees of his firm on Wednesday that "it's all just one big lie" and that it was "basically, a giant Ponzi scheme," with estimated investor losses of about $50 billion, according to the U.S. Attorney's criminal complaint against him.

A Ponzi scheme is a swindle offering unusually high returns, with early investors paid off with money from later investors.

More (http://news.yahoo.com/s/nm/20081212/bs_nm/us_madoff_arrest)

marinejcksn
12-12-2008, 04:18 AM
Sweet lord this is huge. Not only could this affect the already flopping economy but some serious heads of business are hopefully in for some extremely serious jail time. I hope this schmuck does the rest of his life in a max security federal prison for betraying public trust like this. What a scumbag.

Speedy
12-12-2008, 09:25 AM
I did time in prison with a guy named Leo Wayne Harrison who stole $120 million and I thought THAT was impressive. Apparently it was chump change compared to this guy.

Constitutionally Speaking
12-12-2008, 12:59 PM
Yet ANOTHER Democrat supporter on Wall Street who has screwed us.

http://www.newsmeat.com/fec/bystate_detail.php?last=Madoff&first=Bernard


But --- but --- but I thought the evil Republicans were the crooked ones!!!

lacarnut
12-16-2008, 01:12 AM
The Democratic crooks are coming out of the woodworks. Anyone that invests in an outfit that guarantees you high returns on your money is missing a few marbles.

Constitutionally Speaking
12-16-2008, 04:31 AM
Where are the headlines identifying him as a major Democrat fundraiser????

Zeus
01-09-2009, 05:11 PM
Congress says they're looking into the Bernie Madoff scandal. So the guy who made $50 billion disappear, is being investigated by the people who made $750 billion disappear. ~Jay Leno~