#1 Bernard Madoff arrested over alleged $50 billion fraud12-12-2008, 02:24 AM
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.
12-12-2008, 05:18 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."Don't vote. It only encourages the bastards." -PJ O'Roarke
12-12-2008, 10:25 AM
- Join Date
- May 2008
- Sonora, Texas
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.
12-12-2008, 01:59 PM
Yet ANOTHER Democrat supporter on Wall Street who has screwed us.
But --- but --- but I thought the evil Republicans were the crooked ones!!!I long for the days when our President actually liked our country.
12-16-2008, 02:12 AM
- Join Date
- May 2008
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.
Last edited by lacarnut; 12-16-2008 at 02:15 AM.
12-16-2008, 05:31 AM
Where are the headlines identifying him as a major Democrat fundraiser????I long for the days when our President actually liked our country.
01-09-2009, 06:11 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~
It is said that branches draw their life from the vine. Each is separate yet all are one as they share one life giving stem . The Bible tells us we are called to a similar union in life, our lives with the life of God. We are incorporated into him; made sharers in his life. Apart from this union we can do nothing.
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