Bernard Madoff -50 Billion Wall Street Scandal

[Bandit]

Some of America's wealthiest socialites were facing ruin tonight after the arrest of a Wall Street legend accused of the largest investor swindle ever blamed on a single individual.

Shock and panic spread through the country clubs of Palm Beach and Long Island after Bernard L Madoff, a trading powerbroker for over four decades, allegedly confessed to a massive fraud that will cost his wealthy investors at least $50 billion, perhaps the largest swindle in Wall Street history.

Mr Madoff, 70, a former Nasdaq stock chairman, was apparently turned in by his two sons and arrested on Thursday morning at his Manhattan apartment by the FBI.

Andrew Calamari, a senior enforcement official at New York's Securities and Exchange Commission, described the scheme as "a stunning fraud that appears to be of epic proportions".

http://www.timesonline.co.uk/tol/news/world/us_and_americas/article5331997.ece

[Bandit]

America's wealthiest socialites were facing ruin tonight

Wah!

[ThreadsSnapping]

LMAO! My thoughts exactly!

TS

[debtisbad]

I have pondered this all day. If our country and government is this ignorant, then perhaps we need to go down! Do a google search of Bernard Madoff. They have shut down the main page of his site but you can get through to some of the other pages. The guy bilked millions and millions (and probably billions) out of banks, investment firms and wealthy individuals. The sec started to investigate them in 2005 but found nothing? Excuse me, even the guy on CNBC asked how that could occur! How could the sec be so asleep at the wheel? Did the company pay taxes? Did they have to report anything? Does this mean that I could have opened Debtisbad investments and just had people give me money and the government would not have cared. They have a very legitimate looking office in NY (means nothing). I especially loved the paragraph on their website that states they work with the government to avoid terrorism and must have your soc number, drivers license ect on file. Check out their site. I mean this boggles my mind--it is really unbelievable. And so many people knew this guy. I mean really really wealthy folks.

This is just my opinion, but I mean who can one trust in the US anymore? Can this be the only guy doing this sort of thing? Yeah right! I just fear that more of this is out there and will eventually take down our complete financial system. Can you imagine? Thoughts anyone?

Debt is bad

[debtisbad]

Oh and one more thing--the guy started the firm with just 5k. UNBELIEVABLE!!!!!!!!

[Genenco]

I'm curious in regards to the part "His sons turned him in"...Hmmmm.

"Hey kids, the house is about to fold, to keep your butts out of the gray bar motel, turn me in and keep quiet about the cash stash"

I'm smelling something and it ain't tuna!

[Bandit]

I'm curious in regards to the part "His sons turned him in"...Hmmmm.

"Hey kids, the house is about to fold, to keep your butts out of the gray bar motel, turn me in and keep quiet about the cash stash"

I'm smelling something and it ain't tuna!

Same here, and the confession upon being arrested. How is it that nobody knows that nobody knows.

[Bandit]

This is just my opinion, but I mean who can one trust in the US anymore? Can this be the only guy doing this sort of thing? Yeah right! I just fear that more of this is out there and will eventually take down our complete financial system. Can you imagine? Thoughts anyone?

I ponder the same things. I guess people are just sly, sly & evil. But this is like murder. My dad says he should do life.

[Bandit]

LMAO! My thoughts exactly!

TS

I got home from work & that is what was on the news. Then when I read that, I had no remorse, poured myself a drink, posted it here and went straight to bed.

50 billion...that is a lot of rich people going down the tubes. They will probably get a bush bailout