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Madoff $50 Billion Fraud (2 posts)

  1. truthmod
    Administrator

    We really are witnessing the great unraveling here...

    http://www.democracynow.org/2008/12/17/as_madoff_s...

    The Securities and Exchange Commission has admitted it missed repeated opportunities to discover what may be the largest financial fraud in history: a multi-billion-dollar pyramid scheme operated by Wall Street legend Bernard Madoff.

    Bernard Madoff was the former chairman of the NASDAQ stock exchange and a respected figure on Wall Street for nearly half-a-century. For decades, his firm, Bernard L. Madoff Investment Securities, had been one of the top market makers on Wall Street. In Washington, regulators had sought his advice on any number of regulatory issues over the years. In 2000, he served on a government committee established to protect investors by ensuring accurate and full public disclosure of information to them. In an old video of Madoff that’s come to light, he tells an audience it’s tough to skirt the law.

    BERNARD MADOFF: In today’s regulatory environment, it’s virtually impossible to violate rules. And this is something that the public really doesn’t understand. And if you read things in the newspaper and you see somebody, you know, violate a rule, you say, well, you know, they’re always doing this. But it’s impossible for you to go—for a violation to go undetected, certainly not for a considerable period of time.

    Posted 16 years ago #
  2. truthmod
    Administrator

    Kevin at Cryptogon actually predicted that some bodies would start showing up in the fallout of this fraud. And lo and behold here is the first one:

    http://cryptogon.com/?p=5677

    For the first time, I’m preemptively adding a story, this story, to the Assassination category. People involved with this, at the levels we don’t even know about yet, mainly, the management of day-to-day operations, are probably already dead. I could be wrong, but far less serious situations than this have produced corpses.

    Fund Manager Tied to Madoff Case Found Dead
    http://cryptogon.com/?p=5860

    A fund manager who lost more than $1 billion of his clients’ money to Bernard Madoff was discovered dead Tuesday after committing suicide at his Manhattan office, marking a grim turn in a scandal that has left investors around the world in financial ruin.

    Rene-Thierry Magon de la Villehuchet was found sitting at his desk at about 8 a.m. with both wrists slashed, NYPD spokesman Paul Browne said. A box cutter was found on the floor along with a bottle of sleeping pills on his desk. Police did not find a suicide note.

    Aso: Doubts grow on whether Madoff acted alone in fraud
    http://rawstory.com/news/afp/Doubts_grow_on_whethe...

    As a probe intensifies into Bernard Madoff, doubts are growing on whether the now-infamous Wall Street investment manager could have committed a record fraud of 50 billion dollars on his own.

    In a criminal complaint filed against the 70-year-old Madoff, prosecutors said Madoff stated "in substance, that he had personally traded and lost money for institutional clients and that it was all his fault."

    But many members of the financial community are skeptical that Madoff could have single-handedly maintained accounts for the fictitious investment scheme involving tens of billions of dollars and a multitude of clients.

    "It doesn't seem to me that a 70-year-old man can do this by himself, nor can he do it simply in conjunction with his accountants," said Doug Kass, founder and president of Seabreeze Partners, a fund that uses "short" sales in an effort to benefit from falling share prices,

    "It's a rather extensive scheme, an extensive fraud. It's impossible for it to be a one- to five-person event."

    Posted 16 years ago #

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