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YanBz
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$50 billion hedge fund fraud

submitted on December 12, 2008 by YanBz in "Member's Lounge"
For years there were whispers on Wall Street about Bernard Madoff’s hedge fund. The cynics said the returns were too good, too steady and Madoff’s operation always looked too slim for the tens of billions of dollars it was managing. But given Madoff’s more than four-decades of experience as trader and past service as chairman of the Nasdaq Stock Market the wealthy kept giving him their money.

Well, it looks like those concerns were right all along now that federal prosecutors have charged the 70-year-old Madoff with securities fraud, in what could amount to one of the biggest Wall Street scams ever. Securities regulators, in a civil complaint, say Madoff’s scheme may have cost investors up to $50 billion—although that figure appears to be based on Madoff’s own bravado. At a minimum, it appears the $17 billion Madoff was managing earlier this year may be gone.


http://www.businessweek.com/in.....B+analysis
 

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  • 12619
    LadyZaxxon
    beginner
    Posted by LadyZaxxon on December 12, 2008 [reply] 0 0
    TURNED IN BY HIS TWO SONS!

    Mr Madoff has been charged with a single count of securities fraud. He declined to enter a plea in Manhattan's US District Court and was released on $10 million bail. He faces up to 20 years in jail and a $5 million fine if convicted.


    OUT ON BAIL TOO!
  • 12623
    MrCheap
    professor
    2
    1 1 1
    Posted by MrCheap on December 12, 2008 [reply] 0 0
    It was the rich who were hit.
    Nothing to worry about for us who buy a 4 GB flash drive for a Christmas gift Wink
      12688
    • LadyZaxxon
      beginner
      Posted by LadyZaxxon on December 14, 2008 [reply] 0 0
      PLEASE NO MORE FLASH DRIVES Smile
  • 12641
    MikeG
    learner
    Posted by MikeG on December 13, 2008 [reply] 0 0
    It seems like a day doesn't go by where some company doesn't lose a billion or need a billion.

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