Ex-Nasdaq chairman arrested on $50B fraud charge

[theveed]

http://sg.news.yahoo.com/ap/20081212...t-1be00ca.html

Wow..... just wow...

[tidus1203]

I guess Ponzi schmes never go out of style. The Federal Reserve is probably running the biggest one right now. The fractional reserve system...

[uls]

haha

Tidus, baka tawagin ka conspiracy theorist hehe

---

grabe, dami nasunog jan

years ago, people were already skeptical of how the guy was able to come up with very very steady returns

yun pala, pareho lang sa Francswiss ang gawain nya

[CVT]

Greed, greed, insatiable greed.....

7101:hooray:

[uls]

Madoff ran the ponzi scheme for years... maybe decades

If it wasnt for the financial crisis, the ponzi scheme would have gone undetected...

nagkasabay sabay kasi ang withdrawals

The withdrawals caused the ponzi scheme to collapse

sounds like a bank run

hehe

[tidus1203]

^^Kinda like how the lack of easy credit in the "Fractional Reserve" system is revealing the cracks of the grand ponzi scheme Never mind, we all love good conspiracies once in awhile

[Monseratto]

Mukhang marami na apekto sa kalokohan na ito. The effects are just starting to be felt.

Some of the world's wealthiest private and corporate investors are reported to be victims of an alleged $50bn fraud by Wall Street broker Bernard Madoff.

Reports say the main owner of the New York Mets baseball team, Fred Wilpon, and former American football team owner Norman Braman are among the victims.

Others facing losses reportedly include French bank BNP Paribas, Japan's Nomura Holdings and Zurich's Neue Privat Bank.

Hundreds of people are thought to have invested with Mr Madoff, among them international banks, hedge funds and wealthy private investors - who are all trying to find out the cost of the alleged fraud.

Spanish newspapers said the leading bank Santander had invested with Mr Madoff.

Bramdean Alternatives, a UK-based asset management company run by Nicola Horlick, saw its share value drop by over 35% after it revealed that nearly 10% of its holding was exposed to the New York broker.

One hedge fund, Fairfield Greenwich Group, said its clients had invested $7.5bn with the firm.

Lawyers for worried investors fearful that they had lost their savings, attended court on Friday for a hearing on the disposition of Mr Madoff's remaining assets.