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The ex-chairmen of NASDAQ Stock Market is involved in a fraud!
Dec 13, 2008 00:30
  • FRANKENSTEIN
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Bernard Madoff, the former chairman of NASDAQ Stock Market was arrested for being accused of masterminding a Ponzi Scheme of 50 billion dollars by FBI. If it was proved, he would stay in prison for 20 years imprisonment and pay for 5 million dollars fine.

According to US SEC, Madoff had admitted his crime to the FBI. Meanwhile, he had prepared for being sent to the jail because he was broke already. Now, he was released on bail of 10 million dollars and his house but refused to make any comments.

Perhaps, this is the biggest fraud in US history. What do you think of its effect to the US and world stock market?

What is Ponzi Scheme?

Ponzi Scheme is invented by a guy who was called Charles Ponzi. In 1919, he cheated the investors and persuaded them to invest in a company that actually didn't exist by promising them that they will get about 40 percent reward. He paid the new investor's money to the old ones to attract more investors. Later on, such a fraud was named "Ponzi Scheme".
Dec 14, 2008 22:08
#1  
  • JIMMYB
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Frank, do you know how FBI knew Madoff was involved in the fraud? It is his two sons who reported him to FBI.
Dec 15, 2008 05:23
#2  
  • DODGER
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I doubt very much that his two sons did not know what was going on.
Dodger.
Dec 17, 2008 20:13
#3  
  • GARYKINKADE
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This is yet another example of how our (US) financial regulators are about as worthless as "
*** on a boar hog"
It's as if the foxes are guarding the hen house.
We've had the Savings and Loan debacle from the 1980's, Enron scandal in the late 1990's, other various financial crimes of the same magnitude and time period, the over classification of bond ratings associated with packaged mortgages, and now certain main bankers and financial backers are hauling off money by the wheel barrel in the latest (?) bailout.
Meanwhile, "back at the ranch" the majority of us ( and I speak for myself only) are walking around in circles with our thumbs stuck up "you know where" and saying "duh"...."duh"..."duh".....
The two sons probably smelled it coming and decided to be ahead of the game. Blood is sometimes not always thicker than water.
Dec 18, 2008 03:37
#4  
  • JIMMYB
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Blood is sometimes not always thicker than water.

The two sons just sacrificed their father to save themselves. This is what I guess, hehe.
Dec 19, 2008 00:12
#5  
  • CANADAGUY
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>>The two sons just sacrificed their father to save themselves. This is what I guess, hehe.

If the sons did indeed know what was going on, then it will depend on how vindictive the father wants to be.
If he wants revenge, he surely would have evidence to prove his sons were party to the scheme.

We'll just have to wait and see how this one plays out. It will probably take months if not years before the dust settles.

Apr 22, 2009 20:36
#6  
GUESTLEKSOKL... Good Morning

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I recently read a report by a beta tester which was actually really an eye opener to me.

You might wanna check it out:
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Warmest regards
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