While the government was busy auditing small businesses, a Wall Street investor managed to swindle $50 billion from oblivious high-profile clients. You read that right — $50 billion. Bernard Madoff, who started his firm in 1960 with $5,000, served before as NASDAQ chief, and is considered a "pioneer of Wall Street," was arrested yesterday on charges that he orchestrated one of the largest frauds ever.
Earlier this week Madoff allegedly told his employees that the company was just "one big lie" and "basically, a giant Ponzi scheme." Madoff is out on $10 million bail, and if he's convicted he could face 20 years in jail and a $5 million fine.
Since Madoff and his company had a sterling reputation on Wall Street before his apparent fraud came to light, maybe the government needs to be a little more cautious about who it bails out!
Yves Saint Laurent
We need some serious national soul-searching on greed - we've brought the country to its knees economically and really need to reassess our values before we start again.
1This is disgusting and I think 20 years in jail and a 50 billion dollar fine is a more appropriate punishment. Only 5 milllion? REALLY?
2Maybe HE should bailout the auto industry.
3Many, Many more to come...
4Good Lord.
5I think this is a lot more common than we know. I can't believe the government would bail any company out for making bad business decisions. I'm sure a lot more men at the top are taking advantage of the bad economic times and dipping into the little profits that they do make. It's horrible.
6Oh, I thought this was a Fonzie blog... I'll just leave.
7Who can you trust?
8Me, unless there are chocolate peanutbutter brownies around.
9Good to know, thanks!
10$10 million bail seems like lunch money to a guy who swindled $50 billion. Hardly worth worrying about as he flees the country to avoid prosecution, I'd think.
11I don't understand how people could be so greedy.
12Since Madoff and his company had a sterling reputation on Wall Street before his apparent fraud came to light, maybe the government needs to be a little more cautious about who it bails out!>/i?
You think?!?! ha
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