Friday, December 12, 2008

The hits just keep on comin . . .

Bernard Madoff arrested over alleged $50 billion fraud

"NEW YORK (Reuters) - Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a $50 billion Ponzi scheme in what may rank among the biggest frauds ever.

The former chairman of the Nasdaq Stock Market is best known as the founder of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. But he also ran a hedge fund that U.S. prosecutors said racked up $50 billion of fraudulent losses.

Madoff told senior employees of his firm on Wednesday that "it's all just one big lie" and that it was "basically, a giant Ponzi scheme," with estimated investor losses of about $50 billion, according to the U.S. Attorney's criminal complaint against him. A Ponzi scheme is a swindle where early investors are paid off with money from later investors."
This asshole is the former head of the NASDAQ. Now he's been arrested for allegedly running for a $50,000,000,000.00 Ponzi scheme. That's Fifty Billion Dollars, ladies and gentlemen.

And now his enormous con has gone belly up.

Let's get him a bailout, and STAT!!!! This massive swindle is too big to fail! If we don't save Mr. Madoff's enormous rip-off, why Wall Street will most assuredly tank . . . then we'll be DOOOOOOOOOOOOOMED!!!!

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