Comments Related To: Madoff's Ponzi Scheme

By: purnimagchari

Reston : VA : USA | 5 months ago

We all have heard of Bernard Madoff and his recent massive fraud scheme. He was the former non executive chairman of NASDAQ stock exchange. His massive fraud scheme was operating a...

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More News From: Reston : VA : USA

Reported by purnimagchari

Member Since Jun 24, 2009

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Posted By Changez | 5 months ago

It's amazing that this guy managed to pull off such a massive scheme. $170 billion is a lot, a lot, of money. It just goes to show what happens in an unregulated financial market where so many of the major players are linked personally and professionally and where the major investors are actually a smaller, more exclusive group, not that large in number. These guys know the financial ropes, the loopholes and most importantly, the regulators. It's hard to run a scheme like this without bribing at least a few people. And then we wonder how Eliot Spitzer, the one NYAG to prosecute major Wall street and white collar crime, was hung up to dry with a prostitution scam. These guys can make billions of speculation, drive up prices, and 90% of the time we don't even know who they are.