Bernie Madoff's Scam "Larger Than Enron"

The world is still stunned by the brazen scam run by Bernie Madoff. Although there's some gallows humor about the debacle--mostly along the lines of "Bernie Made Off with my money"--there's also a lot of fear about how damaging this scandal could be.

The Wall Street Journal describes the world wide impact of Madoff's alleged fraud:

Read the whole story here.

Comments

[GAint]

Now they have the opportunity to see how people who are educationally and economically disadvantaged are facing. I do not feel sorry for the investors at all.

As many stated regarding the people who were duped by the sub-prime mortgage crisis...y­ou should have read the fine print.

Maybe Main Street will get a 'real' bailout now.

[AnotherMcIntosh]

If we no longer have a manufacturing base in the U.S., what else do we have? Can we have anything more than a series of bubbles and Ponzi schemes?

[brodon]

They got what they deserved.

Oy vey.

[Iraq war of choice]

DOW up 82.... Go figure.


DOW when Clinton gave the country to Bush... 11,400.

Cost of Iraq occupation after six years... $12 BILLION a month. Generals say not leaving, the narcotic of power, no desk job for them.

[gladys46]

Wonder how Chelsey Cl into n is doing at her 200k a yr hedgefund job ... ok it's none of our business !??

[AnotherMcIntosh]

Based upon the number of investment companies and investment managers on Wall Street, what are the odds that Madoff is the only one that did something like this?

[Egalitare]

About 700 billion to 1

[IthacaParent]

Also, if a $50 billion fraud can go undetected for apparently eight years, what is the largest yet undetected fraud? If trust is the key to any financial market, at what point would evidence of underenforced regulation lead to a trust tipping point? Who performed the auditor's peer review? How did the SEC receive numerous 'Ponzi' complaints, investigate this firm, and yet somehow find them compliant?

[GeoLee]

I just dare Bush to pardon him...it will be the last we will hear about Mark Rich if he does. Eric Holder would have smooth sailing.

[GeoLee]

Oh my biggest fantasy is that both Bush and Cheney are invested in this.

[Julie02]

Won't matter. They have money spread out everywhere.

[fcsakes]

That's odd, shouldn't there be a small, round hole between his eyes? Smoking?

[AlaninElkGrove]

I smell a bailout in the works...

[MyTake]

I see a new movie on the way: STING 2!

I am starting to become suspicious of the events occurring in the U.S., they appear to be scripted. A stock market collapse maybe on Obama's plate in the next 6 months.

[olephart]

I am really touched by this. Think of all the poor rich people who got burned on these deals. Maybe it was some of those who used UBS (the bank Phil Gramm lobbies for) to hide billions of their incomes overseas from the IRS. Maybe it was some of those bright Wall Street boys who made millions selling bogus mortgage backed securities. It’s really too bad because if they had profits Hedge Fund earnings get a special tax rate that ordinary working people don’t get. They only pay 15% on their millions even if they’re in the 35% bracket and it’s from short term gains. And remember, no Social Security taxes on unearned income. There is one silver lining to all of these poor rich people’s losses, they’re deductible.

[WorkingClass]

Agreed. Looks like Bernie was stealing from his fellow greedy rich people. Bush should give him the meddle of freedom.

[SupremeIdiot]

pilinoidal

[SupremeIdiot]

nun

[SupremeIdiot]

phillipino