The Biggest Business Scandals Of 2008; From Jerome To Bernie

Looking back on it now, Jerome Kerviel's $8 billion trading loss seems almost quaint.

It's hard to recall the shock that greeted reports of the young Societe General trader's scheme after the year we've been through, marked by the craven come-ons of the subprime mortgage industry, overpaid overly-optimistic CEOs, a bailout that defies the imagination (just imagine almost 8,000 tons of $100 bills) and that long weekend at Bernie's.

Bernie Madoff, that is, whose massive $58 billion Ponzi scheme continues to claim victims and the imaginations of headline writers.

Herewith, let's wallow in the biggest scandals in the world of finance and business. (Sure, there are bound to be plenty of targets missing in the following slideshow. Some would include Treasury Secretary Hank Paulson, others would blame former Fed chairman Alan Greenspan. But there's only so much room.)

• • • • • • • • • • Only three weeks into 2008, Societe Generale trader Jerome Kerviel's $8 billion loss made headlines around the world and seemed to set the tone for the year. Kerviel served less than two months in prison and currently works at an information systems and computer security consulting firm.

Comments

[Pettit]

Why aren't these criminals in a prison?

[KareninSac]

Here's hoping HuffPost keeps tabs on these criminal CEOs and let's us know where they land, so we can boycott those companies. That seems to be the only justice available in the US for the greedy.

[PhilipTaylor]

Today CitiGroup is putting TEMPORARY VOLUNTARY LIMITS or Regulations on Executive Compensation.

I for one am glad they realize that is important to avoid them ruining our Economy!

Voluntary ANYTHING does NOT WORK on WALL STREET.

We need Federal Regulations that Limit Executive and Second Level Management Incomes!

[PhilipTaylor]

While Obama Administration is getting us out of the ditch, why not put
$3 Billion into Justice Department to balance Greed and Fear by prosecuting crimes.

TRUTHS:
1. If Greed > Fear then Greed WINS and AMERICA Loses
2. If Fear > Greed then Greed is STOPPED in its TRACKS and AMERICA wins
3. Fear = Justified Punishment for Crimes

[wrgaff]

I guess the $3Billion or so Tom Peters scandal in MN wasn't large enough to warrant mention?

[Freedomscap]

And Cheshire, I know you are so anxious to get over to twitter to criticize us liberals, huh?

No harm, no foul. LOL

[CheshireCat2]

And here I thought we have been pretty respectful to one another.

No?

[Freedomscap]

Yes, we have. I was just kidding.

[MsAttitude]

From looking at the pics it appears to be a casting call for the roll of the d.e.v.i.l in a movie. These guys all look e.v.i.l except for Raffaelo Follieri.

[dbg2]

The biggest scandal..... 350 billion bailout of Goldman Sachs by Paulson ... yes that is right every penny of that money went to Goldman Sachs people ... and Paulson freaked out the entire world economy to get the money

[ethancorso]

The biggest Ponzi scheme in history is ongoing...and is perpetrated by the Federal Reserve against the American people.

[Freedomscap]

No doubt.

[Midnightrain]

Our entire economy is a ponzi scheme. We are all debt managers, no?

[Freedomscap]

Some posters here suggested that there were only 2 or 3 black politicians in Illnois eligible for the Senate seat.

I don't know Illnois politics, I'm not an Illnois resident, however, that is clearly hogwash on it's face.

This is 2008, not 1888.

Black folks are doing things, other than what you see on TV -- like going to college and becoming professionals, thank you very much.

[Midnightrain]

Hah! I think they were trying to counter the weight of Blago's tactic, which was to use Burris as a human shield in his quest to save face.

[CheshireCat2]

Exactly!

[Freedomscap]

I don't know what posters who were suggesting such, were thinking. But it is clearly hogwash and I don't even live in Illnois.

I've said many times, I have a bone to pick with many non black liberals, not all, but many.

[Freedomscap]

I don't think a protest of the main page is going to have any teeth -- we are already censored from that page -- they don't want us posting on the page, despite the fact that we are regulars.

Therefore, how can we protest, if we aren't allowed to go there anyway.

[Mogamboguru]

HAPPY NEW YEAR, KALIMA!!!

HOOOOORAY!

8-)))

[Kalima]

Danke schoen! Sie auch.

[Mogamboguru]

I will not go to the main thread.

The same as yesterday there.

I rather stay here and speak to myself than getting humiliated as much again as yesterday.

I call on every Huffster to e.x.e.c.u.t.e. civic disobedience and skip H.u.f.f.P.o.'s "I"-main, until we are free to post again.

[BabsfromKansas]

We should just go ahead and discuss the main thread wherever we end up...

[MontanaHome]

Hey -- we've been posting a few comments on the main - and it looks like they're getting through...

Good morning, Babs!

[Pronto]

H u f f P o, being a news site, needs to post the news about what has been going on with I s r a e l and H a m a s. For whatever reason, they don't want any comments going through without ALL comments first. being s c r e e n e d. It's a private site and they are free to do what they want.

[Mogamboguru]

No, there's definitely also a b.l.a.c.k.l.i.s.t..

I can post whatever I want to the main-topic and will not be displayed.

[Kalima]

Many of us shared the same boat, there were enough life jackets but not enough paddles.
Some are very tired.

Happy New Year Germany, Essen, how I miss you all now.:)

[Mogamboguru]

Happy New Year, Kalima!

I will drink to your future health and Well-being tonight, 12 PM CET.

What's that in Tokyo, by the way?

[Cantrip]

"Mogamboguru," you rock!

[abby4ever]

Yes he does. Three cheers for Mogambo.

(And, Mogambo, THEY were the ones humiliated, not you.

[Ultrachrome]

Who are the real terrorists? Osama said all I really want to do is destroy the economically. We did it to ourselves.

[MNmommy]

For Pronto who claims he isn't a Bushie though he's clearly a water carrying acolyte:

http://www.vanityfair.com/politics/features/2009/02/bush-oral-history200902

[Pronto]

Vanity Fair - the bedrock of conservative journalism.

As far as being a Bushie - I opposed the war from the start, I was against Bush's and The Repubs wasteful spending, I'm pro-choice and pro-marriage FOR EVERYONE. You are using Democrat/Carville tactics ( i.e., misinformation) to TRY to make a point which you are never capable of doing.

[Pronto]

" . . . which you are never capable of doing."

Mommy - I take that part back. You do make some good points . . . sometimes :)

[PaganEpisco]

"Democrat" tactics?

[BabsfromKansas]

I enjoyed January's issue when I was visiting my daughter - I was impressed with the quality of the articles.