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Tuesday, December 16, 2008

CNN - Madoff Fraud

3 comments:

Glynn Kalara said...

This guy is the poster child for everything that is wrong with the system today. Imagine if you will for a moment. If this guy managed too get away with this scam for decades how many other Bernie Madoff's are doing the same or similar right now and masquerading as a legitimate business man? With no real oversight we only find out after the case when these scams collapse.

Jim Sande said...

That is a scary idea, and a plausible one as well. It makes all of us wonder if we actually have anything.

Glynn Kalara said...

Yes, it's very plausible given how we've witnessed the collapse of much of the so called legit finance sector. The spirit crushing drive too make a profit every qtr. is what IMHO drives these scams. It tends too attract people like Madoff, who obviously has no conscience. The people that invested with him unfortunately just learned the meaning of the Latin term "Caveat emptor", didn't they. I can't say I feel sorry for all of them. The sad part are all the innocent victims of the charities that are going to be ruined by this.