Dem Donor Bernard Madoff Busted in Massive Ponzi Scheme
If BHO is still looking for staff, I know just the guy to oversee Social Security — provided he can do it from a prison cell:
Bernard L. Madoff, a former chairman of the Nasdaq Stock Market and a force in Wall Street trading for nearly 50 years, was arrested by federal agents Thursday, a day after his sons turned him in for running what they said their father called “a giant Ponzi scheme.”
The Securities and Exchange Commission, in a civil complaint, said it was an ongoing $50 billion swindle, and asked a judge to seize the firm and its assets. “Our complaint alleges a stunning fraud that appears to be of epic proportions,” said Andrew M. Calamari, associate director of enforcement in the SEC’s New York office.
In a separate criminal complaint, Federal Bureau of Investigation agent Theodore Cacioppi said Mr. Madoff’s investment advisory business had “deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in losses of approximately billions of dollars.”
Don’t be too quick to brand Madoff a villain; he’s actually a generous guy:
Maybe Madoff thought if he made enough contributions to Democrats, he could get away with his scheme indefinitely. It worked for Freddie Mac and Fannie Mae — for awhile. The more our economy comes to be based on bailouts, the more standard this will be as the way to do business.