hedge fraud
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- ukit
http://finance.yahoo.com/news/Ma…
Investors scrambled to assess potential losses from an alleged $50 billion fraud by Bernard Madoff, a day after the arrest of the prominent Wall Street trader.
Prosecutors and regulators accused the 70-year-old, who was chairman of the Nasdaq Stock Market in the early 1990s, of masterminding a fraud of epic proportions through his investment advisory business, which managed at least one hedge fund.
Federal agents arrested Madoff at his apartment on Thursday after prosecutors said he told senior employees that his money management operations were "all just one big lie" and "basically, a giant Ponzi scheme."
- ukit0
http://online.wsj.com/article/SB…
Turned in by his own kids too...damn that's cold
- janne760
interesting. good for a movie!
- ********0
Typical scumbag hedge fund investors, they are all alike!
- Horp0
'Hedge' is pretty much a byword for flawed deception.
- ********0
He didn't run a hedge fund himself. His IA firm invested in a fund of funds, among other entities.
- ********0
Now even more laymen will begin to view Wall Street in a negative light, although it's responsible for some of the largest wealth creation in the US.
- Die.TheBlueOne
- wealth creation? lol yeah for the brokers and the brokerage firms.dconstrukt
- Horp0
I would suggest it may be more accurate to describe some Wall Street activites as being responsible for creating the impression of wealth in the US. Granted a few magicians managed to fill their own pockets, but that's not national wealth, that's personal gain.
- ********0
America in a nutshell -- completely worn out by parasites, worm-eaten, rotten mushroom, which is falling apart
- ********0
Greed is Good!
- ********0
- ********0
One rotten tomato ruins it for everyone else who makes an honest living on the street.
- sikma0
kind of like how one rotten tomato can ruin a design board