Friday, Dec 12, 2008
this is a lot like GBs ponzi scheme
bloomberg: Madoff Confessed $50 Billion Fraud Before FBI Arrest (Update1)
Bernard Madoff confessed to employees this week that his investment advisory business was “a giant Ponzi scheme” that cost clients $50 billion before two FBI agents showed up yesterday morning at his Manhattan apartment.
Posted by mark @ 01:18 PM (361 views) Add Comment
3 Comments
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1. goweresque said...
This is an outstanding example of what will be exposed over the next few years - Warren Buffet's quote about only finding out who's been swimming naked when the tide goes out comes to mind. And there's a lot of companies out there (including banks) looking worried as the tide recedes rapidly.
2. Smithofborneo said...
Nick Leeson's 1 billion pounds was only 14 (?) years ago. And now 50 billion dollars! This is hyperinflation, just not in the price of eggs. What have governments and banks been doing? It is literally incredible. If we were able to take this seriously, we would be putting people to death. And they still want their bonuses! It's like cartoon network - sick!
3. fjcruiser said...
Well RBS and Barclays uncomfortably sit on £1.5Trillion each of CDSs ready to explode. $50bn loss ? peanuts really. Wait for the big bang instead.....