Michael
Dec 13th 2008, 10:41 AM
NEW YORK (Reuters) - 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.
...
"It appears that at least $15 billion of wealth, much of which was concentrated in southern Florida and New York City, has gone to 'money heaven,'" he said.
...
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."
Source (http://www.reuters.com/article/topNews/idUSN1244467220081213?feedType=RSS&feedName=topNews&sp=true)
Wow! I suppose we shouldn't be surprised here. Wall Street traders like to pretend that they are market wizards and hard-working experts who relentlessly search for the best investment strategies. In reality, they are as ignorant and trusting as the average guy on the street - getting taken by a ponzi scheme!
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.
...
"It appears that at least $15 billion of wealth, much of which was concentrated in southern Florida and New York City, has gone to 'money heaven,'" he said.
...
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."
Source (http://www.reuters.com/article/topNews/idUSN1244467220081213?feedType=RSS&feedName=topNews&sp=true)
Wow! I suppose we shouldn't be surprised here. Wall Street traders like to pretend that they are market wizards and hard-working experts who relentlessly search for the best investment strategies. In reality, they are as ignorant and trusting as the average guy on the street - getting taken by a ponzi scheme!