NASDAQ head B. Madoff $70 billion fraud!

Subject: NASDAQ head B.Madoff 70 bllion fraud!
From: Art Thieme
Date: 12 Dec 08 - 02:23 PM

I just read this on the Yahoo news site. SEVENTY BILLION MORE DOLLARS. Bernard Madoff, the founder of, and a former head of, the NASDAQ stock exchange admits to the FBI and his cohorts that his 50 years of trading is a total sham and fraud. Friends, this scam has been continuously perpetrated for over half a century---and never was detected on any level.

Nobody had a clue!??? Please, give me a break. Seventy billion $$$$$$$$$$$$$$$$$ makes one hell of a LUMP when it is swept under the bleeping carpet.

How long do we have to put up with this?! The guillotine is too good for these morons, and the French Revolution looks understandable to me now!!!!!!.

Art

Subject: RE: NASDAQ head B.Madoff 70 bllion fraud!
From: michaelr
Date: 12 Dec 08 - 03:16 PM

Link to the story?

Subject: RE: NASDAQ head B.Madoff 70 bllion fraud!
From: Rapparee
Date: 12 Dec 08 - 03:49 PM

Below the line?

And there's already a thread on this....

Subject: RE: NASDAQ head B.Madoff 70 bllion fraud!
From: VirginiaTam
Date: 12 Dec 08 - 04:14 PM

Leave Art alone... Easy to be so outraged that he forgot to select the BS prefix. One of the moderators will fix it eventually.

link to the other thread

Subject: RE: NASDAQ head B.Madoff 70 bllion fraud!
From: NOMADMan
Date: 12 Dec 08 - 04:30 PM

Looks like a classic "Ponzi" scheme, in which earlier investors are paid an outsized "return" on their investment using only the money contributed by later investors. The perpetrator does not actually invest the money entrusted to him, so there is no real income. Later investors are drawn into the scheme by testimonials from the earlier investors.

Eventually, these schemes have to collapse, since there isn't an infinite number of potential investors. When the money flow stops, folks start asking for their money back and the whole thing unwinds.

What's amazing is that people keep getting taken in by these schemes. The first such scam was perpetrated by Charles Ponzi (1882-1949)just about 90 years ago. Madoff's activities are remarkable in their sheer scale and the length of time it took for the thing to blow up.

BTW, there is no suggestion that the NASDAQ stock market was involved in this in any way. It was purely a project of Bernard Madoff.

Yahoo Madoff Story

Wiki article on Ponzi Schemes

Yes, I think this thread does belong below the line.

Regards,
John