Scam Artist

Another reason to not trust the American system called Bernie Maddoff. Scam artist takes 50 billon from investors.
http://www.nytimes.com/2008/12/15/business/15madoff.html?ex=1244955600&en=cee1df250963fc8c&ei=5087&WT.srch=1&WT.mc_ev=click&WT.mc_id=BI-S-E-GG-NA-S-bernie_madoff
Makes you wonder why would any one risk there money in the corrupt American system

The regulators are a joke.

Apparently, they don't have a clue to how big this is...but it makes Enron look like nickel and dime stuff I've been told.

Plus, it'll take years to unravel...friggn' years.

yeah... nail in the coffin of the World economy me thinks..

And we pay for it in our insurance as Iam sure they will take some of the bath on it .

heh when I was working at Investors Group one of the Managers was bragging up how his wife was in on the ground floor of this kick ass investment deal ( cant remember the name ) and the first year had returned her friend an amazing 25% and it was GUARENTEED. My coworker and I who were only lowly college educated people ( him and his wife had university degrees ) took three seconds of analyzation to inform him it was illegal and that no one could GUARENTEE returns like that and that it sure sounded like a pyramid scheme. He said.. absolutely NOT it says right in the literature that it is NOT a pyramid scheme..heh....dumbass... I think it was less then 2 years later that it all fell apart and people started going to jail for it.
So.. to get back to Bernie Maddoff..why could anyone let his scheme get so huge? MEGA returns eh? virtually gaurenteed eh? quick whats one of the basic rules of life?
If it seems to good to be true... it probably is.
yup... sure wish people could remember that one, instead of letting their greed take down the rest of society.

Eight years ago, some guy complained to the authorities that this was a scam....eight years ago. He's been complaining ever since.
They did nothing.

Greed makes the U.S.A. system with absolutely no controls so interesting!
And when it all falls apart they make the immediate correction by blaming the workers, insisting the workers cut their wages, and continue to take their multi million dollar salaries and bigger bonuses!

Here the blame lies clearly with the SEC.

The 17th Floor, Where Wealth Went to Vanish

The 17th Floor, Where Wealth Went to Vanish
By DIANA B. HENRIQUES and ALEX BERENSON
Published: December 14, 2008

The epicenter of what may be the largest Ponzi scheme in history was the 17th floor of the Lipstick Building, an oval red-granite building rising 34 floors above Third Avenue in Midtown Manhattan.

A busy stock-trading operation occupied the 19th floor, and the computers and paperwork of Bernard L. Madoff Investment Securities filled the 18th floor.

A busy stock-trading operation occupied the 19th floor, and the computers and paperwork of Bernard L. Madoff Investment Securities filled the 18th floor.

50 billion. MAN!!!! that's one hell of a scam.

Hey LD...there's already a thread about this.

LOL.. I thought it was the same thread.

You just got scammed.

That and the lack of rules in the US system. And to think some one said that they could regulate them selves, the proof they can't keeps on coming.

There's plenty of rules, but they are not enforced. The SEC is charged with the responsibility of looking for fraud. Clearly they are blind.

Yes but If you or who ever wants do it there is a way , never get them all, but when you are told gotta wonder.

There are NO checks and balances, it is all free market!
In Canada there are lots of checks and balances, and rules regarding keeping a certain amount of cash on hand in relation to the total money invested, in order to keep the companies safe, rather than sorry!

That is why Canada , in Manitoba and Saskatchewan are not participating in the market collapse ? in Ontario!
Our car sales are up, our retail sales are up, there are lots of jobs, and IKEA is coming in 4 years!!

Everything is great!!!

"This is not a pyramid scheme.... we based our program on the TRAPEZOID!"

My favorites are the tetrahedron scams.

I don't see a need for any type of geometric regulation.