3/13/2009

Madoff Pleads Guilty


I admit I have not been following this story [article link] until just recently. It is amazing to me how anyone could defraud people to the tune of almost $65 billion dollars! How in the hell can this happen on Wall St.? I don't follow the Dow or NASDAQ that much. But, when you read about some guy who was able to swindle nearly 65 billion dollars, that gets your attention. He had been doing this for decades! Madoff was once the chairman of the NASDAQ. So, I can see where people probably thought he was a reputable financier. But, it seems impossible someone could swindle that much money without someone asking questions at some point before it got to the billions of dollars. But, in a ponzi scheme such as Madoff had concocted, he was able to hold off early investors with money coming from late investors in the scheme.

People lost their entire life savings, retirement and any money they had made on the stock exchange. Madoff apologized to his "clients" (victims more like it) and contritely said "While I never promised a specific rate of return to any client, I felt compelled to satisfy my clients' expectations, at any cost." Wow, what a guy. So far, authorities have only found about $1 billion of investors money. It's not likely even one-third of that $65 billion will ever be found. It's possible when he is sentenced, he could get the maximum sentence of 150 years. He is 70 years old now. I give him 3, maybe 5 years before he succumbs to prison life. Couldn't happen to a nicer guy.

1 comments:

what else - or who else - lies beneath the veneer is what shocks , destroys

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