Saturday, December 13, 2008



What do you think when thoughts of financial fraud come to mind. Enron, Ponzi, a dozen or so names come to mind.

Well here is a new one: MADOFF.

This will be the greatest yet reported rip off of one guy on the financial systems. Rich people will be hit. Its all private money.

Our system will not insure it so the little people will not have to pay for it.

Quite unlike the 700 Billions in upper class reparations we are currently ponying up.

Beyond belief.

This all began with Regan deregulation and mass denial when we unquestioningly accepted globalization and stopped defending our economic boarders.

Now here we are. The middle class is threatened with ruin by the US Senate turning its back on the US auto industry while enriching its friends with the 700 billion given to wall street types.

Maybe that rich class is receiving their poetic justice from the hands of Madoff.

What did Madoff do?

He committed a $50 billion fraud.

He is a former Nasdaq Chairman Bernard Madoff. Impact of his crime is rippling deep into Boston's wealthy elite, forcing a charitable foundation to close and triggering losses by prominent philanthropists.

The people who should know better , private banks have lost billions.

Swiss private banks are estimated to have lost at least £2.5 billion in Wall Street veteran Bernard Madoff’s alleged $50billion (£33 billion) fraud. He was recently arrested.

Madoff was arrested last week after confessing to employees that the business bearing his name was "a giant Ponzi scheme".

He is currently free on a $10m bond. Why?

These are not mom and pop pensions plans lost.

Many of the world’s richest families are embroiled in the saga. Fred Wilpon, owner of the New York Mets baseball team, and J Ezra Merkin, chairman of the car finance giant GMAC, are among dozens emerging as the victims of Madoff’s scheme.

Some call what is known so far as the "the tip of the iceberg".

Who do we trust to keep our financial system stable. Never buy the argument again that is the private sector and free market. These people cannot protect them selves.

This exasperated post by
Terry Bankert




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