Dec 16 2008
Investors Get Shafted by Bernie Madoff
Once again top dogs at Wall Street take advantage of investors to create personal gains. News broke out today that former NASDAQ chairman Bernie Madoff set up a huge Ponzi scheme with loses which could hit up to $50 billion dollars according to The Economist. For years Madoff has been paying the investment returns to investors not with real gains but with new investor money creating a huge pyramid scheme. If it were not for Bernie’s ego the sham would still be continuing. But clients and analysts got suspicious when Bernie’s fund was still creating positive returns in this troubled market. The government should make an example of this piece of shit a give him the maximum time for mail fraud and theft.
