Yet another case of greed and financial fraud this time to the staggering cost of $50 Billion

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Yet another case of greed and financial fraud this time to the staggering cost of $50 Billion

How does 50 Billion dollars sound as a fraud. Yet again the American financial industry staggers belief in the level of greed and fraud it commits.

Who needs to be ripped off by East European banking scams, or Nigerian email scammers when the immense level of abuse and criminal actions are so much closer to home.

This is unbelievable and the effects will be felt world wide. Will anyone trust the American financial industry after this?

Read it an weap for the many small people who have lost their life savings.

 http://www.nytimes.com/2008...

Further more, the effects will be world wide.

Christopher Miller, chief executive of London hedge fund ratings agency Allenbridge Hedgeinfo, said:
... Quote:
Some very big investor names are involved in this. The scheme could only work if enough investors were subscribing for him to pay money out. Some of the world's biggest hedge funds have been hit by this. There will be a monumental impact for the hedge fund industry, it could be larger then Enron.

Some investors in Madoff's funds face 100% write-downs on the money they invested, they will suddenly be nursing full write-downs in December. When people realize the magnitude of this it will be fizzing around the stratosphere.

One asset manager based in Switzerland, home to many high-net-worth individuals who invest in funds of hedge funds, said: "Everyone's talking about this in Geneva. Several wealthy investors could be facing big losses."

 http://clusterstock.alleyin...

Shock and panic spread through the country clubs of Palm Beach and Long Island after Bernard Madoff, a trading powerbroker for more than four decades, allegedly confessed to a fraud that will cost his wealthy investors at least $50 billion perhaps the largest swindle in Wall Street history.

 http://business.timesonline...
By netchicken: posted on 13-12-2008








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