Cheat Sheet
The Best In Brief
Top Wall Streeter Arrested
Bernard L. Madoff, a legendary trader who’s towered over Wall Street for nearly 50 years, was arrested by federal agents Thursday and charged with running a $50 billion Ponzi scheme—perhaps the biggest fraud in Wall Street’s history. The former chairman of the Nasdaq Stock Market reportedly told colleagues on Wednesday that his investment advisory business was "all just one big lie” that was “basically, a giant Ponzi scheme.” According to one official for the SEC, the case involved “a stunning fraud that appears to be of epic proportions.” Of more than $17 billion in assets under management by Madoff’s firm at the beginning of 2008, all is missing, according to the SEC. Madoff's investment advisory business had "deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in losses of approximately billions of dollars,” according to the FBI.
Partner Sites: Expedia| Hotels| Hotwire| Urbanspoon| Vimeo
So we bailed this motherfucker out???
What a little chit! You have to stop and wonder how many of the Wall Streeters are exactly like this. I'm hoping this recession/depression is the forest fire that clears out some of the old, decay from our economy. Good Ridance Mr. Madoff.
" Is Everyone a Crook - The arrest of Wall Street giant Bernard L. Madoff by federal agents Thursday for charges of running a $50 billion Ponzi scheme begs the question, who can you trust?"
... no, it does not beg-the-question ... a special phrase reserved for the certain logical fallacy in which a speaker claims to have proved something by way of some unproved assertion ... like, "frogs are vegetables because they're green" ... -that- begs the question that all green things are vegetables. if a statement makes you think "sez who?", then you're talking petitio principii ... google it
This comment has been removed by The Daily Beast's editors.
Thank you.
As a first time user, your comment has been submitted for review. It can take anywhere from a few hours to a day or two for your comment to be reviewed, depending on the time of week and the volume of comments we receive.
Please log in to leave comments.