Madoff: Can't believe fraud lasted so long

Madoff: Can't believe fraud lasted so long

news.yahoo.com

LOS ANGELES (Reuters) – Bernard Madoff, the financier convicted for Wall Street's biggest investment fraud, was surprised his $65 billion Ponzi scheme was not uncovered sooner, he said in his first interview since entering prison.

Madoff, the disgraced 71-year-old Wall Streeter who drew 150 years' prison time for the fraud, expressed remorse and talked candidly to a pair of lawyers suing him on behalf of investors, according to news reports of their jailhouse meeting on Tuesday.

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Greetings all

I had a bit of a chuckle at our government and some of our branches of it (The Securities and Exchange Commission) and their inability to monitor the actions of the elite top dogs.

Sort-of elicits two questions.

1) How inept are these branches of government

and

2)If not due to ineptness, the scary question of due the wealthy elite really possess the power like Madoff had of staying off the grid for so long?

I am a believer that there are powerful families in the world who control the global economy and this definitely raises some questions about who really runs things if it took so long for our own systems to catch such fraudulent actions.

-Sliadon

news.yahoo.com
(visit the link for the full news article)

Greaseing the wheels with a bit of green stuff goes a long ways. A lot farther than anyone would hope. Im willing to bet tha Madoff made a few other people pretty wealthy for keeping quiet.

MessOnTheFED!

reply to post by Sliadon


it takes more than one person to perpetuate such a fraud

he is just the guy who is taking the fall



[edit on 29-7-2009 by warrenb]

Originally posted by warrenb
reply to post by Sliadon

 

it takes more than one person to perpetuate such a fraud

he is just the guy who is taking the fall

Couldn't have said it better.

Where he stopped, someone picked up.

reply to post by warrenb


Good point...

Y'all remember David Kellermann? He was the CFO of Freddie Mac who "committed suicide" ...

Yeah funny how they [Freddie Mac] got some sympathy card after that rather than the serious probe into their mess that should have gone on.

Like you said, "just the guy who is taking the fall"


-Sliadon