Friday, January 2, 2009

THE PONZ (i) Has Been Replaced by The Madoff

As most investors and non- investors have already heard Bernard Madoff a Wall Street big shot has committed the biggest Ponzi scheme in history or so we know so far. Its estimated that at least $50 billion dollars has gone up in a puff of smoke. His clients ranged from charities to investment companies to many high profile people such as Stephen Spielberg, Kevin Bacon  and his wife Kyra Sedgwick.  

It seems that old Bernie has been robbing Peter to Pay Paul for years. For those that are unfamiliar with a Ponzi Scheme, its an an illegal pyramid scheme in which you are paying out returns to earlier investors with new investors money, instead of paying out in  profits. At first it might look quite legit, although its very much like playing a game of  hot potato, but in this case their are billions of potato's. Here is a client list of some of Bernie's victims which seems to be a growing one.

No comments:

Post a Comment