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cyrus Site Admin
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Joined: 24 Jun 2003 Posts: 4993
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Posted: Fri Dec 12, 2008 10:22 am Post subject: Wall Street: Madoff arrested $50 billion fraud |
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Wall Street: Madoff arrested $50 billion fraud !!!!!
Reuters wrote: |
Bernard Madoff arrested over alleged $50 billion fraud
Please Visit Source URL: http://news.yahoo.com/s/nm/20081212/bs_nm/us_madoff_arrest
NEW YORK (Reuters) Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a $50 billion "Ponzi scheme" in what may rank among the biggest fraud cases ever.
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Madoff told senior employees of his firm on Wednesday that "it's all just one big lie" and that it was "basically, a giant Ponzi scheme," with estimated investor losses of about $50 billion, according to the U.S. Attorney's criminal complaint against him.
A Ponzi scheme is a swindle offering unusually high returns, with early investors paid off with money from later investors.
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http://news.yahoo.com/s/nm/20081212/bs_nm/us_madoff_arrest
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CNBC wrote: |
Stocks Hit by Fraud Case, Bailout Collapse
Please visit URL: http://www.cnbc.com//id/28192747?__source=yahoo%7Cheadline%7Cquote%7Ctext%7C&par=yahoo
Stocks tumbled at the open as the market was weighed down by the Senate's rejection of the $14 billion auto bailout and news of a $50 billion fraud scheme on Wall Street.
The Dow Jones Industrial Average plunged more than 200 points in the first few minutes of trading, adding to the nearly 200 points it lost in the prior session. |
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cyrus Site Admin
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Joined: 24 Jun 2003 Posts: 4993
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Posted: Tue Dec 30, 2008 12:02 pm Post subject: No Growth in China and Other Outrageous Prophecies |
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CNBC wrote: | No Growth in China and Other Outrageous Prophecies
Friday, December 19, 2008
provided by
http://finance.yahoo.com/banking-budgeting/article/106331/No-Growth-in-China-and-Other-Outrageous-Prophecies
This year has been marked by astonishing and market-changing events including a $100 fall in the price of oil, the drop to zero of U.S. interest rates and the collapse of Wall Street giants such as Lehman Brothers.
Next year could bring more, equally unbelievable, happenings such as another 400 points being wiped off the S&P 500 and a slump in Chinese growth to zero, according to a report from Saxo Bank titled "10 Outrageous Claims 2009."
1. Iranian Revolution
If oil prices continue to decline, which Saxo Bank believes they will, the Iranian society will be badly affected due to the country's reliance on its number one commodity. The government may not be able to provide the basic necessities its citizens need, which would lead to widespread social unrest, according to Saxo Bank.
2. Crude Oil to $25
The ongoing economic crisis will further dent oil demand throughout next year, sending the price ever closer to $25 a barrel, Saxo Bank said. OPEC production cuts will be hampered by disagreement and fail to stem the slide, it added.
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cyrus Site Admin
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Joined: 24 Jun 2003 Posts: 4993
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Posted: Thu Mar 12, 2009 2:12 pm Post subject: Charles Ponzi |
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Madoff Youtube Video Playlists
Saturday Live Video Clip Bernie Madoff
Inside Story - The Madoff Scandal - Dec 17 - Part 1
Associated Press writers Jennifer Peltz and David B. Caruso contributed to this report wrote: |
http://news.yahoo.com/s/ap/20090312/ap_on_bi_ge/madoff_scandal
The plea came three months after the FBI claimed Madoff admitted to his sons that his once-revered investment fund was all a big lie a Ponzi scheme that was in the billions of dollars. Since his arrest in December, the scandal has turned the former Nasdaq chairman into a pariah who has worn a bulletproof vest to court.
The scheme evaporated life fortunes, wiped out charities and apparently pushed at least two investors to commit suicide. Victims big and small were swindled by Madoff, from elderly Florida retirees to actors Kevin Bacon and Kyra Sedgwick and Nobel Peace Prize winner Elie Wiesel.
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Court papers say Madoff generated or had employees generate "tens of thousands of account statements and other documents through the U.S. Postal Service, operating a massive Ponzi scheme," prosecutors said.
The money was never invested, but was used by Madoff, his business and others, prosecutors said.
Authorities said he confessed to his family that he had carried out a $50 billion fraud. In court documents filed Tuesday, prosecutors raised the size of the fraud to $64.8 billion.
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Charles Ponzi wrote: |
http://en.wikipedia.org/wiki/Charles_Ponzi
Charles Ponzi (March 3, 1882 January 18, 1949) was one of the greatest swindlers in American history. His aliases include Charles Ponei, Charles P. Bianchi, Carl and Carlo. The term "Ponzi scheme" is a widely known description of any scam that pays early investors returns from the investments of later investors. He promised clients a 50% profit within 45 days, or 100% profit within 90 days, by buying discounted postal reply coupons in other countries and redeeming them at face value in the United States as a form of arbitrage.[1][2] Ponzi was probably inspired by the scheme of William F. Miller, a Brooklyn bookkeeper who in 1899 used the same pyramid scheme to take in $1 million.[3] |
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cyrus Site Admin
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Joined: 24 Jun 2003 Posts: 4993
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Posted: Fri Mar 13, 2009 12:08 pm Post subject: Madoff didn't commit these crimes alone. |
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Quote: |
http://news.yahoo.com/s/ap/20090313/ap_on_re_us/madoff_scandal_117
Madoff's wife, Ruth; brother, Peter; and sons, Mark and Andrew; have not been accused of any wrongdoing. But unhappy investors who lost their fortunes with Madoff believe others were involved.
George Nierenberg, who was one of three investors who spoke at the hearing, told the judge he believed that Madoff "didn't commit these crimes alone."
"Just to produce the reams of documents that were received and the elaborate data that went into them must have required an army of people to produce," he said. "And we all know that Madoff wasn't around a lot at his operation."
Still, investors welcomed the swift turn in fortune for the 70-year-old money manager, who in one fell swoop went from living in a $7 million penthouse in midtown Manhattan to a tiny jail cell with cinderblock walls and linoleum floors.
Angry investors packed the federal courtroom to watch Madoff plead guilty to cheating nearly 5,000 investors out of billions of dollars and apologize to his victims. |
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cyrus Site Admin
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Joined: 24 Jun 2003 Posts: 4993
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Posted: Sat Mar 14, 2009 10:24 am Post subject: Madoff reveals $823 million life of luxury |
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Watch Video: Madoff 50 Billion Dollars Fraud
Watch Video: Peter Cohan on the Bernie Madoff scam
AFP wrote: | Madoff reveals $823 million life of luxury
Visit Source URL:
http://news.yahoo.com/s/afp/20090314/bs_afp/usfinancefraudjusticemadoffappealwealth_20090314084341
NEW YORK (AFP) Court documents show that Bernard Madoff and his wife Ruth lived a life of high luxury, with exclusive homes, yachts and other assets worth 823 million dollars.
The revelations came in documents filed with the US Court of Appeals due March 19 to hear Madoff's appeal to be granted bail. He was jailed on Thursday after pleading guilty to a multi-billion-dollar investment fraud.
The documents, filed by Madoff's lawyer Friday, show the Wall Street con man and his wife had 22 million dollars worth of real estate at the end of 2008.
This includes the seven million dollar Manhattan apartment where Madoff lived from his arrest in December to Thurday's court hearing, when he pleaded guilty to 11 counts including fraud, perjury, money laundering and theft.
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Visit Source URL:
http://news.yahoo.com/s/afp/20090314/bs_afp/usfinancefraudjusticemadoffappealwealth_20090314084341
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Wikipedia, encyclopedia wrote: |
Bernard Madoff
From Wikipedia, the free encyclopedia
http://en.wikipedia.org/wiki/Madoff
Bernard Lawrence "Bernie" Madoff (IPA: /ˈmeɪdɒf/) (born April 29, 1938, in New York City) is an American businessman and former chairman of the NASDAQ stock exchange, who has admitted[2] to operating the largest investor fraud ever committed by a single person. On March 12, 2009, Madoff pled guilty to an 11-count criminal complaint admitting to running a Ponzi scheme and defrauding many thousands of investors. Federal prosecutors estimated client losses which included fabricated gains of almost $65 billion.[3][4] |
Wall Street wrote: |
March 6, 2009 Madoff's Victims
Source URL: http://s.wsj.net/public/resources/documents/st_madoff_victims_20081215.html
The number of victims from Bernard Madoff's alleged Ponzi scheme continues to grow. A list with thousands of names of clients who invested money with Mr. Madoff was released as part of a bankruptcy-court filing. Below, see some of the most exposed investors and sort by the amount of potential losses. (See full Madoff client list. | Complete Madoff coverage) --Updated 03/06/09 |
Last edited by cyrus on Sun Mar 15, 2009 10:15 pm; edited 1 time in total |
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cyrus Site Admin
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Joined: 24 Jun 2003 Posts: 4993
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Posted: Sun Mar 15, 2009 9:32 am Post subject: .I.G. Planning Huge Bonuses After $170 Billion Bailout |
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A.I.G. Planning Huge Bonuses After $170 Billion Quote: | Bailout
http://www.nytimes.com/2009/03/15/business/15AIG.html?hp
By EDMUND L. ANDREWS and PETER BAKER
Published: March 14, 2009
WASHINGTON The American International Group, which has received more than $170 billion in taxpayer bailout money from the Treasury and Federal Reserve, plans to pay about $165 million in bonuses by Sunday to executives in the same business unit that brought the company to the brink of collapse last year. |
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cyrus Site Admin
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Joined: 24 Jun 2003 Posts: 4993
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Posted: Tue Mar 17, 2009 10:44 am Post subject: AIG |
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Quote: |
Bonus furor may prompt limits on AIG bailout money
Source URL:
http://news.yahoo.com/s/ap/20090317/ap_on_go_pr_wh/obama_economy
"When a company pays funds that the company effectively doesn't have, it's akin to a looting of a company," Cuomo said. "You could argue if the taxpayers didn't bail out AIG, those contracts wouldn't be worth the paper it's printed on."
News that AIG still needs billions in taxpayer dollars to prevent a collapse did little to build public confidence, Obama aides acknowledged. Seeking to turn the public tide, White House spokesman Robert Gibbs aggressively criticized AIG and said administration officials were working to put strict limits on the next $30 billion installment bound for the company. |
moveon.org wrote: |
Stop the AIG Bonuses
http://pol.moveon.org/aigbonus/?r_by=15742-10332842-HA2yuFx&rc=comment_forward
Full petition text:
"Under no circumstances should the AIG executives who helped create the financial crisis receive bonuses. That's our money and you should do whatever it takes to get it back."
The people in AIG's financial products division are perhaps more responsible for the severity of our economic meltdown than anyone else.
And yet, they're getting $450 million in bonuses.
That's just plain unacceptable. On Wednesday, we have a chance to let AIG's leaders know what we think of their bonuses.
When AIG's executives appear before the House subcommittee, we'll make sure they hear your voices. We'll deliver all the signatures and comments we receive before 5 p.m. ET on Tuesday in time for Wednesday's hearing. |
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cyrus Site Admin
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Joined: 24 Jun 2003 Posts: 4993
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Posted: Tue Mar 17, 2009 4:17 pm Post subject: 73 AIG Executives Got $1 Million Bonuses or More |
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1- Watch AIG American People Outrage Channel By Blinkx
2- Watch Madoff American People Outrage Channel By Blinkx
Washington Post wrote: |
Cuomo: 73 AIG Executives Got $1 Million Bonuses or More
By Tomoeh Murakami Tse
Washington Post Staff Writer
Tuesday, March 17, 2009; 3:11 PM
Source: http://www.washingtonpost.com/wp-dyn/content/article/2009/03/17/AR2009031702046.html
NEW YORK - Seventy-three employees of troubled American International Group received more than $1 million in bonuses under contracts that guranteed them 100 percent of their 2007 pay in 2008 regardless of performance, New York State Attorney General Andrew Cuomo said.
The relevation comes a day after Cuomo subpeonaed AIG for information regarding $165 million paid to executives and other workers in the company's troubled financial products division, chiefly responsible for bringing the insurance giant to the brink of collapse last year. The firm has required $170 billion in government injections.
"These payments were all made to individuals in the subsidiary whose performance led to crushing losses and the near failure of AIG," Cuomo said in a letter today to Rep. Baney Frank (D-Mass.), the chairman of the House Financial Services Committee. "Thus, last week, AIG made more than 73 millionaires in the unit which lost so much money that it brought the firm to its knees, forcing a taxpayer bailout. Something is deeply wrong with this outcome."
AIG spokespeople could not be reached for immediate comment.
Cuomo had requested the names of the receipents, but expressed indignation that AIG had not disclosed them. The company, he said, had claimed the bonuses were "vital" to retaining key employees who could oversee an orderly unwinding of the unit.
"If AIG were confident in its claim that those who received these large bonuses were so vital to the orderly unwinding of the unit, one would expect them to freely provide the names and positions of those who got these bonuses," he said.
He also noted that of the 73 people who got bonuses of $1 million or more, 11 no longer work at the company.
The top bonus receipient got more than $6.4 million, Cuomo said. The top seven earners received payouts of more than $4 million each, while 22 people received bonuses of $2 million or more, Cuomo said.
The bonus contracts, written in March of last year, included a provision that required most bonuses to amount to 100 percent of their 2007 bonuses, Cuomo said. |
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cyrus Site Admin
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Joined: 24 Jun 2003 Posts: 4993
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cyrus Site Admin
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Posted: Wed Mar 25, 2009 3:49 pm Post subject: Stimulus, bailout will lead to more fraud: FBI |
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Quote: | Stimulus, bailout will lead to more fraud: FBI
http://news.yahoo.com/s/nm/us_financial_fraud_fbi
By Andy Sullivan Andy Sullivan 1 hr 36 mins ago
WASHINGTON (Reuters) The FBI is bracing for a wave of fraud and corruption cases stemming from the government's multitrillion-dollar effort to get the economy moving again, the agency's chief told Congress on Wednesday. |
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cyrus Site Admin
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Posted: Tue Aug 25, 2009 12:10 pm Post subject: Why the Rich Get Richer By Robert Kiyosaki |
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Robert Kiyosak wrote: | Why the Rich Get Richer By Robert Kiyosaki
Posted on Monday, August 24, 2009, 12:00AM
"Is the crisis over?" is a question I am often asked. "Is the economy coming back?"
My reply is, "I don't think so. I would prepare for the worst."
Like most people, I wish for a better future for all of us. Life is better when people are working, happy, and spending money.
The stock market has been going up since March 9, 2009. Talk of "green shoots" fill the air. Yet, in spite of the more positive news, I continue to recommend that people prepare for the worst. The following are some of my reasons:
1. I believe the stock market is being manipulated. I suspect the government, banks, and Wall Street are doing everything they can to keep the market from crashing. Our leaders know that nothing makes the world feel better than a raging bull market.
Do I have any proof that the market is being manipulated? No. I just smell a rat, or a pack of rats. I believe greed, self-interest, arrogance, and fear control the financial markets. I suspect those in charge will do anything to keep us all from panicking... and I don't blame them. A global panic would be ugly and dangerous.
2. In my view, this global crisis has been caused by the Federal Reserve Bank, the U.S. Treasury, Wall Street, and the central banks of the world. They caused the problem, profited excessively in doing so, and now profit by being asked to fix the problem.
....
http://finance.yahoo.com/expert/article/richricher/184720
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