Commentary - 12/12/2008

Lie, Steal and Murder: Madoff Is Today's Example

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.

That quote comes from this article Bernard Madoff arrested over alleged $50 billion fraud posted by Reuters.
That's the "lie" and "steal" part of the story.
It's an old story, as this past article on Jeffrey Epstein posted by Portfolio shows.
"This is going to kill so many people," said a current investor in Mr. Madoff's fund. "It's absolutely awful."
This is the "murder" part of the story. Not my words.
That quote came from today's Wall Street Journal online, "Investors Who Entrusted Funds to Firm Are Shaken by Arrest. (subscription required)
"I expect to get back zero," . . . an investor in Tampa Bay, Florida, said on Friday. "When he tells the Feds, he has $200 million to $300 million left out of billions, what can you expect."
This quote is from Madoff fraud scandal chills Florida wealthy, an article by Reuters.

This is why I use these terms: lie, steal and murder.
Madoff was simply another agent, a front, or whatever name you wish to use.
Small fish in the overall picture. And he lasted 50 years.

Sometimes The Dragon Wins, but it's everyone else that suffers.

2008 by Edward Ulysses Cate
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