$50 billion -- gone in a flash!

  • Article by: BINYAMIN APPELBAUM, DAVID S. HILZENRATH and AMIT R. PALEY , Washington Post
  • Updated: December 14, 2008 - 8:47 AM

Bernard Madoff handled accounts for some Twin Cities investors who may have lost more than $100 million.

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hous0116Dec. 13, 0811:01 PM

No federal oversight = big-time thieves

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urcautoDec. 13, 0811:18 PM

we screw anyone. Race, color, creed, sex etc no problem. All of your money is welcome so that we can live in the proper lifestyle. Look for many more of these Ponzi schemes to surface now that the Petter's and this one is out. The govt should be checking for massive amounts of $ leaving the country, a run up on passports and lots of one way tickets to country's that don't have extradition with the USA.

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nojusticeDec. 13, 0811:18 PM

These people will beg for money from the bailout fund..just you watch.

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wordupDec. 13, 0811:27 PM

Yikes. Nasty stuff is left in the pool when you drain the water.

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archivenatioDec. 14, 0812:44 AM

Is Wall Street Just One Big Ponzi Scheme ? Madoff told his employees that “It’s all just one big lie”. It's amazing that the former chairman of the Nasdaq Stock Market was arrested and charged with one of the largest fraud schemes in Wall Street history. It was a giant $50 Billion Ponzi scheme! So Where is the Money? But didn't the SEC, wonder why this fund wasn't audited by a known firm? You can prevent frauds and scams just making some background research in his public records. That's why I recommend to verify the people before doing any business. Before any deal, just check at this free information service ArchiveNational.Com and don't lose your money. Hope that this helps someone! ArchiveNational.Com

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jusmeeDec. 14, 08 2:51 AM

I'm poor, and stories like these make me very happy to be poor!

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thistimeDec. 14, 08 5:40 AM

if it doesent seem real guess what its not real

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shiloh50Dec. 14, 08 5:41 AM

Mr. Madoff meet your cellmate Tom Petters!!

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spfle1Dec. 14, 08 6:35 AM

Suckers!

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gkrevquestDec. 14, 08 7:57 AM

But at some point, in order to keep up his image as an amazing money person, he had to rob Peter to pay Paul, so to speak. Of course he expected that things would turn around and he'd have investment profits sufficient to pay Peter back, but it never happened. Once he'd started down that path, it became necessary to hide the truth from everyone which is how we got to where we are today. What was missing was the kind of oversight and federal and state regulations that would have required transparency and set rules that make it impossible for someone to take this path. Without the proper controls in place, this is where some people will ALWAYS go, not because they're evil, but because they fall prey to temptation, get in over their heads and are able to cover their tracks for far too long.

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