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ponzi scheme: Inspector General Report: Madoff and SEC Were in Bed Together - 01/25/10 03:00 PM
The Securities and Exchange Commission's inspector general on Wednesday released a scathing report finding that the agency failed to follow up on detailed complaints and missed exposing the biggest fraud in the history of the agency, a $50 billion Ponzi scheme perpetrated by Bernard Madoff.
"Despite numerous credible and detailed complaints, the SEC never properly examined or investigated Madoff's trading and never took the necessary, but basic, steps to determine if Madoff was operating a Ponzi scheme," the SEC Inspector General David Kotz said in the report.
Kotz found evidence of a failure to follow up on three examinations … (0 comments)
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ponzi scheme: Philadelphia 2000 to 2009 Had Its Share of Real Estate Slippery Slopes: Ponzi Schemes and Smooth Talking Swindlers - 01/24/10 12:38 PM
That fatal slide occurred in the first half of the decade at American Business Financial Services Inc., a subprime-mortgage lender in Philadelphia that went bust in 2005 with losses of $700 million for thousands of mostly elderly mom-and-pop investors.
“If forced to choose one phrase to describe the U.S. economy in the 21st century's first decade, ‘Ponzi scheme’ would not be bad,” posed professor Frankel.
The bubble in real estate values that defined the period was not a Ponzi scheme in the traditional sense, but it still depended on taking money from one party to pay another.
As long as … (1 comments)
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ponzi scheme: San Rafael Woman Tells Congress What Life is Like After Madoff - 01/21/10 01:24 PM
Two years ago, Jeannene Langford’s life in San Rafael, CA, came to a screeching halt. "I pretty much fell apart," Langford said. "I remember sitting down and crying on the phone to him. But there was not much to say, other than to explain that it was all a fraud."
Her financial manager was calling with news about Langford's account, and it wasn't good. "Our money was with Madoff," he told her. "It's all gone."
Jeannene Langford lost everything in Bernard Madoff's Ponzi scheme. In Septmber of 2009, Ms Langford was asked by the US Congress to tell what her life … (0 comments)
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