More greed on Wall Street has been exposed. This time there will be far-reaching negative consequences for the wealthy investors who were swept up in Bernard Madoff’s continuous $50 billion dollar con. This avaricious man has confessed to his two sons that he was running “a giant Ponzi scheme”. The losses for investors are staggering & has many rich folks in a state of panic because some of them invested a huge chunk of money with him. CNBC is talking about some of the hedge funds that are affected. And what about the SEC? There has been suspicions about Madoff Securites for almost a decade! Why didn’t they protect the investors as they should have?!! Here’s more from ClusterStock :
“The Wall Street Journal describes the world wide impact of Madoff’s alleged fraud:
Christopher Miller, chief executive of London hedge fund ratings agency Allenbridge Hedgeinfo, said: “Some very big investor names are involved in this. The scheme could only work if enough investors were subscribing for him to pay money out. Some of the world’s biggest hedge funds have been hit by this. There will be a monumental impact for the hedge fund industry, it could be larger then Enron.
“Some investors in Madoff’s funds face 100% write-downs on the money they invested, they will suddenly be nursing full write-downs in December. When people realize the magnitude of this it will be fizzing around the stratosphere.”
One asset manager based in Switzerland, home to many high-net-worth individuals who invest in funds of hedge funds, said: “Everyone’s talking about this in Geneva. Several wealthy investors could be facing big losses.”(End of Excerpt) To read more about this story go to:(http://clusterstock.alleyinsider.com/2008/12/bernie-madoff-hosed-client-list
And Madoff’s lawyer, Dan Horowitz, claims that Madoff is “a person of integrity.” Sir, I beg to differ! He is a duplicitous individual who admitted to committing one of the largest frauds in history! How does he represent integrity?