Word: accountants
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Dates: during 2000-2009
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Madoff never used his asset-management money to trade securities, court documents show. Instead, he largely kept it in his Chase account for years. Though Chase bankers never raised a red flag, another arm of Chase did have suspicions about Madoff, and that raises questions. (See pictures of the demise of Bernard Madoff...
...Chase account, Madoff said in court in mid-March, was used to shuttle money back and forth between his U.S. and London operations, to make it appear he was executing trades in European markets, as he told federal regulators. Madoff made no trades at all with his Chase account, but rather just collected investor monies, wrote checks to investors, and took money for himself. In court, Madoff pleaded guilty to 11 counts of fraud, from wire transfer to money-laundering...
...puzzler for money chasers in Madoff's $65 billion Ponzi is why the multibillion-dollar bank account he kept at Chase never came under suspicion by internal bank compliance systems or managers in charge of Madoff's account. (Watch TIME's video about Madoff's trial...
...market was too low at the beginning of the month because it had all of the bad news of the next two years priced into it. That is, at least, what the current buyers are saying. All of the high unemployment and poor corporate numbers had been taken into account at the bottom. Under almost any set of circumstances, history would support this analysis. A recession lasts four quarters and then turns into a recovery. (See pictures of TIME's Wall Street covers...
...this new era, everybody must begin to account for his or her behavior. Wall Street executives cannot get fat on paper profits from powder-keg transactions. Government regulators cannot take long lunches to toast the invisible hand. Investors cannot expect new bubbles to bailout their busts. Congress cannot send home boondoggle pork projects while whining about government spending. And the President of the United States shall no longer have the liberty to dodge the big issues. He will have to lead by example and make the hard choices. (See who's who in Obama's White House...