Word: frauded
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...There is a point to these incessant conversations about Bernie on the web, on the front pages of most newspapers, and in our personal ruminations. We want to understand what kind of environment would allow his decades long financial fraud to thrive. We want to understand why sophisticated investors chose to believe that any money manager could have a multi-year string of returns which is a near statistical impossibility. (See pictures of Bernard Madoff's demise...
...astonishing audacity of his actions, the government's incompetence which allowed him to take in billions of dollars and hide the actual returns on the investments, and the web of institutions, relatives, and people who worked in close proximity to him and may have been part of his fraud...
...system did fail and the resulting cascade has been breathtaking. Until Madoff admitted to his family that his entire career as one of the most successful money managers in the world was a fraud, the global economic collapse did not have a face. Men like Chuck Prince and Stan O'Neal were too bland and their sins were based on greed and stupidity not genius and deception...
Like any good affinity fraud, Theodule allegedly tapped into the trust of his people - in this case, Haitian immigrants - and used unregistered investment clubs that fly under the SEC radar to make his scam work. The funds were said to be used for new Haitian-American business ventures in the U.S., Haiti and Sierra Leone. He even used the gambit of a fake investment-club regulatory agency he called Smart Investment Management Services LLC to add a measure of security and to tout independent verification. (See the top 10 scandals...
...extent of the fraud is still unfolding. Investigators currently suspect that Satyam's founder and chairman, B. Ramalinga Raju, skimmed as much as $1 billion from the company. Raju, who has been arrested, admitted that he falsified Satyam's books and that profits were fictitious for several years. The company's true financial condition will not be known until new auditors KPMG and Deloitte are able to review accounts, which is expected to take four to six months. Even the exact number of Satyam employees is said to be inflated. Although Satyam claims to have 53,000 people...