Word: madoff
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Hoping to show she's got the right stuff, Mary L. Schapiro, 15 days on the job as chairwoman of the besieged Securities and Exchange Commission (SEC), took her first steps this week in shaking up the agency. She simultaneously secured an agreement with Bernard Madoff, worked on gaining tips about two more Ponzi schemes and waved goodbye to her chief enforcement officer, Linda Thomsen, who resigned...
Last weekend, reports began circulating of Thomsen's departure, just a few days after House Financial Services Committee members ripped her for failing to spot Madoff's alleged $50 billion Ponzi scheme and ignoring nine years of whistle-blower tips about the scam. (See pictures of the demise of Bernard Madoff...
...while Thomsen's press-release drafts were still being proofed, the SEC announced on Monday that it had reached an agreement with Madoff over a partial judgment on civil penalties related to his alleged masterminding of the now infamous $50 billion Ponzi scheme, considered the largest in history. A Ponzi is a fraud in which money from new investors is used to pay off previous investors...
When Bernard Madoff's huge Ponzi scheme burst, the New York Post reported, in its typical cut-to-the-jugular style, that suicide hotlines were lighting up in Greenwich, Connecticut, home to many of the financial high-rollers snared by the alleged $50 billion scam. But the deadly fallout from it was no joking matter. Only a couple of weeks after Madoff's mischief was revealed, French financier Rene-Thierry Magon de la Villehuchet killed himself in his New York City office, apparently distraught by his having lost more than a billion of his clients' (and his own family...
...Madoff case is just one example of the terrible news gripping the economy and financial markets of late, news that in extreme cases can drive people to take their own lives. Two prominent businessmen, one in Germany and another in England, recently threw themselves in front of speeding trains after grappling with the wreckage of their beaten-down companies. And late last month, a Los Angeles area man despondent over his faltering finances murdered his wife and five children before killing himself...