Word: ponzi
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Dates: during 2000-2009
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Perhaps President Barack Obama shouldn't close down the Guantánamo Bay detention camp quite so fast - it might be useful for all our new Ponzi princes...
Since Bernard Madoff's arrest last month, the Securities and Exchange Commission (SEC) has busted three new Ponzi scams, though none are as spectacular as Madoff's $50 billion whopper. (See pictures of Madoff's demise...
...Please accept my profound apologies for the terrible inconvenience that I have caused over the past weeks.' BERNIE MADOFF, the Wall Street broker accused of operating a $50 billion Ponzi scheme, in a letter to his neighbors published a day before a federal judge allowed him to remain free on bail...
...others devastated by Madoff's $50 billion global Ponzi - people like me, who collectively may have contributed 30% to 50% of Madoff's billions under management and never heard of Madoff until a month ago - are wondering what to do and whom to sue. Currently there are 17 legal cases filed against Madoff or his feeder-fund managers, according to the D&O Diary, a legal blog following the case. Some of these suits are akin to grasping at straws. For example, my feeder-fund manager, Stanley Chais, has already said he's broke because of losses suffered with Madoff...
...until 2006, Madoff was not even registered as an investment adviser. When he did register as an adviser, the SEC checked him out and gave the thumbs up. No Ponzi here...