Word: ponzi
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...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...
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...
...After all, a quick survey of just a few of the financial industry’s titans yields nothing but front-page scandals—from Bernard Madoff, the mysterious asset manager “extraordinaire” who was revealed to be the mastermind behind a wealth-draining Ponzi scheme, to John Thain, the former Merrill Lynch CEO who spent a reported $1.2 million redecorating his office suite (complete with a $35,000 commode) at the expense of the U.S. taxpayer while his company posted incredible losses...
...executives, employees, and shareholders. One might rightly characterize this profiteering spirit as “greed,” but, prior to the recent economic meltdown, such greed was never an issue for the public. Bernard Madoff’s investors did not care if their money fueled a Ponzi scheme as long as they received their regular returns. Shareholders of Merrill Lynch were unbothered as the company’s managers liberally applied corporate funds to beautify their offices, as long as they were paid their quarterly dividends...