Word: ponzi
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...went by Bernie, may also have been a crook, and quite possibly one of the largest Wall Street has even seen. According to the U.S. Attorney's office in the southern district of New York, Madoff admitted to defrauding clients for up to $50 billion in a massive Ponzi scheme that was committed over a number of years. (See the top 10 scandals...
...sometime in 2005, according to the SEC suit, Madoff's investment-advisory business morphed into a Ponzi scheme, taking new money from investors to pay off existing clients who wanted to cash out. According to a form filed with the SEC, Madoff reported that the business had $17.1 billion under management in January 2008. As the market got worse this year, Madoff continued to report to investors that his funds were up - as much as 5.6% through the end of November. That would have been a remarkable performance. During the same time, the stocks of the Standard & Poor...
...back to roots. Let's do real things. Let's have more transparency, fewer complicated products we don't understand. Let's generate economic growth by old traditional ways, let's favor technology companies, let's not favor all this financial bulls---. Because it was a Ponzi scheme, I don't know any other way to call...
...Wall Street didn't sell out America; easy mortgages, no-money-down plasma TVs, trade and budget deficits all existed prior to collateralized debt obligations. The reality is that the entire U.S. economy has been one big fractional-reserve Ponzi scheme for the past 25 years, with bubble after bubble fed by prime lending rates that have not matched the true rate of inflation. Wall Street merely set up massive side bets on the whole scheme and then failed to get out early. The last domino will be the rejection of our currency by shocked foreign debtors. There is only...
...commentators who are now so indignant. What was not so obvious was the ability of real estate, which has always had a slightly rakish air, to drag even the most respectable and conservative parts of the economy down with it. Other problem areas, like Social Security, also have a Ponzi-scheme flavor: the claims on some pile of money exceed the size of the pile. In many of these schemes, the average American plays both the victim and Ponzi himself...