Word: ponzis
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Dates: during 2000-2009
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Apart from, you know, all the financial catastrophes, 2008 wasn't a terrible year. We grew financially poor but politically hopeful-unless you were Rod Blagojevich or Ted Stevens, in which case federal authorities contended that pretty much the opposite was true. We weathered recessions, bailouts, Ponzi schemes and pirates; gawked at political sex scandals and bribery; and watched Britney inch her way back toward normalcy as Amy Winehouse continued her freefall into madness. As the calendar turns, this wild year's definitive soundtrack was unveiled by the awesomely named DJ Earworm, whose second annual United State of Pop video...
...would any self-respecting scoundrel pick a scheme that's guaranteed to end in handcuffs and a perp walk? That's what a lot of people are asking as 70-year-old Bernie Madoff cools his heels under house arrest, charged with masterminding a decades-long, $50 billion Ponzi scheme that has incinerated wealth around the world. (See the top 10 scandals...
...those investors like me who never heard of Madoff, privacy and propriety were the camouflage that kept his name from so many hundreds, maybe thousands, of private and public investors. Secrecy enabled him to create his global Ponzi-on-steroids scheme undercover, and helps explain why it worked so brilliantly for so long. The fact the Securities and Exchange Commission gave Madoff multiple free passes to sidestep closer inspection is even more troubling for any investor looking to put a hard-earned buck into this system. (How I Got Screwed by Bernie Madoff...
That the e-mail came just days after Wall Street trader Bernard L. Madoff had been accused of running a $50 billion Ponzi scheme—the largest in history by a single individual—made Flier and Kahn immediately suspect that something was amiss. The doctors were on their way to meeting to present the results of their diabetes research thus far to Picower, whose foundation supported the work...
...York Anatomy of a Scam Celebrated money manager Bernard Madoff was arrested for allegedly bilking investors out of up to $50 billion in a Ponzi scheme described as one of history's largest swindles. The scam's blueprint hasn't changed much since Charles Ponzi's 1920 fraud: 1 Entice investors by promising an unusually lucrative rate of return. 2 Use a portion of the raised capital to pay out early dividends, thereby giving the appearance of legitimacy--which in turn attracts more investors. 3 Pay off earlier investors with money accrued from later victims. 4 When no further capital...