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Video: $US 50 billion fraud

Posted in News December 15, 2008 - 10:20am, Bernard Hickey

Biggest fraud ever with US$50 billion lost by Bernard Madoff Wall St trader.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment in the box on the right or click on the "'Register" link at the bottom of the comments. Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making these comments.

2 Comments

by Janet | 16 Dec 08, 8:46am

Ande here's a quote from

Ande here's a quote from the biography of Carlo Ponzi, who was obviously Bernard Madoff's idol,
" Ponzi was under arrest, with a Federal indictment citing 86 counts of fraud. Ponzi's supporters were outraged at the officers who arrested him. 17,000 people had invested millions, maybe tens of millions, with Ponzi. Many who were ruined were so blinded by their faith in the man or their refusal to admit their foolishness that they still regarded him as a hero."
Now that sort of thing could never happen in New Zealand, where "our sheds were built back in 1960 and survived the Bid Storm of '73", could it?

by alan stewart | 16 Dec 08, 4:53pm

a real hedge fund would

a real hedge fund would have trouble surviving now that deleverage is the buzzword and a Ponzi scheme needs a constant supply of new money.they cant get away with a freeze like ING.I wonder if any kiwisaver money is in there.