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Video: $US 50 billion fraud

Posted in News

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

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2 Comments

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?

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.