That kind of fraud is not really possible because of the system...
This video has been making the rounds throughout the financial blogosphere. It is an interview with Bernard Madoff in 2007 and one in which he utters a number of fabulous statements regarding safety, risk, oversight and regulation. He also touches on subprime and quants.
If only there was someone willing to spend taxpayers money and use this case to save hundreds of jobs, restore confidence and stimulate the economy!
See also: Bernard Madoff, Too Big To Fail?
Will the other Ponzi schemes please stand up
Obama invents sliced bread, feeds gullible masses
Comments (1)
Mark Knutson
Its always a little surprising how these frauds catch supposedly sophisticated investors flatfooted. No matter the century or decade, it seems a well run ponzi is always in season.
Seems a new class of wealthy investors is going to need some recompense from Helicopter Ben and President Bush...
It reminds me of a quote attributed to the pope during the vatican banking scandal: Its all just monkey-money. Someday somebody's going to try and withdraw $50, and the whole thing will collapse.
Published: December 16, 2008 12:15 PM