World-News

Stephen Foley, The Independent UK: "Three weeks ago he was one of Wall Street's grandees and one of its most sought-after investment professionals. Today, he is under house arrest at his $7m ... Manhattan apartment, accused of being the biggest swindler that the world of finance has ever seen. Bernard Madoff faces a court deadline this morning for declaring all that remains of his clients' money, and for setting out the personal fortune he amassed over the decades, including homes in Palm Beach, Florida, and New York's Long Island. What is it going to add up to?"

http://www.truthout.org/123108M

--------

I was fleeced by Madoff

Salon
by Geneen Roth

01/07/09

Since Madoff’s arrest in December on charges of running a $50 billion Ponzi scheme, I’ve read many articles about how we Madoff investors should have known what was going on, how believing in Madoff was no different than believing there were WMD in Iraq. And I wish I could say I had reservations about Madoff before ‘the Call.’ I wish I could say I knew better about getting such consistently good returns, but I did not. Besides, everything I ‘knew better’ about — stocks, smart financial advisors, real estate — had also proved disastrous: Our financial advisor embezzled a quarter of our money 10 years ago, I lost another third in the stock market during the boom times, and we bought our house at the top of the market and sold at the bottom. Considering that, Madoff seemed like a respite — his fund showed occasional losses, along with small, steady gains. (I’m keeping a list of people who want to be notified of our next investment so they can sprint in the other direction. Feel free to add your name.)...

http://www.salon.com/mwt/feature/2009/01/07/madoff/


Informant: Thomas L. Knapp



http://freepage.twoday.net/search?q=Madoff
http://freepage.twoday.net/search?q=Wall+Street
http://freepage.twoday.net/search?q=ponzi
http://freepage.twoday.net/search?q=Stephen+Foley