Government and fraud

Liberty For All
by US Rep. Ron Paul (R-TX)

01/28/09

Billions of dollars were recently lost in the collapse of Bernie Madoff’s self-described Ponzi scheme, in which too-good-to-be-true returns on investments were not really returns at all, but the funds of defrauded new investors. The pyramid scheme collapsed dramatically when too many clients called in their accounts, and not enough new victims could be found to support these withdrawals. Bernie Madoff was running a blatant fraud operation...

//www.libertyforall.net/?p=1971



A country of Madoffs

The Daily Reckoning
by Bill Bonner

01/28/09

Like Bernie Madoff, the CEOs put it over on everyone — the capitalists as well as the proles. The poor working stiffs had foreign labor breathing down their necks. If they got out of line, their employers would export their jobs to China. The patsy stockholders had no chance either. They knew perfectly well that the schmuck running the business wasn’t worth what he was being paid, but who could argue with ‘performance?’ Besides they had ‘compensation committees’ and consultants to tell them is [sic] was ‘reasonable’ or competitive. Retired CEO of DuPont, Edgar S. Woolard, Jr., did. In 2005, he was chairman of the NYSE’s executive compensation committee. As to the need to pay such high compensation in order to get good talent, he replied with a single word: ‘bull.’ But did not the super-paid super-CEOs create super wealth? It was a ‘joke,’ said he. He blew the whistle. But no one came a running...

//www.dailyreckoning.com/a-country-of-madoffs/


Informant: Thomas L. Knapp



//freepage.twoday.net/search?q=Madoff
//freepage.twoday.net/search?q=Ponzi
//freepage.twoday.net/search?q=Ron+Paul
//freepage.twoday.net/search?q=Bill+Bonner

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