The Jury Talks Back

12/12/2008

$50 Billion Wall Street Fraud

Filed under: Uncategorized — Amphipolis @ 8:58 am

Just in time for the holidays, more self-inflicted economic catastrophe. Yes, that is a B in the post title.

Brought to you courtesy of a former NASDAQ chairman. McCain’s Wall Street greed sermonizing suddenly sounds too mild.

A Wall Street powerbroker for nearly 50 years who built an influential firm has confessed to a massive fraud scheme that will cost investors at least $50 billion, federal authorities say.

h/t Hot Air

PS – Where’s their bailout?

PPS – Watch as this drives Blagojevich out of the news

PPPS – Dang, Patterico already posted on this. I missed it.

7 Comments

  1. Blago isn’t going anywhere.

    At least as far as the news is concerned…

    Comment by Scott Jacobs — 12/12/2008 @ 9:13 am

  2. Don’t worry – I’ve posted on topics Patterico has already done. If you want to talk about it, post on it.

    Comment by DRJ — 12/12/2008 @ 5:35 pm

  3. Don’t worry – I’ve posted on topics Patterico has already done

    Yeah, but we like you:)

    Comment by Scott Jacobs — 12/12/2008 @ 6:36 pm

  4. Holy moly, here’s another big fraud: http://www.nytimes.com/2008/12/14/nyregion/14lawyer.html?hp

    Comment by gp — 12/13/2008 @ 12:31 pm

  5. gp,

    What an incredible link. What’s wrong with these people? They are not only incredibly greedy but they take down so many people with them.

    Comment by DRJ — 12/13/2008 @ 4:15 pm

  6. It’s is pretty unbelievable that someone would steal that amount of money.

    What do you do with a billion dollars that you can’t do with 50 million? Sure, there are things, but once you cross a certain level, we’re just talking about slightly nicer jets and somewhat bigger parties and diamond level membership in charities rather than gold level.

    Unless you plan to overthrow a government or build a spaceship, what is that money for?

    If you’re managing $50 billion, you’re probably earning significant money. Why risk your freedom for more? If you’re going to steal, why steal that much?

    Comment by Juan — 12/14/2008 @ 1:10 am

  7. A lot of these socialites and fund managers seem to invest on tips and connections more than on due diligence. “Hey pal, call Bernie, he’ll fix you up!” Instead of doing business with a big reputable company like Vanguard, they chase returns with these little boutique shops because they like the managers’ yachts or golf games, I guess.

    Comment by gp — 12/14/2008 @ 11:43 am

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