The Bernard Madoff Scandal
Latest Blog Posts on Madoff
How, um, secure are our federally-insured bank deposits? Rolfe Winkler thinks the federal government is undertaking a massive Ponzi scheme. Excerpt: Conventional wisdom says that financial companies are having trouble borrowing because credit markets are broken. This is dangerously wrong. The credit market itself is fine. It's balance sheets that are broken. They have so little equity relative t ...
It has been said that you can meet almost anybody on Facebook. Well, imagine my surprise when I discovered that the Prince of Darkness himself has a Facebook page. Here is the link----http://www.pcworld.com/zoom?id=162166&page=1&zoomIdx=5 I must say that there is very little surprising about his friends and supporters network, nor it's proverbial mottos-- "fight fire with fire" and "you c ...
Did you hear that at the University of California at Berkeley, they're establishing a Center for the Comparative Study of Right-Wing Movements? Unless this is a scheme to keep John Schwenkler employed and remaining in Berkeley, I'm dubious. What's next? The Bob Jones University Center for the Comparative Study of Left-Wing Movements? The Col. Sanders Center For the Study of Animal Welfare? The J ...
Now that Bernie Madoff is in prison, we have a new Worst Person in the World. Make sure you're sitting down when you read this story, and be sure to watch the video component that goes with it. Here's how the story starts: As he rushed his family to the hospital, 26-year-old NFL running back Ryan Moats rolled through a red light. A Dallas police officer pulled their SUV over outside the emerg ...
Dr. Doom explains why Bernie Madoff is not just a mega-swindler, but a contemporary American icon. Excerpt: A country that has--for over 25 years--spent more than income and thus run an endless string of current account deficit--and has thus become the largest net foreign debtor in the world (with net foreign liabilities that are likely to be over $3 trillion by the end of this year)--is also ...
Bernard Madoff, who pled guilty yesterday to a variety of crimes related to the decades-long Ponzi scheme through which he stole billions of dollars, woke up this morning in his new home - a lower Manhattan jail cell. Did he get what he deserved? Does the punishment fit the crime? The disappearance of 60 billion dollars in presumed value from the markets sent shockwaves through our entire e ...
Bernie Madoff is going to plead guilty. The government says he's actually defrauded his investors not of $50 billion, as was previously thought, but $64.8 billion. Staggering. What are the broader lessons of the Madoff scandal? I'll list my own conclusions after I get out of the news meeting I'm about to attend. No reason for y'all to wait to get started listing yours, though.
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