From news Alleged Madoff fraud has worldwide exposure
US is always proud of their politic and finance system, and trying to market them around the world in the past century. Let’s see how the $50billion Ponzi scheme created by Madoff, who was called “well respected in investment community” in US newspapers, last more than 40 years in one modernized society regulated by all kinds of laws. Who should we blame for -- Madoff, the SEC, or the system? First let’s try to see the list of victims:
- Police officers and firefighters in Fairfield, Connecticut town, their $41.9 million pension funds!
- A charity in Massachusetts has to shut down
- A distinguished economist in New York worried about his $2.2million nest egg
- the New York-based JEHT Foundation, one nonprofit
- the Philoctetes Center for the Multidisciplinary Study of the Imagination
- HSBC Holdings PLC of Britain $1 billion
- Royal Bank of Scotland Group PLC
- Man Group PLC
- Spain’s Grupo Santander SA, $3.07 billion
- France’s BNP Paribas
- Japan’s Nomura Holdings
- Real restate magnate Mortimer Zuckerman
- A charity of movie director Steven Spielberg
- Irwin Kellner, well-known economist for MarketWatch.com
What’s more, the article mentioned that people are seeking money by offering a variety of collateral, from 4-carat diamonds to a Lamborghini
Here is my reading:
- People are scared by such scandals and frauds, which could be covered for decades! Who should we trust when the credit system is destroyed totally in this crisis?
- Credit, Credit, Credit! That is the word I heard a lot times when I moved to US! Now seems nobody can’t be trusted in America --- investment banks like GS, MS ? fund manager or Uncle Sam who is keeping printing dollar?
