Ex-Nasdaq chair arrested on fraud charge in NYC

Bernard L. Madoff, once the chairman of NASDAQ, has been arrested for running a giant ponzi scheme that bilked investors out of more than 50 billion dollars.

To the reporter:

A ponzi scheme - You mean like the stock market, right? :mrgreen:

Article is here.

Im glad I never got involved with the stock market.

And the Republicans want less regulation....................

PeteEU said:

And the Republicans want less regulation....................

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Two things Petey - first, does this directly affect you and second, this has nothing to do with too much or a lack of regulation. Next time, try learning about the subject before you shove your foot in your mouth for the thousandth time.

P/N said:

Two things Petey - first, does this directly affect you and second, this has nothing to do with too much or a lack of regulation. Next time, try learning about the subject before you shove your foot in your mouth for the thousandth time.

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Well also, what deregulation has there been? The last time there was any deregulation of the banking industry was that Glass - Siegel act in 1999.

There has been no deregulation of the banks this decade. So why does Obama blame Bush's deregulation for the financial crisis?

sazerac said:

Well also, what deregulation has there been? The last time there was any deregulation of the banking industry was that Glass - Siegel act in 1999.

There has been no deregulation of the banks this decade. So why does Obama blame Bush's deregulation for the financial crisis?

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For your information, the Glass-Steagall Act was passed in 1933, and was put there to wall off the insurance industry, stock market, and banking from each other, for the purpose of averting another Great Depression. Before 1929, banks could sell stocks, stock markets could act as banks, and insurance companies could invest in stocks and invest in bad mortgages. The Glass-Steagall Act made that illegal.

All of that was undone by the REPUBLICAN Gramm-Leach-Bliley Act, passed in 1999 with the help of DEMOCRATS, which restored all of the conditions (same as before the crash of 1929) which led to our present recession. In addition, before 1999, under Bush Sr., and also under Clinton, the Glass-Steagall Act had been weakened 3 times.

Article is here.

So what's gonna happen? Little jail time or none, he will retreat to Europe or some isolated island where he put away a Billion on a off-shore "invisible" off radar account and live a life of luxury--justice. lol

YouTube - Madoff Body Language