Friday, December 12, 2008

Biggest Fraud in History?

Nah more so biggest fraud affecting the wealthy in history.
The reparation scheme was the biggest fraud.
Yes I went there.

So the A-list celeb on Wall St, Bernard Madoff, was arrested yesterday for conjuring up one of the biggest frauds in history. This guy racked in $50 BILLION in fraudulent investments.Madoff can face up to 20 years if convicted. This case has been defined as a Ponzi Scheme. I wasn't familiar with the term so I did some research and found out that it is a swindle operation that involves promising or paying ridiculously high profits to investors out of the money paid in by subsequent investors, rather than from net revenues generated by any real business. The profit is high and short term with the intent of bringing in a flow of new investors. The money must continue coming in for the scheme to be a success though as the investor count increases, the faster the scheme collapses.

I knew it was called Wall St. for a reason. A blockade is the only way to hide shady business.

America's bank volt just got infected with a EFI (economic fraud infection)
We saw it coming though.

PS- RIP Bettie Page

2 word droppings:

Jackpot said...

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Donte said...

See that's why I don't do banks, jokingly. But all serious thought these issues are ridiculous. I mean everywhere we turn...a new trial, murder, scandal, O.J., pops up. Let us all pray and continue to walk in God's light cause this world ain't safe neither are our pockets. Just a penny for the thought.- Expressionz