It was all a lie
Dec. 11 (Bloomberg) -- Bernard Madoff, president of Bernard Madoff Investment Securities, told employees that his business is “all just one big lie” and “basically, a giant Ponzi scheme,” the U.S. Securities and Exchange Commission said.
He told the employees his business had been insolvent for years and estimated losses to be about $50 billion, the regulator said.
"business has been insolvent for years....sounds like GM & Chrysler!!!
I wonder if this guy will get bailed out
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Madoff said he planned to surrender to authorities in a week, after he distributed some of his remaining $200 million to $300 million to select employees, family and friends,
I'm sure there's more details here ..but just why does he have, and get to distribute, 200-300M??Take the money away quickly!
Don't be surprised when Bernard Madoff runs for president or Congress.
Sounds like the U.S. government.
He will be awarded the Presidential Medal of Honor.
Must have been a "hobby" firm... 
An NPO. 
An NPO. - Joined
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It's a bear of a job.
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Brave Sir Bernard ran away.
Bravely ran away, away!
When danger reared its ugly head,
He bravely took the cash and fled.
Yes, brave Sir Bernard turned about
And gallantly he cashed it out.
Bravely taking to his feet
He beat a very brave retreat,
Bravest of the brave, Sir Bernard!
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He obviously didn't get enough compensation. If he did, he would have been able to invest OPM more wisely and trickle down more watershed benefits to others.
Another prime example that wealth truly needs help.
Originally Posted By: Gary Allan
Brave Sir Bernard ran away.
Bravely ran away, away!
When danger reared its ugly head,
He bravely took the cash and fled.
Yes, brave Sir Bernard turned about
And gallantly he cashed it out.
Bravely taking to his feet
He beat a very brave retreat,
Bravest of the brave, Sir Bernard!
He Madoff with everyone's money.
is it just me or is most of the rich people we hear about get there with lies and deceit like this guy? I remember a few years ago of several CEO's who got busted lying on their resume and they resigned. The Radio Shack CEO who lied about his MBA degree. There were several others who claimed to have gone to Harvard but never did. They had to resign in disgrace. Even that George O'leary head football coach hired at Notre Dame had to resign when learned that he lied on his resume about having a Master's degree.
I've only one question in this whole mess.
Who the heck would invest money with a guy named Madoff?
Originally Posted By: Pablo
I've only one question in this whole mess.
Who the heck would invest money with a guy named Madoff?
Too bad his first name wasn't "Jack".
Bernie is bad enough. Burn he made off......
Originally Posted By: scoobie
He will be awarded the Presidential Medal of Honor.
One of the necessities of a properly functioning Capitalist system is that buyers and sellers are properly informed. If one or both parties are not truthful, the system cannot work as intended. This is one of the parts that needs enforcement can should never be left to "market forces" to determine who wins.
Originally Posted By: ClarkB
Originally Posted By: scoobie
He will be awarded the Presidential Medal of Honor.
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