The Stanford Financial Group has been seized by the SEC. While the money involved ($8 billion) is large, it is small compared to Madoff. Yet, this fraud is equally egregious. While Madoff affected the wealthy and non-profit institutions, this is likely to hit home to many more "mainstream" investors as Stanford advertised throughout financial publications and on TV.
When Harry Markopolos testified before Congress, he said that he would be informing the SEC of a so-called "mini-Madoff". You just cannot help but to wonder - is this it?
You also just cannot help but to wonder how many bad apples are really out there? They seem to have gotten the big guys, but as I have suggested on this site before (in my article about Nicolas Cosmo), there are many small apples.
Comments
Terry
February 18, 2009
The entire economy is starting to look like one giant Ponzi scheme at this point and everybody over 55 is leaving everybody until 40 holding the bag.
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The Losing Game: Why You Can't Beat Wall Street
February 18, 2009
This is exactly a ponzi scheme. The new blood is paying off those who are cashing out, and in the middle are 95 million Americans with $15 trillion in outstanding stock, with no money to back it up.
God forbid the day when there are no more buyers of the paper people are holding.
www.thelosinggame.com
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soczie
February 18, 2009
This isn't the end of Ponzi schemes, but let's hope that this is the one that Markopolos was speaking about.
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stunna
October 26, 2009
listen to lil wayne nd get ur mind off ur money.
it doesnt bring happyness, you ever heard of dat?
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