A Ponzi Scheme that is Bigger than Bernard Madoff’s by

Deep Capture ^ | December 13th, 2008 | Mark Mitchell

[rvoitier]

Bernard L. Madoff’s fraud is “stunning,” says the SEC. It is a crime of “epic proportions.” But, says the SEC, we have nothing to worry about. The SEC caught the bad guy. It “moved swiftly” to protect the integrity of the financial markets.

Nonsense.

The only thing “stunning” is that the SEC continues to condone and even fraternize with the organized mob of hedge fund miscreants who have destroyed hundreds of companies, wiped out the jobs of countless ordinary folks, and brought our financial system to the brink of ruin.

[rvoitier]

Deep Capture is the creation of Dr. Patrick Byrne whose Overstock.com was the target of naked short sellers.

Story about the Hedge Fund Ponzi scheme here.

[ari-freedom]

“A Ponzi Scheme that is Bigger than Bernard Madoff’s “

it’s called Social Security and Medicare and brought to you by the same folks that gave us the SEC

[BGHater]

As others have noted, the Social Security is a bigger scam. However, are we gonna bail these people out as well?

[stefanbatory]

ya beat me to it...

[EagleUSA]

I have a real dilemma. I cannot decide which department is MORE CROOKED -— the FEC, or the SEC.....

[Palladin]

It’s called the US Congress.

[Red Badger]

This whole bailout garbage is a BIG PONZI SCHEME..........

[ari-freedom]

if they had asked me I would have told them to invest in index funds. Same goes for anyone who is thinking of investing in individual stocks.

[who_would_fardels_bear]

What about the CRA -> MBS -> CDO -> CDS Ponzi scheme?

My understanding is that that pyramid is going to take several years to finally collapse, and until it finally does we will not be out of the woods with regard to recession/depression.

[Ann Archy]

“Madoff”...what an APT name....he MADE OFF with ALL THEIR MONEY!

[Red_Devil 232]

Obama is the biggest scam going ... he will destroy a nation.

[oh8eleven]

it’s called Social Security and Medicare
True enough and both are scandals even in the best of times.
But both (and more so SSI) are being abused, scammed and gamed by hundreds of thousand of life's losers while we the people are being taken to the cleaners.

[ScreamingFist]

The key players in this scheme are 20 or so mega-billionaire hedge fund managers, who operate with a supporting cast that includes not just market makers, but also smaller hedge funds, rogue prime brokerages, corrupt lawyers, dishonest journalists, bogus one-man credit rating agencies, dubious index trackers, bribed “experts,” skalawag statisticians, compromised professors, private investigators, crooked financial researchers, captured government regulators, hustlers, felons, thugs and mafiosi.

Sounds like Harvey Korman, rest his soul.

Harvey Korman, Blazing Saddles: "I want rustlers, cutthroats, murderers, bounty hunters, desperados, mugs, pugs, thugs, nitwits, half-wits, dim-wits, vipers, snipers, con men, Indian agents, Mexican bandits, muggers, buggerers, bush-whackers, horn swagglers, horse thieves, bull-dykes, train robbers, bank robbers, ass kickers, s*** kickers, and Methodists! Ha ha ha ha!"

[Ann Archy]

Hopefully it will be someone’s else’s nation.

[AngelesCrestHighway]

but it raises the possibility that even dirtier people orchestrated the demise of Madoff and his hedge fund in order to absorb his more lucrative (and crooked?) market...

The SEC caught the bad guy. It “moved swiftly” to protect the integrity of the financial markets.

Oh sure! He’d still be at it if his crooked buddies didn’t rat him out!

[Does so]

"...However, are we gonna bail these people out as well...?"

Only if they paid income taxes on their earnings. :-\

[Does so]

Schnitt (Schnitt Show) says the SEC was alerted to Madoff in 1999.

[rbg81]

I’m surprised the Treasury Dept didn’t bail Madoff out too. He was obviously too big (& connected) to fail.

[org.whodat]

The only thing “stunning” is that the SEC continues to condone and even fraternize with the organized mob of hedge fund miscreants who have destroyed hundreds of companies, wiped out the jobs of countless ordinary folks, and brought our financial system to the brink of ruin.

The truth, the whole truth and nothing but the truth!!!

It is beyond me why the government lets this criminal conduct continue!!

[org.whodat]

I have a real dilemma. I cannot decide which department is MORE CROOKED -— the FEC, or the SEC.....

LOL