Showing posts with label Ponzi scheme. Show all posts
Showing posts with label Ponzi scheme. Show all posts

Bernie Madoff Sentenced to 150 Years for "extraordinary evil"

12:28 PM

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Today Bernard Madoff, a disgraced financier and leader of a gigantic ponzi scheme that stole money from people around the globe and from all walks of life, was sentenced to 150 years in prison. When the sentencing came applause erupted in the courtroom and on the steps outside the courthouse.

Judge Denny Chin said Madoff's ponzi scheme was an "extraordinary evil" — "not a bloodless crime," as the defense was trying to suggest. He added that Madoff had not cooperated with helping the authorities locate missing assets. "[Madoff] has not been helpful and not done all that he could or told all that he knows."

Ponzi Scheme discussed on Daily Show

11:17 AM

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A Ponzi scheme is a fraudulent investment operation that pays returns to investors from their own money or money paid by subsequent investors rather than from any actual profit earned.

On March 4, 2009 John Stewart included a clip about Sir Allen Stanford whose business was showing remarkable gains in a shrinking economy which originally aired on CNBC on May 13, 2008. Stanford was, at the time, ranked number 605 on the world billionaire ranking list, managing over $50 billion.

It was later found out that Stanford was stealing investment money rather than actually investing it, which is why his "business" was unaffected by the crashing economy. Stanford stole over $8 billion from investors and says that, "yes, it is fun being a billionaire."

And as the great John Stewart put it, "Fuck-you!"

Fuck-you indeed.

To see the clip fast-forward to 7:07...