Home > Business, Credit Crunch, Economic Crisis, Economy, Great Britain, MEDIA, POLITICS, UK, UK Politics, UK Economy, USA > The Great $50 billion “Ponzi” Scheme Fraud Part 2.

The Great $50 billion “Ponzi” Scheme Fraud Part 2.

If you google Madoff you are offered the Hoovers.com site whih reports on  Bernard L. Madoff Invesment Securities LLC which is described as a “market maker”    yeah digg that “market maker” don’t you just love it. Even worse Hoovers.com has this to say: 

“Madoff Securities Company Description

Madoff makes markets. Founded in 1960, Bernard L. Madoff Investment Securities (aka Madoff Securities) is a market maker in US stocks, including all of the S&P 500 and more than 350 Nasdaq stocks, as well as bonds and other financial instruments. It is also a member of the London Stock Exchange. The firm moves large blocks of stock for institutional clients by splitting up orders or arranging off-exchange transactions between parties. It also performs clearing and settlement services. Clients include brokerages, banks, and other financial institutions.In addition, Madoff Securities manages assets for high-net-worth individuals, hedge funds, and other institutional investors.”  Have they no shame at Hoovers.com!  

You can pay for – yes you can pay for a report though you can get one for free:

“The Company Description provides a historical perspective of Madoff Securities’s organization from inception to current status.

Produced by Hoover’s in-house editorial team, the Company Description tracks ownership transitions, company progress via mergers and acquisitions, major growth milestones, and strategic initiatives, to provide a holistic view of Madoff Securities’s evolution in the marketplace.”

So can we observe that Hoovers.com produce analysis (a holistic review – what!)  not worth the paper they are printed on!   Surely, there must be some very red faces at Hoovers.com

Are there any more surprises like this (major fraud)  ahead?

  1. Marcia
    December 15, 2008 at 19:57

    What happened to the protections we should have had for this scandal and all the rest of them? We USED to have an SEC that would investigate, we USED to have an Treasury Department that was in charge of our money, we USED to have regulations that made sense and were implemented. We HAD Spitzer, a great crusader against this nonsense, but he couldn’t keep his pants zipped.

    We need to fix these problems and we have to have regulations that work. And one more thing: we need to send a lot of people off to jail for what they’ve done to the USA and the rest of the world.

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