Monday, December 29, 2008

Bernie Madoff, the con of the century ..

The Con of the century - that is how the Economist, 2 Jan 09, has called Bernard Madoff, the former Chairman of NasDaq, who was running the biggest pyramid scheme (new customers paying off old..) in the history of mankind, the biggest ponzi ( chitti) scheme .

The old depositors were given a min of 10 % returns during times, thick and thin by using the money of the new depositors to pay them off. He was  a very respectful person and many of the fund managers never bothered to check his credentials and investigate the allegations and silent way in which he run the biggest fraud in the history of mankind on the people of the United States. He has not only slapped them on their faces, he has given the present Chairman of the Securities and Exchange Commission (like our SEBI) sleepless nights and Mr Cox will be losing his job soon.

Occasionally Madoff used to eject some customers who asked inconvenient questions regarding where and how the funds were being invested and occasionally he also rejected new applicants and their money to give a sense of respectability to this fraud on the poor, rich, dumb, ignorant depositors .. 

Respectable Madoff is 50 Harshad Mehtas in one, having duped customers of $ 50 billion, app Rs.2,50,000 crore of rupees. ( just to give the magnitude of fraud by this high society, sophisticated fraudster)

The list of the duped include Steven Spelberg, HSBC Bank and scores of others....

The low levels to which corporate financial governance can slip to !!!!


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