This guy lost $50 billion in a Ponzi scheme and we're debating $14 billion for the automakers?

[hedgehog]

Former Nasdaq chairman arrested for fraud
Madoff reportedly told employees Ponzi scheme lost billions for customers

NEW YORK - A Wall Street powerbroker for nearly 50 years who built an influential firm has confessed to a massive fraud scam that will cost investors at least $50 billion, federal authorities say.
Bernard L. Madoff, 70, facing a single count of securities fraud, declined to speak with reporters after a federal magistrate judge in U.S. District Court in Manhattan ordered him released Thursday night on $10 million bail.



http://www.msnbc.msn.com/id/28183375/


It wasn't even the lead story on NBC tonight.

[malaise]

1. He has friends in high places

so it won't make the news.

[4 t 4]

2. A perfect example of how we have all been taken

very little to no coverage. But the big three... All day all the time.

[Robbien]

3. It is about all the financial sections have been talking about today

The hedge fund sites can't seem to get enough of the story.

[hedgehog]

8. what bothered me is that it was stated that CNBC had been following this story all day,

yet on the NBC Nightly News, this story was "below the fold", presented after the first or second set of commercials. More than that, the photo had no name under it, so if you didn't already know the story you were left rather in the dark. Again, after all the coverage given the proposed loan to the Big 3, i would expect that a fraud involving over 3 times as much money that took would get more emphasis, especially since there was a hint that the SEC knew what was happening and did nothing!

[ben_meyers]

4. Do we know who those friends are?

And why are they protecting him? Maybe someone should check his political contributions, might be enlightening.

[anigbrowl]

5. They're not protecting him - that's a BS post.

It's got plenty of news coverage and he's been arraigned already.

[ben_meyers]

6. You know that, and I know that but why let the facts get

in the way of a good conspiracy theory?

[Kingofalldems]

11. I was going to reply but I see you are gone

Good riddance.

[BrklynLiberal]

7. He himself called what he did a massive ponzi scheme!!!!

He helped to establish NASDAQ. It goes without saying that he knows people in high places.

[DainBramaged]

9. That's the way it is class warfare, and not just in Washington

[RainDog]

10. it was on the front of the Wall Street Journal today

was that the other shoe falling?

[Swamp Rat]

12. If he was as poor as a laid-off Detroit auto worker, he'd be in jail right now.

Kite a $500 dollar check, do hard time.

Steal billions, walk free.

[Kingofalldems]

13. Looks like one of the repub Senators

Good stuff

[Swamp Rat]

14. He's CEO of Lehman Bros. Richard Fuld

Hank Paulson:

[Kingofalldems]

15. Now that is funny!!

[monmouth]

16. He's a part-time neighbor of Rush's down here in Palm Beach....n/t