NJ Sen. Lautenberg among potential fraud victims

[babylonsister]

http://www.google.com/hostednews/ap/article/ALeqM5gA_cNr1uDE47pySwMmPvCpqCHH3gD952LPJ81

NJ Sen. Lautenberg among potential fraud victims

4 hours ago

TRENTON, N.J. (AP) — New Jersey U.S. Sen. Frank Lautenberg is on the growing list of potential victims of what prosecutors are calling a multibillion-dollar Ponzi scheme run by New York money manager Bernard Madoff.

Lautenberg spokesman Scott Mulhauser says the senator was an investor in Madoff's investment fund — primarily in the form of the Lautenberg family's charitable foundation.

The 70-year-old Madoff was arrested Thursday in what prosecutors say was a $50 billion scheme by the Wall Street veteran to defraud investors.

Lautenberg is among a growing roster of potential victims. Those who have acknowledged potential losses so far include former Philadelphia Eagles owner Norman Braman, New York Mets owner Fred Wilpon and J. Ezra Merkin, the chairman of GMAC Financial Services, among others.

[peacetalksforall]

1. I don't know about Lautenbergs wealth, but it isinteresting to lelarn about the wealthy

being fleeced by the wealthy.

[Tandalayo_Scheisskopf]

2. I know this is a...

Very Bad Thing to say, but all these financial geniuses getting fleeced by a con man, no matter how well-tailored in bespoke garments...well, I haven't had so much fun since the pigs ate my little brother.

[nadinbrzezinski]

3. It is a very bad thing to say

since for every rich boy fleeced there are how many not so wealthy who were as well?

And I mean people who will end up in the poor house

[Tandalayo_Scheisskopf]

4. Rich bastards who have been gaming the system for years...

Get gamed themselves and you want me to feel sorry for them? Especially since they have been raping the little guys since I can remember?

C'mon, Nadin.

I was talking to my rich Dem friends, one of whom quit UBSWarburg years ago when he saw them doing the things that got their collective ass in a sling, thus losing millions he could have made, and they are enjoying this more than me. In fact, they are looking forward to finding out how many more Bernie Madoffs there are out there. They think it's one hell of a lot.

Both had years of high-power Wall Street experience, with cocommitant pay scales and walked away when they saw this coming.