Friday, December 12, 2008

Bernard L. Madoff

Well until a couple of hours ago I never heard of the man. But now, I, and many others are well aware of who he is. It seems Mr Madoff ran a Hedge Fund that has been returning 8% for the last 10-20 years. This year he is slightly up even when the rest of the market is down 35-40%. Well after years of pyramiding money to live an extravagant life style Mr Madoff came clean to his sons and admitting thePONZI SCHEME. According to a WSJ article he called his two sons to his Manhattan apartment and told them about it. It seems investors were trying to redeem up to 7 Billion dollars and there was just no money left and no new money coming in. Mr Madoff as a last gesture wanted to pay bonuses to his remain employees from the 200-300 mio dollars that he had left. His sons went to the police with this information.

Enjoy your remaining years in Prison Mr Madoff. I will never understand this type of behavior. It is just not worth it!

CLICK HERE to read the Wall Street Journal story.

Good Luck and Good Currency Trading.



Anonymous Anonymous said...

The future of reading is HERE!

1:45 PM  

Post a Comment

Subscribe to Post Comments [Atom]

<< Home