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.

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Blogger Jackpot said...

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1:45 PM  

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