Friday, December 12, 2008

Bernard Madoff arrested over alleged $50 billion fraud

And we bailed out Wall Street Why?

By Edith Honan and Dan Wilchins – Fri Dec 12, 12:40 am ET

NEW YORK (Reuters) – Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a $50 billion "Ponzi scheme" in what may rank among the biggest fraud cases ever.

The former chairman of the Nasdaq Stock Market is best known as the founder of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. But he also ran a hedge fund that U.S. prosecutors said racked up $50 billion of fraudulent losses. FULL STORY.

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