Weekly News via Email
   Set as homepage | Add to favorites | Customer Service | Subscribe Now | Place an Ad | Contact Us | Sitemap Saturday, 09.20.2014
Classifieds
News Archive
Su Mo Tu We Th Fr Sa
 1  2  3  4  5  6  7
 8  9  10  11  12  13  14
 15  16  17  18  19  20  21
 22  23  24  25  26  27  28
 29  30  31
Online Extras
Site Services
Around Bend
Outdoor Fun
Travel Info
Shop Local




Members Of



Poll: Today's Live Poll
Email to a friend | Print this | PDF version | Comments (1 posted) 
  Blogger |   del.icio.us |   digg |   newsvine

Mar 16,2009
The Ponzi king
by The Milwuakee Journal Sentinel

There has never been anybody quite like Bernard Madoff, and with luck and far better oversight by the Securities and Exchange Commission, there never will be again.

Madoff, 70, admitted in court Thursday that for years he ran a massive Ponzi scheme that bilked investors out of billions of dollars. Madoff is headed to jail for life for his crimes.

But long after Madoff is gone, his victims will continue suffering. They can never be repaid, because the money they thought they had in their accounts was a mirage. The opportunity to invest it legitimately is gone forever. Madoff used much of his clients' money to pay redemptions to earlier investors and to buck up his other businesses. The government says Madoff didn't make a trade for at least the past 13 years.

Madoff's damage to the reputation of government regulators will be deservedly long-lasting. The SEC repeatedly was warned. Boston investor Harry Markopolos, who testified before Congress last month, blew the whistle for years. At one point, Markopolos submitted a document detailing a number of things that didn't add up in Madoff's operations, even suggesting Madoff was running a Ponzi scheme. But it wasn't until December, when Madoff's own family turned him in, that the government acted.

The SEC says it is writing a series of regulatory changes to plug the gaps in its oversight. SEC Chairwoman Mary Schapiro told a congressional committee this week that the changes would focus on custody of customer assets and auditing investments advisers. The agency also should ask Congress to enhance incentives for whistle-blowers. And the SEC needs to listen when they feed the agency tips.

Prosecutors should keep digging. It seems inconceivable that Madoff could have pulled off his fraud for so long by himself. His brother and his sons worked at the firm; his wife did work for it at times as well. Furious victims were critical of the government for not charging Madoff as part of a conspiracy. Prosecutors said they were continuing to investigate.

In federal court in Manhattan, Madoff expressed remorse and said he knew he would be caught. "As the years went by, I realized my risk, and this day would inevitably come."

Too bad for his victims that it didn't come years ago.

Reprinted From The Milwuakee Journal Sentinel. Distributed By Creators Syndicate Inc.

819 times read

Related news
Ruth Madoff to contest home seizures by UPI posted on Apr 08,2009

Madoff remains jailed, appeals court rules by UPI posted on Mar 20,2009

Madoff mansion said protected from seizure by UPI posted on Mar 17,2009

When is a plea bargain not a plea bargain? by Susan_Estrich posted on Mar 16,2009

Taking Stock: Madoff victim lacks resources for recourse by Malcolm_Berko posted on Feb 25,2009

Did you enjoy this article? Rating: 5.00Rating: 5.00Rating: 5.00Rating: 5.00Rating: 5.00 (total 30 votes)

  • The Judicial system is missing the boat on this one. There is a deal that should be made with Madoff at pacificgatepost. The objective is NOT revenge, but Restitution and Reconstruction.
  • (Posted on March 16, 2009, 10:42 am James Raider)

Market Information
Breaking News
Most Popular
Most Commented
Featured Columnist
Horoscope Guide
Aquarius Aquarius Libra Libra
Aries Aries Pisces Pisces
Cancer Cancer Sagittarius Sagittarius
Capricorn Capricorn Scorpio Scorpio
Gemini Gemini Taurus Taurus
Leo Leo Virgo Virgo
Local Attractions
Bend Visitors & Convention Bureau
Bend Visitors & Convention Bureau

Mt. Bachelor Resort
Mt. Bachelor Resort

Les Schwab Ampitheater
Les Schwab Ampitheater

Deschutes County Fairgrounds
Deschutes County
Fairgrounds

Tower Theatre
Tower Theatre

The High Desert Museum

Advertisements



Deschutes County

Google  
  Web    BendWeekly.com
© 2006 Bend Weekly News
A .Com Endeavors, Inc. Company.
All Rights Reserved. Terms under
which this service is provided to you.
Please read our Privacy Policy. Contact us.
Bend Weekly News & Event Guide Online
   Save the Net
Advertisement
External sites open in new window,
not endorsed by BendWeekly.com
Subscribe in NewsGator Online
Add to Google Add to MSN Add to My AOL
What are RSS headlines?