Bernard L. Madoff, former chairman of NASDAQ, was arrested last week for perpetrating a $50 billion ponzi scheme to defraud investors. The scheme has ensnared major banks, investors in the Bay Area, and even charities and trusts associated with the likes of Steven Spielberg, Mortimer Zuckerman and Elie Wiesel.  The FBI began investigating Madoff acting on a tip from his son and now believe that the scheme has taken place over decades.  This is by far the largest ponzi scheme in history.

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  1. Don’t you think it is more than a little cynical that some soreheads call SOCIAL SECURITY a Ponzi Scheme?

    #1 by W. Rothwell Sapp — December 17, 2008 @ 10:43 am

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