DUDE IM SO WAVY! New word for da 09. lol
Tuesday, June 9, 2009
This is an example of why the unemployment rate is so high.
I do not know why people in society are so selfish. The gentleman shown above was a well known investor called Bernard Madoff who I idolized and respected. However, my views on this individual have changed dramatically. Bernard Madoff is a Wall Street insider who defrauded investors $50 Billion in a Ponzi scheme. On December 11, 2008, the Securities and Exchange Commission charged Bernard L. Madoff and his investment firm, Bernard Madoff Investment Securities LLC, with securities fraud for a multi-billion dollar Ponzi scheme that he perpetrated on the advisory clients of his firm. A Ponzi scheme is an investment swindle in which some early investors are paid off with money put up by later ones in order to encourage more and bigger risks. In essence,the Ponzi scheme continues to work on the "rob-Peter-to-pay-Paul" principle, as money from new investors is used to pay off earlier investors until the whole scheme collapses.
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