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What impact did Bernard Madoff have on the economy and the American people?

What impact did Bernard Madoff have on the economy and the American people?

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Comments (3)

adminNovember 29th, 2009 at 9:08 am
Madoff exposed how the regulatory agencies failed the people, and the ineptitude of regulating the financial markets could not, or would not check a Ponzi scheme, oldest low tech trick in the book. It too, scared the average person from investing, it reinforced the incorrect notion that it is better to keep what little I have under a mattress. And with a high degree of certainty, this is boiling down to organized crime within the federal government, alongside the investor culture. How else can 12 years and $65 billion theft be explained by one man? Everyone involved and any one who saw the accounts were complicit, some to a greater degree than others. Its just a damn shame.
adminNovember 29th, 2009 at 9:08 am
He stole money from many people, in a time where money is tight.
Ronnie Sue AmbrosinoDecember 27th, 2009 at 9:07 am

Madoff’s fraud also brought to light the inadequacies of the SIPC to protect American Investors.
Although they were created to promptly pay investors of troubled brokers, SIPC has notoriously denied coverage.
SIPC is funded by its broker members (not the government). These members paid a measly $150 / year for coverage of all their customers. Thus, Bernard Madoff paid $150 in 2008 to insure $64 Billion worth of his investors’ portfolios. This failure to properly fund SIPC is in violation of their statute, as is the Trustee’s incorrect methodology of paying the victims.
For more information, visit http://www.youtube.com/mfp1020 for an enlightening view of a recent Congressional hearing.
Please join the Madoff Coalition for Investor Protection as we work toward ensuring that all American investors are protected by SIPC-currently that protection is not truly offered.
madoffcoalition@gmail.com

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