Busted: Bankers and The Global Economy

June 30, 2009

No Excuses for Bernie Madoff

Filed under: economy, investment, money — Tags: , , , , , , — digitaleconomy @ 10:21 am

madoff slammer What has been described as a contrite Bernie Madoff appeared in court with an apology to his victims. Madoff expressed that he believed that he would be able to work his way of his financial scheme, but was never able. Madoff was sentenced to 150 years in prison, according to the judge, symbolic for a crime of “extraordinary evil.” Madoff was perceived as a powerful financial advisor because he was able to create double digit returns for his clients in all financial weather.  For more than a decade, even the SEC overlooked the fact that he was running a ponzi scheme, using new investors to pay off old ones as he lived the high life.

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