Bernard L. Madoff's according to the media reports pulled the biggest scam worth over 50 billion dollars. It’s a con that exceeds them all and is "bigger than all the rest put together."
Bernie Madoff has done what others can only think of, the smartest investment bankers in the world could not match the returns he provided to his customers, Bernie Madoff had never had a losing year: He "paid 8% to 12%, every year, no matter what."
Up until last Friday Bernie was the unknown money man who has been has been managing money since 1960. The SEC had received multiple warnings about Madoff beginning in 1992 -- but as the Wall Street Journal said about the SEC, "Each time, it blew its chance."
SEC also did not participate in thorough process because they knew who he was, he served on an SEC advisory committee, and had been Chairman of the NASDAQ.
Excuse my personal lacking in turning over 12% per year in profit for the last 20 years but how can Bernie Madoff be scamming people when in reality his investors never seen a single year of loss for so long? Could he be the modern-day Rabin hood who took from the super rich and gave it to the middle and upper middle class?
Tags: 50, bernie, billion, dollars, Madoff, scam