 The Wild Wild World of Wealth |  |
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There’s been an important development in the fight against financial fraud. Today, The Wall Street Journal broke a story with broad implications. The Securities and Exchange Commission barred Bernard Madoff from the securities business.
We all feel safer, right?
Yeah, right.
Woody Allen just published a terrific piece in The New Yorker. It’s a story about two swindled investors, reincarnated as lobsters, who extract the sweetest revenge on Bernie Madoff. If you haven’t seen the piece, click on the link below: Go to The New Yorker Share Acrimoney
When the Financial Scandal Came Home This article could have been titled Madoff with the Spouse or Madoff with the Partner. The title is not meant to be sexist. Just factual. The questions about Ruth Madoff remind me of the 70s. I don’t mean the horrific markets from 1973 to 1974, down 45 percent. I [...]
The stories about Bernie Madoff keep coming—his cushy confinement, the conspiracy behind trading confirms, a life sentence. Many articles find common roots in one question. How did he fool so many people? It’s the wrong question. What we really want to know is how to beat the next Bernie, the next Stanford, or the next [...]
That’s why I question whether credit card issuers have a solid business model in this economy. Presumably, they lend money to people who can pay their bills. But people who can pay their bills don’t borrow at 24.5 percent. It’s the Catch-22 of credit cards. At these extreme rates, in these tough times when people are struggling to make ends meet, I suspect we have yet another train wreck in the making.
I hereby nominate Clusterstock for a Blog Oscar in the category of scams. Today’s photo post, “Sir Allen Stanford’s Circle of Friends,” is a classic. It’s also one of the scariest things I’ve seen in a long time. Several of our legislators are beginning to look like the Forrest Gump of financial scandals. http://www.businessinsider.com/sir-allen-stanfords-circle-of-friends-2009-2 Share [...]
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