December 22, 2008 |
When money manager Bernard L. Madoff was arrested in New York recently for allegedly engineering a massive Ponzi scheme, Wall Street financiers were left slack-jawed at the unmasking of an establishment figure who seemed to be an unlikely fraud. The reaction was similar among many politicians in Washington. For years, Madoff was a generous donor to mostly Democratic causes and maintained a steady lobbying presence through the government relations firm of a former New York congressman.
December 21, 2008
It is likely that the country needs to stop talking about values. Wall Street financier Bernard L. Madoff offers even more proof that we have none. ("No Hollywood ending in Madoff investment case," Dec. 17.) Money, or the possibility of earning large amounts of it, clearly trumps integrity. How sad. Lewis Redding Arcadia -- Bernard L. Madoff, who allegedly pulled off a gigantic investor fraud of $50 billion, could potentially be slapped with 20 years in prison and a fine of $5 million.
December 21, 2008 |
Sarah Mandell and her husband, Bob Chew, wanted to cut their expenses and lead a "simpler life," so in 2004 they sold their house in Los Angeles and set out for the mountains of Colorado. To secure their future, they took the money from the house and invested it with Stanley Chais of Beverly Hills. It seemed like a safe bet: Chais was a wealthy investment advisor and trusted family friend who had produced strong returns for Mandell's relatives for two decades.
December 20, 2008 |
It's conventional wisdom that Bernie Madoff, with his alleged $50-billion Ponzi scheme, has dealt a massive blow to Wall Street's credibility. That idea ought to give many individual investors a good laugh at the end of a devastating year for their own finances. I don't want to minimize the path of destruction, financial and psychological, that Madoff blazed. But I'm amazed that there seems to be such shock out there that the man could have ripped off people who trusted him.
December 20, 2008 |
The Bernard Madoff books are in the works. Less than one week after the former chairman of the Nasdaq stock exchange was arrested in an alleged multibillion-dollar Ponzi scheme, publishers HarperCollins and the Random House Publishing Group each reported that they had signed up books about the scandal. In 2010, HarperCollins will release an investigative work, currently untitled, by reporter-anchor Andrew Kirtzman, who has been featured on the New York television stations WCBS and NY1.
December 19, 2008
Re "Madoff losses go deep in L.A.," Dec. 16 It is shameful that a man would cause such harm to fellow humans. It is amazing how people's greed prevented them from asking how one individual could beat the market time after time -- even during economic conditions not seen since the Depression. When I learned the Ten Commandments, it was stated very simply: "Thou shalt not steal." Now, in Hollywoodland, we're even editing God's law. Real estate financier Richard Ziman says of investment advisor Bernard L. Madoff, "There is no greater shanda (disgrace)
December 18, 2008 |
The Madoff scandal is shining a new light on what critics deride as years of toothless enforcement by the Securities and Exchange Commission -- and heightening calls for major changes. Already under fire for its regulatory performance during the financial crisis, the reputation of the federal government's Wall Street watchdog is now in tatters after it failed to stop Bernard Madoff's alleged Ponzi scheme before it had wiped out as much as $50 billion in investors' money.
December 17, 2008 |
In one of his more melancholy moods, Isaac Newton mused that he could measure the movement of distant celestial bodies but could not gauge the magnitude of human folly. It's a reflection with a certain compelling relevance given the stunning news that one of the country's most respected securities traders, Bernard L. Madoff, allegedly has swindled investors out of at least $50 billion.