Rep. Ackerman On Madoff Fraud

On January 5th, the House Financial Services Committee held a hearing to assess the alleged $50 billion investment fraud engineered by Mr. Bernard L. Madoff that is now the subject of multiple investigations. The hearing will help to guide the work of the Financial Services Committee in the 111th Congress in undertaking the most substantial rewrite of the laws governing the U.S. financial markets since the Great Depression.

Category:

News & Politics

Tags:

• Ackerman
• economy
• Democrats
• Congress
• oversight
• Madoff

[AniLutu]

I'm about to cry! This is one of the saddest things I've ever heard.

[Faisal4242]

because every average American wants to be him some day.

[michaelwright999]

G Ackerman is the man, you bet on the horse race after it was over, he is a god king.

[michaelwright999]

@gibbersome  YID

[AnomalousAppendages]

@VioletScorpion That's what Markopolos says in his book too. He says Madoff investors simply did not want to believe he was a fraud because they had too much at stake to lose. He says most of them knew deep inside but decided not to act upon their gut feeling, but Madoff was no genius.

[VioletScorpion]

Madoff wasn't really a genius, most other people were either ignorant about due diligence (not really their fault if they're not actively involved in stock trading) or willingly blind. The trade tickets Madoff created were fake, and all it would of taken would of been to verify that the claimed trades on the trade tickets were actually performed, and the consistent profit Madoff claimed should have been a clear red flag that such due diligence should be performed.

[SexyLikeAScorpio]

I feel so bad for him.

[whoiga]

Your argument is a non sequitur. He was also Jewish, but many Jewish organizations and several large Jewish universities were completely (or near-completely) wiped out by the fraud. Your conclusion cannot be properly derived from his religious/political affinities. Hitler had a moustache, yet we don't pigeonhole people with moustaches based on Hitler's political affinity.

[Minionuup]

Maddoff is a Democrat. He has sent big Money to big Democrats. (Clinton, Obama, Dodd, Schumer, Rangel). His scheme was easy to pull off seeing his Democratic buddies were covering for him all the way.