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Posts Tagged ‘Ponzi scams’

Operation Broken Trust Missed “The Big One”

Posted by Larry Doyle on December 8th, 2010 7:55 AM |

$8 billion is a lot of money, right? Right.

But when is $8 billion NOT a lot of money?

$8 billion is NOT a lot of money when it is compared to $35 billion, $135 billion, or $335 billion. Agreed?

Agreed. Thank you. Let’s continue.

Sense on Cents is a huge proponent of exposing and prosecuting financial fraud wherever it occurs. To this end, I was happy to see that the Feds have had their ‘street cleaners’ operating overtime the last few months. The results of the Fed’s ‘street cleaning’, also known as Operation Broken Trust, is a not insignificant collection of 231 cases totaling $8 billion in losses. Well done. In all sincerity, I commend each and every individual involved in this effort. While those arrested deserve due process, they also deserve to be prosecuted to the fullest extent of the law. If guilty, I hope they receive maximum sentences.

Regrettably, though, the street cleaners missed “The Big One.” Which scam is that? A scam which by any measure could reasonably be described by any of those much larger figures referenced above.    (more…)

Madoff Ruling: More Reason Not to Trust Wall Street or Washington

Posted by Larry Doyle on March 1st, 2010 1:03 PM |

On the heels of my commentary this morning addressing why Harry Markopolos feels America’s citizens should not trust the government, we receive more fuel for the fire.

The timing of this release is truly uncanny:

MADOFF JUDGE’S RULING REDUCES PROTECTIONS AGAINST PONZI SCHEMES FOR ALL SECURITIES INVESTORS

Judge rules SIPC does not have to insure every account up to $500,000, shifts burden of Madoff losses to American taxpayer. (more…)






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