balloon-juice.com - 12/12/2008
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However corrupt Blagojevich may be, this will probably dwarf it :
Bernard L. Madoff, a legend among Wall Street traders, was arrested on Thursday morning by federal agents and charged with criminal securities fraud stemming from his company’s money management business.
The arrest ...
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... individuals, hedge funds and other institutions, was charged with operating what he told employees was a long-running $50 billion Ponzi scheme in what may be one of the largest frauds in history.
Only one thing on Wall Street is better than a bullish market: a bullshit market. Madoff is the former chairman of NASDAQ. It takes “a legend“ to perpetrate “a stunning fraud that appears to be of epic proportions.”
And the important question: how will this hurt Obama?
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