Bernard Madoff: Wall Street's One-Man Wrecking Crew
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Sophisticated people and institutions worldwide fell victim to Bernard Madoff’s Wall Street Ponzi scheme, not to mention the Securities and Exchange Commission. How come they all got taken for $50 billion dollars when others so clearly saw fraud? Also, Governor Rod Blagojevich vows to break his silence as impeachment proceedings proceed, and cutbacks, layoffs and stock-market losses are producing high levels of insecurity.
Banner image: Bernard L Madoff walks down Lexington Ave to his apartment December 17, 2008 in New York City. Photo: Don Emmert/AFP/Getty Images
Blagojevich Vows to Break Silence as Impeachment Process Begins ()
As the state legislature considers impeachment, Rod Blagojevich today went out for a jog. Telling reporters less than he wanted to, the Illinois Governor said he was eager to tell his side of the story to the people of Chicago, but that there was "a time and place for everything." President-elect Barack Obama addressed speculation in the press, saying that he is "abiding by the request of the US attorneys office" adding that he expected to have answers available next week. Joel Weisman is host of the public TV program Chicago Tonight.
Bernard Madoff: Wall Street's One-Man Wrecking Crew ()
The victims are banks, hedge funds, wealthy investors and charities worldwide. Los Angeles' Jewish Journal is running a feature called "Swindler's List." But Bernard Madoff didn't just trick investors who should have known better. The Securities and Exchange Commission admits it was warned back in 1999, when a competitor named Harry Markopolos warned that Madoff was "running the world's largest Ponzi scheme." The most recent investigation was closed just last year with no action recommended, and SEC Chairman Chris Cox is investigating 10 years of regulatory failure. What about the investors? How did his racket come to be worth $50 billion? Could the losses eventually add up to more? And why is this house of financial cards collapsing now?
- Henny Sender: Senior Correspondent, Financial Times
- Jim Hedges: President, LJH Global Investments
- Richard Rampell: CEO, Rampell and Rampell
- Andrew Lo: Professor of Finance, Massachusetts Institute of Technology
- Gary Tobin: President, Institute for Jewish and Community Research
It Was the Worst of Times, It Was the Worst of Times ()
America's confidence in the economy is fading fast, according to a new poll by ABC News. Two-thirds of those surveyed are worried about maintaining their standard of living, and almost 30 percent increase in less than a year. Thirty-three percent say they've been hurt "a great deal." Gary Langer is ABC's polling director.
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