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California Pulls the Plug on Construction
Banks, charities and other sophisticated investors fell victim to Bernard Madoff's Ponzi scheme; $50 billion may be just the tip of the iceberg. On this rebroadcast of today's To the Point, why were so many taken for so much when so many others knew it was fraud? Also, a state agency has shut down almost 2000 construction projects, including highways, schools and levees. At stake are billions for business and tens of thousands of jobs. It's all about the budget.
By Warren Olney • • 1h 0m ListenBanks, charities and other sophisticated investors fell victim to Bernard Madoff's Ponzi scheme; $50 billion may be just the tip of the iceberg. On this rebroadcast of today's To the Point, why were so many taken for so much when so many others knew it was fraud? Also, a state agency has shut down almost 2000 construction projects, including highways, schools and levees. At stake are billions for business and tens of thousands of jobs. It's all about the budget.
Banner image: Intersection of I-10 and I-15 in California
In this episode
2 storiesWall Street's One-Man Wrecking Crew
In 1999, an investment advisor named Harry Markopolos warned the Securities and Exchange Commission that Bernard Madoff was "running the world's largest Ponzi scheme." The SEC has closed several investigations without taking action, and SEC Chairman Chris Cox is investigating 10 years of regulatory failure. But what about the investors? …
Read the story27 minCalifornia Pulls the Plug on Construction
Barack Obama says public spending will stimulate the economy and help end the recession, but the biggest state in the union is moving in the other direction. California's Pooled Money Investment Board is little known but vitally important to the day-to-day services the state provides.
Read the story27 min
