Shahien Nasiripour at the Huffington Post parses a J.P. Morgan filing with the Securities and Exchange Commission and notes that the bank, the second largest in the United States, is concerned about the rising tide of strategic defaulters —…
After losing his entire life savings to the Bernie Madoff con job, former U.S. Rep. Tom Tancredo has a better idea for punishing the 71-year-old convicted swindler, who was sentenced Monday to 150 years in prison for masterminding the largest Ponzi scheme in history.
“I think I probably would’ve sold tickets and let the highest bidder come beat him up with a baseball bat and then divide up the money among all the people that he stung,” Tancredo said Monday “with a laugh,” 9News reports.
With a completely straight face, a very nice fellow at a New Years Eve party told me his investment adviser was racking up 40 percent returns on his portfolio. The other guests audibly gasped and then asked if the adviser was Bernard Madoff’s younger brother?
In a year when the Dow Jones plunged to near record levels — losing 34 percent of its value in a single year — the lure of get-rich-quick schemes seem to have no end in sight for newly energized SEC regulators, according to Bloomberg News.
It’s not quite on par with the salacious Minerals Management Services sex, drugs and oil scandal that rocked the Denver-based office last fall, but a new episode of employees behaving badly has tarred another federal agency.
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