Monday, December 15, 2008

Apropos Made Off: Carl Sagan would say,Millions,& millions and billions......... far away.

collage-drawing by marguerita
“Our task is to find the records and follow the money.”
We do not dispute his number — we just have not calculated how he made it,” he said.

But a question still dominates the investigation: how one person could have pulled off such a far-reaching, long-running fraud, carrying out all the simple practical chores the scheme required, like producing monthly statements, annual tax statements, trade confirmations and bank transfers. The 17th Floor, Where Wealth Went to Vanish -
There are harsh opinions — besides the angst and the fear — about some of these men within that community. Many were most arrogant, which is, after all, a common affliction amongst the rich. We all live in a world where rich = smart even in many cases when we know it’s stolen or ill-gotten.- DPC in New York Social Diary
The fallout from Bernard Madoff’s alleged $50bn fraud spread through the global financial system on Monday as more banks revealed exposures to his firm and the beleaguered hedge fund industry braced for withdrawals from worried clients. / Comment & analysis / Editorial - Madoff's madness

Parma is not only famous for cheese (“Parmigiano”) and ham (“prosciutto”). It also seems to be something of a cradle of sophisticated financial fraud. / Companies / European companies - The Parma connection

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