Wednesday, February 11, 2009

Why is this story not a shock?

Ruth Madoff was withdrawing MILLIONS up to her husband confessing to their sons that he was running a ponzi scheme.

The Bernie Madoff story is a sad ending and beginning. Many people from rich to regular joes who saved their money, invested with good faith in Madoff. In return he, and his wife to an extent, used these folks money and spent it on their lavish lifestyle.

I am not against anyone working hard to make good. That is the American Dream. The problem is greed and the wanting of more, which makes many of these white collar criminals. Now we have many folks out there out of their life savings and yes, this is part of the economy, too.

Lastly, we, individuals need to read up on investing money and start investigating these firms that we put our money with. We need to know EXACTLY where our investment dollars are going and not just through "feeders". We need to know the name of the firms, companies our money is being invested with. Yes, the investment part of all this debacle needs MAJOR OVERSIGHT.

Massachusetts' top securities regulator said on Wednesday that the wife of accused financial swindler Bernard Madoff took out roughly $15 million from an account managed by Cohmad Securities days before her husband was arrested and charged with securities fraud.

Meanwhile, a person familiar with money manager Bernard Madoff's case said a deadline to indict him on fraud charges has been extended by 30 days.


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