Wall Street has already been rocked by crisis these days. The financial district has been blamed for the onset of the financial crisis. Wall Street has also been the beneficiary of the recent $700 billion bailout package approved by the federal government, which irked many critics who think that instead of punishing the culprits of the crisis the government has actually saved them with the bailout.

Once again, a shocking news shook the world of financial industry. Former Nasdaq Stock Market chairman and Bernard L. Madoff Investment Securities founder Bernard Madoff has been arrested by government agents for “running a giant Ponzi scheme.” It was alleged that Madoff, who denied the accusations, pays returns to certain investors out of the principle received from the other investors. The long-running pyramid scheme ripped off an estimated $50 billion from the investors. This outrageous news sent shockwaves to economists and investors. Why not? The nation and the world is already in crisis, such kind of news would be certainly appalling.

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Posted by Jones on December 17th, 2008 :: Filed under $$$ CRISIS
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