Wednesday, March 18, 2009

Ernie and Cookie Monster from Sesame Street explain the Madoff scandal

Bernard Lawrence "Bernie" Madoff is an American businessman and former chairman of the NASDAQ stock exchange, who may have operated the largest investor fraud ever committed by a single person. On March 12, 2009, Madoff pled guilty to an 11-count criminal complaint admitting to defrauding thousands of investors through a massive Ponzi scheme (a fraudulent investment operation that pays returns to investors from their own money or money paid by subsequent investors rather than from any actual profit earned).

Thanks for the link, Carmela.

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