4 ms·
>I believe this will go down in history as the largest fraud ever committed. Madoff was estimated at ~$65b, the Enron settlement was $7.1b, Lehmen folded with
by jotux 13y ago
>I believe this will go down in history as the largest fraud ever committed.
Madoff was estimated at ~$65b, the Enron settlement was $7.1b, Lehmen folded with $600b in assets, Comp-u-card overstated income and costed investors $14b, etc. etc.
- joeblau 13y agoExactly. This is just warmup exercise compared to the pros.
- ProAm 13y agoWe'll do better next time.
- abvdasker 13y agoAccording to Wikipedia, that 65b figure is inflated. It's more likely the total amount was somewhere between 10 and 20 billion[1]. That's obviously still a ton of money. [1] https://en.wikipedia.org/wiki/Bernard_Madoff https://en.wikipedia.org/wiki/Bernard_Madoff
- jellicle 13y agoSorry. I know the magnitude of Madoff's scam. I accidentally a word or two. What I wanted to write was something like, this would be the largest successful fraud (=no one goes to jail). Mt. Gox seems to have convinced everyone that "a hacker" took all the money, and now the insiders can retire to a non-extraditing country somewhere.
- dragonwriter 13y ago> What I wanted to write was something like, this would be the largest successful fraud (=no one goes to jail). Why would no one go to jail?
- bpicolo 13y agoUnregulated industry.
- dragonwriter 13y agoThere is pretty much no place on the planet where any "industry" is so unregulated that depriving people of their property without consent, or by false pretenses, without special legal privilege, is not illegal. The applicable laws aren't industry-specific regulations.