If the allegations against him are true, Madoff, the former chairman of the NASDAQ stock market, could be guilty of the largest financial fraud ever. And he may have defrauded an A-list group of clients that includes real estate magnate Mortimer Zuckerman*, the foundation of Nobel laureate Elie Wiesel and a charity of movie director Steven Spielberg, according to The Wall Street Journal. [...] [T]he 70-year-old financier clearly had a lot at stake on Capitol Hill and before Washington regulatory agencies. His firm operated in something of a regulatory gray area. Indeed, Madoff was famous in regulatory circles as the man who gave his name to the “Madoff Exception,” the informal name for a measure that allowed his firm to flout the so-called “uptick rule,” preventing most market participants from short selling stocks whose share price was ticking downward. Only short sales on the uptick were permitted until earlier this year. Short sales are bets in the market that a stock’s value will decline.
We're starting to think that, until we can get them in the reëducation camps (where they'll eventually be forced to work as stock clerks at Wal*Mart, waitstaff at IHOP, etc.) Federal RICO-type injunctions against the parasite classes, along the lines of local anti-gang injunctions, should be issued to keep these leeches from sucking working people any drier.
*Remember this the next time (if there is one) you see Mort punditing & pontificating on the tube.
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