Texas Financier Stanford Charged With Fraud; Trump Casinos File for Chapter 11; Amex and Capital One Defaults Rise; WalMart Beats Expectations; Blackberry Execs Pay Back $2.2 Million; Oil Prices Fall Below $35
Bernard Madoff, former chairman of the NASDAQ Stock Market Inc. (NDAQ), was turned into the authorities by his sons last Thursday after his firm, Bernard L. Madoff Securities LLC, was declared an insolvent “giant Ponzi scheme,” with estimated losses of $50 billion.
From Bloomberg:
A U.S. Securities and Exchange Commission investigation into credit-rating companies found the firms improperly managed conflicts of interest and violated internal procedures in granting top rankings to mortgage bonds.
Scaring the false capitalists…Valuing the real capitalists.