Having spent time on Wall Street, this tells me that the system is flawed and has made this type of activity possible. How many Madoff`s are out there? Potentially there may be dozens if not hundreds of investment firms and banks throughout the country operating in this manner. Remember that while they have your money, you are only given a paper statement of your assets, which in Madoff`s case the statements were falsified to show gains, keeping the investors happy. What a hoax? This is really where the Fed`s need to focus. The world laughs at us Americans once again. In recent news:
First National Bank of Arizona at 17600 N Perimeter Dr in Scottsdale, was shut down by federal regulators FridaySecurity Pacific Bank is shut down by FDIC ... WASHINGTON Regulators have shut down Houston-based Franklin Bank and Los Angeles-based Security Pacific. BankAmeribank Inc today became the first West Virginia bank shut down by the FDIC.Government shuts down mortgage lender IndyMacRegulators Shut Two National Banks: First National Bank of Nevada . |
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