I was not going to post on the Ponzi scheme of Madoff, but as time goes on it gets better and better.

Bernard Madoff’s contention that he pulled off one of the biggest financial frauds in history without any help is being met with disbelief by his investors and experts in the securities industry. It normally takes a team of accountants, stock brokers, lawyers and more to operate the kind of multibillion-dollar investment fund that Madoff ran from the 17th floor of his Manhattan headquarters.

Financial wizard Bernie Madoff didn’t just fool investors. He also conned the nation’s top securities regulators, who investigated his business last year and apparently missed the fact he was running a $50 billion Ponzi scheme.

Madoff may have avoided scrutiny, regulatory experts said, in part because he simultaneously operated a legitimate, regulated and high-profile business as one of the largest middlemen between the buyers and sellers of stock. In that role, he helped to create Nasdaq, the first electronic stock exchange, and advised the SEC on electronic trading issues.

Many people keep asking, how could this happen?  Really?  You have NO idea how this type of thing can happen?

Do any of you remember the scams in the junk bond market in the early 90’s?  How about the S&L scandals of the 80’s?  All that was about onbe thing–GREED!  It is little different with the Madoff hustle.  Once investors see dollar signs they become stupid with greed and when that happens they are easy pickings.

It is as easy as that.  If we could eliminate greed then we could eliminate such scandals.  But unfortunately, greed is here to stay and so are the schemes to steal more money.