"The former chairman of the Nasdaq stock market has been arrested and charged with securities fraud, in what may be one of the biggest fraud cases yet."
"Bernard Madoff ran a hedge fund which ran up $50bn (£33.5bn) of fraudulent losses and which he called "one big lie", prosecutors allege. Mr Madoff is alleged to have used money from new investors to pay off existing investors in the fund."
"New Jersey Gov. Jon S. Corzine said political opposition to regulation allowed Bernard Madoff to lose as much as $50 billion of his clients money.
Corzine, a Democrat and former chairman of Goldman, Sachs & Co., called the losses "astonishing." Those in charge of oversight and enforcement "didn't believe in regulation in any serious way," Corzine said today.
"The question arises: How did this happen?
The answer is quite simple: Madoff’s investment firm was allowed to operate for 2 years without regulation from the SEC."
"Here’s a thunderbolt: There’s no such thing as a “free-market economy.” What does the “free” part of it mean? I have found no convincing explanation.
Every financial system requires rules and regulations to function. The PR coup of the “free-market economists” is that they managed to convince the American public that only little people need rules."
"As falhas que levaram ao actual desastre não foram apenas dos supervisores - foram sobretudo da deliberada ausência de regulação". - Francisco Sarsfield Cabral, PÚBLICO, 15-12-2008
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