The Big Three American automakers (Ford, Chrysler and GM) now have a shot at the $700 Billion promised to Wall Street without strings attached after their $14 Billion bailout plan designed for them was nixed in large part due to Republican Southern Senators - Dick Shelby -Alabama, Bob Corker - Tennessee, Lindsay Graham - South Carolina - taking issue with the UAW's inability for further concessions, specifically, reducing their pay to the levels of foreign car manufacturers not hampered by legacy costs. (And ignoring congressional ineptitude in getting these jokers to make desirable fuel effective vehicles.)
But it seems Wall Street's take on stirrings in the White House about utilizing a 'bridge loan' is more positive (and likely) everyday as the Dow closed up Friday even amidst the revelation of a $50 Billion Ponzi scheme. That's right, $50 Billion.
Bernard L. Madoff Investment Securities, LLC took money from the affluent and older investor class and gave to whomever wasn't them (like himself.) Somehow he was able to lose $50 Billion in investor money in a supposely legit stock trading. As former chairman of NASDAQ stock market, Madoff's reputation was spotless, but he'll go down as a close kissing relative of Charles K. Ponzi, who prior to the Great Depression used a pyramid scheme of receiving cash to pay other investors back double in 90 days. As long as more people contributed to pay the oldest investors in the scheme, the growing debts could be outran (for a while), though Ponzi was skimming money without much regard throughout.
Madoff told senior employees of his firm on Wednesday that "it's all just one
big lie" and that it was "basically, a giant Ponzi scheme," with estimated
investor losses of about $50 billion, according to the U.S. Attorney's criminal
complaint against him.
Wow. It is good to be so flippant. Hope he likes prison. It sucks there.