Now, on a cold March day in Manhattan, Madoff — the mastermind behind the largest Ponzi scheme in history — has pleaded guilty to 11 felony charges, including securities fraud, money laundering and false filings with the Securities and Exchange Commission (SEC).
Madoff may face up to 150 years in jail!
Here are 5 things about Bernie Madoff, the man behind the world’s biggest Ponzi Scheme:
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Two weeks ago, I was invited to speak to a group of young leaders for the Developing Leaders Day organized by AIESEC Universiti Teknologi Malaysia. This is a part of my mission and strategy of increasing Financial Intelligence of young Malaysians!
In the photo: Committeesof AIESEC, June & Lucas
From Left: June, Jonathan, Lucas
As we begin 2009 with dampened enthusiasm and dentened optimism, some of our dreams and hopes are diluted by the financial illness that has infected the world! Every new year, Warren Buffett adopt a couple of old maxims as his beacons to guide his future. This self-prescribed therapy has ensured that with each passing year, Warren Buffett grow wiser and not older.
This year, Warren Buffett invites you to tap into the financial wisdom with him and become financially wiser.
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I’m sure you have probably read about the recent world record when AIG makes history for US$62 billion loss! The American insurance giant’s quarterly loss was the biggest in corporate history, topping the previous record of $45 billion set by Time Warner Inc. during the 4th quarter of 2002.
How Severe Is It To Lose $62 billion in 92 days?!
1. It’s more money than Bill Gate’s net worth of $57 billion as of last Sept (according to Forbes magazine’s “400 Richest Americans” list that had Gates as No.1
2. AIG was losing nearly $470,000 a minute for the past 92 days!
3. AIG lost more in the 4th quarter of 2008 than it made from 2001 to 2007, when net income totaled more than $58 billion.
4. US government provided $62 billion for immediate relief and rescue efforts in the months after Hurricane Katrina in 2005.
5. If $62 billion was spread across the US population, Americans could each get about $200.
6. AIG’s loss amounts to 92 percent of the $67.4 billion that Americans spent at world’s largest retailer Wal-Mart Stores Inc. in the fourth quarter, which includes the holiday season.
7. It would take a person spending $1 million per day, everyday, the next 169 years to spend as much money as AIG lost during the fourth quarter, which lasted just 92 days.
