**Top investors ‘hit by $50bn con’ **
BBC NEWS | Business | Top investors ‘hit by $50bn con’
That also by none other than the ex head of Nasdaq.
What impact it will have on the already fragile financial markets.
Re: The Worlds biggest fraud
Ehsan bahi its impact is on the chairmans of Dow and S&P that why they remained behind
Re: The Worlds biggest fraud
An American Samad Dadabhai ? Samad Dadabhai and many others were running this kind of pyramid scheme in Karachi in mid 80's. But they went bust in a couple of years , it took 48 years for this scheme to go bust.
Re: The Worlds biggest fraud
Isnt this something similar to what the "Double Shah" guy did in Pakistan?
Re: The Worlds biggest fraud
I will call this guy “American Double Shah” … 
Re: The Worlds biggest fraud
Re: The Worlds biggest fraud
Another spectacular failure of American financial authorities. The fraud is on par with Enron and what did we get after Enron, oh yes SOX, What happened to it? Talk about height of failure by the regulatory authorities and does SOX or its so called enforcers ahve any credibility left. The world has never seen such spectacular financial failures as we are experiencing now and SOX was suppose to protect us.
Re: The Worlds biggest fraud
sox came about due to hanky panky and collusion between crooks in the corporate leadership and crooks in te auditors they were workign with, history stretches back to dealings that some had with BCCI. They asked for blood, killed Arthur Andersen, only to later exonerate the company, there were other issues along the way, slaps on the wrists for KPMG for example..big slap but still just a slap.
and in the end who did they have working in sox, basically same firms.
SOX- i hate to say is a bureaucratic mess, tons of paperwork, no real benefit, except for the people making money off it.
the financial servies sector really needs massive housecleeaning, and not just these zero value things like SOX.
Re: The Worlds biggest fraud
^^ app kyun mairi nokri kay peechay paray hayn :pcg:
Re: The Worlds biggest fraud
because MY nokri and MY company was killed by over zealous regulators who chose to kill a company to satisfy the ignorant public lust for blood when Enron happened.
I am not after your nokri, I am after having this SOX white elephant be overhauled to mean something rather than an exercise to waste time and resources, which it is right now. The rest of the world does fine without SOX.
SOX means nothing, zero, zilch, nada..
they should make it mean something, or take it out and have something better in its place..because something is needed. and that something is not this useless exercise by accountants and techies to create work that barely delivers anything.
which basically means your job is safe :) unless you work for Mad-off
Re: The Worlds biggest fraud
Title: The Worlds biggest fraud
Correction: The Worlds biggest fraud so far
:D