
Photographed at his 85th birthday party this week.
Photo:bbc.co.uk
In the largest securities fraud case in history, Bernard L. Madoff has disgraced the face of investment banking further, by losing an estimated $50 billion via conducting what is known as a Ponzi scheme. In other words, he would pay returns to his investors out of the principal of other investors instead of real profits.
How he managed to keep the Securities and Exchange Commission at a distance is a question under much public scrutiny. He has later commented that his actions were catalysed by "irrational euphoria".
SOME OF THE REPORTED LOSSES CAUSED BY MADOFF:
- Clients of Santander, Spain - $3.1bn
- HSBC, UK - $1bn
- Royal Bank of Scotland, UK - $601m
- BNP Paribas, France - $460m
- Nomura, Japan - $303m
This isn't the first tme Madoff has been investigated for dodgy business, it is now known that the SEC received reports about him in 1999, almost ten years ago. The pieces of the puzzle don't seem to fit, one can't help but question who has known about this; and moreover, what else is going.
Ongoing food shortages and severe poverty in Zimbabwe has lead to the worst cholera outbreak in decades.
“The extent of suffering ‘has reached Auschwitz proportions’, read the bold title of a two-page spread in The Times yesterday.
And with mass media attention like this - we hope - comes widespread action.
Gordon Brown, who has been one the most outspoken world leaders against Mugabe, has said that the issue is an international emergency, “the world is saying ‘enough is enough”.
Similarly, Condoleeza Rice said, “If this is not the moment that it is obvious to the international community that it is time to demand what is right, I don't know when that moment will ever come.”
The first signs of a regime that could be on the brink any time soon are surfacing in the words of politicians the world over; cracks in Mugabe’s usual steadfast façade are becoming obvious. Perhaps Mugabe has been woken up to the picture of his country in descent.
Could we be getting somewhere?
Though the cholera outbreak, or something similar, was on the cards. When a country finds itself in economic collapse, when clean water, food and healthcare is so scarce, you would want to assume that someone shouts “CRISIS” and international bodies of the first-world flock in before any major outbreak or before the place ceases to be a country at all. Unfortunately, in our not-so-perfect world, it doesn’t work like that.
It takes something like this to bring about change. Change, let’s not get ahead here, but in the last few days we have heard the most promising words from international bodies that international intervention could be on the way. Let us pray.
The severity of the disease has caused a global outcry, finally, and once again Gordon Brown is ahead of the international stand-up against the failed state.
Mugabe didn't fail to entertain with another absurd response to international concern for Zimbabwe:
"This is now an international rather than national emergency. International because disease crosses borders," says Brown.
"I don't know what this mad Prime Minister is talking about," responds Mugabe.