MHCN
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Fraud and corruption is not purely a Pakistani problem, it also occurs in the West and when it happens it happens on a mega scale and effects the lives of many.
Bernard Madoff, former chairman of the renowned Nasdaq in the US is being charged with what may be the biggest fraud in history and it didn't happen in Pakistan but in the "enlightened" USA. He operated a Hedge fund and his fraud is estimated at a massive $50,000,000,000, that's more than the entire debt of Pakistan!!!. His bail alone is $10,000,000.
It would be almost impossible for a person to spend so much money in a full life time, Bernard MADoff was 70 years old...and probably not planing on death or getting caught. He's wrong on both accounts!
Further details on BBC website:
BBC NEWS | Business | Fund boss held 'for $50bn fraud'
Bernard Madoff, former chairman of the renowned Nasdaq in the US is being charged with what may be the biggest fraud in history and it didn't happen in Pakistan but in the "enlightened" USA. He operated a Hedge fund and his fraud is estimated at a massive $50,000,000,000, that's more than the entire debt of Pakistan!!!. His bail alone is $10,000,000.
It would be almost impossible for a person to spend so much money in a full life time, Bernard MADoff was 70 years old...and probably not planing on death or getting caught. He's wrong on both accounts!
Further details on BBC website:
BBC NEWS | Business | Fund boss held 'for $50bn fraud'
