Bernard Madoff pulling a Ponzi scheme ~ Buzzing Wires | Keeping you plugged into a virtual world.

Bernard Madoff pulling a Ponzi scheme

Anybody else wondering wtf a Ponzi scheme is?

If you don't even know what I am referring to, then you may not be up on today's buzz. Of course, that may be what you are here for.

Bernard L. Madoff, the founder of Bernard L. Madoff Investment Securities and a former chairman of the Nasdaq Stock Market, was arrested Thursday by FBI agents and charged with a $50-billion criminal securities fraud, also being referred to as a Ponzi scheme.

After a quick search of wikipedia, here is what I found;

A Ponzi scheme is a fraudulent investment operation that involves promising or paying abnormally high returns ("profits") to investors out of the money paid in by subsequent investors, rather than from net revenues generated by any real business. It is named after Charles Ponzi.

Now your in the know!