Tags: Madoff Scandal

Madoff: Federal Government Is a Ponzi Scheme

Monday, 28 Feb 2011 02:37 PM

NEW YORK (AP) — Wall Street swindler Bernard Madoff calls new regulatory reform enacted after the recent national financial crises "a joke" and describes the federal government as a Ponzi scheme.

Madoff made the remarks during a telephone interview with a writer for New York magazine. The interview was published on the magazine's website Sunday night.

Madoff did an earlier New York Times interview in which he accused banks and hedge funds of being "complicit" in his Ponzi scheme to fleece people out of billions of dollars.

He's serving a 150-year prison sentence in Butner, N.C., after pleading guilty in 2009 to fraud charges.

Madoff also tells the magazine his wife is angry at him for destroying their family. One of Madoff's sons hanged himself in his Manhattan apartment on the second anniversary of his father's arrest.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved