Wednesday, February 4, 2009

At $35 billion, Flaherty's income trust fraud, out frauds Madoff

Flaherty defrauded Canadian investors out of $35 billion of their life savings, based on his totally false argument that income trusts cause tax leakage. Flaherty's fraud still remains the largest financial fraud to date:

Markopolos Says Madoff Losses Probably $15 Billion-$25 Billion

By Steve Geimann

Feb. 4 (Bloomberg) -- Harry Markopolos said losses linked to Bernard Madoff’s alleged fraud are probably $15 billion to $25 billion, rather than the estimated $50 billion.

Markopolos, testifying to a House Financial Services Committee panel today, said the higher total reflects purported returns. Markopolos tried for nine years to get the Securities and Exchange Commission to investigate Madoff.


Dr Mike said...

Damn we should be proud--we have the biggest shyster in the world here in Canada.

Hell he is so much better than Bernie we even let him look after the countries finances & we even pay him to do it.

Only in Canada eh , pity!!

Dr Mike Popovich.

Anonymous said...

Better late than never for Madoff to start receiving his just desserts.

Maybe there is hope Flaherty will be brought to trial for his role in defrauding Canadian investors out of $35 billion and preventing future generations to save for retirement?