Belfast Telegraph

Madoff brands US regulatory reform 'a joke'

WALL Street swindler Bernard Madoff calls new US regulatory reform enacted after the recent global financial crises "a joke" and describes the US 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. Madoff conducted 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.

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