Tools | Bookmark & Share | Make MrWhy My Homepage
MrWhy.com
Go
MrWhy.com » Videos » Business News - 50 Billion Dollar Pyramid Scheme
Business News - 50 Billion Dollar Pyramid Scheme
Business News - 50 Billion Dollar Pyramid Scheme
Report
Business News - 50 Billion Dollar Pyramid Scheme
The economy may be weak, but the video game industry is not feeling the effects of the recession. Retail sales in the U.S. of video game hardware, software, and accessories in November had a ten percent bump over the same time period last year, as sales nearly reached 3 billion dollars for the month. Sales were driven by the popularity of Nitendo’s Wii console, Microsoft's X-Box 360 system, and the blockbuster action shooter game, "Gears of War 2." General Motors announced aggressive cutbacks from their first quarter production for 2009 to adjust to weakened sales caused by the recession. GM said they would temporarily shut down 20 plants and cut 250,000 cars from it's production schedule for the first quarter. Many of the plants will be shut down for the entire month of January, and 20 factories will be shut down for a total of 30 percent of the quarter.  70 year old former Nasdaq chairman Bernard Madoff was arrested by federal agents last week after his sons turned him in for running what is beingdescribed as a giant Pyramid scheme. The SEC has asked a judge to seize Madoff's firm and its assets for running, quote, "an ongoing 50 billion dollar swindle." The FBI, which is also investigating Madoff, alleges that his investment advisory business deceived investors by operating a securities business in which the principal investments from inestors were used to pay other investors. Christopher Miller, chief executive of Allenbridge Hedge Info, a hedge fund ratings agency based out of London, described the impact of Madoff's scheme by saying "some of the world's biggest hedge funds have been hit by this." Madoff's indictment involves one of the biggest if not the biggest Pyramid schemes ever, and Federal Prosecutors have charged him with one count of securities fraud. Prominent people who have been victimized by the scheme include director Steven Spielberg, and upublishing magnate Mort Zuckerman. I'm Nafessa Deflorias for YourDailyFinance.Com. Keep tuning...
Channel: vlaze
Category: Entertainment
Video Length: 154
Date Found: February 19, 2009
Date Produced: December 16, 2008
View Count: 12
 
MrWhy.com Special Offers
1
2
3
4
5
 
About Us: About MrWhy.com | Advertise on MrWhy.com | Contact MrWhy.com | Privacy Policy | MrWhy.com Partners
Answers: Questions and Answers | Browse by Category
Comparison Shopping: Comparison Shopping | Browse by Category | Top Searches
Shop eBay: Shop eBay | Browse by Category
Shop Amazon: Shop Amazon | Browse by Category
Videos: Video Search | Browse by Category
Web Search: Web Search | Browse by Searches
Copyright © 2011 MrWhy.com. All rights reserved.