| By Salvatore Genovese |
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| September 28, 2008 07:30 PM EDT |
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2,512 |
Last Night I was at an up scale bar in New York City area, happen to be standing next to a number of men who looked like they were working in the financial industry. One man in the middle of the group turned to me and said that this week has been the toughest he has ever experienced in his life.
His office was visited by Federal investigators on Friday who are trying to get to the bottom of one of the largest hedge fund related scams of our recent history.
This man said that the world will hear this man's name very soon, perhaps this week, who has built a 50 billion dollar scam with fake invoices buying and selling Macy's and other retail stores' fictional inventories. The Feds could not catch up with this thief and his scam because they never thought about matching the actual invoices against actual invetories that existed in retailer warehouses.
Apparently, one of the most brilliant multi-billion dollar financial scams of this decade is unfolding as we speak, and one since Senator John MacCain's close friend Charles Keating pulled together in 1980s, who at the time stole roughly $8 billion and spent less than two years in jail for his crime.
The new owners of Charles Keating's Bahamas home renamed the property
Last weekend I was at Keating's private island in Bahamas where Senator John MacCain and Mr. Keating used to spend private and quality time together. Mr. Keating later sold this property, perhaps today it may still be available for Mr. Paters to purchase after his jail sentence.
I am certain CNBC and other cable and financial news networks are aware of this development and I am shocked that none of them already reported it yet.
It is unbeliavable to me that another fresh Wall Street scam news is breaking through a blogger website based in Australia, insread of CNBC's Squawk Box.
Where have David Faber, Joe Kernen, Jim Cramer, and the old man Mark Haines been for the past couple of weeks?
