Where has the money gone?

[classicman]

I didn't mean to give you the opportunity to simply regurgitate the same old thing Enron/GWB/GM/beancounter all bad... Perhaps you are unaware that we all have seen and read that far too much already. You better start thinking of something new for 2009

I was referring to a much larger perspective. It was not that long ago when America was a major producer of "stuff" now it is predominantly a service economy. In this situation we do not have the goods/products to market competitively - all we have are services to provide. Well those are the first things to go and right now...they are gone.

[tw]

Originally Posted by classicman

I was referring to a much larger perspective. It was not that long ago when America was a major producer of "stuff" now it is predominantly a service economy.

Another business school game. The employee would design the assembly line. Therefore he had a manufacturing job. The employee then started a firm that only designed assembly line. Now he is a service job. He does the exact same job, but the accounting games no longer call him a manufacturer.

However that problem is slowly getting worse. Lehigh University no longer calls themselves "The Engineers". Their nickname is now "Mountainhawks". Why? Even Lehigh U wants to diminish engineering. Lehigh University is massively expanding its business school. After all, engineers cost more to educate. The demand in America is for more MBAs - just like Nardelli and Wagoner.

Fact don't change only because they were previously cited. What was accurately posted ten years ago has is now obvious even on the spread sheets.

[classicman]

Originally Posted by tw

What was accurately posted ten years ago has is now obvious even on the spread sheets.

Please cite

[ZenGum]

Some of the money "went" here, either paying the early investors in this ponzi/pyramid scheme, or funding this guy's lifestyle.

Worried investors are rushing to assess the extent of potential losses after the alleged $50bn (£33.5bn) fraud by the ex-head of the Nasdaq stock market.

Wall Street broker Bernard Madoff's fund ran up the massive fraud, which he called "one big lie", prosecutors said.

A federal judge has appointed a receiver to oversee Mr Madoff firm's assets and customer accounts.

Hundreds of people are thought to have invested with him. The 70-year-old has been released on $10m bail.

More at the link.