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December 16th, 2008
09:45 PM ET

Live Blog from the Anchor Desk 12/16/08

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Tonight on AC360°, the biggest Wall Street scam ever and why the SEC chairman is "gravely concerned by the apparent multiple failures" in its dealings with Bernard Madoff. How did the so-called "Sheriff of Wall Street" miss his alleged $50 billion scam for so many years? We're keeping them honest. Plus,  tonight's other headlines.

We'd love to hear your thoughts on the headlines.  Just scroll down and share your thoughts on tonight's stories.

But please follow our rules.

Here are some of them:

1) Keep it short (we don't have time to read a "book)
2) Don't write in ALL CAPS (we don't like screaming)
3) Use your real name

Don't miss Randi Kaye's webcast during the commercials. She's filling in for Erica tonight. LINK TO WEBCAST

And take a look at our live web camera from the 360° studio. LINK TO THE BLOG CAMERA


Filed under: Live Blog
soundoff (262 Responses)
  1. Chris, VA

    Let me see if I have this right... Madoff took money from todays investors to pay off yesterdays investors until his house of cards collapsed on the weight of itself when new investors were too few to compensate the top tier guys. And they call that a PONZI scheme.

    Someone please tell me how that is any different then the government collecting workers taxes today to pay off retirees of yesterday and slap the name Social Security on it and say because it is a government approved program that A) it is okay and B) it will not collapse on the weight of itself?!

    December 16, 2008 at 10:10 pm |
  2. Mike Aghachi

    Would you have invested with Moddoff? Yes you would...
    Ali you would too...

    December 16, 2008 at 10:10 pm |
  3. David Gergen

    Hello everyone -

    Two questions coming in the next few minutes on which it would be great to hear from you:

    - Do you think more or less of Jesse Jackson Jr. upon hearing the news that he has served as an informant to the feds over the past 5 years on Illinois corruption issues?

    - Do you think Gov. Patterson of NY should appoint Caroline Kennedy to Hillary Clinton's Senate seat?

    Will look forward to hearing from you. Thanks.

    December 16, 2008 at 10:10 pm |
  4. Teresa

    Actually, for Madoff to have done this scam for so long and with so much money is nothing short of Genius : )

    December 16, 2008 at 10:10 pm |
  5. Mike, Syracuse NY

    I can't believe that all you need to be a NYS Senator is a big name. First Clinton, now Kennedy. Maybe if we sold the seat like IL we'd get a better deal.

    December 16, 2008 at 10:10 pm |
  6. Rikki, Fargo, ND

    to quote Lou Dobbs..."Doesn't anyone deserve a government that works?" ...I'm quickly losing confidence!

    December 16, 2008 at 10:10 pm |
  7. anderson cooper

    good evening everyone... if this stuff doesnt shake ones confidence in the system, nothing will

    December 16, 2008 at 10:09 pm |
  8. Brandi - bottom of the boot

    John Walsh is so amazing. It is so unfortunate that they could not have declared this man the killer before he died. It's so horrible what happened to their son. And he has done so much good after such a loss. I truly admire him.

    December 16, 2008 at 10:09 pm |
  9. Minou, New York City

    I am absolutely horrified by the scope of Madoff's fraud. It is so far-reaching, it's beyond me how he could go undetected for so long. I feel so sorry for all the people who lost money to this despicable ....person.

    December 16, 2008 at 10:09 pm |
  10. Mark Blanco

    Since the Securities Exchange Act of 1934; essentially, there responsibility has been to protect investors and prevent any harm from dishonest securitiy sales - The SEC failed in every aspect.

    December 16, 2008 at 10:09 pm |
  11. eric walker

    Now that the influencial and overseas banks have been ripped off. Here comes the big push for regulations. I for one am happy for some of the rich feal some of the pain the little people have been fealing for a while.

    December 16, 2008 at 10:08 pm |
  12. Stacy

    Confidence in the government? This government? Um, no.

    December 16, 2008 at 10:08 pm |
  13. bob

    another kennedy? we will never learn.

    December 16, 2008 at 10:08 pm |
  14. Megan Dresslar (Shoreline, WA)

    Shame on them!!
    Absolutely right!! Maureen T I agree with you....... right on target!

    December 16, 2008 at 10:08 pm |
  15. Maureen T

    Oh what a tangled web we weave....

    December 16, 2008 at 10:07 pm |
  16. pati mc., camp hill, pa

    for the life of me, I cannot understand how this could happen. my god, this man even sheated charities? how can a person like him gain people's trust like he did? are people really that gullible?

    anderson, i have always been too trusting myself when lectured by experts. guess we just learned to be more cynical, huh?

    December 16, 2008 at 10:07 pm |
  17. Tracey - Boston

    Martina,

    I tried that Amway ripoff Quickstar(?) I did like having my ptoficts shipped but it wasn't worth it in the end

    December 16, 2008 at 10:07 pm |
  18. Scott Brown

    Let me guess... the investors who were bilked will be eligible for a government bailout? Rich, greedy guys saved again.

    December 16, 2008 at 10:07 pm |
  19. lynn

    Cox should be fired. One of the first things PE Obama's team needs to do is get some oversight and regulation into the markets and investment community to restore confidence.

    December 16, 2008 at 10:07 pm |
  20. CurtisJo

    Brandi, Madoff is not a broker, per se. If you're talking about "standard" stock brokers, that's a completely different subject and there are always disclosures about their responsibilities. Frankly, shame on those who invested blindly.

    December 16, 2008 at 10:07 pm |
  21. Don, WA

    Just call the headlines "People in Peril".

    December 16, 2008 at 10:07 pm |
  22. Lorie Ann, Buellton, California

    I guess Madoff was the old con man, snake oil salesman. They still do exist, guess they always will.

    December 16, 2008 at 10:07 pm |
  23. Candace from Canada

    Bernie Madoff is King of the Con Artists
    Nothing but a low & dirty thief!

    Financial Psycopath?!

    Don't call him that -as he will use a defense of being mentally unfit.

    EVIL , the whole scheme is EVIL.

    December 16, 2008 at 10:07 pm |
  24. Tray

    We need to form a government to watch the government and all of these agencies. I feel sorry for all of the non profit organizations that have to close their doors. The FBI set up a hotline?..I wonder if they have a hotline to get this money back. How many people at the SEC will & should be fired. I'm so disgusted with everything that's going on in America now.

    December 16, 2008 at 10:07 pm |
  25. Mike, Syracuse NY

    Maybe Blogo and Madoff could be cellmates.

    December 16, 2008 at 10:07 pm |
  26. Rikki, Fargo, ND

    I really like that term Financial Psychopath...that describes Madoff perfectly!

    December 16, 2008 at 10:06 pm |
  27. Bea

    I will be shocked if anyone guarantees his bail for him beyond his wife and brother. He is still looking they say.

    December 16, 2008 at 10:06 pm |
  28. Brandi - bottom of the boot

    @pati, i dont think any of them know how to actually say 'mea culpa.' lol

    December 16, 2008 at 10:06 pm |
  29. Mike, Syracuse NY

    So how did this guy spend $50 billion? That's a lot of caviar.

    December 16, 2008 at 10:06 pm |
  30. Kathy, Chicago

    What will happen to Madoff? I know in my parent's case the guy only got a few years and then was out to cheat, steal and corrupt again.

    December 16, 2008 at 10:05 pm |
  31. Megan Dresslar (Shoreline, WA)

    Yup! I agree with all of you...... He cheat us for fraud!!!! not right to cheat people!!!! 🙁

    December 16, 2008 at 10:04 pm |
  32. pati mc., camp hill, pa

    maybe this is one of those times when something good could come out of a bad thing? apparently we need the SEC to be investigated. mia culpa anyone?

    December 16, 2008 at 10:04 pm |
  33. Brandi - bottom of the boot

    wow, now everyone has to worry about their brokers screwing them and not just the stock market itself. not good at all.

    December 16, 2008 at 10:04 pm |
  34. Maureen T

    Good evening Anderson. I certainly hope Bernard Madoff was not one of those getting a bailout was he?? Shame on them!!

    December 16, 2008 at 10:04 pm |
  35. Clyde

    I'm certain I'll never have enough money to be the target of a ponzi scheme.

    December 16, 2008 at 10:03 pm |
  36. Martina

    Madoff bad egg since 1999, unbelievable. Sounds like Amway doesnt it, remember them ponzi...now back as Quikstar, and still sounds like a ponzi scheme again...but why not? There is no oversight...anywhere.

    December 16, 2008 at 10:03 pm |
  37. bob

    i thought the 8.5 trillion dollar bailout was the biggest scam ever. why are we worried about 50 billion?

    December 16, 2008 at 10:03 pm |
  38. Candace from Canada

    Good Evening Anderson, Randi and Bloggers!

    Wow.... $50 000 000 000.00
    That is alot of money! 🙂
    Even in Canadian Dollars that's alot of Money!

    Unbelievable – can't even imagine that much money.

    For Christmas I would love to hear of one good story coming from Wall Street before the year is up!

    December 16, 2008 at 10:03 pm |
  39. Rikki, Fargo, ND

    Good evening Anderson, Randi and bloggers!

    The SEC definitely dropped the ball. This is ridiculous..how could the SEC be so clueless? and completely miss this?

    December 16, 2008 at 10:03 pm |
  40. Bea

    The absolute incompetence within this administration is just incredible. Makes me very sad.

    December 16, 2008 at 10:03 pm |
  41. pati mc., camp hill, pa

    where was the SEC???? if they were "on top of this" it would not have gone this far. yeah, they messed up. jeez..

    December 16, 2008 at 10:02 pm |
  42. Brandi - bottom of the boot

    Madoff is a wretched man. SEC allowed him to do it.

    December 16, 2008 at 10:02 pm |
  43. Lorie Ann, Buellton, California

    Good Tuesday evening. The last 10 years? Madoff got away with alot. 50 billion!

    December 16, 2008 at 10:01 pm |
  44. Nancy A. Welch

    Dear Anderson,

    Regarding Caroline Kennedy wanting to become Senator in place of Hillary, it is not on whole a good idea. She walks in like the Sugar Plum Fairy with the little waves to no one. We are in desperate times and New York needs someone who is a seasoned hard worker and fighter, not a coddled and self-indulgent woman.

    Nancy

    December 16, 2008 at 10:01 pm |
  45. Martina

    Hello Anderson, love you man!

    December 16, 2008 at 10:01 pm |
  46. Tracey - Boston

    Good Evening Anderson,

    SEC totally dropped the ball.

    December 16, 2008 at 10:01 pm |
  47. Sam Benson

    Right under the nose of the government. No one "dropped a dime on him." Above suspicion.

    December 16, 2008 at 10:01 pm |
  48. CaseyJ - Palm Springs, CA

    How many more are there just like Madoff, et al? How could his sons have not known?

    December 16, 2008 at 10:01 pm |
  49. pati mc., camp hill, pa

    good evening anderson

    December 16, 2008 at 10:00 pm |
  50. Megan Dresslar (Shoreline, WA)

    Hellooo Anderson, Randi and best bloggers!!!!!!
    Not good day for viewers who lost 50 billions dollars scam by Bernard Madoff many years....... Ouch!

    December 16, 2008 at 10:00 pm |
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