The Greatest lost money in the world.

Bernard Madoff or they called Bernie, the 70 y.o financier was once chairman of Nasdaq Exchange - a symbol of Wall Street ( centre of financial world ) could get up 150 years in prison, this Jewish guy was ruined thousands of victims included individuals, trusts, pension funds, hedge funds and non profit organizations, he wiped out people's life savings, damaged charities and foundations and apparently pushed at least 2 investors to commit suicide.

Investors big and small were swindled from retirees to celebrities as Steven Spielberg ( Jurassic Park film maker ), actor Kevin Bacon, Hall of Fame pitcher Sandy Koufax, etc. included Nobel Peace Prize Winner and Holocaust survivor Elie Wiesel.

He began a Ponzi scheme ( Charles Ponzi, an Italian immigrant in 1920s - died broke ), a Pyramid money game, in which early investor are paid off with money taken in from later ones.
Prosecutors said his low level employees in Madoff's New York offices participated by mailing out tens of thousands of phony monthly statements and trading confirmations to make it look as if customers were making money in the market, prosecutors put the amount of the fraud at $ 64,8 billion. So far authorities have located only $ 1 billion for investors.

Where's the money then ?, some investors suspect their money ended up in the hands of Madoff's wife, Ruth.

" I realized that my arrest and this day would inevitably come, I'm actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed, " Madoff said.
This financial scandal broke in early December 2008 and the courthouse is in lower Manhattan New York, he was taken to the Metropolitan Correctional Center across the street where he will be held until sentencing.

Stocks open higher.

This Friday many regional stock market has gains. Report from Citigroup Inc. yesterday said the Bank doesn't need additional government support after receiving three rounds of emergency funding. Another report came from Bank of America Corp. it said the Bank was profitable in January & February, other reports is General Motors Corp. said this thursday that the company wouldn't needthe latest installment of government bailout money and General Electric Co.'s credit rating cut on the same day wasn't as bad as some had feared.

From Asia, Japan's Nikkei stock average jumped to 7569 from 7198 and Hongkong index is 12525 from 12001.

Attend a seminar

This morning I attended a Financial seminar at a big building on 49th fl. MH. Thamrin Avenue, topic of this seminar is Introduction to Hedge Fund, Forex ( foreign exchange ) and Options. The seminar was attended by 40 - 50 persons. We learn about equity or stocks, bonds, derivatives & futures contract, foreign exchange currency, money market, mutual funds, hedge funds, private funds or sovran funds and all of its spread.
This seminar begin at 9 and finish at 12, after that I go to the New Market ( Pasar Baru ) to repair my photo camera, after asking the price etc. I went home. This camera I will use to take some pictures and myself pictures, my plan is I will upload those pictures to this blog. This automatic camera is a genuine brand from Canon Japan, this camera is from my far grandma, she live nearby the building that I was came this morning.

Monday closed down.

I heard ( from many radio stations ) that on Monday, March 2nd, the stock market in many places closed down sharply ( DJIA 6763, Nasdaq 1323 ) it's all because of AIG ( American International Group Inc. ) reported $ 61,7 billion the fourth quarter loss then brought losses for 2008 to $ 99,3 billion. After that AIG have bailout from US government, this is the 4th times AIG have bailout ( Twice from Treasury fund and fourth times from Federal Reserve ).

I heard the government already has risked $ 173,3 billion to keep AIG alive and government officials acknowledged the company may need more money.

But the Indonesian index average ( JCI / Jakarta Composite Index ) closed up 3 digit ( 1264 ). This day many of stock market index closed gain.