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"The Vile Plutocrat" Website Spotlights Misdeeds of the Rich and Powerful
The Vile Plutocrat gathers news about the misdeeds of "the entitled class," mixes in scathing editorial commentary and then links stories to biographies of the purported villains.
"The idea was born out of the Bernie Madoff scandal," Paul Burton of 16 Toads Design told AFP late Saturday at a South By South West Interactive gathering here.
"In a nutshell, we are looking for any kind of news that revolves around people in the upper echelons of society that are doing something that takes money away from the middle class."
Madoff was arrested on December 2008 and sentenced in June to 150 years in prison after pleading guilty to a multi-billion dollar Ponzi scheme in which existing investors were paid returns stolen from new investors' capital.
To the horror of thousands of investors, including major banks, Hollywood moguls and savvy financial players, Madoff, a former chairman of the NASDAQ stock market, admitted that for decades he had not been investing their money at all.
Instead, he had been shuffling the funds in an endless pyramid operation, using new victims' contributions to pay phony interest to others and funding his own luxury lifestyle.
Madoff claimed to have been managing 65 billion dollars, but in October the court-appointed liquidator said the real bottom line was 21.2 billion dollars.
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