A lot of investors woke up recently to find their money had ‘disappeared’ in Bernie Madoff’s $50 billion Ponzi scheme. And it all happened under the noses of the regulators. Byron King says there are probably many more scammers out there. And the US government is among them. He says this just strengthens the case to buy gold and silver.

This from Whiskey & Gunpowder:

What if you woke up one day and there was a flying saucer sitting in the middle of Central Park? It would change your view of the world, if not the universe, right? At least that’s the idea behind the newly released remake of the classic 1951 film The Day the Earth Stood Still.

And what if you went to bed one night and thought that you had money on account in a fine silk stocking firm? What if you believed that you and your family were well

...

Report: Russia, China Biggest Bribers; Coffee Prices Continue Falling; October Existing Home Sales Slump; China Wants More Help From BHP; Yahoo Closing in on New CEO; FedEx Lowers Guidance 26%; Lehman Selling French Unit for $1; NFL to Cut 150 Jobs

Companies from Russia and China are most likely to use bribes when conducting business abroad, says a report from Berlin-based corruption watchdog Transparency International (TI), Reuters reported. The least likely to bribe were Belgium and Canada, according to group’s 2008 Bribe Payers Index. Four days after rival J.M. Smucker Co. (SJM) cut its list price for Folgers coffee products, Kraft Foods Inc. (KFT) announced an ...

A chronology of the recent global market chaos:

September 14/15 - Investment bank Lehman Brothers Holdings files for bankruptcy protection; Merrill Lynch to be taken over by Bank of America Corp.

September 16 - U.S. Federal Reserve announces plan for $85 billion (49 billion pound) loan to American International Group in return for an 80 percent stake in the insurer; Barclays buys parts of Lehman’s North American assets for $1.75 billion.

September 17 - British bank Lloyds TSB Group agrees to rescue rival HBOS, scooping up Britain’s biggest home loan lender in an all-share deal.

September 19 - U.S. Treasury Secretary Henry Paulson calls for the government to spend billions of dollars to take toxic mortgage assets off financial companies. Stock markets soar.

September 20 - Details emerge of the $700 billion U.S. plan.

September 21 - Goldman Sachs Group and Morgan Stanley become bank holding companies regulated by the Fed.

September 22 - Nomura Holdings says

...

The End for Fannie and Freddie Shareholders? A government takeover of Fannie Mae (FNM) and Freddie Mac (FRE) could be announced as early as today, with shareholders of the common stock facing the grim prospect of having their equity completely erased along with other major executive changes at the companies in a move to stabilize the mortgage market and housing recession. Altria Acquires a Taste for Smokeless Tobacco: Shares of smokeless tobacco company UST surged 25% on Friday on word that Altria (MO) will buy its smaller rival for $10 billion with a deal expected as early as tomorrow morning. Lehman Interest from the Far East? Japan-based Nomura Holdings may consider a strategic investment in Lehman Brothers (LEH), pending a review of the investment bank's operating results as early as this week. Boeing and machinists work to avert ...