Holy mole: a $50 billion dollar Ponzi scheme run by Bernard L. Madoff. That’s an astounding amount of money if true.
Update: This is now big news, of course. For an interesting read of someone who has been pursuing this fraud since 1999 see The World’s Largest Hedge Fund is a Fraud by Harry Markopolos. h/t nakedshorts.
Seems like shades of Richard Whitney at the NYSE in the 30’s.
Jeff
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With no brother to eventually pay out restitution, I’m guessing though.
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As you may have heard, Madoff is now under house arrest, and has been obliged to sign over some assets (eg, property in the Hamptons). As a lawyer remarked earlier this week, “$50 billion didn’t just go up in smoke.” Then again, the value of a lot of CDOs pretty much went up in smoke–considerably more than $50 billion worth, as a matter of fact.
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