Bernie Madoff on the Modern Stock Market
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I have started and managed several small businesses. It is hard to run one set of books for a small business. There are other people involved — not just the head of the company. There are bookkeepers, lawyers, accountants, regulators, tax preparers and auditors.  The books have to be straight because so many people with so many different interests get in them. Brokerage accounts add another layer of complexity. Add money management and that is even more complexity.

And we are to believe that one guy could run a brokerage and money management firm with two sets of books and siphon off $50 billion? And no one knew?

This is the financial cover story equivalent of the yarn that a few devout Muslims hijacked two planes that hit skyscrapers that then magically collapsed leaving their passports and a copy of the Koran sitting on the sidewalk.

So…who has the $50 billion?

Madoff Victims Threaten Legal Action

Bernard Madoff Arrested Over Alleged $50 Billion Fraud
truthout.com (12 Dec 2008)

Geneva Banks Lost More Than $4 Billon to Madoff: Report
Reuters (12 Dec 2008)

Judge Signs Order to Protect Madoff Investors
Yahoo Finance (15 Dec 2008)

List Of Victims Of Madoff’s Alleged Ponzi Scheme
FINalternatives.com (15 Dec 2008)

Scam Victims: Finance Giants Count Losses
Yahoo Finance (15 Dec 2008)

SEC Had Chances for Years to Expose Madoff’s Alleged Ponzi Scheme
Wall Street Journal (15 Dec 2008)

Impact on Jewish Charities Is Catastrophic
Wall Street Journal (16 Dec 2008)