Just another Wall Street superstar
What $50 billion in bullshit sounds like
Bernard Madoff: Working the room
Amazingly, informed observers have been questioning Maddoff's supernaturally "steady" returns for years, some going so far as to file formal complaints with the SEC - which did nothing.
Only the credit crisis and fund redemptions revealed the true state of affairs.
How many other investment funds out there are like this?
Clearly no one knows because no one has been watching the store.
Here's a quote from one of the rocket scientists who passed hundreds of millions of dollars in client funds to Madoff:
"It is astonishing that this apparent fraud seems to have been continuing for so long, possibly for decades.
The Madoff business has been subject to due diligence by many of the most experienced professionals in the global markets . . . yet it seems that criminal activity has continued unfettered and undetected."