Bernard L. Madoff, a legend among Wall Street traders, was arrested on Thursday morning by federal agents and charged with criminal securities fraud stemming from his company’s money management business.
He apparently admitted that his decades-long business was a giant Ponzi scheme that had lost $50 billion over the years and that he had nothing left.
And of course no one on Wall Street knew anything about this all those years, right?
Think of it as a retirement plan – three hots and a cot, teevee, sex if you’re into that sort of thing.