So where did Madoff’s $50 billion go?

Madoff confessed $50 billion fraud before FBI arrest

His clients were hedge funds, presumably not idiots, yet they didn’t know. Seems odd. How can that much money vanish and was this just a solitary amoral greedhead or was it, um, more organized than that?

I bet there’s lots more of this out there. We’ve had eight years of the Federal Government winking at corporate thieves, now we’re going to see just how much corruption and fraud there has been.


4 Responses to So where did Madoff’s $50 billion go?

  1. Ace Armstrong Fri, Dec 12, 2008 at 6:14 am #

    He appears to be the first one to correctly identify this financial mess as a Ponzi Scheme.

  2. John Couzin Mon, Dec 15, 2008 at 12:51 am #

    Don’t you get the feeling that the whole system stinks and that is the real problem. Looking for good guys to work the crooked system fairly, seems rather stupid.

  3. Don Tue, Dec 23, 2008 at 6:52 pm #

    Madoff is a jew and certainly he has a complex network in NY, the people like Bloomberg and even Bernanke may have been involved. Who knows?

  4. Bob Morris Wed, Dec 24, 2008 at 2:23 am #

    Oh, I think lots of WASPs were involved too.