I predict the Madoff story and subsequent investigations will be huge in 2009, leading down all manner of twisted and corrupt paths, and will spawn many other such investigations.
In the beginning was subprime, and that spawned a meltdown in mortgage-backed securities, then in asset-backed securities in general, then spread to the financial world at large, which in turn precipitated a recession.
In the same way, the Madoff story is the start of the financial corruption story, just like subprime was the start of the financial implosion story. And I’ve no doubt but that massive corruption occurred, both in the private sectors and in governments.
This blog was about the first leftwing blog to cover subprime, and we’ll be doing the same with the Madoff story and what it will spawn.