The former chairman of the Nasdaq Stock Market is best known as the founder of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. But he also ran a hedge fund that U.S. prosecutors said racked up $50 billion of fraudulent losses.
Madoff told senior employees of his firm on Wednesday that 'it's all just one big lie' and that it was 'basically, a giant Ponzi scheme,' with estimated investor losses of about $50 billion, according to the U.S. Attorney's criminal complaint against him."
So the office pool for bailing out these Madoff Investment Securities people covers from December 13th to January 19th. Ten dollars to pick a half-day (A.M. or P.M.) and the winner gets nothing as all the proceeds go to giving Me a bonus. Welcome to bailout reality.
(I just noticed the writer could have led this article with "Bernard Madoff, a quiet farce on Wall Street for decades...")
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