Former Nasdaq chairman ran $50B hedge fund as Ponzi scheme
I couldn’t make it up. I routinely use the term Ponzi Scheme to describe financial matters, but this one takes the cake for sure.
How many more hedge funds are Ponzi Schemes? I know. I know. The peanut gallery will howl, “All of them.” Seriously, how many of them are no shit, top to bottom, total fraud Ponzi Schemes?
This development is a stunner, even by Cryptogon standards.
I’m a bit baffled, however, by Madoff’s incriminating ramblings as the people with the blue windbreakers and gun belts moved in. I’m sure that a guy like him has been advised by lawyers for decades to, “Just keep your mouth shut, no matter what.” But Madoff is practically doing the prosecution’s work for them.
I wonder if he has been instructed on how to behave… You know… If the heat closes in, you say this that and the other, and nobody has to die, kind-of-thing. He’s the patsy, he takes the fall, and who knows how many roaches scurry away? Or, how many covert operations get quietly rolled up?
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