According to the Wall Street Journal,
Bernard L. Madoff, a former chairman of the Nasdaq Stock Market and a force in Wall Street trading for nearly 50 years, was arrested by federal agents Thursday, a day after his sons turned him in for running what they said their father called “a giant Ponzi scheme.”
Our claim to fame evaporates if the sons who live in Greenwich weren’t involved. Oh well, we’ll always have Dick Fuld.
Update: According to this second Wall Street Journal article a lot of hedge funds had a lot of money “invested” with Madoff so brace for more losses. The article seems to imply that investors should have known better than to trust the numbers Madoff was spouting but if so, what about Madoff’s officers and employees? If their own trades weren’t generating the kind of returns Madoff reported, did they just assume that some colleague was taking up the slack? Did they ever talk to each other?
For What It's Worth 