The biggest scam in Wall Street history

Monday, December 15, 2008

Most Ponzi schemes are short lived. Financial watchdogs, investors or the FBI normally sniff out the crook and the scheme collapses. But that's not the case with Wall Street legend Bernard Madoff, who was arrested late last week and accused of putting on one of the biggest Ponzi schemes in the history of Wall Street. Diana Henriques of The New York Times wrote Sunday's piece, "The 17th Floor, Where Wealth Went to Vanish"

He put the losses at $50 Billion. Forensic accountants are still trying to confirm both the scale of that and how he did it.
— Diana Henriques

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