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June 29, 2009

Bernie Madoff sentencing

Well, this isn't exactly the world's greatest surprise Bernie Madoff has been sentenced to the full 150 years that the prosecutors were demanding.

It's not all that much of a surprise for Madoff had already pleaded guilty to running the world's largest ever financial scam. Some estimates put the losses at as much as $50 billion (although others point out that this entails double counting).

He was running a Ponzi scheme: promising high returns to investors but instead of paying these from profits he was simply paying old investors from new money flowing into the fund. Not a new game and not a clever one: but his was larger and longer running than any of the others.

June 29, 2009 in Finance | Permalink

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