Specifically, we're hearing that the smart money KNEW Bernie had to be cheating, because the returns he was generating were impossibly good. Many Wall Streeters suspected the wrong rigged game, though: They thought it was insider trading, not a Ponzi scheme. And here's the best part: That's why they invested with him.
Sure they did. And now they’re pissed at him, never mind they were participating in something illegal, even if they didn’t know exactly which illegal thing it was.
To judge by the charges against him, to which his lawyer says he will plead guilty on Thursday in Manhattan, Bernard Madoff not only ran the biggest Ponzi scheme of all time but one of the purest.[...]
The US attorney’s case against him, which seeks his imprisonment for 150 years, accuses him of having run a Ponzi scheme - using investors’ capital to pay out returns, rather than investing their money - from “at least the 1980s”.
Okay, let’s put aside the fact that his scheming wasn’t a surprise to either his investor clients or the feds who didn’t open an investigation when they first became aware of the situation. Water under the bridge. They say Bernie is going to plead guilty to 11 counts which can be expected to carry a life sentence (or 150 years, whichever comes first). Bernie is old. Bernie will most likely have a Ken Lay style heart attack before he does time.
....but hey, do what you want....you will anyway.
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