Thursday, December 25, 2008

Washington Post: Ponzi - Name Stands Alone

Sorry, Mr. Madoff. Despite your prodigious alleged accomplishments -- $50 billion of investors' money, vaporized! -- you're no Charles Ponzi.

The feds, in their complaint, allege that you, Bernard L. Madoff, admitted to colleagues that you've "been conducting a Ponzi-scheme" through your investment advice business. Some Wall Street experts, struggling to convey the scope, say it's perhaps "the biggest Ponzi scheme in history."

Wow! And there have been so many.

But for all your Palm Beach Country Club connections and your sterling Wall Street résumé, you're still just walking in the shadow of the great Charles Ponzi.

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