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For Investors, Trust Lost, and Money Too
nytimes.com - 12/13/2008
For Investors, Trust Lost, and Money Too
—
Investors in the lobby of Bernard L. Madoff Investment Securities in Manhattan.
Trust us! We're economists!
themessthatgreenspanmade.blogspot.com - 12/13/2008
Trust us! We're economists!
— themessthatgreenspanmade.blogspot.com — From This Modern World comes a look at what economists hath created, featuring a special appearance by... Paul Krugman (hat tip EU). (more) Trust us! We're economists!
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Blog Reactions

My Money Blog:  Madoff Hedge Fund = $50 Billion Ponzi Scheme

Calculated Risk:  The $50 Billion Ponzi

Rolfe Winkler:  Do You Know Where Your Money is?

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Blog Reactions

Madoff Hedge Fund = $50 Billion Ponzi Scheme
My Money Blog — ... According to this NY Times article, lucky investors included J. Ezra Merkin, the chairman of GMAC; Fred Wilpon, the principal owner of the New York Mets; and Norman Braman, who owned the Philadelphia Eagles. Unfortunately, there was also substantial money from several charities and endowments. Finally, throw in a few other hedge funds which did zero original thinking and instead simply invested their money in Madoff’s hedge fund as well. ...

The $50 Billion Ponzi
Calculated Risk — This is the story of the day ... here are some of the losers: From the NY Times: For Investors, Trust Lost, and Money Too The zoning lawyer in Miami trusted him because his father had dealt profitably with him for decades. The officers of a little charity in Massachusetts respected him and relied on his advice. Wealthy men like J. Ezra Merkin, the chairman of GMAC; Fred Wilpon, the principal owner of the New York Mets; and Norman Braman, who owned the Philadelphia Eagles, simply appreciated the steady returns he produced, regardless of market ...

Do You Know Where Your Money is?
Rolfe Winkler — ... The Bernie Madoff story is fascinating and there are lessons in it for all of us as I’ll argue below.  How did he keep the scam going so long?  Why weren’t regulators asking tougher questions?  How did he lose $50 billion?  Where did all that money go? That’s the crucial question to me.  And it’s a question we must ask of ALL our financial institutions. ...

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