Madoff's going to jail. Just how long is not certain, but Methuselah would be taken aback by the potential porridge he's about to do.
I like this quote from one of Madoff''s victims. Burt Ross is a former mayor of the New Jersey town Fort Lee. He told the BBC he did not expect to recover a single cent of the $5m he invested. "Bernard Madoff is a genius," said Mr Ross. "You're dealing with the greatest con artist probably in the history of the world. He created a mystique and associated with extraordinarily well respected and revered people, and so he was given the benefit of the doubt by financial regulators who blew it badly."
Blew it badly is an understatement. Most of these legalised cowboys (no offence to the real thing!) are still trying to make ends meet with other peoples' money.
One thing is certain, I think. Madoff will be in great demand in the jail for master classes for those who screwed up and failed to make a bean! The authorities should keep a beady eye on him. We don't want a group of well trained ponzi artists coming out all keen as mustard to do Wall Street over again.
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