The headlines today are likely to be about GM and the collapse of bailout talks (hooray!), but this story is mind-boggling. $50 billion. Holy crap!
As a conservative, I love to beat up the government for rampant corruption, but the private sector can clearly compete in this dubious field.
Check out some of their website before it evitably disappears. Lots to marvel at, such as this gem...
In an era of faceless organizations owned by other equally faceless organizations, Bernard L. Madoff Investment Securities LLC harks back to an earlier era in the financial world: The owner's name is on the door. Clients know that Bernard Madoff has a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm's hallmark.
It would be funny, except some very well-meaning people have undoubtedly been ruined. That seems to be a theme from what I've witnessed on Wall Street. Many "wealthy" people were actually leveraged to the hilt. The pain from this recession is going to run the full height of the socioeconomic ladder.