Would you believe $50 billion?
That’s the amount Bernard Madoff is alleged to have stolen from high-profile clients and captains of industry, leading to his arrest yesterday. Think about the sheer scope of this heist – that’s more than three times the amount the Big Three automakers were hoping for. It’s larger than the GDP of some small nations. In a week where we’ve seen massive government fraud, I didn’t think it would be possible to become more shocked.
It’s why taxpayers should be concerned about the massive infusion they just gave to the Wall Street/banking/investment complex. The financial sector has problems that run far deeper than anyone thought.