"Madoff, 70, the founder of Bernard L. Madoff Investment Securities LLC, maintained a separate and secretive investment-advising business that served between 11 and 25 clients and had a total of about $17.1 billion in assets under management, prosecutors said.
They said he told employees Wednesday that it had been insolvent for years, losing at least $50 billion. Madoff told employees he was "finished," that he had "absolutely nothing," that "it's all just one big lie" and it was "basically, a giant Ponzi scheme," according to a criminal complaint in U.S. District Court in Manhattan. " read it.
Jim Kramers take. More here.
Yesterday I wrote about how much brokenness there is the world.. and now this!!!! I am truly sick to my stomach. The reason that the credit markets are frozen are because no one trusts eachother... now this!!!!!! The whole financial world is broken, BROKEN, BROKEN!!!!!!! Who can you trust? Who is telling the truth? Who is marking thier books correctly? It goes on and on and on..... I have been in finance for 20 years and I truly remember when I integrity was all that mattered. Those days are gone..... What will it take to bring it back? Read yesterdays post.