Madoff's alleged $50 billion fraud hits other investors - Yahoo! Finance
NEW YORK (Reuters) - Investors scrambled to assess potential losses from an alleged $50 billion fraud by Bernard Madoff, a day after the arrest of the prominent Wall Street trader.They should put this guy in charge of Carbon Credits: such talent should not be allowed to languish the Federal Pen. Make him the "Federal Car Tar" too. Combine the positions. There. Progress being made.
Prosecutors and regulators accused the 70-year-old, who was chairman of the Nasdaq Stock Market in the early 1990s, of masterminding a fraud of epic proportions through his investment advisory business, which managed at least one hedge fund.
Hundreds of people, investing with him through the firm's clients, entrusted Madoff with billions of dollars, industry experts said.
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