
UPDATE: Before you read about Madoff, take a look at Preznit Bunnypants ducking to avoid thrown Iraqi shoes. Sure he’s a war criminal, but he’s got pretty good reflexes for an old dude.
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This Ponzi scheme will probably be the largest and longest-running investment fraud uncovered during the downturn, but it will not be the last. It’s related to Big Shitpile because, among other things, hedge funds are some of the big losers. From the New York Times:
The zoning lawyer in Miami trusted him because his father had dealt profitably with him for decades. The officers of a little charity in Massachusetts respected him and relied on his advice.
A charity – this doesn’t look good.
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