Saturday, December 13, 2008

We Just Thought He Was A Different Kind Of Crook

I thought this was the funniest bit about the $50 billion Ponzi scheme.
"I am shocked, as I know you are, by this fraud," Merkin wrote. "As one of the largest investors in our fund, I have also suffered major losses from this catastrophe." Analyst Henry Blodget wrote on his blog Friday that some savvy investors figured Madoff was up to something because his returns were so high. "Many Wall Streeters suspected the wrong rigged game, though: they thought it was insider trading, not a Ponzi scheme," Blodget wrote. "And here's the best part: That's why they invested with him." Madoff issued sparse paper reports to his investors, claimed his portfolio only lost money in five of the last 156 months and used an obscure accounting firm in Rockland County as his auditor.