One Big Lie

"We are alleging a massive fraud — both in terms of scope and duration"

The SEC has charged Bernard Madoff, claiming his decades-old investment firm has, effectively, been a Ponzi scheme. 

Not many details yet.  The SEC issued a press release and Bloomberg has a story.

Losses might be as high as $50 billion.

Inconceivable.  These are Enron-level losses.  I can’t believe that much money could be gone; details will come out over the next few days.