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.