On Friday, December 19, long-time Wall Street wunderkind, Bernard Madoff went before U.S. Magistrate Judge Theodore Katz appealing his current bail conditions that require him to remain under house arrest.
You really must feel sorry for the guy, forced to stay locked up in a 12-room penthouse in Manhattan.
The World‘s Largest Ponzi Scheme
Madoff created the world‘s largest Ponzi scheme also called a pyramid scheme, paying long-time investors with new investors‘ money. And year in and year out, including 2008, a year in which we watched stocks plummet 35% on average, Madoff‘s early investors continued to see an average annual gain of 9%. Bernie Madoff was a stock-picking genius!
Here‘s the thing. Madoff made his name as the head of the National Association of Security Dealers ‘" the NASD in NASDAQ. Now, wouldn‘t you trust your investments to the one-time head of the NASD? No brainer, right?
‘Oh, what fools these mortals be.‘ William Shakespeare
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