Breaking news today of the arrest of Bernard Madoff in the USA for defrauding investors of $50 billion ... $50,000,000,000 ... in a ponzi scheme.
Ponzi schemes are like pyramid sales, where you pay the top of the pyramid loads from the investments of people further down the chain, and Madoff was running the best one ever.
Septuagenarian Madoff has apparently ripped off many of America's leading lights, and those who should know better overseas, such as well known City supermum and multi-millionaire fund manager Nicola Horlick.
Ah well.
Madoff by name, mad-off by nature.
Thank goodness I put my money under the mattress.
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...