A $50 billion Ponzi Scheme?: Another Blow for Wall Street
Billions Lost in Former Nasdaq Chairman's Pyramid Scheme
At the end of last week, former Nasdaq chairman and money manager Bernard L. Madoff was arrested for running a firm that lost billions of dollars through a pyramid scheme. Although such scandal is not new to Wall Street, Madoff might hold the dubious honor of committing the largest fraud in financial history. And the details are emerging rapidly this weekend.