How to Cover Wall Street

Just before the previews started at a showing of Slumdog Millionaire on Saturday night, my ear caught the two 40-something guys behind my wife and I talking about Bernard Madoff’s giant Ponzi scheme.

“That makes like 10 people we know who were caught up in this,” said one of the guys.

As I pretended to listen to what my wife was saying I focused on their conversation – hoping to hear a name I might know.

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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.

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