Monday, December 15, 2008

NYT: Fraud Inquiry Centers on Investment Firm’s Sanctum

And the 17th floor is now an occupied zone, as investigators and forensic auditors try to piece together what Mr. Madoff did with the billions entrusted to him by individuals, banks and hedge funds around the world.

Bernie Madoff has taken nearly $50 billion dollars and, well, no one has a clear sense of where it all went. From influential Hollywood celebrities to large sports companies, the money is long gone. What happened with the Madoff Organization is that people found out they were unable to get their money--which with most hedge funds they're able to do so--unless there is a gate in place.

What do you think of this debacle?

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