EconWatch.com > winterspeak.com: Ponzi Economy

[winterspeak.com] Bernie's fraud was of the straightforward kind, and while $50B is no small sum, it is still a trifle compared to the $6T or so (and counting) in real wealth destroyed by the fraud that is Academic Finance and Macroeconomics.

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[Megan McArdle] How did Bernie Madoff get away with it? - Megan McArdle: From the SEC press release (click on my handle): "The SEC's complaint, filed in federal court in Manhattan, alleges that Madoff yesterday informed two senior employees that his investment advisory business was a fraud. Madoff told these employees that he was "finished," that he had "absolutely nothing," that "it's all just one big lie," and that it was "basically, a giant Ponzi scheme." The senior employees understood him to be saying that he had for years been paying returns to certain investors out of the principal received from other, different investors.

[The Big Picture] The Big Picture | 12 Questions on Markets and the Economy: Word to the wise: don't stand too close to the Eccles Building, or the skyscrapers in the financial district. Brokers and bankers out on ledges might do anything.

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