Friday, December 12, 2008

Market Maker

Wall Street reeled yesterday on the news about Bernie Madoff, a renowned trading specialist and former chairman of Nasdaq.  Mr. Madoff, in an interview with the the FBI, stated that his firm was insolvent and that his business was a Ponzi scheme.  Estimated losses are $50 billion.  He was turned in by his sons, who worked for him. The details are here.