Bernard Madoff, the former chairman of the NASDAQ stock market who now runs a private investment firm, was arrested today. This is from the DOJ press release:
On Dec. 10, 2008, Madoff informed the Senior Employees, in substance, that his investment advisory business was a fraud. Madoff stated 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. Madoff stated that the business was insolvent, and that it had been for years. Madoff also stated that he estimated the losses from this fraud to be at least approximately $50 billion. Madoff further informed the Senior Employees that, in approximately one week, he planned to surrender to authorities, but before he did that, he had approximately $200-300 million left, and he planned to use that money to make payments to certain selected employees, family and friends. Madoff, 70, currently resides in New York City.
$50,000,000,000. As Barack Obama has said, “The economy is going to get worse before it gets better.”