Senior Correspondent, Financial Times
Senior correspondent for the Financial Times
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Henny Sender
Guest
FROM Henny Sender
To the Point
Bernard Madoff: Wall Street's One-Man Wrecking Crew The victims are banks, hedge funds, wealthy investors and charities worldwide. Los Angeles' Jewish Journal is running a feature called " Swindler's List ." But Bernard Madoff didn't just trick investors who should have known better. The Securities and Exchange Commission admits it was warned back in 1999, when a competitor named Harry Markopolos warned that Madoff was "running the world's largest Ponzi scheme." The most recent investigation was closed just last year with no action recommended, and SEC Chairman Chris Cox is investigating 10 years of regulatory failure. What about the investors? How did his racket come to be worth $50 billion? Could the losses eventually add up to more? And why is this house of financial cards collapsing now?
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