Stunning – how did Bernie do this?
Bernie Madoff swimming swindling naked 
$50 BILLION? Congratulations!
Courtesy of Greg Newton, Naked Shorts.
[UPDATED] More than a few sleepless nights ahead for more than a few people methinks:
the firm was insolvent and had been for years,
and that he estimated the losses
from this fraud were at least $50 billion.
From The Wall Street Journal:
Bernard L. Madoff, the founder of Bernard L. Madoff Investment Securities and a fixture of the Wall Street trading world for decades, was arrested Thursday morning by Federal Bureau of Investigation agents and charged with criminal securities fraud by federal prosecutors in Manhattan.
The criminal complaint filed against Mr. Madoff alleges that he told senior employees Wednesday that his business was “a giant Ponzi scheme,” according to a person familiar with the matter. The alleged scheme involved tens of billions of dollars, but the extent of investor losses wasn’t immediately clear…
…The alleged scheme apparently involved an asset-management unit of Madoff Securities. The New York firm is primarily known for its business of market-making in stocks. The asset-management group at Madoff oversaw money for high net-worth individuals, hedge funds and other institutions, according to another person familiar with the matter.
Madoff charged with secruities fraud
by Amir Efrati, Tom Lauricella And Dionne Searcey
The Wall Street Journal Dec. 11 2008
Bernard Madoff Charged by US Prosecutors With Fraud
by David Glovin
Bloomberg Dec. 11 2008
