Madoff’s $50 billion scam came unwound when too many investors tried to pull their money at the same time, which means we’re likely to more big swindles get exposed in the coming months…
…as investors keep those redemption notices coming, laying bare those funds running on bags of hot air and bluster. Who was that brilliant fellow who said the other day that the recession is awesome because everything that sucks is dying?* Oh right, that was me.
*This is not to say that if you’re struggling right now you suck and I have glee in my heart because of it. Far from it. Just that the most leveraged, cheesy, and hollow things in this world won’t be able to continue coasting on their lies for much longer.
Credit Crunch Unmasks Madoff [BusinessWeek]