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The nature of a Ponzi scheme is such that the early investors actually make money. What is extraordinary here is that Madoff was able to bring in such volumes of money that he could deliver the payouts that caused half of his investors not to loose anything. It should be noted however that these investors suffered a diminution in the "book value" of their investments - they had less than they had thought, but the point here is that many investors experienced a return of their investment.

 

Submitted: Sep 23, 2009    Views: 64    Comments: 0    Likes: 2   


View Article: http://www.nydailynews.com/money/2009/09/23/2009-09-23_50_of_madoff...


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