An article relating to this blog post on Finextra:
Former Nasdaq chairman Bernard Madoff charged with securities fraud
Bernard L. Madoff, the founder of Bernard L. Madoff Investment Securities LLC, a registered investment adviser, and former Chairman of the Nasdaq Stock Market, was arrested today and charged with one...
Henry Blodget, the former star techstock analyst who knows a thing or two about investment fraud, posts an interesting insight to the Madoff affair on his
"Specifically, we're hearing that the smart money KNEW Bernie had to be cheating, because the returns he was generating were impossibly good. Many Wall Streeters suspected the wrong rigged game, though: They thought it was insider trading, not a Ponzi scheme.
And here's the best part: That's why they invested with him."
With insider trading endemic, if not
institutionalised, in the broking industry, the old adage, about thing looking too good to be true doesn't always apply. The regulators, bless 'em, have known this for years. A clean up is long overdue - and, please, no more industry bleating about regulatory