Forbes writes that everything about Bernie Madoff was an exaggeration. Even as he was being led away to jail three years ago for 150 years, he wanted us to think he stole far more than he did; that he was by far the biggest and the best Ponzi schemer of all time; that he was in a class by himself. I wrote at the time about “How to Start A Ponzi Scheme.” Initially we were told his scam totaled $65 billion. In the end, the number was only $17 billion. That’s not to say the scheme hasn’t been hugely disruptive to the many families he cheated. For sure people have lost their homes and many older people have lost everything and had to move in with their children. Foundations have been shuttered because their money has been lost…
Read more at http://www.forbes.com/sites/joanlappin/2011/12/27/trustee-for-the-madoff-estate-has-recovered-60-of-the-victims-money-for-big-fees/
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