Bernard Made-Off

All I can say is WOW! For someone to be able to accomplish a fraud like that, many people were well aware of this Ponzi Scheme. What I mean is that there will be a path that unfolds many peculiar aspects of the SEC to the NASDAQ. All money managers of that size are looked at or audited by the SEC and they usually do a very thorough job. Whoever was assigned that task at the SEC was without a doubt in Mr. Maddoff's pocket. My assumption is that almost everyone in the advisory part of this business was well aware of the scheme. I wrote almost two years ago about Hedge Funds and other investment businesses that were taking on too much risk or promised something that was unattainable. Now as the market corrects and deleverages, many strategies have been exposed that they don't work or were fraud. At this point, it becomes very hard to trust anyone with power of the degree of Mr. Maddoff but this should not be the case. Keep in mind there are many people like Warren Buffett to Shelby Davis who are very moral and have a very high degree of integrity. These are the people that we should be listening to and reading about. If you don't take the time to do the homework, you could end up like the investors of Maddoff Securities.