I was talking to a friend who is a member of one of the Minnesota country clubs to which many Jews belong, and he told me that the losses in the massive Ponzi scheme are somewhere around $1 billion in Minnesota alone. Apparently the word is that Madoff has been worse for the Jews than Osama bin Laden. Compounding the problem is that Madoff’s “investors” are not only out their capital, they’re also on the hook for the 3x leveraging loan on that capital that many of them took out. And since many won’t be able to repay it, the lending banks are liable for yet another red ink bath.
The thing is, I very much doubt this will be the last fraud to be uncovered as the inflationary tide recedes. Or the largest.