Madoff Hedge fund
December 12th, 2008
Madoff [stated] that his investment advisory board was a fraud. [He] stated that he was “finished,” that he had “absolutely nothing,” that “it’s all just one big lie,” and that it was “basically, a giant Ponzi scheme.” … [He] also stated that he estimated the losses from this fraud to be at least approximately $50 billion.
That’s only one hedge fund, hopefully the other were more scrupulous, but considering how much fallout there’s been in the hedge-fund industry…