Madoff Screws the Jews

Included in the long list of people Bernard Madoff screwed is the Jewish Federation of Greater Washington. According to the New York Times, the federation said in a letter to donors that it had $10 million invested with Madoff, about 8 percent of its endowment as of Nov. 30. Madoff was arrested on December 12, 2008 for securities fraud after his two sons turned him in. Apparently Madoff constructed a “giant ponzi scheme” deflecting investment losses by paying out earnings that never existed. I guess Madoff’s spectacular returns year after year that humbled fellow money managers make much more sense with this new information. It was all bullshit! How many more respected business men in today’s economy will turn out to be criminals? I hope this is the last as our nation’s trust in the business community is quickly eroding.