Wednesday, December 17, 2008

What the Heck is a Ponsi Scheme and How Did It Eat 35 billion dollars?

Does anyone else wonder where the 35 billion dollars lost in the Bernard Madoff scandal go? How can you lose 35 billion dollars? That whole mess has majorly messed up the philanthropy world and the sums of money lost by non-profits and individuals is staggering. I know you have to be pretty rich to begin with to be able to lose 30 million dollars but still, can you imagine waking up one morning to have someone tell you that your 30 million is gone???

1 comment:

Tiffany A said...

I get where the Madoff money went -- he just moved money around laterally, lying about growth. But what I want to know is where did all the other money go? The money that originally fueled the economic growth (housing boom, super wealth) of the last ten years, which has now apparently vaporized. I guess I never really understood where all that money came from in the first place....