How do you spend $50 billion? That’s the question with the discovery that Bernard Madoff did no trading with the money he received from investors.
The case reminds me of questions about how much Little Rock customers of the Stanford Financial Group might have invested in the now worthless CDs from a bank in Antigua. Stanford sold them with great success on account of their extraordinarily high return. (If something sounds too good to be true ….) A Little Rock businessman told me he was encouraged by friends to put some of his money in the CDs as they had, but he had resisted. Bank of Antigua? Sounded iffy to him. Lucky him.
For those still lucky enough to be able to buy CDs, the NY Times today offers some guidance on how to be sure you’re safe.