More Red Flags Than Beijing

In today’s regulatory environment, it’s virtually impossible to violate rules. It’s impossible for a violation to go undetected, certainly not for a considerable period of time.

—Bernard Madoff, legendary Ponzi investor

In the choice between changing one’s mind and proving there’s no need to do so, most people get busy on the proof.

—John Kenneth Galbraith, American economist

ONE OF THE GREAT head-in-the-sand tales of our time concerns Bernard Madoff, perpetrator of what has been called the biggest investor fraud of all time. Madoff is the man who brought the term Ponzi scheme back to public consciousness. In a Ponzi scheme, early investors in a scam are paid huge returns, not from the investment but with ...

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