Missing: $15 billion…

So, the latest financial scandal to hit the fan is the alleged embezzlement of $50 billion by Bernard Madoff.

Apparently, according to the BBC News site story:

Somehow, in bad times as well as good, he was able to pay out 10% or more every year. “It’s a proprietary strategy. I can’t go into it in great detail,” he once said.

And I bet the people who were getting a 10% return on their money didn’t enquire about that strategy too closely, either.

It’s just a shame some of those people were amongst the biggest names in world banking pissing around with OUR money…

To add insult to injury:

In the words of hedge fund boss Douglas Kass, of Seabreeze Partners Management: “It appears that at least $15bn of wealth, much of which was concentrated in southern Florida and New York City, has gone to money heaven.”

More likely the Cayman Islands, Doug…


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