December 17, 2008
Madoff
By Rob Eshman
I wish Jews believed in hell, because then I could take comfort that Bernard Madoff will go there.
Madoff ran the New York-based firm, Bernard L. Madoff Investment Securities, which was reported last week to have been a $50 billion fraud, a Ponzi scheme that paid investors with other investors' money.
"It's all a big lie," Madoff reportedly confessed to his sons last Thursday, before they turned him in to authorities.
While most of Madoff's victims were on the East Coast and in Europe, he burned through Los Angeles, as well. As we report online, millions of dollars of charitable donations and millions in personal wealth in this town have vanished for good.
"This is one of the biggest catastrophes ever to strike the American Jewish community," a major donor and activist told me Monday.
The damage is not just monetary.
continued here:
http://www.jewishjournal.com/opinion/article/maddoff_20081217/
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