Barron's had it right about Madoff in 2001
9:08 AM Sat, Dec 13, 2008 | Permalink
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Many New Englanders and their institutions were hurt, or worse, by Madoff's operation. One is the Robert I. Lappin Charitable Foundation, a Jewish charity based in Salem, Mass. The organization has been wiped out in the Madoff mess. The well-honed headline: "Don't Ask, Don't Tell'' --- in reference to Madoff's secretive ways and the disinclination of his gullible but greedy customers (please stop calling them "clients''!) to ask any questions about what has allegedly turned out to be a giant Ponzi scheme. Too bad for his customers that they weren't as greedy, hard-working -- and sociable -- as he was. (Ponzi schemes were named after Charles Ponzi -- one of Boston's most distinguished crooks). At the rate we're going, they'll have to reinstitute the draft -- in order to employ the half million SEC inspectors needed to keep ahead of financial-business crooks. 
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Likewise, the original Ponzi scheme may have continued unnoticed by bank regulators if it weren't for the press; a Herald editor was looking at the window of his office when he noticed a long line forming at the bank below, and this led him to expose Mr. Ponzi for the clever fraud he was...
as for Madoff, my sources in Palm Beach (mom and dad) say his scheme is being felt like a financial hurricane. "People are going to be jumping out of windows," Mom said. We figured it would have to come to this eventually, but had grown up thinking it was criminals who jumped, and not so much the victims. The well-heeled criminal in 2008 just jumps into a waiting limo and is whisked away by his lawyer.
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