Here is the latest update on the Madoff sentencing from CNBC:
A few months ago, I wrote an article titled “Crime During Economic Stress,” that is listed under the “Individuals” section (about halfway down the page) here:
One of the questions that I have is whether there are more frauds in existence that haven’t yet been uncovered? As I discussed in the article, the Madoff fraud really didn’t appear to be overly sophisticated, and there have been various other frauds uncovered over the last few months. Have all of the frauds been uncovered?
This question is especially important for a variety of reasons. Perhaps chief among these reasons are the following: unraveling frauds are the among the quickest way to lose money; and uncovered frauds are devastating in that they destroy confidence and raise many doubts.
SPX at 926.72 as this post is written