News this morning that Bernie Madoff died of natural causes in jail at 82.
Whenever I hear this guy I always think if there are other funds out there that are schemes right now that are going to blow up in time. Anyone have any insight on that potentially?
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I still don't understand how his kids didn't know. I'm not saying that they did, but they supposedly were in the "trading" division of the firm, but the news reports today said Madoff's firm hadn't executed a trade for years... maybe 10 years... so if the entire thing was a ponzi scheme, and there was no trading (just paid back old investors with new investor money), then how did the people in the "trading division" not know anything was up if there was no trading?
EDIT: Actually, just read another article that says he DID have a legitimate market-making biz, where they were paid to execute trades, not make investments. Perhaps his sons and others were involved in this allegedly legitimate market-making biz, and they had no idea that the money management biz was a complete fraud.
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