Time for a glance again at this present day in historical past, December eleventh, 2008. Bernard Laurence Madoff, the funding adviser who promised stellar, stellar returns, I ought to say, to an inventory shoppers all whereas defrauding them of greater than $19 billion, was arrested and charged with operating historical past’s largest ever Ponzi scheme pulled out of his Manhattan house constructing within the morning hours. The arrests would formally unravel a multi-year scheme, or Madoff used cash from new buyers to repay older buyers, in some circumstances, creating false buying and selling information to cowl up losses and nonexistent investments.
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