Madoff Report Indicted Entire Regulatory System: <em>Newsweek</em>

: Madoff Report Indicted Entire Regulatory System

In the days immediately after Bernie Madoff's arrest, some enforcement experts I talked to speculated that the errant financier might have been an honest investment manager for much of his career. They said it was likely that he started scamming his investors only after he found himself underwater at some point and got desperate. After all, they reasoned, no one had ever gotten away with a Ponzi scheme for so long, more than 20 years.

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