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David is an occasional blogger, software engineer, Nintendo fanboy, liberal, news magazine addict, voracious TiVo user, and bibliophile. He was born in St. Louis, grew up in southern Indiana, and returned to St. Louis to attend Washington University. He hasn't managed to escape yet. He's a fan of free wine tastings, too many tv shows to name, and eating out. David makes his living developing web applications used internally by his employer. He doesn't blog about work because he's heard too many stories about that causing workplace troubles. There's more on the about page. |
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Did Madoff just put his clients' money in the bank?
If it's true the Bernie Madoff simply deposited his clients' money into a back account at Chase Manhattan rather than investing it, as this article indicates, wouldn't that almost be a good thing? The market lost something like 50% of its value in the past year and wiped out 15 years of growth. Money in the bank didn't grow like the market did over the past 15 years, but it didn't come tumbling down in the past six months either. There's obviously more to the story as it doesn't appear that the money is still at Chase. If it were that might almost be a good thing for the Madoff investors.
Posted by on 15 March 2009 at 7:23 AM
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