Worth Knowing
Bernie Madoff: The $65 Billion Ponzi
21:18
On paper, it was $64.8 billion. On November 30, 2008, Bernie Madoff's firm mailed statements to about 4,800 accounts claiming that much — and behind them sat one bank account holding only a few hundred million. The $65 billion never existed. What direct customers actually lost was about $17.5 billion in real principal — and the recovery that followed is one of the largest in history. This is the…