Where do you stash $65 billion?
Thursday, March 12th, 2009
Madoff “lost” or “stole” $65 billion. That’s the headline of the day.
How is that possible when Madoff hasn’t even been trading for at least 15 years?
More likely Madoff “redistributed” $65 billion in the form of dividends and cash distibutions to investors.
Or, the bulk of the $65 billion is bogus paper profits. But you can’t really lose money that never really existed, right? (If I wrote you a check for $5 million and it bounced, would we say you’d “lost” $5 million?)