Wednesday, January 21, 2009

Madoff

Ponzi scheme aside, I like this racket whereby people pay their fund manager to hand their money to some other guy.

BRUSSELS, Belgium (AP) -- Sixteen Luxembourg-based funds that have put euro1.9 billion ($2.46 billion) into a massive pyramid scheme allegedly operated by U.S. financier Bernard Madoff have stopped investor withdrawals, the country's fund industry said.