The Folly of Greed

December 25, 2008

EnglishSome two weeks have passed since Bernard Madoff has admitted to his sons, and later to the police, that he had perpetrated the greatest financial swindle of the history of mankind, and we yet have to come to terms with it (hint: it’ll take years). Meanwhile, a life was lost, as one institutional investor, Rene-Thierry Magon de la Villehuchet, committed suicide after having lost some USD 1.5 billion for his clients through Bernard Madoff. For the benefit of those who, surely steeped in their Torah study, failed to notice the uproar in the streets, I will briefly outline what I gleaned from court papers and the financial press on this matter. (If you do know the details, you can skip ahead.) Read the rest of this entry »