Understanding the Madoff Scandal

CNNMoney.com answers six questions to better understand the Madoff scandal. How’d Madoff do it and why: Many of the details surrounding the Bernard Madoff scandal are still fuzzy. Here’s what we need to know. Despite all that’s been written about the Bernard Madoff scandal, what’s remarkable is how much we don’t know about the fraud allegedly committed by the respected philanthropist and former chairman of the Nasdaq.

How much money did Bernard L. Madoff Investment Securities LLC lose? In the Securities and Exchange Commission complaint against Madoff, the former Nasdaq chairman says the firm is liable for $50 billion in losses. Investors who have come forward say they had given $35 billion to Madoff, according to a tally by Bloomberg. All of that money is assumed to be gone.  Continue reading.

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