Thursday, March 19, 2009

#17 Planet Money: A Ponzi Drama

This is the podcast we listened to today that explains about Bernie Madoff and his Ponzi Scheme.

Bernie Madoff woke up in jail today, after pleading guilty to 11 charges stemming from an enormous Ponzi scheme. How enormous? The most recent court documents put the figure at $65 billion. In another amazing Planet Money Radio Dramatization, Alex Blumberg, Adam Davidson and David Kestenbaum act out a Ponzi scheme of their own. With a cameo by Harvey Pitt, former chair of the Securities and Exchange Commission, who suggests that the estimate of $65 billion is "badly inflated."

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