Bernard Madoff, ex Chair of the board of directors of NASDAQ told employees today that his business was a scam, and that the private investors who supposedly had $17 billion with him, have nothing.
All told, he said the losses will amount to $50 billion.
That should help confidence in the markets tomorrow!
Unlike BAC, JPM and Citigroup which are hiding over $50 billion of losses each, and Goldman Sachs who is sitting on over $26 billion of losses, Madoff's losses are real and in the open, which is something we won't see from these banks!
And why would they come clean when they can get money in $25 billion increments from Treasury, and give their losses to the taxpayer via scam acquisition charges or by the Fed financing their toxic loans!
So Madoff will go to jail, while these executives moan about foregoing their year end bonus!