The Washington Post
There seems to be little doubt that Bernard Madoff is a cheat. His apparent Ponzi scheme, in which capital from new investors would have been used to pay “dividends” to earlier investors, ultimately cost the participants many billions of dollars. But was it all Madoff’s fault? I contend that the losses would have been less severe, and might not have occurred at all, if many of the Madoff’s investors had not been cast from the same mold that Madoff was. Read more