From FT.com
"Bernard Madoff, the founder of Bernard Madoff Investment Securities and a former chairman of the Nasdaq stock market, was on Thursday charged by federal prosecutors with a multibillion-dollar securities fraud.
"Mr. Madoff, 70, told employees that he estimated the losses from this fraud to be “at least approximately $50bn”, according to federal prosecutors."
Click here for the entire story.
The potential counter-party risk on this could have wide-spread implications, so it has import far wider than just to those clientele that will be affected.
