By Larry Edelman of the Boston Globe
It was 10 years ago today that Bernie Madoff’s Mother of All Ponzi Schemes burst into public view. While the headlines blared that investors were on the hook for something like $65 billion, the actual money invested with Madoff turned out to be under $20 billion. Still.
Looking back, The Wall Street Journal’s Gregory Zuckerman and Dave Michaels note that soon after the Madoff news hit, we learned that Harry Markopolos, a Boston area forensic accountant, had been warning regulators for years that Bernie was up to no good. He was ignored.
It was just a few months after the Ponzi scheme blew up that the stock market bottomed out and began what many consider the longest bull market on record.
Today, after a tumultuous couple of months, it feels like our good luck is about to run out and the longest bull market is looking more like a bear. Is it?
The warning signs are certainly there.