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Thursday, December 27, 2012

Madoff, in Christmas Eve Letter, Says Insider Trading Has Gone On 'Forever '

The recent rash of insider trading cases may be a shock to some on Wall Street, but not to one long-time market player: Bernie Madoff.

In a Christmas Eve letter from the medium security federal prison in North Carolina where he is serving a 150-year sentence for running a massive Ponzi scheme, Madoff tells CNBC that insider trading has been around "forever."

He also rails against what he calls a lack of transparency in the financial markets, and says the growth of hedge funds is forcing market players to take outsized risks in order to earn decent returns.

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2 comments:

  1. AnonymousDecember 27, 2012 at 5:46 PM

    Unfortunately Madoff is right.He was the fall guy whose prosecution all but exonerated many worse than himself.The sacrificial lamb if you will.

    ReplyDelete
  2. AnonymousDecember 28, 2012 at 8:16 AM

    Oh, surprise us for a change. That's why "Martha" shouldn't have gone to prison.

    ReplyDelete

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