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:
Unfortunately Madoff is right.He was the fall guy whose prosecution all but exonerated many worse than himself.The sacrificial lamb if you will.
Oh, surprise us for a change. That's why "Martha" shouldn't have gone to prison.
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