Sunday, December 21, 2008
In the 1990s, a Pyramid Scheme shattered the fragile Albanian economy, during which 60% of the population participated in the scam. Now, many NYC residents are reeling after learning of how they were scammed by the Madoff Ponzi scheme. Madoff used his social skills and high level contacts to convince private investors and institutions to buy into the "blackbox model" he deviced for generating high yield returns. Institutions across the globe have lost over $50 billion, far exceeding the losses of the auto industry. But I'm so perplexed, though, how Madoff allowed himself to rip off institutions that serve to memorialize the Holocaust and Jewish history.