Thursday, December 11, 2008

The Madoff Complaint

by Calculated Risk on 12/11/2008 10:42:00 PM

This is pretty amazing (from the WSJ).

Here are the two key sections (plus Madoff apparently admitted everything to the FBI):

Madoff Complaint Click on text for larger image in new window.

This section suggests Madoff only had a few clients (probably 10 to 25 hedge funds).

Madoff Complaint And this section suggests those hedge funds lost just about everything.

This sounds like a few hedge funds will take some serious write downs soon.