Maybe Bernie Madoff should have been named burnie...that's what happened to the hundreds of people who parked their cash with him only to see it evaporate like alcohol on a sidewalk on a hot summer day.
While the SEC and others keep working to unwind what Mr. Madoff insists he did to the tune of $50B and on his own, we can takeaway a great lesson here.
Faith has nothing to do with investing. It's all about the facts and numbers. We'd all do well to set up an appropriate process for ourselves and follow it.
Andrew Serwer of Fortune isn't convinced that Madoff did it by himself - and I'm not either. I think he knows he's going down, and he decided to try and convince authorities that it was all him so that none of his family, friends or employees will end up wearing horizontal stripes. In this type of case, though there were obviously confidential algorithyms, more than one person will bear the resposibility.
It could be quite awhile before this story is complete, give the shame and secrecy we Americans have around money. Stick around - this promises to provide us with more drama than Hamlet.
Here's an excellent piece by The Economist on the subject.