Greed Comes at All Levels

Not only have some wealthy individuals fallen to the scheme, but even some of the best known banks in the world. We are talking here about an alleged $50-billion fraud surrounding Wall Street trader Bernard Madoff.

Mr. Madoff was closely involved in the National Association of Securities Dealers (NASD), the self-regulatory organization for brokers and dealer firms. The NASD went on to found Nasdaq, in 1971, and Mr Madoff became its chairman in 1990.

Now 70 years old, Mr. Madoff has been arrested and charged with operating what could be the biggest fraud in corporate history.

How, Grandpa Richard asks, did possibly the biggest Ponzi scheme in history go unnoticed by regulators? Regulators who should still have itchy trigger fingers after things like Enron.