Looks like the Madoff scandal is just the tip of the iceberg. Could it possibly be that massive 700 billion dollar bailout (of which Citi got a chunk) is a result? If so, then we are looking at merely band-aids here.
Folks, if it turns out that these ponzi schemes were part of the banking culture instead of isolated incidents, we are going to be in for not just a recession, but the Second Great Depression. We should have damn well learned from the first one.
Article is here.