Fraudster Bernard Madoff (fantastic name if you just put an 'e' in the middle!) has conned some of the world's leading investors (e.g. Nicola Horlick) out of $50 billion by running a giant pyramid scheme... using new investors' money to pay out to existing investors. The scheme was signed off by the US equivalent of the FSA as legal and above board.
At this rate, the whole future of private enterprise is in question. Oh happy day! Except if you invested with this bastard, of course. Some of the top names did... Santander, HSBC, the UK's very own RBS.
The most amusing thing is that some of these fund managers who invested with Madoff (Horlick is a good example) have been hailed as geniuses for the last decade at least. Now we find out for sure what many of us have long suspected... they're a bunch of imbeciles. Welcome to contemporary capitalism. The whole thing really is falling apart around our ears at the moment. About time too.