The latest news coming out of the Madoff Trustee and Creditors meeting that started at 10 am this morning in the auditorium of the United States Bankruptcy Court, Southern District of New York is simply staggering.Thousands upon thousands of trees are alive today, thanks to the lack of all that paperwork--and it's so much tidier, too!
- Madoff's operation was enormous, taking in 2,350 clients.
- For at least 13 years, no securities at all were purchased on behalf of those clients. That means that every single transaction recorded, every cent of gain was simply made up out of thin air.
- The Trustee has no idea how long it will take to figure out what assets may be recovered for the victims.
(Thanks to For What It's Worth.)