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When Bad Things Happen to Rich People

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The Madoff affair is interesting on a bunch of levels — psychologically, politically, and sociologically, among others.

Something that ought to be looked into vigorously by the new administration is how one of the financial world’s most prominent people could run a scheme that produced such an extraordinary improbable result (15 straight years of significantly above-equity market returns with something approaching zero fluctuation, i.e., something that seemed to combine the advantages of the riskiest and most conservative investment vehicles) without being investigated by the relevant regulators.

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