2008 has not been a good year for the perception of some prominent Jewish businesspeople. First there was Virginia Beach, and then Iowa. And now, this morning’s papers have news of a new outrage. The Chairman of the YU Sy Syms (“An Educated Consumer is our Best Customer”) School of Business has been acused of creating one of Wall Street’s largest ponzi schemes. Bernard L. Madoff, 70, a top trader, has been accused of a massive fraud, with estimated losses of $50 billion. His firm operates funds with $17 Billion in assets.
Mr. Madoff was released on a $10 million bond. â€œBernie Madoff is a longstanding leader in the financial services industry,â€ said Daniel Horwitz, one of his lawyers. â€œHe will fight to get through this unfortunate set of events.â€