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Einhorn on Madoff's victims

Einhorn wrote a Times OpEd with Michael Lewis in January, 2009, in the wake of the financial collapse and Madoff's arrest. It's a long piece mostly about the bigger crisis, but includes the story of Markopolos' attempts to alert the SEC to Madoff's scam. They conclude that participants in the scheme were likely happy to turn a blind eye to irregularities, believing that if anything ever came to light it would be the end of the gravy train, but they wouldn't be otherwise culpable: "Between the lines, Mr. Markopolos hinted that even some of Mr. Madoff’s investors may have suspected that they were the beneficiaries of a scam. After all, it wasn’t all that hard to see that the profits were too good to be true. Some of Mr. Madoff’s investors may have reasoned that the worst that could happen to them, if the authorities put a stop to the front-running, was that a good thing would come to an end." Nothing conclusive, of course, and for all we know he's decided now that the Wilpons' intentions were as pure as the driven snow. It's a good piece, though, and Mr. Einhorn just looks better and better.

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