Today Bernard Madoff plead guilty to eleven charges of fraud. He said he never invested the money, instead he placed it in a Chase Manhattan account and paid clients out of that. So, maybe when clients withdrew money you paid them with a fraction of what later clients gave you. And you're getting close to zero return, as opposed to the constant single digit return Madoff's clients were allegedly receiving. But most of the money should still be there; if it was put in the bank as he said. Madoff made these statements today in front of a judge, which puts a higher price on a lie. By all accounts Madoff was not a flashy guy. Rich but not flashy; perhaps he spent $1 billion of the $50 billion investment on himself and his family. So what happened to the money? Were the initial investors repaid in full? Is it right to take money from them and distribute it evenly among Madoff's clients?

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