Fri Jan 16, 2009 6:55am EST
By Jason Szep
BOSTON (Reuters) - Bernie Madoff's investment fund may never have executed a single trade, industry officials say, suggesting detailed statements mailed to investors each month may have been an elaborate mirage in a $50 billion fraud.
An industry-run regulator for brokerage firms said on Thursday there was no record of Madoff's investment fund placing trades through his brokerage operation.
That means Madoff either placed trades through other brokerage firms, a move industry officials consider unlikely, or he was not executing trades at all.
Read on...
And of course the pundits on CNBC are still warning against having too much regulation. Not only was there not enough regulation under Bush, there was zero enforcement. Total financial collapse and how many people have been arrested? Tom
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