Concerns about Madoff's business had surfaced as early as 1999, when financial analyst-whistleblower Harry Markopolos informed the SEC that he felt it was legally and mathematically impossible to achieve the gains Madoff claimed to deliver.

Others felt it was inconceivable that his growing volume of accounts could be competently serviced by his documented accounting/auditing firm, a three-person firm with only one active accountant.

However, no serious inquiries were made into his business practices until December 2008, when the financial crisis created a rising demand of cash withdrawals.

On December 10, Madoff informed his sons that he decided to pay several million dollars in bonuses two months earlier than scheduled.

According to federal investigators, Mark and Andrew demanded to know how their father could pay bonuses if he couldn't afford to pay investors. Madoff then admitted the asset management arm of his firm was an elaborate Ponzi scheme. Through their attorney, Madoff's sons reported their father to federal authorities. On December 11, he was arrested and charged with securities fraud.

On March 12, 2009, Madoff pled guilty to 11 felonies, including securities fraud, wire fraud, mail fraud, money laundering, perjury and making false filings with the SEC.

Ernie should have said that he trusted Cookie Monster with his baked crunchy assets because he was Muppet too.

I'm not anti-Semitic at all, but if one person places an inordinate amount of trust in another person just because they share the same ethnicity, whatever that ethnicity may be, they are just asking for trouble. My compassion for these people is a little lessened for that reason.