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How many other Bernie Madoffs are the dozy regulators yet to uncover? Plus, why the Labour party should bring back clause four—and avoid zombies

By Jonathan Ford   February 2009

The mouse that ate wall street

We know that the mice got at the financial system in the past few years–even if most of us still don’t understand how. Bernie Madoff is only shocking because he was the single most brazen mouse.

Madoff wasn’t one of the big financiers on Wall Street. Although he was at one point chairman of the Nasdaq stock exchange, he remained a relatively obscure figure, known best to initiates and financial middlemen (doubtless how he wanted it). Yet he sucked in $50bn—more than twice the amount of deposits taken by Northern Rock, a bank deemed…

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