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All three newscasts covered financier Bernard Madoff, a former head of the NASDAQ stock exchange, who surrendered to federal prosecutors on charges of running his $50bn investment fund as a Ponzi scheme. "There is no innocent explanation for all of this. I expect to go to jail," was his reported confession. "For decades a charismatic and connected Madoff promised investors double digit returns--in bull markets and bear--the kind of returns that seemed too good to be true," CBS' Armen Keteyian reported. "They were." CNBC's Charles Gasparino told NBC anchor Brian Williams that many hedge funds had been suspicious of Madoff's methods for years and had reported him to the Securities & Exchange Commission: "The regulators did nothing and that is why this is really scary." Madoff was finally arrested when a pair of senior executives in his firm turned him in, ABC's David Muir (embargoed link) concluded. "They were in fact his sons."
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