Dreier aka Madoff

that's Dreier, not Madoff, but who cares, they're all the same, ain't they.

Mr. Madoff invited the two executives to his Manhattan apartment that evening. When they joined him there, he told them that his money-management business was “all just one big lie” and “basically, a giant Ponzi scheme.”

The senior employees understood him to be saying that he had for years been paying returns to certain investors out of the cash received from other investors.
…
Mr. Madoff told the executives he intended to surrender to the authorities in about a week but first wanted to distribute approximately $200 million to $300 million to “certain selected employees, family and friends.” - Prominent Trader Accused of Defrauding Clients.

see also A Pillar of Finance and Charity and in Fortune mag: You sell them when they're at 22 times earnings and yielding 2%. Right now U.S. stocks are down a lot, but they're still very expensive by that historical valuation method. The U. S. market is yielding 3% today. For stocks to go to a 6% yield without big dividend increases, the Dow will need to go below 4000. I'm not saying it will fall that far, but it could very well happen.

and this - Lawyer Seen as Bold Enough to Cheat the Best Investors - is just incredibly funny

see also Madoff Scheme Kept Rippling Outward, Across Borders