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by Vault Law Editors | December 12, 2008

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"Massive Ponzi scheme" or "Unfortunate set of events"? No points for guessing which of these characterizations Bernie Madoff's defense counsel, Dickstein's Dan Horwitz, deployed in his remarks to reporters yesterday.

"The obvious question," according to S & C 's Robert Giuffra, will be "Who knew about this, and if there was a Ponzi scheme, how was it kept concealed for so long?"

-posted by brian

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