Standing in the security line Thursday morning, waiting to get into the federal courthouse in Manhattan, I started chatting with the man behind me. He looked to be in his early 60s, and though he was well dressed, he looked a little haggard. I asked him if he was a victim of Bernard L. Madof...

It’s difficult to comprehend how Bernie Madoff could have executed a $50 billion pyramid scheme that lasted over 30 years. However, like all pyramid schemes, it had to come to an end because there were not enough new investors to fund redemptions. If it is true that all pyramid schemes...