Not in the background anymore: Bernard Madoff (right) on Capitol Hill, 1993.
Hear: Don't Call It A Hedge Fund
Today on Planet Money:
— Ecuador became the first country to default in the credit crisis, though the reason may have more to do with the political of President Rafael Correa than with a lack of money.
— New York fund manager Bernard Madoff stands accused in a $50 billion federal investment fraud that threatens to wipe out private individuals, banks and hedge funds around the world. As blogger Felix Salmon of Portfolio explains, Madoff wasn't running a hedge fund himself — and things might have turned out better if he had been.
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