When Bernard Madoff said he made off with $65 billion and was subsequently convicted of fraud, his case pointed out a problem that prevails in the financial media.
Investigators believe the sum involved is actually closer to about $12 Billion. You can see why the sensationalist media continues to pick up the larger number. It suits their purpose. (One wonders why Mr. Madoff chose to use this figure).
What bothers me is why some in the financial media, who ought to know better, continue to use the $65 Billion, apparently inflated figure.
Ignorant or lazy?
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