Wow, I second Ivy Schmerken on this who said I nearly fell off my chair when I read this:

"Bernard Madoff arrested over alleged Ponzi scheme."

There aren't too many details yet, but Bernard Madoff, founder of Bernard L. Madoff Investment Securities, was arrested today, according to an article reported in the Wall Street Journal.

"Charges against Madoff allege that he told senior employees on Wednesday that the firm was "a giant Ponzi scheme" after trying to distribute the "couple of hundred million dollars" he had left before turning himself in."

Check out the story.

Make sure you check out the comments on the story's blog.

Here are some more details--Investors are our about $50 billion!

Check out the story.