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59° Good Afternoon

'Madoff' should replace 'Ponzi'

Mark Madoff

Mark Madoff Photo Credit: Getty Images

In reporting the suicide of Bernard Madoff's eldest son, you (and all other media) always call Madoff's crime a Ponzi scheme ["The Madoff legacy's tragic aftershocks," Editorial, Dec. 14].

Charles Ponzi was a piker compared to Madoff. His swindle lasted only months before it was uncovered, and he preyed largely on unsophisticated working-class people. Madoff's went on for years and involved many sophisticated investors.

I think we should give the devil his due and retire the Ponzi reference and enshrine "The Madoff Swindle" as the new benchmark for thievery.

Joseph D. Policano

East Hampton


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