US fraud: no free lunches

US fraud: Greed and complacency fuelled the credit boom. They’re reflected in recent charges against Bernard Madoff and Marc Dreier, which show how a couple of scam artists may have pulled the wool over even professional investors’ eyes. They hold a few important lessons for any investors who are insufficiently sceptical. Take Madoff. If the charges are proven, the Wall Street veteran may have cost investors as much as $50bn. For years, he delivered better-than-market returns, never really expl...