Academic

We've had our suspicions here at the Glom, and it looks like Bloomberg is coming around to our view.  In a story reporting that Yeshiva thinks it lost $14.5 million, rather than $110 million from Madoff, the wire service notes:

The $50 billion alleged in the fraud may reflect the amounts of money that clients were told they had in accounts, not the amounts they originally invested.

Which makes at least some sense.  Regardless of the reason, there's no way that Bernie Madoff stole and then dissipated 10 times more money than David Einhorn has under management.  Hat tip: Miriam Baer.