The scope of the Bernie Madoff alleged fraud is coming into focus, and it's getting even uglier. A $50 billion Ponzi scheme? It boggles the mind, especially when you think that the participants and victims were all savvy Wall Street players. But the power of personality goes a long way.

Lots of funds were hit hard. Fairfield Greenwich Group said it had put $7.5 billion in client money with the firm. Individuals were hit too; New York Mets owner Fred Wilpon lost an estimated $500 million. A charity in Mass. has been wiped out; many others have been affected. (Madoff was active in the Jewish philanthropy community). Interestingly, the investment firm in question managed these funds not through a hedge fund, but through a series of managed accounts. It custodied all the accounts at Madoff's securities firm, leaving no trail, reports the New York Times. Even the SEC was taken by surprise, not to mention Madoff's sons, who turned him in.

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