The latest scandal to engulf the increasingly stinky world of high finance is the $50billion (£30bn…update £50bn…update £ 5,000,000,000,000bn) scam run by a blagger named Bernie Madoff.

The super-rich, fund managers and corporate financial officers, the kind of people who like to pretend they are much cleverer than the rest of us, rushed to pour our money into Bernie’s investment vehicles on the strength of nothing more than Bernie’s promises of higher returns that a post office savings account would give.

It could not last of course and when the scandal eventually broke there was consternation in the news rooms of television and radio companies. How was Bernie’s name pronounced? Most settled on the phonetic Mad – off.

Now the question has finally been settled by experts in the languages of eastern Europe we must wonder how insane we have all become during the last bubble economy. I mean what kind of imbeciles would put money into an investment firm run by a man whose name is pronounced Made – off?

For the record, accusations that Bernies was a bad investor are untrue. He invested the funds in yachts, expensive cars, expensive women, champagne, caviar and living in 6 star hotels. I could not have invested it more wisely myself.

More humour every day from Boggart Blog

Blagger Blagojevich implicated in fraud involving Tony Rezko who was Obama's best mate (and purchased his house for him. When Rezko was arested for fraud and corruption Obama, true to form claimed he did not know the mega-rich property developer.