And They Still Can Afford K-Rod!

Largest Ponzi scheme in history:

Panicked investors scrambled desperately yesterday to determine whether their life savings had been wiped out after a Wall Street legend allegedly admitted blowing as much as $50 billion in what is emerging as the largest Ponzi scheme in history.

Among several big-name investors who trusted former Nasdaq Chairman Bernard L. Madoff with their cash were New York Mets owners Fred Wilpon and Saul Katz, who may have lost as much as $500 million in the scheme, sources said.

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Around 20 angry investors stormed the lobby of Madoff’s offices yesterday to find out what happened to their life savings — only to be ordered to leave by police.

“When I found about it, I felt lousy, I held my head,” said one elderly man, who was too distraught to say how much money he may have lost. “We’ve got problems.”

While the scope of countless other investors’ losses remains unclear, it appears that most of the victims reside in New York and South Florida and were among Madoff’s closest friends and business associates.

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Working the so-called “Jewish circuit” of well-heeled Jews he met at country clubs on Long Island and in Palm Beach, and through his position on the boards of directors of several prominent Jewish institutions, he was entrusted with entire family fortunes.

“The guy was totally respected. He was a heymishe Jewish guy. He had sweet old ladies and he let their children in,” said a Manhattan lawyer who invested with Madoff.

“This guy was dealing with all the rich Jews in Roslyn and the rich Jews in Palm Beach. This was passed down from family member to family member because he wouldn’t open up to new people.”