Traders Say Madoff's Strategy Was Unworkable - WSJ.com

Traders Say Madoff's Strategy Was Unworkable - WSJ.com: "The other red flag easily available to investors was the shallow volume in the options Mr. Madoff claimed to use as a hedge.About $3.25 billion of stock could have been protected by the total S&P 100 options outstanding at the end of November, according to the Chicago Board Options Exchange. Mr. Madoff was thought to have had as much as $50