Bernie Madoff caused thousands of people to lose their life savings

It's tempting to think of fraud as a victimless crime because corporations and civic institutions aren't people.But fraud harms real people in virtually every case:the employees of Parmalat who lost their jobs,the citizens of Dixon whose taxes subsidized horse breeding,the customers of companies which raise their prices to offset losses.Sometimes the effects are obvious and devestating,like when Bernie Madoff caused thousands of people to lose their life savings.But often they're subtle and not easy to untangle.Yet someone, somewhere is left holding the bill.