Buffett, Tavakoli Flag Scheme Bigger Than Madoff’s

``Tavakoli: It was a massive Ponzi scheme with many players involved. At times you’d have the CDO manager, an investment bank and a hedge fund involved, all of them knowing they were doing the wrong thing. These people all wanted to get in on the fees, so they all went along with this stuff. Some of the CDO- squareds that came out in 2007 were nothing more than a way of avoiding acknowledging losses. It’s a scandal. ''