This post from Doug Kass' Trading Diary on RealMoney Silver originally posted at 6:13 p.m.

The story of

Bernard Madoff

, if the charges of fraud are true, is the single biggest financial story of the year.

It is bigger than

WorldCom

, bigger than Boesky and bigger than

Tyco

.

It attacks at the core of investor confidence -- because, if true, and this could happen ... Investors might think that almost anything imaginable could happen to the money they have entrusted to their fiduciaries.

And it helps to explain why Treasury bill returns are basically at zero.

For more, check out the SEC's statement on

Madoff's arrest

as well as

Jim Cramer's take on the scandal

.

Stay tuned.

Doug Kass is founder and president of Seabreeze Partners Management, Inc., and the general partner and investment manager of Seabreeze Partners Short LP and Seabreeze Partners Short Offshore Fund, Ltd.