Bernie Madoff Research Paper

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In December of 2008, on the eve of the turmoil following the financial collapse, a large hedge fund, well known within Wall Street, was hemorrhaging assets. This is not unusual, given the timeframe, as a lot of hedge funds and other investment firms were going bankrupt around this same time; however, this one was different. It was ran by a man named Bernard Madoff—a man who had spent his entire adult life on Wall Street dealing in finance. He had at one time been an executive officer of NASDAQ, one of the largest securities exchanges in the country, well respected and envied by his peers, but by this time in his life his power was waning.
As investors continued to pull out of his firm—not because he wasn’t bringing in a consistent return, as he always did, even in the worst of times, but because his investors simply needed their money to weather their own storms—his giant amalgamation of lies was quickly unfolding. As you are probably already aware, Bernie Madoff had been running a ponzi scheme, and it was about to spill out into the open. So, foreseeing his inevitable future, on the 11th of …show more content…
However, that, in and of itself, was not the most unusual part of the story, because, despite the general public not being aware of Mr. Madoff’s dealings until that day, many others outside of Madoff’s inner circle had known for some time. In fact, Harry Markopolos , a financial analyst, had discovered Madoff’s scam years before its collapse. After the collapse, when he felt safer to speak on the subject , Mr. Markopolos gave an interview to 60 Minutes; in which he described how he had tried on numerous occasions to report his discovery to the Securities and Exchange Commission (SEC), the law enforcement agency empowered by congress to monitor and regulate the financial markets. However, after each attempt to disclose what he knew, the SEC did

Bernie Madoff Research Paper

Bernie Madoff obsessive ambition to become wealthy led him to join the elite group that ran Wall Street. Ultimately Madoff founded one of the first brokerage firms to use computer technology to reduce the cost of securities transactions, Madoff Securities. Bernie Madoff is credited as one the founder of the NASDAQ electronic stock exchange. Madoff Securities expanded his firm adding the investment advisory services which became the most important line of business, growing dramatically due to the…

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Bernie Madoff Research Paper

For my final essay I chose to do my project on Bernie Madoff. Bernie Madoff was the one who commited 11 felonies mainly through fraud. He was the man who perfected the Ponzi scheme which is the idea of getting more money to older investors by getting new investors to give money. This method of fraud was developed by a man named charles Ponzi who first used the idea back in the early 1900’s he was an italian scandal and con artist who promised his clientele large amounts of money whereas all the money…

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