Bernie Madoff Scandal

Want to read the rest of this paper? Join Essayworld today to view this entire essay and over 50,000 other term papers

up to December 11, 2008, the date Bernie Madoff was taken into federal custody, he acted especially cross and frantic, and specifically when the SEC was mentioned. Another sign of the impending collapse was Bernie's reluctance to accept any more large sums of money, contrast to the usually receptive Bernie (Henriques). As a result of Madoff's arrest, further investigation assessed the magnitude of the fraud to be over roughly fifty billion dollars. Madoff took full responsibility for the Ponzi scheme, adamantly denying any employee wrongdoing, yet since the investigation, it's been disclosed that Frank D. Pascali, the Chief Financing Officer of BMIS, also played a substantial role in the fabrication of client's financial return statements. Although the majority of blame rests with top management and the company he carefully hired, it's more important to analyze the underlying reasons BMIS was allowed to operate successfully for so long, and not merely the unethical ...

Get instant access to over 50,000 essays. Write better papers. Get better grades. Already a member? Login

family. Oh, my God! I was in!" (Abkowitz et al.). He personalized client relationships through influence of charm to get them to act on their emotions versus investing based on details and quantitative facts. Given his pre-existing track record for outstanding returns to stakeholders, new clients were blind to rationalization and negligently acted without performing any due diligence.

"He had a particularly painful impact on the Twin Cities, where his method of preying on Jewish families and foundations was highly effective in this close-knit and long-established community" (Kansas). Madoff immersed his Ponzi scheme amongst Minneapolis investors who fed their funds through Engler & ...

Succeed in your coursework without stepping into a library. Get access to a growing library of notes, book reports, and research papers in 2 minutes or less.

CITE THIS PAGE: