Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    Unavailable
    Crimes of the Century: Bernie Madoff
    Unavailable
    Crimes of the Century: Bernie Madoff
    Unavailable
    Crimes of the Century: Bernie Madoff
    Ebook21 pages8 minutes

    Crimes of the Century: Bernie Madoff

    By Andrew Ulloa

    1/5

    ()

    Currently unavailable

    Currently unavailable

    About this ebook

    ABOUT THE BOOK

    In the fall of 2008, at the zenith of the American financial crisis, multiple Wall Street firms posted losses reaching into the hundreds of millions. These losses represented the beginning of an unprecedented disaster.

    In December of 2008, CNN estimated that Bernard L. Madoff Investment Securities LLC was responsible for $50 billion.

    Widely touted as the biggest Ponzi scheme in history, Bernard “Bernie” Madoff lured wealthy investors with promises of high returns only to siphon away funds to finance his own lavish lifestyle. He would then replenish his coffers by recruiting more unsuspecting clients.

    After decades of deception, the question remains: How did Madoff get away with it for so long?

    MEET THE AUTHOR

    Andrew Ulloa is an attorney who lives and practices in San Jose, California.

    EXCERPT FROM THE BOOK

    Madoff’s obsession with access extended beyond recruiting clients. The Wall Street Journal documented Madoff’s entrée into the world of regulatory agencies. Madoff kept close ties with the leading securities industry organization, Securities Industry and Financial Markets Association (“SIFMA”), where his brother Peter served on the board of directors. Additionally, Madoff held close relationships with employees of the Securities and Exchange Commission (“SEC”). His nephew was a SEC lawyer and Madoff considered past SEC Chairpersons and Commissioners to be friends. It seemed that he had friends everywhere.

    What is fascinating about Madoff is the ability he had to manipulate so many smart, wealthy, connected people. Even days before Madoff’s arrest, there were those still clamoring to invest with him. Madoff had crafted a sustainable self-perpetuating scheme.

    Yet, the one factor Madoff could not anticipate was the subprime mortgage crisis and the resulting housing market crash. The economy was shaken, and investors wanted to be as liquid as possible. In the fall of 2008, they began requesting cash withdrawals from Madoff. This was the end of the line. There was no way Madoff could redeem over $7 billion in requests. According to Bloomberg News, Madoff only had $200 million left to disperse. With his options limited, he confessed to his family and surrendered to authorities on December 11, 2008.

    Buy a copy to continue reading!

    LanguageEnglish
    PublisherHyperink
    Release dateFeb 5, 2012
    ISBN9781484007167
    Unavailable
    Crimes of the Century: Bernie Madoff

    Related to Crimes of the Century

    Related ebooks

    Biography & Memoir For You

    View More
    View More

    Related podcast episodes

    Related articles

    Reviews for Crimes of the Century

    1/5

    1 rating0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words