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Excuses and Termination
Published online by Cambridge University Press: 05 June 2012
The best laid schemes of mice and men often go awry.
– Robert BurnsMISTAKE AND WARRANTY: MADOFF???S PONZI SCHEME
On December 11, 2008, Bernard Madoff, revered as a savvy investor, confessed to his sons that he had perpetrated one of the largest financial scams in history, involving an estimated $65 billion. His sons turned him in – and one of them committed suicide on the first anniversary of his father’s arrest.
Beginning in the 1980s, thousands of sophisticated investors, from hedge fund managers to university investment officers, entrusted millions to him and his firm, Bernard L. Madoff Investment Securities. He turned others away, increasing his allure, and delivered unmatched returns to those in on the action.
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