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Essay on The Bernard Madoff Expense Scandal

Project id 1008708
Subject area Arts Entertainment
Document type Essay
Words 1012
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Bernard Madoff had complete control of the organizational leadership of Bernard Madoff Investments Securities LLC. Madoff utilized charisma to persuade his close friends, members of elite organizations, and his employees to trust in him. He tricked his customers into believing that these were buying something special. He'd often turn potential traders down, which helped Bernard in targeting the traders with more money to get. Bernard Madoff created something which promised high returns for a while and was only the Ponzi scheme. The system’s idea relied on money from the new traders to pay misrepresented and intensely high returns to existing traders. He was carrying out this for years; convincing wealthy charities and people to invest vast amounts of dollars into his hedge fund. And they did so due to the extremely high returns, that have been promised by Madoff’s firm. If anyone could have looked deeply in to the structure of his company, it would have definitely proven that something is wrong. It is because nobody could make such big money on the market, if nobody else could at the time especially. How could one individual, Madoff, hold most of his clients’ assets, price them, and manage them? It is obviously a conflict of interest. His company was showing high profits every year; despite the majority of the companies in the market having losses. Actually, Bernard Madoff’s case is completely spectacular considering the number and number of investors who got swept up in it. Bernard Madoff - Case Overview Bernard Madoff opened up his company in 1960. His business started to develop when his father-in-law Saul Alpern, who was simply an accountant, found the firm. Because there were a lot of competitive companies at that time, Madoff made a decision to use innova...

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