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Madoff In The 21st Century

Bernard Madoff, popularly known for his act in pioneering Ponzi scheme is dead. The one-time non-executive of NASDAQ, died in solitary confinement at the age of 82 of natural cause, whist serving a 150-year jail term after found guilty on 11 count charge on matter of financial fraud, which includes securities fraud, wire fraud, mail fraud, money laundering, making false statements, perjury, theft from an employee benefit plan, and making false filings with the SEC which is estimated to an all high 64.8 billion dollars USD accumulated from over 4,800 swindled clients has recorded on November 30,2008.

Born to Jewish parent of polish descent, the malefactor attended University of Alabama for one year, where he became a brother of the Sigma Alpha Mu fraternity, before transferring and graduating from Hofstra University in 1960. Due to academic prowess, he founded Penny stock brokerage in 1960, which grew into Bernard L. Madoff Investment Securities where he served as chairman until his arrest on the 18th December 2008, resulting to his loss of freedom and the forfeiture of the ill amassed wealth estimated at 17.179 billion USD. The heavy penalty he received comes on the grounds that lives were lost as many of his victims committed suicide, some rendered homeless and others bankrupt.

Implication:

Trust, although once broken can be restored, requires more work than anticipated. This is the reason why regulatory bodies are very skeptical about upcoming trends which have the ability to put the world into another Global financial crisis worse than experienced in 2008. Recently, Crypto- trading firm Coin base, is said to go on IPO, which is valuated at 100 billion USD. Many are skeptic on this emerging tech and are asking for firmer regulation as the sector is volatile and could cause great harm if left unmanned.

Lesson learned:

Better is a poor man with his Integrity than a Liar”. Saving up his early capital from the installation of sprinkler and working as life guard was better than ending his life in shame with the burden of 150 years of confinement hooked to his neck whilst living a few years in deceit. Integrity, remain the sole of business.

When the god becomes too big, we remind it of what it’s made off”. No man is too big to fail, only Zeus is perfect. Madoff’s prowess, earned him the credibility to launch NASDAQ, the first electronic stock exchange, and gave him a voice, that he advised the Security and Exchange Commission. However, the rogue, had hidden motives which cost the global community trust- the greatest currency- on the financial system, leading to stricter regulations.

“Stick to the fundamentals”. “They were two struggling kids from Queens, they worked hard”. As observed by Thomas Morling, a colleague, who admired and saw the rough start of the Madoff brother, should have been a source of encouragement for them as with their prowess, they could have attained more lofty height in dignity.

He caused so much pains to people