Thursday, March 26, 2009

Bernie Madoff


SHAMEometer rating out of 100:
100

Who:

Former chairman of the NASDAQ exchange who bilked countless investors totalling nearly US$65 billion (that's right billion) amounting to the greatest Ponzi scheme ever.

Once a well-respected investment professional, today a symbol of Wall Street greed during the economic meltdown. Public fury toward Madoff has been so great that he wore a bulletproof vest to court at his recent hearings, the last of which on March 11 in New York he pled guilty to charges of fraud, perjury and money-laundering. The 70-year-old Madoff faces 150 years in prison. Sentencing scheduled on June 16. . .



Shamelessness:

Starting in the early-90s, Madoff's scheme wiped out people’s retirement savings, destroyed charities and foundations, and apparently pushed two investors to suicide. Investors included: Steven Spielberg, actor Kevin Bacon, Hall of Fame pitcher Sandy Koufax, and Nobel Peace Prize winner and Holocaust survivor Elie Wiesel. Many of Madoff’s victims were Jews and Jewish charities, which trusted in Madoff because he is Jewish. After violating the trust of both friends and strangers, Madoff destroyed lives pure and simple.



Financial analysis:

Experts have only begun to unravel how Madoff built this mega Ponzi scheme. Meanwhile, some of his victims speak:




Mitigating Factor:

Madoff sounded contrite as he pled guilty on March 11: “I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed.” Does the old saying, "Too little, too late" ring a bell?


What the Future Holds For Madoff:



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