Bernard Madoff 's The Ponzi Scheme

853 Words4 Pages
Being an investor and investment adviser, Bernard Madoff started off his career as a legitimate and successful businessman also serving as chairman of NASDAQ for several years. Being well respected and unfortunately blindly trusted, Bernard Madoff began to collect investors and clients into his now know Ponzi scheme. Bernard Madoff’s scheme was simply to continually pay high returns to existing clients with the funds brought in by new investors without undertaking in any form of legitimate investment activity. Bernard Madoff was able use his reputation and connections on Wall Street to deceived investors out of billions of dollars by promising high returns with little to no work on their part. They figured it was an easy win on their part, which was ultimately their downfall.

Bernard Madoff and even many of his investors and accomplices lacked the desire to demonstrate social responsibility. Solely for the profit, Bernie Madoff and his accomplices created and participated in what can be considered the greatest Ponzi scheme in history. It’s believe that the reason that the scheme went on as long as it did was because the participants were financially rewarded for their silence. Preferred employees were paid well and it bought their silence and loyalty. There was little need or appreciation for honesty and professional business ethics with Madoff and his accomplices when it came to their organization. “Trust and a good reputation are some of your company’s most valuable

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