Bernie Madorr Ponzi Scheme
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1. How did trust and greed concepts intertwine within the Bernie Madoff Ponzi scheme?
2. What is a Ponzi scheme and find several examples that have occurred within the recent years.
3. How likely is it that Madoff's sons that were employees of the firm, knew nothing about the fraud?
4. Explain the ethical issues that are associated with running a family-owned business. Were these issues present within Madoff's firm?
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This solution discusses the Bernie Madorr Ponzi scheme.
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1. How did trust and greed concepts intertwine within the Bernie Madoff Ponzi scheme?
The majority of Wall Street trusted Madoff, and this included the biggest names on Wall Street. This is because of the 47-year career on Wall Street that Madoff had, and the reputation he built with business techniques that streamlined the execution of trades for other investment companies. His reputation was so respected that his firm was responsible for handling more trading volume on Wall Street than any other firm aside from Nasdaq. Madoff was so trusted and respected that at one point he was made chairman of the exchange. Greed was intertwined with this trust through the fact that no one cared enough on Wall Street if the money continued to flow, ...
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