Tuesday, December 16, 2008
Everyone is talking about this "alleged fraud" and about how massive it appears to be, who is Madoff - the individual accused, and yes - even his vast charitable giving. A sprinkling of articles that are out there are below:
- Alan Feuer & Christine Haughney, NYTimes, Standing Accused: A Pillar of Finance and Charity
- Marcy Gordon, Yahoo News (AP), Madoff fraud case raises questions about SEC
- Tom Lauricella, Aaron Lucchetti & Amir Efrati, WSJ, Madoff Ran Vast Options Game - Firm to Shut, Wife's Role Questioned; Volume Made Strategy Impossible, Traders Say
- Kara Scannell, WSJ, SEC Had Chances for Years to Expose Madoff's Alleged Ponzi Scheme
- Binyamin Appelbaum & David S. Hilzenrath, Washington Post, SEC Didn't Act on Madoff Tips
Many are asking questions - who is at fault, or who can we blame. And perhaps it isn't a simple answer like the SEC didn't provide enough oversight, or regulators dropped the ball, or investors weren't savvy enough to realize it wasn't all real, or just maybe it was a combination of all of these things, or none of them. For right now it means people are feeling pain from their losses. The court has appointed a receiver (see here) and in the days that follow more will come to light.
But what is perhaps something that needs to be included in the discussion is how one individual had such incredible social skills to secure the trust of so many influential individuals. And how one person could build an empire of people that built an ethos that stood as a stamp of approval to those who were considering dropping dollars. If only the movie could have a Disney ending.