Bernard Madoff

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Bernard Madoff |

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Introduction:

Born Bernard Lawrence Madoff, April 29, 1938 in New York, New York to Jewish parents, Sylvia and Ralph Madoff, Bernie Madoff graduated with a bachelor of political science from Hofstra University in 1960 (1). Early in his childhood, Bernie did not grow up in a particularly affluent household, as his father worked as a plumber and his mom a homemaker until the 1950’s, when they became involved in finance with Sylvia eventually becoming a stockbroker. However, their financial expeditions were unsuccessful and were forced by the SEC to close their business, in addition to accruing a $13,000 tax lien on their home, which went unpaid for ten years.

During his collegiate career, Bernie worked at odd jobs allowing him to save $5,000, which he used to finance his own business, Bernard L. Madoff Investment Securities, LLC. In the coming years, Bernie would build an impressive client list, and by the 1980’s would be responsible for five percent of the trading on the New York Stock Exchange. In 2009, Bernie Madoff would plead guilty to 11felony counts of securities, mail, and wire fraud, and money laundering amongst others, earning him a sentence of 150 years in federal prison. Despite his community service and evolutionary business ideas, he will be remembered as someone who used his power of persuasion to cheat people out of over $20 billion dollars. (4)

Analysis:

Bernard Madoff did many good things for the advancement of business and his community that go largely unsaid. For instance, he and his firm were credited with the incubation and creation of the software program that eventually became the National Association of Securities Dealers Automated Quotations, or NASDAQ. He served as president of the board of directors for the NASDAQ stock exchange, and as a pioneer for the Gift of Life Bone Marrow Foundation. In addition, he and his wife, Ruth, ran the Madoff Family Foundation, which was a $19...