Monday, January 12, 2009

Malicious Madoff?

The New York Times is always an elite source of daily news domestically and internationally. While browsing their website I found many interesting articles that impact no only us but the society that we live in today. Most of these stories, unfortunately, only point out the dim parts of the world that we live in today. Headlines included stories about how the market is dropping again (surprising I know), how Hamas rockets destroyed a civilian area in Israel, and how bombings occurred as Vice President elect Biden arrived in Iraq. The list could go on and on but I have decided to stop. In short the majority of our media market is filled with unfortunate events. The way I have written this introduction would bring one to believe that the story I choose to portray is one of flourishment, and ingenuity on the brighter side of things. However though I would have loved to choose a sotry with that description they were all too long to read. Therefore I bring to you the story of Bernard L. Madoff, a once noted investment genius.
If you havent heard of Mr. Madoff here is a quick background; Mr. Madoff was born in New York City and graduated from Hofstra University. He then went to work for the Nasdaq where he quickly went up through the ranks and became chairman because of his investment knowledge. Soon he left Nasdaq and opened his own financial firm, named Bernard Madoff Investment Securities. He was a tycoon for his era and had big name millionaires throwing extra money at him in order for him to invest. He, at this economic point in time offered a ridiculously high returns yield. One thing led to another and now he has been arrested and charged with fraud and embezzelment of $50,000,000,000 . What the attorny general is trying to figure out is what happend to all this money and how does fifty billion dollars disappear into one mans off shore bank account and not get noticed.
In an article written by Diana Henriques, she takes us into the present life of Madoff. The Feds imprisioned Madoff with no bail. Madoff's lawyers were able to pull a few strings and present their client with a $10 million bailout, which he took. The article states that while out on bail Madoff will be closely monitored by a electronic device and all of his funds/assets will be frozen. On Chirstmas Eve, Madoff supposedly touched his funds and was ready to send between $200-$300 million dollars to different family members as well as sending over $1 million in Christmas gifts. Altough Madoff's lawyers argued that this was a mistake and out of the holiday spirit he still violated the terms of his bond, which for many convicts means: back to the cell. However in Madoff's case the judge ruled against the Feds and said he could stay on bail. The question floating around in everybody's head is one that argues, what makes Madoff different from others in his paralell position?

1 comment:

  1. I guess I’m news deprived because I have never heard of Bernard L. Madoff. This huge $50,000,000,000 scandal is pretty extreme. I don’t understand how that much money could disappear without a trace. Like Kash explained, “However in Madoff's case the judge ruled against the Feds and said he could stay on bail”, I find that ridiculous. I almost feel it’s the stereotypical famous person scenario. You have money, and your famous so you get special treatment. Why so? If it were any other person of average income, they would be behind bars. Clearly Madoff broke the rules and eligibly touched his funds, breaking the law, meaning a punishment is due. The large amount of money missing is ironically similar to a movie I once watched were the investor bought a diamond to hide the money; maybe Madoff bought items of large value and has them hidden. I think this article is really strange, and there are to many missing links that need to be discovered.

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