0 LIKES LikeUnLike
How Bernard Madoff Stole Billions: Madoff admits $50bn fraud scheme.Financier Bernard Madoff is jailed after pleading guilty to all 11 charges in a $50bn (£35bn) fraud and apologising to investors. The alleged fraudster began his financial career at the age of 22 with $5,000 (£3,600) put together from summer holiday jobs like working as a garden sprinkler installer in the New York borough of Queens before setting up Bernard L Madoff Investment Securities in 1960. He became well-known on Wall Street as his firm became one of the biggest market-makers - matching up buyers and sellers of stocks - and eventually served as chairman of the Nasdaq stock exchange. His appeal to some of the richest men and women in the country lay in his relaxed confidence. Madoff appears to have cultivated the air of a brilliant financial mind, which won over the people into whose ears he whispered at exclusive golf clubs. One executive interviewed by the New York Times referred to him as "the Jewish T-bill," short for the almost risk-free US Treasury bill, because "he was that safe".
Tags: Bernard, Billions, Madoff, stole
Report (0) (0) | 12 years, 9 month(s) ago
Latest activity: 15 years, 1 month(s) ago. This question has 1 answers.