Crimes of the Century: Bernie Madoff

Biography & Memoir
Cover of the book Crimes of the Century: Bernie Madoff by Andrew  Ulloa, Hyperink
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Author: Andrew Ulloa ISBN: 9781484007167
Publisher: Hyperink Publication: February 5, 2012
Imprint: Hyperink Language: English
Author: Andrew Ulloa
ISBN: 9781484007167
Publisher: Hyperink
Publication: February 5, 2012
Imprint: Hyperink
Language: English

ABOUT THE BOOK

In the fall of 2008, at the zenith of the American financial crisis, multiple Wall Street firms posted losses reaching into the hundreds of millions. These losses represented the beginning of an unprecedented disaster.

In December of 2008, CNN estimated that Bernard L. Madoff Investment Securities LLC was responsible for $50 billion.

Widely touted as the biggest Ponzi scheme in history, Bernard “Bernie” Madoff lured wealthy investors with promises of high returns only to siphon away funds to finance his own lavish lifestyle. He would then replenish his coffers by recruiting more unsuspecting clients.

After decades of deception, the question remains: How did Madoff get away with it for so long?

MEET THE AUTHOR

Andrew Ulloa is an attorney who lives and practices in San Jose, California.

EXCERPT FROM THE BOOK

Madoff’s obsession with access extended beyond recruiting clients. The Wall Street Journal documented Madoff’s entrée into the world of regulatory agencies. Madoff kept close ties with the leading securities industry organization, Securities Industry and Financial Markets Association (“SIFMA”), where his brother Peter served on the board of directors. Additionally, Madoff held close relationships with employees of the Securities and Exchange Commission (“SEC”). His nephew was a SEC lawyer and Madoff considered past SEC Chairpersons and Commissioners to be friends. It seemed that he had friends everywhere.

What is fascinating about Madoff is the ability he had to manipulate so many smart, wealthy, connected people. Even days before Madoff’s arrest, there were those still clamoring to invest with him. Madoff had crafted a sustainable self-perpetuating scheme.

Yet, the one factor Madoff could not anticipate was the subprime mortgage crisis and the resulting housing market crash. The economy was shaken, and investors wanted to be as liquid as possible. In the fall of 2008, they began requesting cash withdrawals from Madoff. This was the end of the line. There was no way Madoff could redeem over $7 billion in requests. According to Bloomberg News, Madoff only had $200 million left to disperse. With his options limited, he confessed to his family and surrendered to authorities on December 11, 2008.

Buy a copy to continue reading!

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

ABOUT THE BOOK

In the fall of 2008, at the zenith of the American financial crisis, multiple Wall Street firms posted losses reaching into the hundreds of millions. These losses represented the beginning of an unprecedented disaster.

In December of 2008, CNN estimated that Bernard L. Madoff Investment Securities LLC was responsible for $50 billion.

Widely touted as the biggest Ponzi scheme in history, Bernard “Bernie” Madoff lured wealthy investors with promises of high returns only to siphon away funds to finance his own lavish lifestyle. He would then replenish his coffers by recruiting more unsuspecting clients.

After decades of deception, the question remains: How did Madoff get away with it for so long?

MEET THE AUTHOR

Andrew Ulloa is an attorney who lives and practices in San Jose, California.

EXCERPT FROM THE BOOK

Madoff’s obsession with access extended beyond recruiting clients. The Wall Street Journal documented Madoff’s entrée into the world of regulatory agencies. Madoff kept close ties with the leading securities industry organization, Securities Industry and Financial Markets Association (“SIFMA”), where his brother Peter served on the board of directors. Additionally, Madoff held close relationships with employees of the Securities and Exchange Commission (“SEC”). His nephew was a SEC lawyer and Madoff considered past SEC Chairpersons and Commissioners to be friends. It seemed that he had friends everywhere.

What is fascinating about Madoff is the ability he had to manipulate so many smart, wealthy, connected people. Even days before Madoff’s arrest, there were those still clamoring to invest with him. Madoff had crafted a sustainable self-perpetuating scheme.

Yet, the one factor Madoff could not anticipate was the subprime mortgage crisis and the resulting housing market crash. The economy was shaken, and investors wanted to be as liquid as possible. In the fall of 2008, they began requesting cash withdrawals from Madoff. This was the end of the line. There was no way Madoff could redeem over $7 billion in requests. According to Bloomberg News, Madoff only had $200 million left to disperse. With his options limited, he confessed to his family and surrendered to authorities on December 11, 2008.

Buy a copy to continue reading!

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