Madoff scandal ,its exposure and its harsh predilections on the investors make the already blood swooned economy into a hideous defunctive prologue.
Madoff was the top market maker firm in Wall street.and also had an investment management business.
It is the largest investor fraud ever attributed to a single individual.
Spanish Swiss, french and Italian banks have lost over a billion of U.S. dollars.
Madoff’s techniques are maddening.He paid bonus to his staff, when h could not repay his investors.His firm paid for the order flow,which was paying to a broker to execute a customer’s order through Madoff.
His business ethics is questionable.His firm was active in the development of NASDAQ.
Madoff’s performance in hedge funding was beyond comprehension.
He did not follow the norms and strictures. he formulated his own alibi,.
He had a remarkable track record.His clients had a complete trust in him, He had artfully built an congenial atmosphere, by dispersing high consistent returns,. He manipulated his high contacts , that most of his customers entrusted the family fortunes with him.In November 2008, when there was a collapse i, his funds were reported to be 5.6% above.
Madoff played amorously on the gullibility of the investor.
The list of his affected clients runs into pages. The amount he has defrauded runs into billions. The charities which had invested their funds in his firm have got stuck up.
Madoff has been arrested.and he is facing a trial.
His properties have been attached. The affliction is a big blow to U. S , in general and the wall street investors, charities and individuals in particular.
His perfidy has knocked the entire economy. He has evolvea novel theory to cheat his customers, He has done it methodically, carefully and built a fair and favourable business momentum and an investor friendly symbolism, then gradually withdrew a portion of the accumulation in a phased, unpresumable diligence.
He has paid the price of greed.
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