By Gerald Strober, Deborah Hart Strober, Connor Trinneer
Together with his arrest on Dec. eleven, 2008, the realm first realized that Wall road dealer and previous NASDAQ chairman Bernard Madoff used to be allegedly working the most important Ponzi scheme in heritage, a $50 billion rip-off built over a long time. Husband and spouse writing staff the Strobers (Billy Graham, The Nixon Presidency) got down to detect "what type of individual may have coldly stolen from those that had entrusted him... routinely, with their existence savings?" Born in 1938, Madoff was once an unmemorable pupil who, in his mid-twenties, received into making an investment with $5000. His rags-to-riches tale helped him develop into probably the most depended on males within the monetary international, offering extraordinary returns to consumers like Kevin Bacon, Stephen Spielberg, the Fairfield Fund, quite a lot of Jewish philanthropies, and numerous different person traders. prepare in below 3 months, this early account relies mostly on media and net tales, supplemented through 25 interviews with those that knew Madoff. although the Strobers increase many questions that can't but be responded (how Madoff avoided regulators, even if he had confederates, etc.), their examine of an enthralling alleged con guy is compelling, can't-make-this-stuff-up interpreting.
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Additional info for Catastrophe: The Story of Bernard L. Madoff, the Man Who Swindled the World
For instance, in a story entitled, “Standing Accused: A Pillar of Finance and Charity,” published in the Business Day section of the New York Times two days after Madoff’s arrest, the fact that Madoff is Jewish was mentioned three times at the beginning of the piece. ” He added: “…to refer to the ‘Jewish T-bill,’ ‘the clubby Jewish world,’ and the ‘world of Jewish New York’ within four paragraphs near the top of the article on Mr. ” Harris was reacting to “an early story in the New York Times that was not meant to be about [Madoff’s] Jewishness.
Several dozen contributors to the Jewish Federation of Broward County had CATASTROPHE 29 invested with Madoff, two of them each contributing tens of thousands of dollars annually. Eric Stillman, the federation’s CEO, noted, “We were going through a terrible economic recession already. ” Particularly upsetting to Stillman is the impact of Madoff’s thievery on some of the Federation’s elderly donors. “They won’t have time left to recoup losses,” he said. 4 million, constituting eleven percent of its endowment.
I don’t know. I just can’t imagine. It’s a mystery to me,” Meyer said. “He came into the [Palm Beach Country] Club—one of its requirements is that you give X amount of dollars a year to charity and everybody did what they were supposed to do. That’s one of the things that makes the club so outstanding— and gradually we all knew him. He was very quiet, very reserved, very laid-back. The Madoffs were just like all the rest of us, but they did not get involved with too many people on the social scale that I’m aware of.