You may ask yourself, “What’s something to watch/read?"🤔
And here we are with the answer👇
Do you know that in the modern history of American capitalism, one of the biggest Ponzi schemes was the Bernie Madoff one?
✔️Bernie was a legend on Wall Street. He founded Madoff Investment Securities and was one of the first financiers to computerize it completely.
✔️Bernie served on the board of directors of the NASDAQ exchange and even chaired it in 1990.
✔️Bernie was a loving father of two sons and a philanthropist.
✔️Bernie's company rarely showed a loss, even when the market went into a bearish phase. Genius...
Bernie was the most incredible con man in modern American history.
💣In 2008, Bernie told his two sons, who worked at his own firm, that everything was a lie and a scam. The firm was just a Ponzi scheme, and he no longer had the money to keep the company going. The sons, of course, immediately reported the father to the authorities.
What followed was a trial, a sentence of 150 years in prison, a divorce, the suicide of one of the sons, and Bernie's sad demise in 2021.
In 2017, the gorgeous movie "The Wizard of Lies" with Robert De Niro was released, and a little earlier...
in 2012, Harry Markopolos' book "No One Would Listen: A True Financial Thriller". Markopolos tells how he realized Bernie was a fraud and reported time after time to the SEC (American regulator) about what was happening with Madoff Investment, but the SEC safely ignored him for several years.
We hope you enjoy the book and movie and wish you a great weekend🎉
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