Felix L. Yangson, Jr.

BSA V

Madoff Scandal in Retrospect

Bernard Madoff was more than a name, during the height 1990s. For
most, it resounded of a gold mine. The promise was high returns, even the
highest in the market. It clangored across hopeful investors granting Madoff
a pooled fund amounting to billions. It was not until 2008 that the real story
was uncovered.

Markopolos accusation years before that a massive ponzi scheme was

being perpetrated by Madoff was true after all. But where does a man stand
against the greed of the people. SEC never bat an eye to Markopolos
accusations, the supposed trustee of the public interest was the primary
negligent party. Business was good for Madoff. New investors are continually
coming in, funds from new investors channel to older ones as return of their
investment and the cycle goes on. With efficient marketing and the happy
faces of the existing investors, the demand goes up the roof, and the scheme
is well undiscovered.

It was just a one big lie. -the words of Madoff that led to his fall. Of
course, his sons turned him after his confession and then the apprehension
by the FBI, it was just formalities. In the end, it was through his terms that
his billion-dollar empire reduced to a rubble. Catalyzed by the economic
recession in the US during 2008, the unrealistic returns promised to investors
became unachievable and impossible. Panic and havoc grew in the investors,
they then suddenly withdrew their interests all at once, coupled with the
distress of the economy making it hard to gain new investors. The weight of
his lies suddenly caught up to him. Next, the runoff to the cliff the
confession, then and the landing.

The life lived on avarice, and the engulfing want of the people led to
their own demise, I believe. If it was not for these, Madoff would not have his
main attraction, instant wealth. However, this does not displace Madoff from
the mastermind list. Madoffs sheer ambition is admirable. To deliberately
fool thousands of people would mean lots of time and effort spent to build
the scheme and a partition more on maintaining it. At some point, we believe
steadily that the ends justify the means. Even though we have adhered to
law and legitimacy, still part of our true self, does not care at all.
Bernard Madoff was a raw testament that to err is human. We err on
trusting the wrong people and we err in handling the trust of the people.
Felix L. Yangson, Jr. BSA V

Even though we fail in some, still, the aftermath is that we are resilient. As
we fall lot in out swings, we attempt to rise in unimaginable number of times.
We are human after all.