Bernard Bernie Madoff Essay

1357 Words Jan 8th, 2013 6 Pages
Bernard “Bernie” Madoff (NASDAQ)
Angela Collier
LEG 100
George Asinc
June 7, 2012

Introduction

Bernard Lawrence Madoff was born April 29, 1938 in New York City to the parents of Ralph and Sylvia Madoff. His father was a child of a Polish immigrant, and worked as a plumber for years. Madoff mother was a daughter of a Romanian and Austrian immigrant, she was a housewife. Madoff parents married in 1932 when the great depression was at its height. After struggling financially for years, they got involved in finance in the 1950s. Bernard Madoff parents was not successful with the trade, his mother was registered as a broker-dealer in the 1960s making their home the office of their company called Gibraltar
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Name three types of parties who were impacted by the actions of Mr. Madoff and describe how they were impacted.

Three parties that were affected by Madoff actions were, Fairfield Greenwich Advisors, an investment management firm. More than half of Greenwich’s 14.1 billion in assets under management, or about 7.5 billion was connected to Madoff. Ascot Partner, a hedge fund founded by billionaire investor, philanthropist and GMAC chief J. Ezra Merkin, 1.8billion was invested with Madoff that was lost. Carl Shapiro, the founder and former chairman of Apparel Company Kay Windsor Inc., and his wife. The 95 year old lost an estimated 400 million, including the 250 million he gave Madoff on December 1. His charitable foundation lost an estimated 100 million; Carl was one of Madoff earliest and biggest investors. Madoff family and close friend along with employees was impacted by his actions these people was use to a life style that was like no other. www.huffingtonpost.com/2008/12/15/bernie-madoff-ponzi-scheme_n_151018html. Describe three business safeguards (risk management) that may have prevented the harm cause be Mr. Madoff.

Three safeguards that I see that could have been prevented was, Mr. Bernie had hired several members of his family whom some of them if not

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