Bernie Madoff: Difference between revisions
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{{a|people|}}Wall Street grandee, former chairman of the NASDAQ and perpetrator of the [[ponzi scheme]] that almost certainly qualifies greatest fraud in history of this planet. | {{a|people|}}Wall Street grandee, former chairman of the NASDAQ and perpetrator of the [[ponzi scheme]] that almost certainly qualifies greatest fraud in history of this planet, and a walking advertisement for the power of cognitive dissonance: Not only did the heroic {{author|Harry Markopolos}} not repeatedly alert the [[SEC]] that Madoff was a fraud over the decade leading up to [[Madoff]]’s ''confession'' — note: they didn’t ''catch'' him: he handed himself in — but [[hedge fund]] pioneer {{author|Edward Thorp}} identified that Madoff was a fraud when a friend asked him to review Madoff’s returns in ''1992''. | ||
This is enough to make us wonder whether the problem of endemic fraud isn’t one of [[bad apple]]s so much, though for sure Bernie Madoff ''is'' a bad apple, but our innate susceptibility to bad actors which, in turn, might be a regrettable by-product of a laudable quality — like trust, for example. In which case, we wonder whether it isn’t better not to assume that laws and regulations can protect us against bad apples, when clearly they can’t, but instead to develop our own bullshit detectors. If you were going to do a podcast series about it, you might call it [[the dog in the night time]]. | |||
{{sa}} | {{sa}} | ||
*[[The dog in the night time]] | |||
*{{br|No One Would Listen: A True Financial Thriller}} — our review of a remarkable book by Madoff whistleblower {{author|Harry Markopolos}} | *{{br|No One Would Listen: A True Financial Thriller}} — our review of a remarkable book by Madoff whistleblower {{author|Harry Markopolos}} | ||
*{{br|A Man For All Markets}} — {{author|Edward Thorp}}’s autobiography | |||
*[https://www.stitcher.com/podcast/audible/ponzi-supernova Ponzi Supernova], a terrific seven-part podcast on the Madoff fraud. | *[https://www.stitcher.com/podcast/audible/ponzi-supernova Ponzi Supernova], a terrific seven-part podcast on the Madoff fraud. | ||
*[[Risk taxonomy]] | *[[Risk taxonomy]] | ||
Revision as of 17:41, 14 February 2021
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Wall Street grandee, former chairman of the NASDAQ and perpetrator of the ponzi scheme that almost certainly qualifies greatest fraud in history of this planet, and a walking advertisement for the power of cognitive dissonance: Not only did the heroic Harry Markopolos not repeatedly alert the SEC that Madoff was a fraud over the decade leading up to Madoff’s confession — note: they didn’t catch him: he handed himself in — but hedge fund pioneer Edward Thorp identified that Madoff was a fraud when a friend asked him to review Madoff’s returns in 1992.
This is enough to make us wonder whether the problem of endemic fraud isn’t one of bad apples so much, though for sure Bernie Madoff is a bad apple, but our innate susceptibility to bad actors which, in turn, might be a regrettable by-product of a laudable quality — like trust, for example. In which case, we wonder whether it isn’t better not to assume that laws and regulations can protect us against bad apples, when clearly they can’t, but instead to develop our own bullshit detectors. If you were going to do a podcast series about it, you might call it the dog in the night time.
See also
- The dog in the night time
- No One Would Listen: A True Financial Thriller — our review of a remarkable book by Madoff whistleblower Harry Markopolos
- A Man For All Markets — Edward Thorp’s autobiography
- Ponzi Supernova, a terrific seven-part podcast on the Madoff fraud.
- Risk taxonomy