As a result of the financial crisis in 2008, Bernie Madoff’s 40 + year ponzi scheme finally crumbled like a house of cards. If it were not for the mortgage crisis, brought on by even more unethical bankers, Bernie would still be recruiting new victims at his local synagogue and country club today.
When people discovered their life savings were gone as a result of what was going on on the 17th floor of Bernie Madoff’s firm, many lost their health, killed themselves, faced the fear of becoming bag ladies, were unable to send their kids or grandchildren to college, and were unable to retire.
Just what and how did it all happen? According to Eleanor, the 17th floor had a different access code than the 18 and 19th floors, was very low tech, was run by poorly dressed, low level clerks, who still used one, large archaic IBM AS 400 computer, while the 18th and 19th floors were run by well dressed bankers who came from well known firms, had MBA’s, and utilized the most modern of equipment. His own two sons worked on those floors, which ultimately led to their, and their client’s demise.
Greed is not good.