Bernie Madoff

Topics: Bernard Madoff, Ponzi scheme, U.S. Securities and Exchange Commission Pages: 1 (281 words) Published: February 15, 2010
The organizational leadership of Bernard L Madoff Investments Securities LLC was held by Bernie Madoff himself. Madoff’s charismatic leadership style included seducing friends, those in secluded groups, and even his own employees. Madoff seduced his clients by making them to believe they were investing in something special, he would often turn people away, which helped Bernie in courting people and charities with more assets to offer. Madoff started his investment advisory firm by inviting Jewish people, many of whom belonged to exclusive country clubs as well as Jewish charities to buy in. These people would then become networkers for Madoff, by allowing other investors to buy in to the Ponzi Scheme Bernie was running.

Bernie’s leadership style also had him learning as much as he could about the regulations of the SEC to carry out the plan he was undertaking. Because Bernie Madoff helped develop the NASDAQ, he was respected in the securities community of regulators and investors. Madoff often traveled to Washington to meet with regulators. Madoff’s relationship with the regulators may have been why he was not under investigation for such a long-time by the SEC. Madoff had the trust of regulators and of his investors and therefore he was not questioned about the operations of his secretive company. The egoist Madoff at the time of his arrest “claimed he committed his crimes all by himself, but because they spanned decades and continents, a fog of suspicion immediately engulfed Madoff family members who worked at the firm, as well as employees and business associates”. (Bandler and Varchacer, 2009, para. 7). Madoff continues to claim that he was the only one involved in the scheme.
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