madoff case
I. Executive Summary
There is plenty of blame to go around the “Madoff Scandal”; there are multiple theories how Bernie Madoff was able to pull such a cunning scheme for so long, but the question is, amidst all the finger pointing who is really to be held responsible for it?
Upon reading the article, I cannot help but feel the same uneasiness in the situation Madoff is facing with the dilemma the Philippines is struggling with right now – the Napoles scam. He was caught up in a huge tangle of problems that have piled-up for a long time, which would not have been possible in the first place had the right agencies of the government acted quickly to prevent such horrible damages. There are those who claim that warning signs existed, but people ignored them while earning hundreds of millions of dollars. After the downfall of Madoff, quite a number of reputable firms and financial institutions, like JPMorgan Chase and Swiss bank UBS AG, have faced lawsuits in connection with this scandal because they have been allegedly accused of knowing about the fraud undertaking but refused to protect investors. Knowing then that there are those who were aware of the situation, can the government claim innocence? I find it ridiculous that a single man, even if he is a financial genius, can outwit the world for so long without anybody else covering up for him. Just like Janet Lim-Napoles, it is impossible for her alone to succeed a large-scale fraud without anyone inside the government to back her up. Is the government not accountable for the failure to stop the fraud years before it grew into a gigantic fiasco?
II. Statement of the Problem
The Madoff Scandal in comparison with the vast financial crisis that sprang up in 2008 is nothing but a small fry. The bigger fish that alluded proper judgment was no one but the people inside the government itself. Its failing system was overlooked because political manipulators peddled the people’s mind with nonsense, committing
There is plenty of blame to go around the “Madoff Scandal”; there are multiple theories how Bernie Madoff was able to pull such a cunning scheme for so long, but the question is, amidst all the finger pointing who is really to be held responsible for it?
Upon reading the article, I cannot help but feel the same uneasiness in the situation Madoff is facing with the dilemma the Philippines is struggling with right now – the Napoles scam. He was caught up in a huge tangle of problems that have piled-up for a long time, which would not have been possible in the first place had the right agencies of the government acted quickly to prevent such horrible damages. There are those who claim that warning signs existed, but people ignored them while earning hundreds of millions of dollars. After the downfall of Madoff, quite a number of reputable firms and financial institutions, like JPMorgan Chase and Swiss bank UBS AG, have faced lawsuits in connection with this scandal because they have been allegedly accused of knowing about the fraud undertaking but refused to protect investors. Knowing then that there are those who were aware of the situation, can the government claim innocence? I find it ridiculous that a single man, even if he is a financial genius, can outwit the world for so long without anybody else covering up for him. Just like Janet Lim-Napoles, it is impossible for her alone to succeed a large-scale fraud without anyone inside the government to back her up. Is the government not accountable for the failure to stop the fraud years before it grew into a gigantic fiasco?
II. Statement of the Problem
The Madoff Scandal in comparison with the vast financial crisis that sprang up in 2008 is nothing but a small fry. The bigger fish that alluded proper judgment was no one but the people inside the government itself. Its failing system was overlooked because political manipulators peddled the people’s mind with nonsense, committing