Sesame Street explains the Madoff Scandal
This week SBS ran an indepth expose of what may be the largest investment fraud ever perpetrated by a single person – The Madoff Affair – where Bernie Madoff posed as a hedge fund trader but instead allegedly defrauded his clients of $65 billion dollars.
The front men for the organisation trawled through Geneva, hooking virtually all of the Royal Houses in the process. The deal? Madoff’s name was never to be mentioned, just the investment returns.
Prosecutors now want the right to pursue more than $170 billion in criminal forfeiture.
This week it was suggested in a speech by a Federal Australian regulator from APRA that the Global Financial Crisis wasn’t caused by a lack of regulation, but rather through a lack of financial supervision.
The Madoff Affair program maintained that substantial inhouse evidence was provided to the USA’s SEC, over a ten year period – however no action was ever taken against Madoff. Eventually the head of that Department in the SEC was removed.
This was the world’s first truly global Ponzi scheme – a deception that lasted longer, reached wider and cut deeper than any other business scandal in history.