Bernard 'Bernie' Madoff: From Queens lifeguard to soaking fraud: “BY LARRY MCSHANE NYDAILY NEWS STAFF WRITER
Saturday, December 13th 2008, 11:55 AM Feds say Madoff's Ponzi scheme was worst ever. Bernard Madoff, "Bernie" to his Wall Street pals and deep-pocketed investors, launched his financial career with $5,000 earned as a Far Rockaway lifeguard.
That was nearly a half-century ago. Today, investors with Madoff's firm are drowning after the former Nasdaq chairman admitted fleecing his customers of $50 billion.
Madoff, 70, was known as a quirky figure inside his company offices at Manhattan's Lipstick Building. Still, he was respected for his uncanny - and apparently illegal - ability to generate cash for his clients.
The Hennessee Group, which tracks investment performance, says Madoff's firm suffered just five down months in 13 years between 1993-2007.”
Madoff is just an awful additional example of senior executive malfeasance in the style of Enron, MCI/Worldcom, Adelphi and Lucent Technologies that Sarbanes-Oxley regulations were supposed to thwart. Similarly, Enterprise Risk Management is woefully inadequate in its' serious consideration of scientific approaches to pre-hire selection of leaders - more here http://blog.scientificleader.com/2008/12/13/madoff-destroys-50-billion-with-giant-ponzie-scheme/
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