Charities, Financial Institutions and the Public Trust 2

by Asher Meir

GetImage (1)The revelation in December 2009 that New York financier Bernard Madoff was running for years a giant Ponzi scheme which is shaping up to be the biggest swindle in world history displays a frightening array of ethical failures – a veritable perfect storm of misconduct.Madoff invested money on behalf of individuals and institutions, and showed a steady stream of market-beating profits month after month, year after year. It is now known that the trades investors saw were largely fictional, and that investors who cashed out were paid with funds of other investors coming in, but there was no lack of warning signals. Many people shunned Madoff’s firm when they noticed the bizarre lack of electron click here to continue