Bernard Madoff Biography

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Bernard Madoff Bernard Madoff was one of the most biggest ponzi scheInmer in American History. According to Biography.com Editors article Bernard Madoff Biography Bernard Madoff was born on April 29,1938 in Queens, New York to Ralph and Slvia Madoff (Biography.com Editors). Also, Bernard Madoff went to Far Rockaway High school in 1952 where he was on the swim team and he also had a job being a lifeguard at Silver Point Beach Club at Long Island, New York (Biography.com Editors). The authors continue to say, after he graduated from high school he went to Alabama University for his freshman year and than he transferred to Hofstra University to finish his degree in political science (Biography.com Editors). Furthermore, Bernard Madoff was…show more content…
The scheme is named after Charles Ponzi, who duped thousands of New England residents into investing in a postage stamp speculation scheme back in the 1920s(Sec.gov). How did Madoff use this scheme is that according to the author Srinivasan C. Ragothaman article The Madoff Debacle: What are the Lessons? Madoff started promising a steady return of 10 to 12 percent each year for his clients (Ragothaman 274). He continues to say Mr. Madoff promised positive and steady returns always no matter how the market was (Ragothaman 274). With these promises Bernard Madoff was taking money from investors in order to pay other investors he borrowed from and also his investors did not know what was Bernard Madoff was doing with their money. Not only he was getting money from normal investors but also from famous people. Some of them were Spielberg, Kevin Bacon, Kyra Sedgwick, Jeffrey Katzenberg, Mort Zuckerman, Larry King, Elie Wiesel according to Srinivasan C. Ragothaman article The Madoff Debacle: What are the Lessons? (Ragothaman…show more content…
I think utilitarianism basically means that doing what is right should be placed above all else. In Barnard Madoff case he stood against everything utilitarianism stood for. An example would running an illegal ponzi scheme he was not thinking about how the people he was taking money from were feeling he wanted it all for himself no matter how many people he had to step on to get it. According to Heather Salazar article Bernie Madoff: Greatest Ponzi Scheme in U.S. History she said Madoff was not interested in doing the right thing at all and because of this he let a lot of people down and caused a lot of unhappiness because of it (Salazar). If Bernard Madoff were to do the right thing he would not be in jail right now and if he couldn 't make the same amount of money was making illegally he would still be making a decent amount of it and it would have been clean instead of taken unwillingly from
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