Madoff and the Scamming of America

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Published on 24th February 2016 by

A 2009 History Channel documentary which looks into Bernie Madoff, the creator of the worlds largest ponzi scheme. It includes testimony from some of his victims, compares Madoff’s ponzi scheme with some other successful ponzi schemes in history and features contributions from Wall Street financial experts.

Madoff’s ponzi scheme was worth a staggering $65bn, with Madoff personally benefiting to the tune of $18bn from the scheme, investors were provided with falsified statements of account and those who withdrew from the scheme were repaid out of money incoming from new investors. The ponzi scheme unraveled in 2008 at the onset of the financial crisis when investors panicked to withdraw funds. He was reported to the authorities at the end of 2008 by his two sons after he had confessed that he’d been falsifying returns and running a ponzi scheme.

BOOK

There have been numerous books about the Madoff scandal, but perhaps the most definitive and best received is the bestselling book The Wizard of  Lies: Bernie Madoff and the Death of Trust. This book, written by New York Times journalist Diana B. Henriques, was later turned into an HBO film starring Robert De Niro.

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