You Too Can Beat Greed, Stupidity and Corruption As A Super Thief

At the end of every era there is always someone or something that symbolizes the greed, corruption and stupidity of that period. Bernard L Madoff, Jewish born ex Wall Street chairman and founder, is one of those stories, that symbolized the era of 'easy credit'. A period that brought nations to their knees, across the world, in the worst recession since the Great Depression of the 1930's.

Seventy year-old Madoff conceived the biggest ponzi scheme that the world has ever witnessed. Madoff's wife worked with him from the commencement of the scheme.

Madoff's customers earned out of the ordinary interest, even when the world of finance was falling in a heap around everyone's ears. Madoff fed off people's greed and stupidity by applying eleven simple rules.

• Madoff's Project Radiated Exclusivity

Madoff gathered his clients from exclusive clubs, while rejecting many other would-be clients, thereby creating an instantaneous feeling of exclusivity. He made people feel they were 'fortunate' to finally be involved in the scheme.

• Madoff Ensured He Was Well Connected

Madoff and his wife were once seen as the 'Must-Know' people on the society circuit. The world's wealthiest and most famous people were often invited to visit the Madoffs on their 55 foot boat, or at one of their three spacious mansions.

• Madoff Was Well Liked And Highly Respected

Madoff and his wife Ruth, promoted a feeling of well-being in all those around them. They gave the appearance of being such likable people, only out to help others, that Madoff in particular, was held in very high esteem by the rich and famous.

• Madoff Networked

He got his 'friends' to recruit others on his behalf. He then encouraged his 'A' list of investors to pull in others. This permitted Madoff to achieve access to the wealthy all over the world. Madoff was a well-known member of the Jewish community.

• Madoff Offered A Business Plan

Madoff offered a ponzi scheme as his business plan, where money from fresh investors paid out older investors. All this was done without actually making any investments.

•Madoff Had The Salesman's Dream Talent - The Gift Of The Gab
Madoff was never backwards in coming forward with a swift and appropriate word of advice for his investors, young and old.
•Madoff Created Credibility
Madoff advised his new investors to start out small and build up their investment. This added credibility to the scheme.

• Madoff Appeared to Do Everything Right

While Madoff was the creator of the Internet access to accounts. However, he never allowed his clients to have access to this technology. Instead he sent out a monthly newsletter, giving reports to investors of their 'trading' activity and 'investments'. In spite of several investigations Madoff always to appeared come up squeaky clean.

• Madoff Avoided Using Credible Accounting Firms

Madoff refused the use of credible accounting and auditing firms. Instead he used a completely unknown firm that had no accountability, allowing Madoff to freely 'manipulate the books'. Madoff never allowed any outside performance audits.

• Madoff Established A Relationship With The Regulators

While many people raised concerns about the steady rate of interest his investors were receiving, when the economy was in a long hard downturn, their voices went unheard. Well known critics openly declared it was mathematically impossible for Maddof's investment strategies to give the return he claimed. Madoff readily admitted he was 'close to the regulators' and was known to have lied to the SEC. In fact, Madoff was an adviser to the regulators, as the former chairman and founder of the NASDAQ, as well as an adviser to the Securities and Exchange Commission.

• Madoff Was A High Profile Donor

Madoff never hesitated to come forward as a political donor and philanthropist - do gooder. Madoff and his wife formed a charitable foundation, donating frequently to hospitals and theatres, as well as research programs.

Now having heard how Madoff made use of greed, corruption and, yes stupidity, let's take a quick look at the other side of the coin, according to a person who was near to Madoff for around twenty years.

•Madoff was a sexist egomaniac who was seen frequently in massage parlours.

•Madoff was enticing to women and had a long history of flirtation, with a roving eye (even though Ruth, his wife, watched over him like a hawk).

•He insulted his staff when he was under stress

Madoff's victims in the ponzi scheme are widely recorded, including
the clinical Professor of Psychiatry at the University of Colorado, one of the world's leading experts on financial scams and the author of Annals of Gulibility: Why We Get Duped And How To Avoid It.

The fallout from Madoff's scheme will be felt for years to come in the land of the rich and famous. Madoff only got caught out after telling his two sons, the whole business was 'one big lie'. The biggest lie the world has ever seen. It is unknown how much money Madoff managed to stash away offshore, before his arrest.