Word: madoff
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...ended up being loyal to a terrible, terrible fault.' FRANK DIPASCALI, who pleaded guilty on Aug. 11 to 10 charges including fraud and money-laundering while serving as one of Bernie Madoff's top executives. DiPascali, who could be sentenced to as many as 125 years in prison, told a federal judge that he and others knew about Madoff's investment scam as far back as the early 1990s and aided it by helping falsify trading records...
...fall 2007, I found myself on the 19th floor of the Manhattan skyscraper known as the Lipstick Building, listening to Bernie Madoff explain to me how he made money. This was in preparation for a discussion called the Future of the Stock Market that I was moderating; Madoff was a participant. (It's a big hit on YouTube - just Google "Madoff video.") Sadly, he didn't happen to mention the now infamous Ponzi scheme he was running two floors below us. At issue was his legit business, a brokerage that had long been one of the biggest marketmakers (the firms...
...heard of payment for order flow, right?" Madoff asked. "Huh?" I responded. Madoff explained that Bernard L. Madoff Investment Securities had pioneered the practice of paying customers to trade through it, thereby siphoning business away from the New York Stock Exchange (NYSE). The firm was able to use its sophisticated computer systems and trading algorithms to earn enough off the spreads between what it bought and sold stocks for to more than offset the amount it paid customers. (See the top 10 crooked CEOs...
This was my first glimpse into the strange modern methods of making money from making markets in stocks. Madoff's version of it was actually outdated by the time he explained it to me. With the government-ordered advent of decimalization in 2000 (stocks were previously traded in eighths of a dollar) and the rise of nimble competitors, the big spreads that Madoff Securities once feasted on were already a thing of the past...
...advantage of posting orders for up to half a second and then removing them - have drawn the ire of the authorities. Related revelations about the high-speed, almost fully computerized nature of modern stock markets have occasioned no small amount of fear and loathing. (See pictures of a Madoff family album...