Word: nasdaq
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...sense that he was duplicitous, beyond the fact that he was conducting an extramarital affair? No, there was no reason for me to believe that. You have to understand, I had all my money with him. He had a huge reputation; he was chairman of Nasdaq and had a very successful brokerage firm. This wasn't a back-alley type...
...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 responsible for keeping trading going) on the Nasdaq exchange...
...fear may be justified, the loathing less so. Stock-trading in the U.S. was long dominated by a cartel (the NYSE) that charged exorbitant fees and stifled competition. That cozy arrangement began to fall apart in the early 1970s with the birth of the Nasdaq electronic exchange for small stocks. The rapid growth of Nasdaq companies like Intel and Microsoft, coupled with Madoff's poaching of orders from the NYSE in the 1980s and '90s, brought more direct competition. Now things have broken wide open. Nasdaq and the NYSE are still the biggest players, but they must do daily battle...
...Madoff became known as "the Jewish T-bill," as in risk-free. Of course, there was no investing. For more than two decades, he used an ever larger stream of money from new investors to pay off earlier ones. His résumé supplied a perfect cover: former head of Nasdaq, a tech wizard who brought computerization to Wall Street...
...Since its start in 1999, the company has sent more than 2 billion discs to its 10.6 million subscribers, who return them in the familiar red envelopes for more titles. (Think of Amazon.com but as a DVD-lending library instead of a bookstore.) Wall Street generally likes Netflix, whose Nasdaq stock price has more than doubled since last fall, and so does the public; the company has the No. 1 customer-satisfaction rating among online retailers. (Richard Corliss on how to improve the DVD giant: Five Ways to Fix Netflix...