During the 1920s, newspaper tabloids splashed sensational photographs on their covers, often detailing the sordid details of celebrities, politicians and the glitterati. Bernard L. Madoff (or “Made-Off (with the money) as he is now known to defrauded investors) has given the New York Post cause to revive the tradition (see attached photo, hyperlink below).
The sensationalism of the Madoff case is of critical importance to compliance officers and risk managers at financial institutions, as intelligent financial crime risk management and proper due diligence (the missing ingredient for many investors in the Madoff case) must overcome the cries for blood from both politicians and unsophisticated investors.
Enron produced the crushing paperwork of Sarbanes-Oxley, a knee-jerk reaction that did little to reduce the possibility of fraudulent activity within corporate boardrooms. With what legislation will Mr. Madoff’s name be associated?
"In Vietnam, the bullshit piled up so fast you needed wings to stay above it."
Captain Willard, “Apocalypse Now”, Directed by Francis Ford Coppola, 1979
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