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The Madoff Tapes – Interview with the Vampire

Saturday March 5, 2011

Picture 9 Here is one for the Ethics and Criminology Files. Bernie Madoff called a writer for the New York Times Magazine and told

his story.  It runs about nine pages and is well worth the read. Ulysses had himself tied to the mast of his ship so that he would not be lured onto the rocks surrounding the island where the Sirens sang. So beautiful was their song that many a sailor had met his end trying to reach the. Madoff heard the song, and became a Siren. It is a sad story not only for him but for his older son that committed suicide and for his family that will not speak to him.

As always if it sounds too good to be true, that is probably the case. When soomeone claims to be making money or is making money, those on the receiving end often fail to ask the hard questions, like, what is the downside?  This is why auditors are supposed to exhibit professional skepticism.

 

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2 responses to “The Madoff Tapes – Interview with the Vampire”

  1. William Holisky Avatar
    William Holisky

    Wow this is a must read article. One that depicts a great family man who is rich and set in his ways but wont tell a soul about his disguised business in investments. I find it astounding how he kept this from him family. I cant imagine the guilt and remorse he lived with for the time he was running a scheme. The decisions that he had to make are almost over bearing to think about and to lie to his family the whole time. Maddoff is the depiction of fraud but you do get a sense of honesty that he finally couldnt take it anymore. I mean even though he lost billions of dollars it could have been trillions if he never came clean.
    I still wonder what made him decide not to sell the business or just say no. I find it really hard for the big CEOs to say I thought it was the right thing to do. Its never the right thing to do if your going to end up going down the wrong path. I am Astounded sitting here writing this comment. Lookin forward to class to speak out.

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  2. Dennis Elam Avatar
    Dennis Elam

    William
    thanks for reminding me, I assigned this article on BB for our ethics class, indeed it is a chilling article.

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