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The $50 Billion Mistake

 The Warren Adler E-Sheet 94 December 30, 2008
Warren Adler
In this issue:
  In Warren's Words: What Was Madoff Thinking?
Contest News: Time is Running Out!

In Warren's Words

What Was Madoff Thinking?

In Warren's WordsWhile the curious, the inquisitive, the lascivious and the various investigators and detectives of enforcement focus on what Bernard Madoff was doing as he bilked investors out of billions, I have been exercising my novelist's prerogative by concentrating my speculations on why Bernard Madoff was doing it.

Just in case you were vacationing on planet Mars in the last few weeks, Madoff is the 70-year-old con man who is the mastermind behind the bizarre Ponzi scheme that cost friends, family, clients and charities 50 billion, give or take, in vanished funds. The scheme, named after a former practitioner of the racket pays out alleged dividends not from legitimate earnings but from fresh funds contributed by new "investors."

By all accounts Madoff was a pleasant looking, low-key, soft-spoken fellow who oozed integrity and modest authority. He was apparently regarded as a financial whiz and a man of great wisdom and compassion by his peers, who inhabited his social realm of country clubs and philanthropies. He was worshiped by an army of sycophants who sought his counsel, market wisdom and especially access to his remarkable investments that returned fabulous steady earnings in good times and bad.

See complete story on The Writer's Life blog, or see other E-Sheets about Media.

Contest News

Time is Running Out!

Be sure to submit your short story to Warren Adler's Short Story Contest before January 15, 2009.

See complete details about this contest.

Interview with Warren Adler.

See the interview with Warren Adler on The Short Review.

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Until next time, happy reading!

Warren Adler

 

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