COMMENT
Breadcrumb trail navigation:
By Frank Partnoy
Published: April 8 2011 22:25 | Last updated: April 8 2011 22:25
I read the transcript of the Financial Times' interview of Bernard Madoff with a sense of déjà vu. Madoff has been running parallel to Ivar Kreuger, the epic 1920s fraudster known as the "Match King", whose life ended with a psychotic breakdown. The interview echoes a delusional last-minute attempt by Kreuger to recast his life story and repair his reputation. It also raises a provocative question, one that people asked about Kreuger in 1932: would you, if you could, follow Madoff's path?
More than a year after Madoff's guilty plea, financial pyramid schemes are everywhere. Just this week, a father-son team admitted to promising falsely up to 26 per cent returns"?in an $880m"?scam; Philippines authorities attacked a bank for paying double-digit returns out of new investors' money; and regulators accused a Florida couple of selling fake currency investments. The week before last there was a guilty plea in a suburban Chicago pyramid scheme. And for every fraudster caught, there are dozens more opening up shop.
You have viewed your allowance of free articles. If you wish to view more, click the button below.
Read Full Article »