Ruthless Schemer: Madoff's Patricide
One hundred thousand dollars in 1960 is equivalent to $5 million today. That is how Madoff began his business. There was no "humble" beginning; thatâ€™s just an illusion.
[Genesis Of Financial Meltdown]
Bernie Madoff is a master of spin control-as is the federal government.
The published facts about Madoff just do not ring true. Let us use as an example Madoff's oft-told tale that he started his business with $5,000, which sum Madoff had supposedly earned as a summer lifeguard on the beaches of New York City.
Madoff and the press have made it appear as if the Ponzi King was a self-made man. But there is never a mention of how Madoff rose to the zenith of investment management.
On December 15, 2008 The Palm Beach Daily News published an interview with Carl Shapiro, Madoff's mentor. Shapiro stated that he met Madoff 48 years ago when Schapiro was doing a lot of arbitrage. Madoff was able to close a deal for Schapiro and Schapiro gave Madoff a check for $100,000 to begin his business.
One hundred thousand dollars in 1960 is equivalent to $5 million today. That is how Madoff began his business. There was no "humble" beginning; that’s just an illusion.
Shapiro so trusted Madoff, and treated Madoff as his son, that Bob Jaffe, Madoff’s son-in-law became a fund raiser for Madoff.
Jaffe raised hundreds of millions of dollars for Madoff's firm, because of the reputation of Shapiro. Schapiro was highly respected in the community of Palm Beach; not only because he was wealthy but because Schapiro gave tens of millions of dollars to charity.
Madoff betrayed Shapiro, who treated Madoff like a son, and stole not only his money but Schapiro's reputation.