Bernard Madoff: The Biggest Lie on Wall Street - Part 4: The Collapse

The end came when the math stopped cooperating. For years, Bernard Madoff’s operation survived by turning new money into old confidence. But in the panic of two thousand eight, investors wanted their cash back, and the illusion faced its oldest enemy. Too many people asked for money at the same time.According to later reporting and court records, the investment advisory side of Bernard L. Madoff Investment Securities could not meet redemption demands in early December two thousand eight. The firm was facing a pressure it could never fully survive. It had built a business on fabricated statements, paper gains, and the assumption that fresh money would keep covering old obligations. Once the flow tightened, the structure began to fail.Learn more at: https://thefraudarchive.com/fraud/madoff-ponziThe Fraud Archive is part of The Archive Network by Jonkai Ventures, a collection of podcasts dedicated to exploring history's greatest cons, scams,and financial crimes.Support the podcast and access exclusive content on Patreon:https://patreon.com/TheArchiveNetworkDiscover more archives and stories:https://thearchivenetwork.comExplore this archive:https://thefraudarchive.com Hosted on Acast. See acast.com/privacy for more information.