Bernie Madoff: A Psychological Approach
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This article explores the psychological aspects of Bernie Madoff's Ponzi scheme and his motivations behind it. It discusses his upbringing, the details of the crime, and his current psychological functioning. The article also analyzes his behavior using the theory of classical conditioning.
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Running Head: BERNIE MADOFF; A PSYCHOLOGICAL APPROACH 1
BERNIE MADOFF; A PSYCHOLOGICAL APPROACH
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BERNIE MADOFF; A PSYCHOLOGICAL APPROACH
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BERNIE MADOFF; A PSYCHOLOGICAL APPROACH 2
Introduction
Bernie Madoff revolutionized the idea behind Ponzi Schemes since unlike his
predecessors, he managed to dupe a much larger population, and got away with insanely huge
sums of money. Bernie was always quick to calm the storm and regain he confidence of the
masses whenever it was thought that he was involved in fraud. For most psychoanalysts, the act
of stealing $65 billion wasn’t such a huge deal. Furthermore, other white-collar criminals such as
Charles Ponzi had already committed a similar crime. However, the case of Bernie Madoff
remains highly intriguing due to the artistic nature that was used to commit the crime. Bernie
became the first person to be slapped with the longest jail term in US history. Another aspect of
Bernie’s case that attracts a huge attention from psychoanalysts is his unwavering desire to ruin
peoples lives. Uniqueness also originates from the fact that he was able to dupe even his family,
and they worked under him oblivious of the warning signs (Kirtzman, 2009). It is amazing that
Bernie Madoff was a very social person, yet still, he was able to conceal some of the biggest
secrets in the history of white-collar crime. Therefore, this has led many scholars to question the
status of Bernie’s psychology when he was committing the crimes.
The damage that was caused to families by Bernie Madoffs Ponzi Scheme was adverse.
Tons of people were left unable to pay medical fees and with no life investments. If Bernie did
not open up about his underhand dealings, then probably he would be running the Ponzi scheme
until now. Despite the evils that Bernie committed, he contributed massively towards the
progress of the financial market in the US. He used his wit to help in the launch and embrace of
Nasdaq (Sarna, 2010). Additionally, he offered advise to the Securities and Exchange
Commission on matters of security trading. The extensive knowledge of the financial industry
enabled Bernie to navigate quite easily, and avoid being noticed. This review will explore
Bernie’s psychological status. As a conscious and morally upright person that the society thought
he was, how could he come up with numerous lies while he understood the associated risks?
Does he have any remorse for the actions he committed? Was Bernie mentally upright when
selling lies even to some of his closest friends? The classical conditioning theory will explain
further how persons such as Bernie Madoff operate, and what motivates them to continue
committing such a momentous crime within flinching (Langevoort, 2009).
Description of the crime
Bernie Madoff was not an amateur in the financial market. He would never have lasted
for that long in an environment that is associated with extensive levels of scrutiny. Bernie
understood that the rich business Men in New York would ensure the survivability of his
scheme. Madoff took investments of the initial investors, and used to pay off those whose money
had matured and needed to cash out. By doing so to a number of clients, he was able to build a
stable profile, and everybody started demanding to invest in his company. Bernie also
established exclusivity since he understood that the rich people don’t love to be associated with
everyone, and this allowed him to establish a brand (Ragothaman, 2014). This ensured that those
who had already invested would want to stay in rather than cashing out all his money.
Investigations established that Madoff’s firm was established in 1980’s. Madoff primarily
worked with JP Morgan Chase Bank, and even despite being investigated by Securities and
Introduction
Bernie Madoff revolutionized the idea behind Ponzi Schemes since unlike his
predecessors, he managed to dupe a much larger population, and got away with insanely huge
sums of money. Bernie was always quick to calm the storm and regain he confidence of the
masses whenever it was thought that he was involved in fraud. For most psychoanalysts, the act
of stealing $65 billion wasn’t such a huge deal. Furthermore, other white-collar criminals such as
Charles Ponzi had already committed a similar crime. However, the case of Bernie Madoff
remains highly intriguing due to the artistic nature that was used to commit the crime. Bernie
became the first person to be slapped with the longest jail term in US history. Another aspect of
Bernie’s case that attracts a huge attention from psychoanalysts is his unwavering desire to ruin
peoples lives. Uniqueness also originates from the fact that he was able to dupe even his family,
and they worked under him oblivious of the warning signs (Kirtzman, 2009). It is amazing that
Bernie Madoff was a very social person, yet still, he was able to conceal some of the biggest
secrets in the history of white-collar crime. Therefore, this has led many scholars to question the
status of Bernie’s psychology when he was committing the crimes.
The damage that was caused to families by Bernie Madoffs Ponzi Scheme was adverse.
Tons of people were left unable to pay medical fees and with no life investments. If Bernie did
not open up about his underhand dealings, then probably he would be running the Ponzi scheme
until now. Despite the evils that Bernie committed, he contributed massively towards the
progress of the financial market in the US. He used his wit to help in the launch and embrace of
Nasdaq (Sarna, 2010). Additionally, he offered advise to the Securities and Exchange
Commission on matters of security trading. The extensive knowledge of the financial industry
enabled Bernie to navigate quite easily, and avoid being noticed. This review will explore
Bernie’s psychological status. As a conscious and morally upright person that the society thought
he was, how could he come up with numerous lies while he understood the associated risks?
Does he have any remorse for the actions he committed? Was Bernie mentally upright when
selling lies even to some of his closest friends? The classical conditioning theory will explain
further how persons such as Bernie Madoff operate, and what motivates them to continue
committing such a momentous crime within flinching (Langevoort, 2009).
Description of the crime
Bernie Madoff was not an amateur in the financial market. He would never have lasted
for that long in an environment that is associated with extensive levels of scrutiny. Bernie
understood that the rich business Men in New York would ensure the survivability of his
scheme. Madoff took investments of the initial investors, and used to pay off those whose money
had matured and needed to cash out. By doing so to a number of clients, he was able to build a
stable profile, and everybody started demanding to invest in his company. Bernie also
established exclusivity since he understood that the rich people don’t love to be associated with
everyone, and this allowed him to establish a brand (Ragothaman, 2014). This ensured that those
who had already invested would want to stay in rather than cashing out all his money.
Investigations established that Madoff’s firm was established in 1980’s. Madoff primarily
worked with JP Morgan Chase Bank, and even despite being investigated by Securities and
BERNIE MADOFF; A PSYCHOLOGICAL APPROACH 3
Exchange Commission (SEC), zero irregularities were found since he had instructed his juniors
to create untrue monthly investor statements and trading records (Lewis, 2011).
The feeder funds ensured that Bernie’s scheme would survive for a long time. He pooled
the finances of new entrants to the Madoff Securities with a promise of 10% return on
investment annually irrespective of the market conditions. When the older investors’ money was
due for withdrawal, he used the newly deposited finances to conduct payments. Therefore, as
long as there were new investors, the old ones would continue to inject more funds into the
scheme (Freeman, Stewart, & Moriarty, 2009). After his arrest, Madoff was charged with
engaging in money laundering and fraud. The fall of Madoff Securities was brought about by
factors that were rather out of his control. Prior to the global economic crisis of December 2008,
Madoff had offered numerous loans to investors. Before they could pay up what they owed to
Madoff Securities, the economic crisis set in and most of them filed for bankruptcy. This left
Madoff Securities with insufficient finances to pay off other investors who were aggressively
cashing out. Apart from individual investors losing money, big firms such as Spain’s Banco
Santander, HSBC in Britain, and BNP Paribas of France felt the pinch of the closure (Van De
Bunt, 2010).
Madoff’s Ponzi scheme was responsible for the loss of about $65 billion of investors’
money. Investigations into the case admitted that acquiring the embezzled money would be an
uphill task, and only $19 billion has been recovered until now. Madoff’s 150-year jail term is
considered to be one of the longest to be offered in the United States. Most analysts consider the
sentence to be symbolic than just literal, and that is why this case continues to elicit huge interest
amongst researchers many years afterwards (Young, 2013).
Bernie Madoff’s psychosocial development
Bernie Madoff took up various titles such as Chairman of NASDAQ board and Hedge
fund Manager. Bernie’s journey into the Stock market started a long time ago, and he learned
this from his parents used to invest in securities trading. Bernie was born to Ralph and Sylvia
Madoff. He also has a brother Peter Madoff and a sister Sondra Madoff. The trio grew up in
Laurelton, which is an area in Queens. Ralph used to operate as a stockbroker, but he was not
very prominent, and eventually he ended working for his son Bernie. At one point, Ralph
couldn’t pay about $13300 to the government. The IRS re-possessed the Madoffs house until
1966 when the charges were dropped due to failure to pay the amount (Berkowitz, 2012).
Sylvia also had an altercation with the government in November 1963. This happened
when SEC instituted investigations to ascertain whether brokerage dealers were reporting the
right financial figures. Later in 1964, the investigations were halted as it appeared that Sylvia had
made a deal with SEC (Oppenheimer, 2009). The engagement of Bernie’s parents with the stock
market is hugely attributed to the lad’s desire to engage in securities. From a tender ager, Bernie
focused on how he could succeed in life. His first business involved the installation of sprinklers.
While in Highschool, Madoff met Ruth Alpern and he married her in 1959. Madoff was attracted
to Alpern due to her wit in numbers and commitment towards success.
Exchange Commission (SEC), zero irregularities were found since he had instructed his juniors
to create untrue monthly investor statements and trading records (Lewis, 2011).
The feeder funds ensured that Bernie’s scheme would survive for a long time. He pooled
the finances of new entrants to the Madoff Securities with a promise of 10% return on
investment annually irrespective of the market conditions. When the older investors’ money was
due for withdrawal, he used the newly deposited finances to conduct payments. Therefore, as
long as there were new investors, the old ones would continue to inject more funds into the
scheme (Freeman, Stewart, & Moriarty, 2009). After his arrest, Madoff was charged with
engaging in money laundering and fraud. The fall of Madoff Securities was brought about by
factors that were rather out of his control. Prior to the global economic crisis of December 2008,
Madoff had offered numerous loans to investors. Before they could pay up what they owed to
Madoff Securities, the economic crisis set in and most of them filed for bankruptcy. This left
Madoff Securities with insufficient finances to pay off other investors who were aggressively
cashing out. Apart from individual investors losing money, big firms such as Spain’s Banco
Santander, HSBC in Britain, and BNP Paribas of France felt the pinch of the closure (Van De
Bunt, 2010).
Madoff’s Ponzi scheme was responsible for the loss of about $65 billion of investors’
money. Investigations into the case admitted that acquiring the embezzled money would be an
uphill task, and only $19 billion has been recovered until now. Madoff’s 150-year jail term is
considered to be one of the longest to be offered in the United States. Most analysts consider the
sentence to be symbolic than just literal, and that is why this case continues to elicit huge interest
amongst researchers many years afterwards (Young, 2013).
Bernie Madoff’s psychosocial development
Bernie Madoff took up various titles such as Chairman of NASDAQ board and Hedge
fund Manager. Bernie’s journey into the Stock market started a long time ago, and he learned
this from his parents used to invest in securities trading. Bernie was born to Ralph and Sylvia
Madoff. He also has a brother Peter Madoff and a sister Sondra Madoff. The trio grew up in
Laurelton, which is an area in Queens. Ralph used to operate as a stockbroker, but he was not
very prominent, and eventually he ended working for his son Bernie. At one point, Ralph
couldn’t pay about $13300 to the government. The IRS re-possessed the Madoffs house until
1966 when the charges were dropped due to failure to pay the amount (Berkowitz, 2012).
Sylvia also had an altercation with the government in November 1963. This happened
when SEC instituted investigations to ascertain whether brokerage dealers were reporting the
right financial figures. Later in 1964, the investigations were halted as it appeared that Sylvia had
made a deal with SEC (Oppenheimer, 2009). The engagement of Bernie’s parents with the stock
market is hugely attributed to the lad’s desire to engage in securities. From a tender ager, Bernie
focused on how he could succeed in life. His first business involved the installation of sprinklers.
While in Highschool, Madoff met Ruth Alpern and he married her in 1959. Madoff was attracted
to Alpern due to her wit in numbers and commitment towards success.
BERNIE MADOFF; A PSYCHOLOGICAL APPROACH 4
Madoff started to engage himself in securities and stocks prior to graduation from law
school. He bought 12 shares from Electronics capital at $300, and by 1961, an investment of
$200 had turned into $16,140. Madoff focused on trading over the counter Stocks. This involved
making trades though a telephone call since there lacked automation for such small stocks. The
lack of a centralized trading system disadvantaged small stock brokers since they couldn’t get
updated prices instantly (Vinod, 2009). Madoff’s success was established from the onset. By
1967, he was able to report returns of up to $127,517, and by 1973, he had been able to hit the $1
million target. Madoff had started taking investors’ money by the beginning of 1960’s. Carl
Shapiro was among the first to invest with Madoff, but by the time the securities exchange firm
was collapsing, he lost approximately $600million. Due to the success of the firm, Ruth brought
together small investors, and the money was invested into the securities exchange in lumpsum.
This is what created the pool of feeder funds (Dimmock, & Gerken, 2011).
Madoff managed to convince numerous investors that his company was not using the
split-strike technique as other Ponzi schemes. Rather, he insisted on the use of convertible
arbitrage approach. In this case, money was invested into large companies such as Continental
Corp and then high yield issues were converted into common stocks. In earlier years, Madoff
learnt hard lessons after brushing shoulders with Jack Dick who was a con artist. Jack committed
the con on Madoff through Black Watch Farms, which was a company that he had established.
Madoff had committed $90,000 to the company, and upon its collapse, it was realized that Jack
had embezzled $3.2 million in total. Therefore, it can be argued that experience sharpened
Madoffs skill in being able to pull the greatest Ponzi scheme fraud as he had learnt the
weaknesses within the system. He had also known that people tend to be very desperate when
money issues arise (Rhee, 2009).
Current Psychological functioning
After the arrest of Bernie Madoff, he left behind a wake of pain and suffering that was
unforetold. All thought the lifetime of the business, Bernie understood the implication of what he
was doing once the Ponzi Scheme reached its limits. Even as he was taking money from new
investors, he knew the dangers that he was exposing them to, but he would never tell the truth.
Instead, he had come up with so that more deceptions so that he could cover up for the lies that
he had sold to older investors. Bernie’s situation forced him to coin up layers of lies so that he
could ensure the survivability of his firm. It can be deduced that Bernie suffered from an Anti-
Social Personality Disorder. People suffering from this condition express love, warmth, and
compassion as Bernie used to show his new clients. He merely did this so that he could win their
trust. However, such feelings are normally feigned, and there is always an objective that such a
person wants to achieve (Stolowy et al., 2014).
Bernie new that not all people who invested into his company were rich, and that some
were investing all their life savings. A common trait of individuals suffering from an Anti-Social
Personality Disorder as exhibited by Bernie Madoff is the capability to charm and convince
unsuspecting victims into doing their bidding. Madoff was able to win the hearts of high-profile
personalities due to his sincere, welcoming, and warm characteristics. However, such
characteristics are a façade that is meant to conceal a person’s motives. Bernie’s efforts to build a
legacy on the suffering of other people can only be associated with a pathological egocentric and
Madoff started to engage himself in securities and stocks prior to graduation from law
school. He bought 12 shares from Electronics capital at $300, and by 1961, an investment of
$200 had turned into $16,140. Madoff focused on trading over the counter Stocks. This involved
making trades though a telephone call since there lacked automation for such small stocks. The
lack of a centralized trading system disadvantaged small stock brokers since they couldn’t get
updated prices instantly (Vinod, 2009). Madoff’s success was established from the onset. By
1967, he was able to report returns of up to $127,517, and by 1973, he had been able to hit the $1
million target. Madoff had started taking investors’ money by the beginning of 1960’s. Carl
Shapiro was among the first to invest with Madoff, but by the time the securities exchange firm
was collapsing, he lost approximately $600million. Due to the success of the firm, Ruth brought
together small investors, and the money was invested into the securities exchange in lumpsum.
This is what created the pool of feeder funds (Dimmock, & Gerken, 2011).
Madoff managed to convince numerous investors that his company was not using the
split-strike technique as other Ponzi schemes. Rather, he insisted on the use of convertible
arbitrage approach. In this case, money was invested into large companies such as Continental
Corp and then high yield issues were converted into common stocks. In earlier years, Madoff
learnt hard lessons after brushing shoulders with Jack Dick who was a con artist. Jack committed
the con on Madoff through Black Watch Farms, which was a company that he had established.
Madoff had committed $90,000 to the company, and upon its collapse, it was realized that Jack
had embezzled $3.2 million in total. Therefore, it can be argued that experience sharpened
Madoffs skill in being able to pull the greatest Ponzi scheme fraud as he had learnt the
weaknesses within the system. He had also known that people tend to be very desperate when
money issues arise (Rhee, 2009).
Current Psychological functioning
After the arrest of Bernie Madoff, he left behind a wake of pain and suffering that was
unforetold. All thought the lifetime of the business, Bernie understood the implication of what he
was doing once the Ponzi Scheme reached its limits. Even as he was taking money from new
investors, he knew the dangers that he was exposing them to, but he would never tell the truth.
Instead, he had come up with so that more deceptions so that he could cover up for the lies that
he had sold to older investors. Bernie’s situation forced him to coin up layers of lies so that he
could ensure the survivability of his firm. It can be deduced that Bernie suffered from an Anti-
Social Personality Disorder. People suffering from this condition express love, warmth, and
compassion as Bernie used to show his new clients. He merely did this so that he could win their
trust. However, such feelings are normally feigned, and there is always an objective that such a
person wants to achieve (Stolowy et al., 2014).
Bernie new that not all people who invested into his company were rich, and that some
were investing all their life savings. A common trait of individuals suffering from an Anti-Social
Personality Disorder as exhibited by Bernie Madoff is the capability to charm and convince
unsuspecting victims into doing their bidding. Madoff was able to win the hearts of high-profile
personalities due to his sincere, welcoming, and warm characteristics. However, such
characteristics are a façade that is meant to conceal a person’s motives. Bernie’s efforts to build a
legacy on the suffering of other people can only be associated with a pathological egocentric and
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BERNIE MADOFF; A PSYCHOLOGICAL APPROACH 5
deceitful person, who only considers his well-being above doing good. Evidence that points to
this fact can be based on the actions that Bernie’s sons took once they learnt of their father’s
actions. More so, Peter Madoff hanged himself since he could not live with the knowledge that
he helped to destroy countless lives. Unlike his son peter, Bernie knew the dangers of his action,
but he committed the crime with no remorse (Henriques, 2011).
A Theoretical approach
A theoretical approach can be used analyze how Madoff turned from a well-respected
hedge fund investor into one of the greatest con artists. Obviously, Madoff was never a thief
from the onset of his prolific career. Otherwise, he would have been caught even before he was
able to orchestrate the crime. It can be argued that something changed along the way, and when
he was presented with the opportunity to make more money, he never stopped to consider the
well-being of the society. After interacting with challenges in the financial industry, Bernie
changed lanes from being the greatest investor, and he became the greatest Ponzi scheme
manager (Wiener, 2009). Due to the small lies and the effectiveness of his initial actions, he had
to continue developing much bigger lies to avoid being caught. Within no time, he ended up
building an empire purely out of lies. Bernie understood that his environment could provide him
with the resources that he needed. He also knew the steps that he would undertake to avoid being
caught due to the experience that he had gained while operating in the financial industry.
This brings us to the theory of classical conditioning. Proponents of the theory argue that
interactions with one’s environment allow a person to learn. This also provides room for gaining
experience through understanding the product that can be acquired from a repeated interaction of
the stimulus and the response that is developed forthwith. For the case of Bernie Madoff, the
stimulus was money. Whenever he pitched how profits could be gained, people would always
invest with his company without a second thought. The response was people’s desperation such
that they would do anything to make an extra coin.
This theory proposes concepts such as; Unconditioned Stimulus (US), Conditioned
Stimulus (CS), Unconditioned Response (UR), and Conditioned Response (CR). US is exhibited
a subjected always behaves in a specific manner, while UR occurs whenever US is made
available. On the other hand, CS includes factors that make a subject to exhibit undesired
responses, and CR occurs when CS has been presented. In the case of Bernie Madoff, the
unconditioned stimulus was money, and this always led people produce more of it whenever they
were promised prospects of making bigger profits. The Conditioned Stimulus was the lack of
finances and a bad company image (Ocrant, 2001). Since these two situations would lead to an
undesired output, Bernie was always at the forefront in trying to ensure that the company image
was never tarnished. This is despite being associated with fraudulent dealings over the course of
time. Additionally, if people ever knew of the underhand dealings of Bernie’s company, then
they would never invest with him. Hence to overcome those hurdles, Bernie ensured that his
secret was limited only to him, and not even his closest family members understood what was
really going on.
deceitful person, who only considers his well-being above doing good. Evidence that points to
this fact can be based on the actions that Bernie’s sons took once they learnt of their father’s
actions. More so, Peter Madoff hanged himself since he could not live with the knowledge that
he helped to destroy countless lives. Unlike his son peter, Bernie knew the dangers of his action,
but he committed the crime with no remorse (Henriques, 2011).
A Theoretical approach
A theoretical approach can be used analyze how Madoff turned from a well-respected
hedge fund investor into one of the greatest con artists. Obviously, Madoff was never a thief
from the onset of his prolific career. Otherwise, he would have been caught even before he was
able to orchestrate the crime. It can be argued that something changed along the way, and when
he was presented with the opportunity to make more money, he never stopped to consider the
well-being of the society. After interacting with challenges in the financial industry, Bernie
changed lanes from being the greatest investor, and he became the greatest Ponzi scheme
manager (Wiener, 2009). Due to the small lies and the effectiveness of his initial actions, he had
to continue developing much bigger lies to avoid being caught. Within no time, he ended up
building an empire purely out of lies. Bernie understood that his environment could provide him
with the resources that he needed. He also knew the steps that he would undertake to avoid being
caught due to the experience that he had gained while operating in the financial industry.
This brings us to the theory of classical conditioning. Proponents of the theory argue that
interactions with one’s environment allow a person to learn. This also provides room for gaining
experience through understanding the product that can be acquired from a repeated interaction of
the stimulus and the response that is developed forthwith. For the case of Bernie Madoff, the
stimulus was money. Whenever he pitched how profits could be gained, people would always
invest with his company without a second thought. The response was people’s desperation such
that they would do anything to make an extra coin.
This theory proposes concepts such as; Unconditioned Stimulus (US), Conditioned
Stimulus (CS), Unconditioned Response (UR), and Conditioned Response (CR). US is exhibited
a subjected always behaves in a specific manner, while UR occurs whenever US is made
available. On the other hand, CS includes factors that make a subject to exhibit undesired
responses, and CR occurs when CS has been presented. In the case of Bernie Madoff, the
unconditioned stimulus was money, and this always led people produce more of it whenever they
were promised prospects of making bigger profits. The Conditioned Stimulus was the lack of
finances and a bad company image (Ocrant, 2001). Since these two situations would lead to an
undesired output, Bernie was always at the forefront in trying to ensure that the company image
was never tarnished. This is despite being associated with fraudulent dealings over the course of
time. Additionally, if people ever knew of the underhand dealings of Bernie’s company, then
they would never invest with him. Hence to overcome those hurdles, Bernie ensured that his
secret was limited only to him, and not even his closest family members understood what was
really going on.
BERNIE MADOFF; A PSYCHOLOGICAL APPROACH 6
Conclusion
Deception has been in the society ever since the beginning of human kind. Lies may be
used for various purposes, but in most cases, deception is normally coined in order to inflate the
image of a person. When a lie is believed by the people who are target to consume it, then trust is
gained. On the other hand, lying is not only limited to a specific group of people, rather, it is an
action that we engage in on a daily basis sometimes without even realizing. A human being’s
capacity to coin lies is critical just like the need to trust. Therefore, this makes it much difficult to
sniff out lies when they are being perpetrated. The capacity and need to lie is deeply woven into
the blueprint of every human’s DNA, and it would be sufficient to argue that “To be human is to
lie.” However, it is important, some people lie with a conscious in mind so as to avoid hurting
other people. Different people have varying capacities to create lies. However, for Bernie
Madoff, he went above and beyond the limits, and this continually elicits questions on his mental
and psychological status.
Conclusion
Deception has been in the society ever since the beginning of human kind. Lies may be
used for various purposes, but in most cases, deception is normally coined in order to inflate the
image of a person. When a lie is believed by the people who are target to consume it, then trust is
gained. On the other hand, lying is not only limited to a specific group of people, rather, it is an
action that we engage in on a daily basis sometimes without even realizing. A human being’s
capacity to coin lies is critical just like the need to trust. Therefore, this makes it much difficult to
sniff out lies when they are being perpetrated. The capacity and need to lie is deeply woven into
the blueprint of every human’s DNA, and it would be sufficient to argue that “To be human is to
lie.” However, it is important, some people lie with a conscious in mind so as to avoid hurting
other people. Different people have varying capacities to create lies. However, for Bernie
Madoff, he went above and beyond the limits, and this continually elicits questions on his mental
and psychological status.
BERNIE MADOFF; A PSYCHOLOGICAL APPROACH 7
References
Berkowitz, M. (2012). The Madoff Paradox: American Jewish Sage, Savior, and Thief. Journal
of American Studies, 46(1), 189-202.
Dimmock, S. G., & Gerken, W. C. (2011). Finding Bernie Madoff: Detecting fraud by
investment managers. Available at SSRN 1471631.
Freeman, R. E., Stewart, L., & Moriarty, B. (2009). Teaching business ethics in the age of
Madoff. Change: The Magazine of Higher Learning, 41(6), 37-42.
Henriques, D. B. (2011). Bernie Madoff, the Wizard of Lies. Oneworld Publications.
Kirtzman, A. (2009). Betrayal: The life and lies of Bernie Madoff. Harper.
Langevoort, D. C. (2009). The SEC and the Madoff scandal: three narratives in search of a
story. Mich. St. L. Rev., 899.
Lewis, L. S. (2011). How Madoff did it: Victims’ accounts. Society, 48(1), 70-76.
Ocrant, M. (2001). Madoff tops charts; skeptics ask how. MAR/Hedge, 89(1).
Oppenheimer, J. (2009). Madoff with the Money. John Wiley & Sons.
Ragothaman, S. C. (2014). The Madoff debacle: what are the lessons?. Issues in Accounting
Education Teaching Notes, 29(1), 94-109.
Rhee, R. J. (2009). The Madoff scandal, market regulatory failure and the business education of
lawyers. J. Corp. L., 35, 363.
Sarna, D. E. (2010). History of greed: Financial fraud from tulip mania to Bernie Madoff. John
Wiley & Sons.
References
Berkowitz, M. (2012). The Madoff Paradox: American Jewish Sage, Savior, and Thief. Journal
of American Studies, 46(1), 189-202.
Dimmock, S. G., & Gerken, W. C. (2011). Finding Bernie Madoff: Detecting fraud by
investment managers. Available at SSRN 1471631.
Freeman, R. E., Stewart, L., & Moriarty, B. (2009). Teaching business ethics in the age of
Madoff. Change: The Magazine of Higher Learning, 41(6), 37-42.
Henriques, D. B. (2011). Bernie Madoff, the Wizard of Lies. Oneworld Publications.
Kirtzman, A. (2009). Betrayal: The life and lies of Bernie Madoff. Harper.
Langevoort, D. C. (2009). The SEC and the Madoff scandal: three narratives in search of a
story. Mich. St. L. Rev., 899.
Lewis, L. S. (2011). How Madoff did it: Victims’ accounts. Society, 48(1), 70-76.
Ocrant, M. (2001). Madoff tops charts; skeptics ask how. MAR/Hedge, 89(1).
Oppenheimer, J. (2009). Madoff with the Money. John Wiley & Sons.
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BERNIE MADOFF; A PSYCHOLOGICAL APPROACH 8
Stolowy, H., Messner, M., Jeanjean, T., & Richard Baker, C. (2014). The construction of a
trustworthy investment opportunity: Insights from the Madoff fraud. Contemporary Accounting
Research, 31(2), 354-397.
Van De Bunt, H. (2010). Walls of secrecy and silence: The Madoff case and cartels in the
construction industry. Criminology & Public Policy, 9(3), 435-453.
Vinod, H. D. (2009). Preventing Madoff-style Ponzi enabled by Jewish reputation, incompetent
regulators and auditors. Incompetent Regulators and Auditors (January 7, 2009).
Wiener, T. M. (2009). On the Clawbacks in the Madoff Liquidation Proceeding. Fordham J.
Corp. & Fin. L., 15, 221.
Young, J. (2013). Bernie madoff, finance capital, and the anomic society. How They Got Away
with It: White Collar Criminals and the Financial Meltdown, 68-81.
Stolowy, H., Messner, M., Jeanjean, T., & Richard Baker, C. (2014). The construction of a
trustworthy investment opportunity: Insights from the Madoff fraud. Contemporary Accounting
Research, 31(2), 354-397.
Van De Bunt, H. (2010). Walls of secrecy and silence: The Madoff case and cartels in the
construction industry. Criminology & Public Policy, 9(3), 435-453.
Vinod, H. D. (2009). Preventing Madoff-style Ponzi enabled by Jewish reputation, incompetent
regulators and auditors. Incompetent Regulators and Auditors (January 7, 2009).
Wiener, T. M. (2009). On the Clawbacks in the Madoff Liquidation Proceeding. Fordham J.
Corp. & Fin. L., 15, 221.
Young, J. (2013). Bernie madoff, finance capital, and the anomic society. How They Got Away
with It: White Collar Criminals and the Financial Meltdown, 68-81.
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