Bernard Madoff $50 Billion Ponzi Scheme

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When a former client’s secretary was arrested for embezzlement years before his own crimes were uncovered, Bernie Madoff commented to his own secretary, “Well, you know what happens is, it starts out with you taking a little bit, maybe a few hundred, a few thousand. You get comfortable with that, and before you know it, it snowballs into something big.”

We now know that Madoff’s Ponzi scheme started when he engaged in misreporting to cover relatively small financial losses. Over a 15-year period, the scam grew steadily, eventually ballooning to $65 billion, even as regulators and investors failed to notice the warning signs.
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by Francesca Gino, Lisa D. Ordóñez and David Welsh | 11:00 AM September 4, 2014
http://blogs.hbr.org/2014/09/how-unethical-behavior-becomes-habit/?utm_source=Socialflow&utm_medium=Tweet&utm_campaign=Socialflow