Trades on Record — Oversized Drop-Shoulder T-Shirt

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TEE-ECO-CD-MAD-01-M-BK T-Shirt

Piece

Trades on Record Oversized Drop-Shoulder T-Shirt

$ 2,345.00

Description

Madoff was arrested on 11 December 2008; the SEC had inspected his firm six times without finding that, for years, not a single security had been bought. The print is the declared trades against the real ones.

A Author

Bernie Madoff

B Subject

Pyramid Schemes

C Aesthetic

Diagram · Typographic

Exploration

For at least seventeen years not a single security was bought. None. The firm issued statements with detailed trades, at prices consistent with that day's market, chosen after the day had passed.

What is remarkable is not that he deceived his clients. It is that the supervisory authority inspected the firm six times and did not see it, with the check within reach: it was enough to ask the clearing house for the record of the declared trades. They did not exist.

A fund manager had spent ten years sending the SEC reports saying exactly that, with the arithmetic done.

What held the building up was not cunning. It was that Madoff had chaired NASDAQ, and that checking on the man who chairs the market feels like bad manners.

He turned himself in in December 2008 because redemptions exceeded inflows. He was not found out: the money ran out.

Details