- #1
- 3,128
- 6
http://online.wsj.com/article/SB122903010173099377.html?mod=googlenews_wsj* DECEMBER 11, 2008, 4:29 P.M. ET
Madoff Charged With Securities Fraud
By AMIR EFRATI, TOM LAURICELLA and DIONNE SEARCEY
Bernard L. Madoff, the founder of Bernard L. Madoff Investment Securities and a fixture of the Wall Street trading world for decades, was arrested Thursday morning by Federal Bureau of Investigation agents and charged with criminal securities fraud by federal prosecutors in Manhattan.
The criminal complaint filed against Mr. Madoff alleges that he told senior employees Wednesday that his business was "a giant Ponzi scheme," according to a person familiar with the matter. The alleged scheme involved tens of billions of dollars, but the extent of investor losses wasn't immediately clear.
The disclosure came after Mr. Madoff tried to distribute early bonuses to employees of his firm, prompting questions by senior employees, a person familiar with the situation said.
Mr. Madoff, 70 years old, allegedly told employees he had a couple of hundred million dollars left and wanted to distribute it before turning himself into authorities, this person said.
http://www.madoff.com/dis/display.aspBernard L. Madoff Investment Securities LLC harks back to an earlier era in the financial world: The owner's name is on the door. Clients know that Bernard Madoff has a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm's hallmark.
Bernard L. Madoff founded the investment firm that bears his name in 1960, soon after leaving law school. His brother, Peter B. Madoff, graduated from law school and joined the firm in 1970. While building the firm into a significant force in the securities industry, they have both been deeply involved in leading the dramatic transformation that has been underway in US securities trading.
Integrity refers to the quality of being honest, having strong moral principles, and upholding ethical standards. It is an important trait in personal and professional settings.
Integrity is important because it builds trust and credibility, fosters strong relationships, and promotes accountability and responsibility. It is also essential for ethical decision-making and maintaining a positive reputation.
Integrity is a concept and trait that is still valued and relevant today. However, with the fast-paced and ever-changing world we live in, it can sometimes be challenging to uphold and maintain this quality. It is important to continuously cultivate and practice integrity in our daily lives.
Improving integrity is an ongoing process that requires self-reflection and conscious effort. Some ways to improve integrity include setting clear moral values and principles, being honest and transparent, taking responsibility for one's actions, and making ethical decisions even in difficult situations.
Integrity is a crucial aspect of the scientific community as it promotes accuracy, reliability, and trust in research and findings. Scientists are expected to uphold high ethical standards, such as avoiding plagiarism, reporting data accurately, and disclosing conflicts of interest, to maintain integrity in their work.