Crumbs of Fortune Madoff

Only 7.5% of his fortune was recovered

''The sale of the collection of wines and spirits from the cellar of the former financier Bernard Madoff, who is serving a sentence of 150 years in prison for having perpetrated the biggest scam known in the history of Wall Street, was sold today for over 41 thousand dollars in an online auction.
All bottles were seized from two wineries Madoff by the authorities responsible for managing the assets of the fraudster, and as Morrell & Company, the total proceeds will go to victims of massive fraud.

Among these drinks, the most expensive lot was one that was awarded with 12 bottles of Chateau Mouton-Rothschild 1996, by which the buyer paid $ 6,800, but was worth 3,200 to $ 3,800.

Also over-estimated value of between 1,200 and 1,600 dollars, sold a lot of six bottles of Chateau Lynch-Bages 1990, at a cost of $ 2,200.

The auction included oddities like a glass bottle with no label and whose content was considered "unknown" by the auction house, but was sold at $ 950, about ten times the estimated price (between 60 and 90 dollars), which shows the interest in the assets of the fraudster.

"As historical artifacts are unique, so we have chosen to offer all bottles confiscated, including some who normally would not pass our quality standards and would not come to our auctions," the firm said in a statement.

Since the 2008 financial ex pleaded guilty to committing a Ponzi scheme that he valued at 50 billion dollars, the auction of the belongings of Madoff began to be heavily in demand: the diamond engagement ring for his wife sold for $ 550 000, while one of their jackets was purchased for $ 14,000.''

This veteran has achieved financial perpetuate one of the biggest scams in history, his game was as follows: you pay very high interest rates depositr your money in their banks, but the trick was paying these exorbitant interest rates to money of other depositors in a never-ending game.

In short, one can draw many conclusions from this crook in a suit and tie: first open their eyes to depositors that when you pay high interest rates for your deposits, it may be due to the high financial fragility and reserves have the financial center, second, we can see the flaws (and responsibilities) of the banking regulatory system that existed in that country during the game Madoff, and thirdly but not least, are the negative consequences of to depositors and the economy as a whole these maneuvers.
A positive aspect sparked the crisis that began in 2008, is to begin to instill ethics and study economics and ethics in itself in the business world.

Source: Clarin.com
Signature: frme