The bonfire of the vanity: revisiting Bernie Madoff

The bonfire of the vanity: revisiting Bernie Madoff

He ran the biggest Ponzi scheme in history — and died earlier this month just 12 years into a 150-year prison sentence. Harry Shukman revisits the wizard of lies.

It was the day after Bernie Madoff was arrested, and the phones at his Midtown Manhattan office were ringing non-stop. That morning, on December 12th 2008, it seemed like everyone who had ever put money into Bernard L. Madoff Investment Securities was now calling in desperation to liquidate their accounts. It was carnage up on the 19th floor, where sobbing investors bombarded the phones, begging for help, and sending in so many faxes that office staff had to replace the machines’ ink cartridges mid-call. It got so bad that Eleanor Squillari, Madoff’s secretary, organised a rota with her assistants to do twenty minutes on the phones so that in between shifts she would have time to dash to the bathroom and vomit from stress.

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