Title: Bernie Madoff, and the creation and subversion of regulatory authority

Authors: William Forbes

Addresses: School of Business and Economics, Loughborough University, LE11 3TU, UK

Abstract: This paper revisits the Maddof ponzi scheme scandal to illustrate two themes. The first the extent to which government action creates the malpractice it will later investigate and censure. Secondly, the extent to which the affinity between Maddof and his victims, who were often fellow Jews, indicates the role of trust and its breach in the growing incidence of such crimes.

Keywords: financial regulation; capture theory; breach of trust; Bernie Madoff; regulatory authority; government action; fraud; malpractice.

DOI: 10.1504/IJBAF.2013.057362

International Journal of Behavioural Accounting and Finance, 2013 Vol.4 No.1, pp.74 - 91

Published online: 01 May 2015 *

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