Analysis on the Case of Bernard Madoff's Ponzi Scheme

摘要

Lavish lifestyle, self-indulgence and arrogance of Americans lead to various mortgage products which induce many financial problems in US society. All the bubbles in housing have been ensued from the financial problems such as crooks of subprime mortgage, loophole of regulations in financial market, credit crunch and so on. Bernard Madoff, the biggest liar in American history, surfaced under the storming of financial crisis. The paper analyzes that the nature of vanity-driven American society is one of the major reasons that Bernard Madoff made off with America for so long.