Magazine
Latest Issue

Crisis watch

How many other Bernie Madoffs are the dozy regulators yet to uncover? Plus, why the Labour party should bring back clause four—and avoid zombies

By Jonathan Ford   February 2009

The mouse that ate wall street

We know that the mice got at the financial system in the past few years–even if most of us still don’t understand how. Bernie Madoff is only shocking because he was the single most brazen mouse.

Madoff wasn’t one of the big financiers on Wall Street. Although he was at one point chairman of the Nasdaq stock exchange, he remained a relatively obscure figure, known best to initiates and financial middlemen (doubtless how he wanted it). Yet he sucked in $50bn—more than twice the amount of deposits taken by Northern Rock, a bank deemed…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

We want to hear what you think about this article. Submit a letter to letters@prospect-magazine.co.uk

More From Prospect