Dealing with Madoff and Other Swindlers

William T Ziemba

Chapter 28 in The Adventures of a Modern Renaissance Academic in Investing and Gambling, 2017, pp 315-319 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Throughout history there have been countless ponzi and other swindles to cheat people out of their money. Sometimes the perpeturators get away with it for a long time or are never caught and exposed. Other times they are found out, disgraced and once in a while put into prison. Misinformation and false claims are at the heart of many of these swindles. The greed of the investors fuels the greed of the swindler. Low penalties for such activities make it easier for these swindlers to operate. These low penalties are all over the place in today’s financial markets and are a major reason for the blowouts in hedge funds and bank trading departments. Since the 2007/2009 financial market crisis there has been some progress in revamping the rewards and penalties for losses in financial markets but much remains to be done…

Keywords: Financial History; Risk Management; Investment Strategies; Mean Reversion; Risk Arbitrage; Management of Assets (search for similar items in EconPapers)
JEL-codes: G11 (search for similar items in EconPapers)
Date: 2017
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