Who's the Next Madoff?

Release Date: March 13, 2009 This content is archived.


A University at Buffalo Law School professor says the colossal Wall Street swindle case of Bernard L. Madoff underscores how most investors don't really know who's managing their money, given the complexity of the finance system.

"Modern global financial management consists of enormous chains of responsibility -- some of Madoff's money came from private banks in Europe and Japan. But investors cannot easily know where their chains end, who is ultimately responsible for how their money is invested …and so many participants in the Madoff scheme had no idea what was being done with their money," says David A. Westbrook, UB professor of law. His next book will be "Out of Crisis: Rethinking Our Financial Markets."

David A. Westbrook

Floyd H. & Hilda L. Hurst Faculty Scholar and Professor of Law

University at Buffalo Law School (SUNY)

Phone: (716) 687-1471

Email: dwestbro@buffalo.edu

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