fb

Creativity plus Bernie Maddof’s clothes equals…

Bernie Madoff is in jail for 150 years for his Ponzi scheme but this individual shows that it is possible to make money out of Madoff

A Ponzi scheme is named after 1920s fraudster Charles Ponzi and involves paying investors returns from other people’s investments rather than from genuine profits earned by the investments.

Typically people are attracted to such a scheme by the unusually high rates of returns that have been obtained.

They then will almost certainly end up losing their money though as it becomes apparent that the high rates of return are not from genuine investments but from other people’s money.

Madoff’s Ponzi scheme was the largest ever seen in the world and estimated losses to the investors are thought to be in the region of $18 billion.

The US authorities tried to get as much money as possible from Madoff’s assets to try to cover some of the losses that individual investors suffered.

Designer John Vaccaro is a creative individual who bought most of Madoff’s clothes that had been put up for auction by the US Marshals. He then cleverly had the clothes cut up and made into iPad covers.

His iPad covers which are made out of Madoff’s old clothes sell for between $350 and $500 each and are apparently the latest craze that is hitting Wall Street in the states.

Just how long supply will last though is another thing. After all there was only a finite amount of clothes that were purchased.

Then again, the Designer could always set up his own little Ponzi scheme and start using other people’s clothes to supply the next batch…

If you found this item interesting you may also like:

Share this entry

Recent articles

View All Articles
PwC Australia and the “Rule of Three”
Sep 21, 2023
Title
PwC Australia and the “Rule of Three”
Excerpt

As the future business leaders of tomorrow, it’s crucial for students to stay updated on key developments in […]

CIMA VS ACCA: which is best for you? (and what about CMA?)
Sep 15, 2023
Title
CIMA VS ACCA: which is best for you? (and what about CMA?)
Excerpt

When it comes to a career in accounting or finance, deciding which professional qualification to pursue can be […]

How’s your lipstick?
Sep 12, 2023
Title
How’s your lipstick?
Excerpt

In the world of business, understanding consumer behavior is crucial. The “lipstick effect” offers a fascinating glimpse into […]

How an online Certified Management Accountant (CMA) course can advance your career.
Sep 05, 2023
Title
How an online Certified Management Accountant (CMA) course can advance your career.
Excerpt

In today’s fast-paced and competitive business world, professionals are constantly looking for ways to differentiate themselves and advance […]

Waiting for your ACCA exam results…
Sep 01, 2023
Title
Waiting for your ACCA exam results…
Excerpt

Waiting for the results of your ACCA exams can be an incredibly stressful time. The uncertainty, the anticipation, […]

APM vs AFM ACCA: which path suits your career goals?
Aug 30, 2023
Title
APM vs AFM ACCA: which path suits your career goals?
Excerpt

“Which is easier – Advanced Performance Management (APM) or Advanced Financial Management (AFM)?”

ROI: how enrolling employees on ACCA courses will yield long-term business success
Aug 18, 2023
Title
ROI: how enrolling employees on ACCA courses will yield long-term business success
Excerpt

The Association of Chartered Certified Accountants (ACCA) is one of the most respected global accounting qualifications. Organisations across […]

Would Michael Porter sleep in this bed?
Aug 14, 2023
Title
Would Michael Porter sleep in this bed?
Excerpt

Management theories play a significant role in guiding corporate strategy. And when it comes to strategy and management […]