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
Professionally qualified in one year – DipIFR
Mar 22, 2024
Title
Professionally qualified in one year – DipIFR
Excerpt

Unlocking Opportunities with DipIFR Introduction In the second installment of our series, we shift our focus to the […]

Professionally qualified in one year – CMA (USA)
Mar 21, 2024
Title
Professionally qualified in one year – CMA (USA)
Excerpt

Accelerate Your Career with CMA Certification Series Introduction In our fast-paced world, the demand for highly skilled professionals […]

Lego – building strategy blocks…
Mar 14, 2024
Title
Lego – building strategy blocks…
Excerpt

In the contemporary business environment, characterised by rapid changes and unforeseen challenges, companies across various industries must adapt […]

Weathering the chocolate storm?
Mar 12, 2024
Title
Weathering the chocolate storm?
Excerpt

In today’s interconnected global economy, the ripple effects of local weather phenomena can have far-reaching consequences, extending far […]

Pass the doughnuts…
Mar 12, 2024
Title
Pass the doughnuts…
Excerpt

Does your weight affect the amount of money you earn? That’s an interesting question and researchers from the […]

The Significance of Audit Quality: Lessons from KPMG’s Fines
Mar 06, 2024
Title
The Significance of Audit Quality: Lessons from KPMG’s Fines
Excerpt

In the intricate world of finance and business, the accuracy and integrity of a company’s financial statements stand […]

Insider Trading: A Cautionary Tale from the Oil Industry
Feb 29, 2024
Title
Insider Trading: A Cautionary Tale from the Oil Industry
Excerpt

In the complex world of finance, insider trading remains one of the most controversial and closely watched issues. […]

Lessons from Kraft Heinz’s Sales Decline
Feb 20, 2024
Title
Lessons from Kraft Heinz’s Sales Decline
Excerpt

In the fast-paced world of business, staying ahead of market trends and consumer preferences is paramount. The recent […]