3 ms·

Bernie Madoff sat on SEC advisory committees and was the onetime chairman of Nasdaq.

• lokar 4y ago
  He gave up
• PaulHoule 4y ago
  Madoff's scam was so baffling because his contributions to finance before that were legendary. He practically invented modern market making but his firm and others following in his footstep were wiped out by HFTs.
  • seanhunter 4y ago
    Madoff practically invented modern market-making? Do you have a citation for that? I’ve certainly never heard that claim before.
    • PaulHoule 4y ago
      https://news.fintechnexus.com/payment-for-order-flow-bernie-madoffs-golden-goose/ https://news.fintechnexus.com/payment-for-order-flow-bernie-... Is one of many articles on the topic. I had an old textbook (maybe 2003) textbook on markets and trading that had a sidebar that lionized him but almost everything on the web is colored by his scam.
  • MrMan 4y ago
    I think they were gradually decimated due to shrinking margins but that was partly due to decimalization, Reg NMS and other market structural reforms / changes. Then HFTs stared to flourish which drove the older market makers out of the picture.