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It's All About Who You Hire, How They Lead...and Other Essential Advice from a Self-Made Leader by Morton L. Mandel

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CHAPTER 7

Principles Make a Difference

MY MEETING WITH BERNIE MADOFF OCCURRED ABOUT A YEAR BEFORE HIS NAME SPLASHED OVER SO MANY HEADLINES IN SO MANY NEWSPAPERS. Introduced through a good friend, we met in the library of my Palm Beach home for an hour and a half. His investment fund was closed to new investors, Bernie told me, but he would consider taking our money.

For years, I had heard friends tell me of the steady returns they were routinely getting on their money with Bernie. When the market was up, they made a bundle. When the market was down, they still made out. One year, they received perhaps a 14 percent return; another year, perhaps 12 percent; another, 17 percent. There was never a loss year. It was just enough to speak to your greed, ...

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