The Bernard Madoff Case: Trust Takes Another Blow

Successful marketplaces -- indeed all social systems -- require a level of ethical behavior among their participants. In an interview with Knowledge at Wharton professors Maurice E. Schweitzer and G. Richard Shell who have conducted extensive research on the role of trust in markets explain why even the most sophisticated investors put their faith in Bernard Madoff the New York City financier recently accused of running a $50 billion Ponzi scheme. That breach of trust has damaged the broader markets Schweitzer and Shell say.

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