CORRUPTION IS EVERYWHERE

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Recently, I got to know about a Bernard Madoff who is the chairman and founder of Bernard L. Madoff Investment Securities LLC which has been in existence since 1960.

The company has a very big reputation in America’s financial sector and connections too but from what I understand about the duties of the company is just the same thing as the “Wonder Banks” we had in Nigeria a year ago which you make an investment for a certain period of time and when the investment is ripe, you collect double or tripple the amount you invested; the only difference is Madoff company also manage asset for people.

But unfortunately, Madoff misappropriate investors funds ranging to billions of dollars and thus uses new investors premium to pay off other (old) investors which investments were ripe. You can read the rest of the details here http://en.wikipedia.org/wiki/Bernard_Madoff

What am trying to point out here is that corruption is in every country be it African, Asian or European which is not always what you hear on foreign media. What you hear is that corruption is simply the diease of the third world countries especially African country but Madoff case proves otherwise.

The only difference between corruption in America and Africa (Nigeria to be precise) is that it occurs more in Africa than the United States (US) and its more peculiar to public office holder in Africa and to the private sector in the US.

Secondly, culprit of corrupt practices in Africa tend to go scot free still rich and powerful in some quarters but in the US you serve jail terms even if its only for a few years.