Colleen Eren
Associate Professor Of Sociology And Criminal Justice, William Paterson University Of New Jersey
Key Findings
- The media portrayed false narratives that supported public vilification of Bernie Madoff.
- The media failed to report on institutions (such as the U.S. Securities and Exchange Commission) and governmental policies that were designed to push home ownership as well as the fact that a majority of the Madoff dealings fell within the law.
Description
In the book, “Bernie Madoff and the Crisis: The Public Trial of Capitalism,” Eren examined the economic recession that hit the United States in 2008, which was the largest Ponzi scheme in American history and is tied to Bernie Madoff. Eren examines the role that Madoff played in the breakdown through the lens of criminal justice media coverage, the accuracy of media portrayals, and the factors in the U.S. financial system that contributed to the financial crisis. Eren notes that the media portrayed false narratives that supported public vilification of Madoff. Additionally, Eren shows that the media failed to report on institutions (such as the U.S. Securities and Exchange Commission) and governmental policies that were designed to push home ownership as well as the fact that a majority of the Madoff dealings fell within the law, which Eren notes were the true drivers of the economic collapse. In conclusion, Eren examines what has changed since the 2008 economic collapse and the role that criminal law plays in situations where other industries, such as finance and politics, overlap.