Bernard Madoff perpetrated the largest Ponzi scheme in U.S. history, as well as the first international Ponzi scheme. Convicted and sentenced to 150 years in prison for a securities fraud nearing $65 billion, Bernard Madoff is the rare occupational white collar offender where crime and punishment are arguably commensurate. Based in part from Frontline’s discussion questions on the Madoff Affair, answer the following: What is a Ponzi scheme and what are its two core rules? What were some of the specific conditions that allowed for the longevity of this particular Ponzi scheme— (e.g. what were some of Madoffs “rules”)? Beginning in 2001, whistleblower Harry Markopolos informed the SEC three times that Bernard Madoff was probably running his business as a Ponzi scheme. Why do you think the SEC didn’t act on this information until 2006? To what extent do you think the SEC did or did not do its job? What was the final straw that uncovered the Madoff Ponzi scheme? What actions should the U.S. government take to minimize chances of other Ponzi schemes taking place? 500 words