Madoff Madness: A Textual Analysis of the SEC's response to the Madoff Ponzi Scheme

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dc.contributor.authorMcDaniel, Caitlin Christineen
dc.contributor.committeechairMyers, Marcus Cayceen
dc.contributor.committeememberTedesco, John C.en
dc.contributor.committeememberWoods, Chelsea Laneen
dc.contributor.departmentCommunicationen
dc.date.accessioned2019-05-11T08:00:21Zen
dc.date.available2019-05-11T08:00:21Zen
dc.date.issued2019-05-10en
dc.description.abstractOn December 11, 2008, the financial world was in a panic as the United States Securities and Exchange Commission (SEC) announced the arrest of Bernard L. Madoff of Bernard L. Madoff Investment Securities, LLC, for orchestrating a $65 billion Ponzi scheme. An investigation took place into Madoff's practices, and as a result, it was revealed the SEC failed to catch Madoff years earlier as a result of its business practices. After this became known, the SEC faced reputational harm. This qualitative analysis seeks to discover through identification and analysis of themes and sub-themes of response strategies, the extent to which the SEC applied Situational Crisis Communication Theory (SCCT) in its crisis response, in order to examine SCCT's merit as a theory in government crisis communication research. This study also offers additional response strategies imposed by the SEC to suggest further expansion of SCCT in a government context.en
dc.description.abstractgeneralOn December 11, 2008, Bernard L. Madoff, of Bernard L. Madoff Investment Securities, LLC, was charged by the United States Securities and Exchange Commission (SEC) for his role in a $65 billion fraudulent scheme. During an investigation into Madoff’s business practices, it was revealed that the SEC overlooked many red flags that could have caught Madoff years earlier. As a result, the SEC faced reputational harm. This study examined the SEC’s crisis response to the public following the news of Madoff’s arrest by applying a crisis communication theory to discover “best practices” for government agencies when dealing with a preventable crisis. This study also offers suggestions to further expand crisis communication research and crisis response strategies in a government communication setting.en
dc.description.degreeMaster of Artsen
dc.format.mediumETDen
dc.identifier.othervt_gsexam:20107en
dc.identifier.urihttp://hdl.handle.net/10919/89486en
dc.publisherVirginia Techen
dc.rightsIn Copyrighten
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/en
dc.subjectSCCTen
dc.subjectSECen
dc.subjectCrisisen
dc.subjectBernard Madoffen
dc.titleMadoff Madness: A Textual Analysis of the SEC's response to the Madoff Ponzi Schemeen
dc.typeThesisen
thesis.degree.disciplineCommunicationen
thesis.degree.grantorVirginia Polytechnic Institute and State Universityen
thesis.degree.levelmastersen
thesis.degree.nameMaster of Artsen

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