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Illustration: Aïda Amer/Axios

Bernie Madoff died yesterday — a man who arguably did more to disrupt Wall Street than anybody else in the past 30 years.

Why it matters: Madoff invented payment for order flow, the controversial technique that allows brokerages like Robinhood to charge $0 commission.

  • Madoff was also a driving force behind (and sometime chairman of) the Nasdaq, the exchange that grew to rival the mighty NYSE itself.

Most importantly, the collapse of Madoff's multibillion-dollar Ponzi scheme in 2008 was instrumental in creating broad mistrust of Wall Street as a whole.

  • While investments go up and down, banks need to be trusted as honest brokers. But it soon became obvious that Madoff's scheme only lasted as long as it did because it was enabled by the likes of JPMorgan.

The bottom line: Madoff has a lot to answer for. The rise of the Tea Party, the rise of trustless cryptocurrencies, even the rise of Donald Trump — all of these things can be dated back to the shock that America felt when Wall Street was revealed in 2008 to be deeply corrupt.

Go deeper

Bernie Madoff dies in prison at 82

Photo: Jin Lee/Bloomberg via Getty Images

Bernie Madoff, a former investor sentenced to 150 years in prison for perpetrating the largest Ponzi scheme in U.S. history, died Wednesday at age 82, AP reports.

The big picture: Madoff pleaded guilty in 2009 to a multibillion-dollar scheme that investigators said began in the 1970s and defrauded as many as 37,000 people in 136 countries — including high-profile victims like Steven Spielberg, former New York Mets owner Fred Wilpon and actor Kevin Bacon, according to CNBC.

Gaming CEO calls on industry to help fight climate change

"Catalyst Black." Screenshot: Super Evil Megacorp

Gaming CEO Kristian Segerstrale is calling on leaders in his industry to take action on climate change, after completing a $1.4 million fundraising campaign this summer.

Why it matters: Gaming's pandemic-fueled boom creates an opportunity, and maybe even an obligation, to do some good.

3 hours ago - World

U.S. releases updated vaccination, testing rules for foreign travelers

Photo: Patrick T. Fallon/AFP via Getty Images

Foreign travelers will be allowed entry to the U.S. beginning Nov. 8 if they can provide proof of full COVID-19 vaccination with a shot authorized by the World Health Organization and a negative test within three days of departure, the White House announced Monday.

Why it matters: The updated guidance, which exempts children under the age of 18 from the vaccine requirement, is intended to provide further clarity for airlines and foreign nationals who have been restricted from traveling to the U.S. since early 2020.