The DEBENTURES consist of members of the Bernard L. Madoff family. Various husbands, wives, sons, daughters, uncles, nephews, nieces, and in-laws constitute the team's players. All Debenture players are rookies for Season 2009. Because of Mr. Madoff's real-world legal problems the team is managed and operated by non-family members.

DEBENTURE Defined A type of "security." Written obligations, evidences, or documents of ownership or creditorship such as a stock, bond, note, debenture, or certificate, giving the holder the right to demand and receive property not in his possession. Also, a long-term loan raised by a company through the issue of debenture certificates, using its assets as security for repayment, normally to be redeemed at a future date. Debentures are typically secured, often on property, and pay a fixed rate of interest that has priority over dividend payments. Some debentures are not repayable, called irredeemable securities, and some are not secured, called naked debentures. In the USA, debentures are usually unsecured. Debentures can be issued in large numbers as debenture stock. This form of loan is attractive to companies because it does not dilute equity, is cheaper than a conventional overdraft, and is usually repayable over a long period.

Bernard Madoff worked in the world's other oldest profession -- separating people from their money. In 1960 Madoff started with $5,000 saved from his work as a Rockaway Beach, N.Y lifeguard. He also earned money installing underground sprinkler systems. Wife Ruth Madoff did the bookkeeping. When he was profiled in 2000 by FinanceTech, Madoff's was described as one of the "largest market makers in convertible bonds, preferred stocks, warrants, units and rights. Madoff Securities has over $300 million in firm capital and currently ranks among the top one percent of U.S. securities firms." (financetech.com).