Harry Markopoulos years before tried to warn establishment about Madoff and for his reward he was called a racist anti-Semite etc. Mr. Markopoulos was real hero here!
That's true, but Markopoulos wasn't the only one who knew it. The auditing firm, knew it as well his bankers and every brokerage house on Wall street. None of the other brokerage houses did business with him. They knew a business his size couldn't be generating the revenue he claimed to be - it was simply mathematically impossible. Still, he was allowed to proceed.
The reason Harry went after Madoff was financial in nature. Madoff was "stealing clients" from Harry in his own words. He's not some hero in my eyes. And he was wrong, and quite probably lied about General Electric a year ago. (Wonder where he went?... No videos featuring him since that time. No articles. Nothing.)
Investing is another word for gambling. Gamblers are addicted to the risk. These people took a risk. Won for many years,but like most gamblers loose it all at the end.
Investing is gambling. These hypocrites who call themselves Christians say it’s not. But it is. When you risk your money. Your gambling. I agree completely.
@@mike.p.1400 it's investing. When you buy shares of a company you're buying part of the company itself. That's why it's called investing. To some it's trading. For many it is.
@@weebgrinder-AIArtistPro you are buying part of a company. And you could loose. The company could go under. Or at the very least you could loose your shares. You could loose. It’s possible. It might not be probable but it’s possible. You could loose. It’s possible !!!!! Therefore you are gambling. Financial risk = gambling.
@@mike.p.1400 So is mortgaging a home gambling? You could lose. Say it burns down and you have no homeowners insurance. I see your point it's just that as a trader I know how complex the markets can be. There is a learning curve. There's risk, sure. Of course.
World is full of very honest good people. The problem is there is also a lot of evil people as well the world is very big and there’s too many people wanting it all.
What you need to know is the NY SEC office is the worst. The others are great. Boston was willing to get into Madoff firm and rip it apart. New York wasn't.
Truly Bernie Madoff should have never been let out of prison it should have been life imprison Ten Years After he gets out which is ridiculous back on television being praised by stupid host
His victims were multimillionaires who just had to have more. So, no sympathy. What magic wand did they expect him to wave? They couldn't just enjoy what they had? Tell you what: if that $100 million is burning such a hole in your pocket that you have to risk it the way you did, I will be more than happy to take it off your hands. Losers. You hand your money to an individual you don't even know because a friend or a business associate tells you he's a financial miracle worker. And you're shocked when it vanishes? Each one of them--and their children--deserved what they got.
Alot of the people were his close friends, he didnt let anyone invest. So if you had a close friend claiming to make those kind of returns, and actually seeing other people receiving them, most people would invest too.
George Shepherd why would you wish that upon anyone? They invested money with someone they trusted and they lost all of it, that’s horrible regardless of their current financial situation. There were also people who weren’t multi-millionaires who invested at the end and literally lost their entire life savings. Just because you don’t invest your money it doesn’t make them bad people for striving to create more wealth for themselves and/or their family. These were people’s retirement accounts, college funds, homes, etc that they lost. I do have sympathy for them, whether they were already millionaires or not.
That is not true. Not all of his victims were rich people. Everyday people lost their life savings/pensions because their companies pensions (funds) invested with Bernie. Nurses, teachers, policemen, office workers that weren't greedy and didn't expected a great return. Just some little extra to add to their retirement fund or help their children with college. Rich people can easily absorb their losses but for a over 60 year old teacher ready to retire, only to find out that she lost all her life savings.There are many of those heartbreaking stories. The victims are not only the Stephen Spielbergs , Kevin Bacons or millionaire widows of the world. At my former job we would give a small percentage of our wages to our company pension fund, and they would invest it for us. The money would go to banks and they would invest or let others invest the money. If any of those groups happened to come across a Ponzi scammer like Bernie, your money and the years of investment are gone. This happened to a lot of those little people.
I agree with the explanation at (22:00) prosecutor Marc Litt gave on how the dangerous and/or harmful pathological liar should be dealt with. In the case of Bernie Madoff, in the midst of running his years long financial scam he could be better identified as the textbook definition of a sociopath. I believe sociopaths should be dealt with likewise. The strategy could work best when a dangerous sociopath is recognized from the get-go and it may even have the ability to conform the person before he or she can do damage. Because if not, it is obvious to see what the devastating ending may be. In the Madoff case, a grand total of a $65 billion dollar theft and many miserable victims. On the other hand, I think humans have a need to be able to live with the occasional "white lie". In other words, harmless lying. We find this in our everyday lives. Such as in movie scripts, fictional books, embellishment in song lyrics etc....... It's necessary and should be distinct from lying that is meant for harmful or criminal intent. Since I am posting this in September of 2020, I do feel the need to expand on these topics because I believe what is going on in the White House and with our current president can be meshed within this discussion. Like many other Americans realize now, I do believe it is transparent we have a sociopath, narcissist, con man, financial thief and pathological liar as our leader. It creates an uncomfortable and dicey feeling pertaining to the infrastructure of our country. I personally don't like it and simply think it is inappropriate for the office he holds. People need to recognize he is not in it to carry out presidential duties. A narcissist to the extreme of Donald Trump is too distracted by his own personal needs that he simply cannot perform a duty list then clock out at the end of the day. I think it is important to know his former personal lawyer of 12 years Michael Cohen stated "Trump never really wanted to be president and didn't expect to ultimately get the position". I think that statement reflects the truth in Trump's behavior as our president and how he is pursuing his own personal agenda most of the time all the while feeding his supporters what they want to hear in attempt to smooth things over during his con man speeches. I didn't vote for him in 2016 and plan on voting for Biden come November.
I pretty much don't pay attention to politics or news. I can't say I ever really have very much. My interests are usually elsewhere or on other things.@@shanetrimble9265
Bernie grew up with a scheister of a father of whom BM was quite ashamed and by whom he was very wounded. As is typical of sufferers of unresolved developmental trauma, Bernie repeated his own trauma and caused others to repeat it, too: he (and his father) made a fortune (or a bit o cash) fraudulently, showed it off to rub their rich (or comfortably secure) neighbors noses in it, and then…lost it and lost all respect of their neighbors and loved ones. It’s trauma 101. The defense mechanism is called repetition compulsion, and it’s actually the mind’s way of trying to set up repeatedly the traumatic situation in order to correct it. That did not happen…and it never does! (Got trauma? Get EMDR/IFS Therapy now!)
