In general I agree. But it also comes with the embarassment that you failed at your job. So to avoid the embarassment you do nothing. Kick the can down the road. Hope it becomes someone else's problem. And I'd also further add that government agencies being government agencies, the people in the trenches don't want to deal with an obvious pain in the @$$ situation. You know you will be putting a lot or resources into investigating and even starting the process throws your daily work schedule into chaos. So the lower level people just ignore the report on their desk. Case in point, I once had a manager who was very old school. He hated email. He wanted everything in paper copy. You literally could not see the top of his desk because of all the paper covering it. When he finally retired, some of the papers at the bottom had turned yellow they had been there so long. I'm sure there was many things on that desk that just got ignored and the people who submitted the requests simply gave up on it. That was probably exactly what happened in the Madoff case.
cause he the reason all them people lost their money every last 1 of madoff clients had been fine for years with no problems ponzi scheme or not everybody was paid & happy & had the weak poor excuse of a man whistleblower minded his business everybody dealing with madoff would still be getting money & happy the whistle blower ruined a lot of people pockets & caused a few deaths
He wasn’t a whistle blower. He had no inside knowledge. The guy was just a competitor that found a cheater in his industry that was protected by the SEC.
Greed was well with Madoff but also with his investors. They didn't care that the returns were abnormal and made no sense - they just kept coming. Why anyone would put the whole of their wealth in another person's trust is beyond me.
Why does Human greed or gullibility shock you..?? It's the foundation stone of the Capitalist economy we all depend on..? Mostly it works ...better than any other system..?
I wonder how long Ernie Madoff thought his Ponzi scheme would last without the market crash in 2008-2009. Since this is a fraud, soon or later it is going to collapse and be exposed.
THE MADOFF RULE: if ur rich, steal from the poor, but don't EVER steal from anyone richer than you. THE EPSTEIN RULE: if ur rich, don't EVER threaten to spill secrets of anyone richer than you.
It’s frightening where we’re going as a society. It’s looking so rapidly different in many of the wrong ways as far as free speech and democracy go. Or what’s left of it, anyway. Almost seems like an illusion at this point.
I believe bc he was a cooperating witness. there have been hit men who while giving them evidence are still conducting business . so im not sure what u mean
lol, exactly what I was thinking. These lawyers always take a very high percentage. Ok if if it’s a very small amount but 40-60% of millions or billions could help recover more for the swindled clients.
It's amazing that Madoff could pull this off, especially when SEC supposedly investigated him and his "investments." He made not even one. What surprises me is his wife was able to keep a tidy sum whereby his victims all wound up dead broke.
Greed to the extreme in the name of a fake luxury life! It's really sad and a curse fate that took over the entire family. The worst of human behavior, the white collar predators .
I do believe Ruth. Not saying that she didn't suspect anything. But she did and still supports him in some way. You can't blame someone for being blinded by love. She might've lost more than any of them. Karma is a heavy price to pay for greed. Everyone lost in the end. Be careful what you ask for.
Largest known!! Kenny griffin of citadel is still running BM payment for order flow....the new winner for largest is about to be crowned. Power to the players
The son is so full of crap, nonsense, trying to gain sympathy, and he makes me sick. All of a sudden he is a hero who wouldn’t bail his father out? After all the money his father gave him he would just leave him hanging? No honor, all greed, and I’m glad the dude is almost homeless….
It's ok. He scammed rich people with way too much money and way too much greed. And then lost it all and died alone, abandoned by his equally greedy family in prison. For me, this is a win-win.
The fact that the sons wife will make a profit from the book just screams that they’re trying to recoup the money, how bout sending the profits to those who actually lost something valuable
I would suspect that his wife didn't ask many questions likely perhaps due to her having little or no interest in the business and she was likely happy and very satisfied raising two sons who turned out wonderfully. Along with this she would have enjoyed a reasonable social standing in the community due to Barney's standing in the industry and the good life she would have had.
They knew. There was no explanation meeting, there was just a “we are busted so let’s do plan A”…. Notice how even the son’s wife and mother words try to convince everyone that they didn’t know. No sorrow, remorse, just excuses. The son was the only honorable one who coy Don’t live with the GUILT.
I found it fascinating that some hedge fund managers knew damn well he was a crook. But they believed he was THEIR crook. Amazing all around & pointed out the utter uselessness of the silly, pointless, toothless SEC.
Yes, absolutely, I feel terrible for the people whose lives were ruined by this scheme... But, then - an immutable tenant of economic cycles is: to consistently outperform market trends on such a sustained level and for such a sustained length of time... I am somewhat gobsmacked that none of these people had someone in their lives persistently cautioning, even where becoming a nuisance when doing it...of the extreme implausibility of being that..."lucky." If I am playing a roulette wheel, I would be as equally suspect it was rigged - whether I always lost or I always won.
It’s impossible that a company with $65B equity. Only the head knows the reality. Those bank accounts always are checked by several people in the company . Plus the fact that of her no filling for a divorce make me think there is money somewhere.
It's nonsense to say that Markopolos was the first to work out what Madoff was doing. Plenty of Wall St. Insiders knew damn-well that Madoff was a crook. That's why they refused to have anything to do with him. Madoff's bankers also knew he was crook, because they saw that he wasn't making any of the trades he claimed to be making and that his company's only source of revenue was his so-called 'investors.'
@@user-ih6vg4rr9r Of course they didn't. People who live in glass penthouses seldom thrown stones. Markopolos went to the SEC, but his analysis was buried. The Feds were apparently more interested in protecting confidence in the wider financial system, rather than enforcing the law. Madoff's complicit bank eventually had to cough up around one billion $, but not one banker was ever criminally charged.
Mr Madoff didn't steal $60 billion dollars. He re-distributed the money among greedy millionaires and institutions who believed that a market could sustain a 12% annual yield, constantly for years. Zero sympathy for the investors.
And the son was worse. No honor and left his father hanging after the millions after getting millions. His wife and him spend all their time n how innocent they were but never say sorry OR give any money back voluntarily!!
It's nonsense to say that Madoff stole that amount. When he was finally arrested, Madoff controlled about one billion $, but on paper, his fake hedge fund was once supposed to be worth 60 billions.
@@brandonbrown4819 No one is actually "Israeli". They're Turkish, Austrian, Slavic, or European who emigrated to Palestine and took the locals' houses and land.
@@BOBMAN1980 It doesn't matter if you say they are all from Loompa Land or are Chinese Zen Buddhists!! the suggestion that Bernie gave all the Money to Israel or AIpac is lunatic drivel
This whole version about the family members knowing nothing... ridiculous. The sons ran a trading firm that practiced real stock trades. Two floors down, the investment business says it's buying and selling stocks, yet, the sons never wondered why their own father's investment business didn't use their own trading firm to buy and sell those stocks? The sons never wondered why they hadn't bought or sold a single stock from/for their own father's investment business? Right. Sure.
It looks like Bernie's wife is giving off too many facial cues that she knew what was going on for quite awhile. She certainly looks and sounds like she's lying.
Although the thousands of investor-victims are victims for sure, as they drove, those many years to the Hamptons and sailed the Horn or the Cape with family and friends mostly white, mostly unapologetically privileged, and dismissed the doormen and maids who they paid less than a living wage over the years and worried that their sons and daughters might bring home one of those lesser kinds of people one day, to now have to pass the lobster tank at Food Lion on their way to get some chicken and really contemplate the sticker amount on that package of steak, all seems, if not Karma, but maybe Karma-light.
both his sons died and after the final settlements, their estates were allowed to keep about $3M, so they're doing just fine. Also, White? They're all jews, that was a key selling point of the "investment opportunity"--I guess they're deceitful even to each other, sad.
David Boise himself invested in Elizabeth Holmes scam and was fighting like a pit bull for her by threatening the people who raised concerns. No wonder Dershovitz wanted to disbar him on many occasions. Now is flipping on the other side.
To watch this now 15 years or so later I have some sympathy for his family and what his kids and wife had to deal with. obviously for the victims that lost everything. I remember having no sympathy for his family when this happened. I was almost 30. It's crazy how ones perspective can change.
and they are telling us that the largest scam was done by one guy. and they keep on telling it is so. why ? some of the ones chosen as the fall guy are paid very well. others get caught in a web they couldnt see. and many others in many more ways.
Idk what happened with them, but if they were lying telling their story, they are the best liers I've ever seen. I believe everything they said. Very sad. I hope they have found their way in life 😢
He destroyed a lot of life’s. His boys are both gone. One unalived himself and the other was cancer I believe. And Ruth had to sell lots of things. But she’s still living pretty comfortable life. It’s really sad so many people are financially strapped. Can you believe he works with finance in prison.
That would be eerie. He has been dead for over three years. And who would have trusted him with their finances after he was sentenced to 150 years in prison for what he did?
What did Gordon Gekko say? 'Greed is good. Greed is our friend...' above all, greed makes you blind...all these people here share some of the blame...as long as the money was coming in, some of those who were scammed calmed their concerns with the banknotes.
I don't think the sons knew. They worked in the legitimate side. Parents can hide a lot from you, especially domineering parents. May the son who committed suicide rest in peace. The son is not to blame for the sins of their father. My sympathy to all the victims of Madoff.
Madoff’s wife withdrew large amounts prior to it blowing up…classic… ..and of course her son Mark’s wife divorcing him after the party was over was hilarious…the family has great taste in women
Could the sons businees have begun without funds from their fathers customers? If not, then any profit they mad threw that business was gained with fraudulent funds. So all of their money is part of it.
Eh that's the thing about Madoff.. Everyone in the financial side knew what was going on, She wonder who was being paid to help keep it under wraps publicly
Everybody who is married knows that you know all family affairs especially including financial affairs. Ruth knew but she liked the lifestyle and thought it would not affect her.
9:54 these people are really bad self investors. I feel sorry for them, having money never means you’re good with it. 12% a year, what planet are you on ! Got greedy, felt like they could beat markets. You can’t !
I think it’s very interesting both Bernie and Ruth outlived their sons by a good amount of time. In fact, the only one still living is Ruth and she’s in her 80’s. Normally, children outlive parents but not here. I just think it’s interesting.
