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Bernie Madoff: How he pulled it off

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On April 14, 2021, Bernard Madoff, who burned thousands of investors through an epic Ponzi scheme, died in prison while serving a 150-year prison sentence. Correspondent Jim Axelrod talks with journalist Jim Campbell, author of "Madoff Talks," who maintained a years-long correspondence with the disgraced investor and his family, to learn exactly how Madoff pulled off the largest financial fraud in Wall Street history.
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Опубликовано:

25 авг 2024

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Комментарии : 264

@anlu3365 3 года назад

Madoff wasn’t lying when he said he was only able to thrive because of the nature of the system! But here we are unwilling to hear the truth!

@J.C.3 6 месяцев назад

Ok so… communism or socialism?

@stevebell6859 3 года назад

"It's easier to fool someone than it is to convince someone they were fooled." - Mark Twain

@jamesfeldman4234 2 года назад

"You can fool some of the people some of the time. You can fool all of the people some of the time. But you can't fool all of the people all of the time. However, two out of three ain't bad."--Abraham Lincoln, Jr.😉

@kitrichardson2165 Год назад

Look no further than the Trump, Russia, collusion hoax- it’s been proven to be based on a completely phony dossier that Hillary Clinton paid for yet probably 50% of the American people still think Russia hacked our election😂

@toms9864 3 года назад

How did Madoff not get caught with the first of the five warnings? All the SEC people that were associated with this file should have been fired and gone to jail.

@gethaunted Год назад

There was a full congressional hearing about this - - look up “Harry Markopolous” on RU-vid or C-Span

@tishw4576 3 года назад

I'm going to get this book. I remember when the story hit the news. I was fascinated at how people, who were supposed to be highly educated and smart, continued to invest when clearly the percentages on their returns could not be possible. Madoff did not act alone. He had help. It's those people who should have been held accountable as well.

@zillap3343 3 года назад

Greed is the cause!

@goowoomoo 3 года назад

I’m not sure if you are referring to specific people, but there were others held accountable. I think around 12.

@skontheroad 3 года назад

Yes, it is still shocking to me that so many people I have known for 40+ years, as well as well known non-profit organizations I have donated my time to over the years--well educated people, top of their fields, and part of the 1%--were taken in by this man. People whose homes I grew up in that they had to sell bc of Madoff... it is still shocking and unbelievable to me. I am shocked that the news did not cover his death in more depth. Just an announcement. So many people's lives ruined. From my friends and their families, to the everyday person hoping to retire well. So sad. And just a one line announcement. Terrible!

@DudePressure 2 года назад

@@zillap3343 exactly

@wjb4578 Год назад

@@skontheroad Probably when they are born with money they can never fathom being without it, so they take risks with thier money, thinking nothing can go wrong. It probably never crossed their minds that Madoff was robbing them blind.

@kathtsmall6405 3 года назад

He outlived both sons

@hardcorehunter9438 3 года назад

Did u even watch it? Mark hung himself with a dog leash while his son was in the next room on the 2nd anniversary and Bernie gave Andrew cancer from the stress

@rubana7487 3 года назад

When I was a licensed banker (7, 64) and once gave up the commission on a sale because the client did not initial a single line and my manager did it instead of sending the paper to the client. I felt it was unethical and was scared that the SEC would find out and take my license away. What an idiot

@gfunk63901 3 года назад

Your manager is probably head of the firm now.

@Leergreen 3 года назад

Most capitalistic corporate businesses have a semblance of fraud Imbedded in them that is accepted as a business. Insurance is one of them. Companies collect funds from clients for risks and NEVER refund such SAVINGS if such risks don't occur at a given time frame of that insured period!!! Madoff got away with it because most rich people are money greedy too!!!!

@johnk5825 3 года назад

When the market is tanking, and you're still getting a 17% return, could be a sign that something has gone wrong.

@javierjp8549 3 года назад

Just short it🤷

@BrianSmith-yq7ys 3 года назад

Wasn’t a 17 percent return

@juliochavez9929 2 года назад

@@BrianSmith-yq7ys 16.99%

@BrianSmith-yq7ys 2 года назад

@@juliochavez9929 10% on average but he decreased it during the housing crisis

@terywetherlow5980 3 года назад

Stealing is Stealing.

@williammekhjian2440 3 года назад

Treason is treason off with their head pierre Campbell and mother

@Realelduque 3 года назад

But he was stealing from the rich!

@josephliptak3183 3 года назад

@@Realelduque that is why he died on prison!!

@midnightalley4586 3 года назад

The bank does not care about remorse. The bank wants their money.

@JenPurple2022 2 года назад

“The blame is always shifted to someone else.”

@rubana7487 3 года назад

Eight SEC employees disciplined over failures in Madoff fraud case; none are fired.

@mlecarre2057 3 года назад

Incompetence by the SEC....think about that....

@nike10is 3 года назад

Had the SEC official asked to see the money amount in the 646 account the whole thing would have been discovered. It’s literally that simple. I think at the time they “looked” only about 100 million was there. It should have been 20-40 BILLION!

@tonysteel1377 3 года назад

The SEC was and still is on-the-take. These guys wash each other’s hands.

@shebadog9628 2 года назад

@@tonysteel1377 ..I'm not sure hands are the only things being "washed" by these people...

@tonysteel1377 2 года назад

@@shebadog9628: Agreed! ‼️😂‼️

@rogerbec5766 3 года назад

I read Bernie Madoff listed his job as a broker. I say he lived to his title and broke a lot of people.

@ronaldjoseph4425 3 года назад

Dickens writes about these bad guys all the time. My grandmother gave to her church and other ministries as well. Trump asked his team to devise a way for his campaign supporters to send him as much money as they can without knowing it. Big Bird even asks for money on PBS. "There's a limit". Madoff, took what people were willing to part with. Wall Street does this every day!

@billywall7752 2 года назад

I’m not sure that Ruth knew, but I believe his sons knew.

@dougwood8549 Год назад

I was thinking maybe she didn'dt know, until she said she didn't know what a Ponzi Scheme is. Seriouslly?

@jsoo67 3 года назад

Can someone tell me why the victims can't file a class action lawsuit against the SEC/govt? I guess they can't by law or it wouldn't stand a chance if they could.

@ryanehlis426 2 года назад

I’m sad for his sons.

@vivelaresistance3239 3 года назад

All the feeder funds who didn’t do their due diligence but happily accepted the fees from Madoff are to blame as well.

@gbrickcommercialre 3 года назад

I've watched a couple of documentaries on the Madoff scam; they knew something wasn't right but the money was too good so they turned a blind eye. Madoff had protocols in place that if the feeder funds didn't conform, they would be cut off. They didn't want to give up that cash flow. You're right though; they are definitely complicit and their actions, or lack of, is just as criminal (even if they're not legally liable).

@biancab310 3 года назад

Exactly

@davidf3821 Год назад

They were the ones actually recruiting and duping investors.

@pjfdourley4998 Год назад

As horrible as this was for the victims , I think the public's need to always have a villain has over clouded the reality of this situation . Madoff was in deep, if you look at his actions, he was trying to survive so as not to be found out, people in debt try to get the next loan or investment in the hope that they can sort it out, the problem with Madoff was that the people bailing him out time and time again were taking more out the business than him and therefore complicit, a complicity that made him more vulnerable each time. He was a man on borrowed time for about 30years and he knew it

@gfunk63901 3 года назад

28 years old and he had it. No one asking him how long he’s been managing money or asking him to speak with other clients. I’m a CFP and have to jump through so many stupid hoops just to get a lousy 300k account from a 70 year old

@wjb4578 Год назад

None of you "financial planners" (i.e. crooks) are ever touching my money. You people should be ashamed of yourselves, tricking people into thinking you can beat the market. Even if you did, the gains would be eaten up in your fees. The first thing I did when I got control of my parent's retirement IRA was taken their funds out of those useless active managed funds and place them in low cost bond index funds.

@thecollector3525 Год назад

This was a sad ending for all.. including his family, money chasing went terribly wrong.. and all the folks who lost their livelihood savings and potentially their lives.. never saw something so perfect go so wrong

@richardlacey4923 Год назад

1/2 the investors knew this was shady all along

@rebekkad.2092 3 года назад

Such a sad story. Everyone was a loser in this.

@jeangalbraith889 3 года назад

SEC is corrupt

@jamesz.williams8746 3 года назад

I feel bad, but not bad for his wife Ruth. The family knew, but I guess they were blinded by excess.

@kevindaniels7824 2 года назад

B-Dawg was a cash machine

@Dalepabajo 2 года назад

The display of complete evilness to his friends/colleagues and family of this human is truly fascinating.

@rhuephus 2 года назад

you talking about Donald Trump (diaper-don-the-lyin-con), right ??

@uyd 3 года назад

SAD irony....his last name is pronounced made off and that's exactly what he did with his clients money 💰.

@YahYou813 3 года назад

Lmaooo

@nancycharraga 3 года назад

how could the sons not know, they worked in the industry & Madoff was not making any trades?! how could the wife not know or she turned a blind eye

@kdbwiz 3 года назад

Watch the video, 3:06

@timothyleon558 3 года назад

The sons literally did not know. One killed himself over the shame for his father, the other never spoke to him up to his own death. I have my own suspicions about his wife being squeaky clean.

@CocoPink44 2 года назад

I don't think they knew. He was very shrew and manipulative. The government gained a lot in tax money from investors who took distribution's. They had to pay tax on that. Harry Markopolos requested many investigations and the SEC and Government turned a blind eye. I worked in private banking and saw Bernie Madoff statements and the first time I ever looked at one I said this looks like a made up statement. It was literally a half sheet of paper stuffed in an envelope with a number on it. Name and date. It was so weird. We asked the client what it was invested in and he said it'll moved to cash every night so this is all we get. When we ask if he ever inquired he said he could not because he would be told he would get all his money back and be told to leave. They thought it was an honor to be able to invest with Madoff. My partner said I think he owes you a little more than that.

@voyager9082 Год назад

Only Rich and greedy people lost money and they made money with Madoff.Not feel sorry for them.Madoff never ripped off poor people. Feel sorry for Madoff family!

@jojopuppyfish 3 года назад

I'm reading "No one would Listen" by Harry Markopolos...great book so far

@romstar 3 года назад

Was it worth all that just to lose his entire family?? I feel for his lost sons but look what their father did to others. Tragic.😞

@SprezzaturaLifestyle 2 года назад

had there been no financial crisis his ponzi scheme wuld have kept going to this day and beyond.

@juliochavez9929 2 года назад

The Sons were also living a High Life I wouldn't feel sorry That's why one committed suicide Cause he knew he was as guilty

@user-or7ji5hv8y 3 года назад

But is there really anything he can say after all this? Even seeking redemption would be deemed selfish.

@MiamiPush2theLimit Месяц назад

Exactly.

@PurpleSwan Месяц назад

"....the corrupt nature of Wall Street."

@mbvlove3133 3 года назад

Yup he was narcissistic

@infiniteaculture26 12 дней назад

Chilling

@bigmikeystyle 3 года назад

technically he didn't "pull it off" since he died in prison but he had a good run, yeah

@bonscott602 Год назад

Never give money to a guy named made off

@Downtime_videos 2 года назад

Sons are clowns, daddy spoiled them and they turn on him and blame him for giving them everything, yet they enjoyed all the money lol

@richardc488 3 года назад

Ruth is guilty, how do you explain all the money?

@sappermade6012 10 месяцев назад

His wife and kids DID NOT KNOW THIS WAS GOING ON

@peacegiver1000 3 года назад

how do we know that he actually wrote those letters? also, why is this coming out after at this time and why is this airing after his death?

@DR-mq1vn 8 месяцев назад

A narcissist always blames someone else.

@peteraustinnoto142 3 года назад

BERNIE MADOFF'S MOTTO if you tell a big enough lie and tell it frequently enough it will be believed

@ReNinaMinter Год назад

Sociopaths can fake remorse.

@bruinman1012 Год назад

It’s still hard to believe that his sons had no clue what he was doing, especially with their background/careers in the same field as pops.

@adrianaproudcatholic 3 года назад

I feel sorry for him besides all he did. Many knew about it and took advantage. He got in a point that he could not leave. How Many scandals on wall street that people lost tons of money ? My question to him would be It was worthed? Lost sons, wife and died in jail.

@wjb4578 Год назад

It was probably worth it up and until he got caught. Criminals don't think they will get caught, else they wouldn't do the crime if they did. Or if they did then they would stop before they got caught.

@adrianaproudcatholic Год назад

@@wjb4578 you are right, but to me N.York is a small town with a Web of networks that knew as major business journals. But how cruel is our society? One good person and profissional can know, but can not Expose. In the end , we are all acumplicies of several crimes in many fields and in the same time we all complain and wish a decent world. If I knew that on my 20’s. Today, if I were a professor , I would not last one week. Look students , everything is a Huge B.S here is why. Lets take the example U.S.

@zenica12 3 года назад

Greed breeds greed,nothing more!

@jackiepowell7513 Год назад

Andrew was right. The stress from the mess hurt his body. Imo

@michealjones3297 Год назад

It looks like he Madoff with all thier money

@user-bi9nu8lq5g 5 месяцев назад

Madoff was betting on horse racing results that had run the previous day, and he was betting with other peoples money. Eventually investors would ask for their winnings.

@microcontroller7142 3 года назад

Overall may be 70 %

@maliksband 8 месяцев назад

All certified accounting know better than us what a ponzi is, and the sign of it being in play. They are supposed to deny it

@Superduper666 2 года назад

Personally, I hope Ruth is ok.

@crocky4938 2 года назад

Isn't that what rich people do is steal from each other

@ksaraf23 3 года назад

I got an ad for acorns before this video. RU-vid’s algorithm has a twisted sense of humor, it does.

@BenSkyLakewood Год назад

Another reason never to use a private broker than again Robinhood had a scandal of it's own 😒.

@trevoreaton9520 8 месяцев назад

1:30 The handwriting doesn’t match. The one to the journalist is flowing cursive, the one to his family is block letters and choppy. These can’t be from the same person. Maybe he had a scribe in prison.

@gntvclips 8 месяцев назад

Its not even the same writing

@davidf3821 Год назад

Sad that the feeders got away with things they had to have known it was their job to know and they were the ones who actually took investors money and owed them the duty of safe investments.

@JTG313 Год назад

Why would you snitch on your dad

@alexmad69 3 года назад

They should add his face to the dictionary definition of "crook".

@bradlafferty6076 3 года назад

I heard he died owing a prison guard $20.

@paulsuprono7225 3 года назад

'The blade was shifted . . . to somebody else ! How immature, childish . . . 😝💀

@yny2886 3 месяца назад

He should be a Taiwanese to avoid such a long sentence! Taiwan has a good environment to meet his ability!

@julieschubert6341 2 года назад

Can she be that naive??? I don't think so....

@SCUBONZIES 3 года назад

Poor kids ,

@number3stunner118 3 года назад

Why does RU-vid *insist* on telling me about Bernie Madoff? It continually keeps bringing him up in my video cue despite me never even looking him up.

@MRVISTA-wz7vj 3 года назад

The SEC was d.o.a WTF

@jeanetteschock4744 3 года назад

The effort to produce phony trading documents astounded me.

@thewkovacs316 Год назад

how? he had a lot of help....including from some investors who made money from the scheme

@annsmith7207 3 года назад

The Wall Street regulatiors are guilty of gross negligence and bear some legal responsibility for this catastrophic disaster -which badly affected many people and institutions -even if it is just individuals serving in the capacity as a regulator / auditor who looked aside year after year....because there must regulators /auditors who did not do their due diligence. To say otherwise is implausible and naive.

@terryfriend16 3 года назад

I agree.

@Truthseeker371 Год назад

Madoff and his family enjoyed luxurious life at the cost of cheating the clients. Why do you feel sorry for them? Feeling sorry for the cheated and hunan greed driven is appripriate.

@peteraustinnoto142 3 года назад

The king

@FooTude 3 года назад

Scammer made off and all scammers should suffer the death penalty !

@lettyrodrz9940 2 года назад

What is ponzie?

@seiph80 6 месяцев назад

Ponzi

@thomasmargolis3313 3 года назад

Timing here? And its so 'trusted' there, given 60 minutes and hit piece on Desantos, even the trust one may wish to give Pauley is a stretch. You will do further harm to his being, because u know he can no longer defend himself and justifiably call out the fine people at cbs.

@blleach11 Год назад

In a capitalistic society there can be no true justice.

@peteraustinnoto142 3 года назад

Madoffs new book I did it my way

@jmd1743 2 года назад

He used his kids. They thought that they were helping their family's financial firm, in the eyes of their father their sons might as well be a cardboard cut out placed in-front of a computer. By the way you can buy cardboard cut outs on Amazon.

@susien7323 3 года назад

❤️

@clockwork914 3 года назад

Eat the Rich 🤑

@lukefer7579 Год назад

Greed

@charlesloomis2224 Год назад

0:43...didn't take long to disparage a Republican. "Nixonian," made popular my the MSM.

@lwill4075 Год назад

Seems like campbell made off with Madoff wife

@hajalameh 3 года назад

I bet the grand kids will change their last names.

@tonysteel1377 3 года назад

Ken Griffin is next.

@strechinpick Год назад

Biggest up till then…

@lawrencempeltier4112 3 года назад

He didn't pull it off!

@bradlafferty6076 3 года назад

Blue Chips!

@Flee810 3 года назад

So the wife is single? 🤨🤔

@williammekhjian2440 3 года назад

CIA catches up with em

@icu1585 3 года назад

Welcome to Wall Street

@jamesfeldman4234 2 года назад

This interview was clickbait and gave zero insights into "How he [Madoff] pulled it off." For example, one basic question I've had was this: Did Madoff ever pay taxes on the fake capital gains he told his investors? Did Madoff ever issue IRS Form 1099s to his investors that cashed out? Fooling the SEC was easy enough since the SEC wasn't interested in protecting investors. But surely the IRS would have been interested in collecting taxes due?