"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.😉
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😂
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.
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.
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!
@@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.
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
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
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!!!!
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!
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!
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
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.
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.
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
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.
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
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.
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!
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).
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.
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.
@@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.
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.
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.
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.
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.
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.
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.
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.
I can’t help but feel there is more to this story. I feel bad for all the investors but now we can never know. I refuse to believe that someone would deliberately do this to people, take their money, make no investments or trades. It does not add up. I wish we had more interviews with Bernie while he was still alive.
Those letters seem to be written by different people. The style of wiring is so different - loopy and curly and the other bone straight, the flourish of letters and then the all caps, the spacing is precise on one and not writing on the line in the other … huge differences.
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!
Ok so… communism or socialism?
"It's easier to fool someone than it is to convince someone they were fooled." - Mark Twain
"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.😉
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😂
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.
There was a full congressional hearing about this - - look up “Harry Markopolous” on UA-cam or C-Span
Because most of the people who work at the SEC are lawyers without any financial industry experience. What do you expect ?
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.
Greed is the cause!
I’m not sure if you are referring to specific people, but there were others held accountable. I think around 12.
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!
@@zillap3343 exactly
@@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.
Stealing is Stealing.
Treason is treason off with their head pierre Campbell and mother
But he was stealing from the rich!
@@Realelduque that is why he died on prison!!
He outlived both sons
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
When the market is tanking, and you're still getting a 17% return, could be a sign that something has gone wrong.
Just short it🤷
Wasn’t a 17 percent return
@@BrianSmith-yq7ys 16.99%
@@juliochavez9929 10% on average but he decreased it during the housing crisis
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
Your manager is probably head of the firm now.
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!!!!
I read Bernie Madoff listed his job as a broker. I say he lived to his title and broke a lot of people.
I’m sad for his sons.
“The blame is always shifted to someone else.”
Eight SEC employees disciplined over failures in Madoff fraud case; none are fired.
The bank does not care about remorse. The bank wants their money.
Incompetence by the SEC....think about that....
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!
The SEC was and still is on-the-take. These guys wash each other’s hands.
@@tonysteel1377 ..I'm not sure hands are the only things being "washed" by these people...
@@shebadog9628: Agreed! ‼️😂‼️
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.😞
had there been no financial crisis his ponzi scheme wuld have kept going to this day and beyond.
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
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!
I feel bad, but not bad for his wife Ruth. The family knew, but I guess they were blinded by excess.
SAD irony....his last name is pronounced made off and that's exactly what he did with his clients money 💰.
Lmaooo
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
1/2 the investors knew this was shady all along
I’m not sure that Ruth knew, but I believe his sons knew.
I was thinking maybe she didn'dt know, until she said she didn't know what a Ponzi Scheme is. Seriouslly?
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
Watch the video, 3:06
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.
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.
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
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.
But is there really anything he can say after all this? Even seeking redemption would be deemed selfish.
Exactly.
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
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.
I'm reading "No one would Listen" by Harry Markopolos...great book so far
Such a sad story. Everyone was a loser in this.
B-Dawg was a cash machine
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!
All the feeder funds who didn’t do their due diligence but happily accepted the fees from Madoff are to blame as well.
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).
Exactly
They were the ones actually recruiting and duping investors.
technically he didn't "pull it off" since he died in prison but he had a good run, yeah
The display of complete evilness to his friends/colleagues and family of this human is truly fascinating.
you talking about Donald Trump (diaper-don-the-lyin-con), right ??
Yup he was narcissistic
Ruth is guilty, how do you explain all the money?
Greed breeds greed,nothing more!
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.
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.
@@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.
Personally, I hope Ruth is ok.
“I’m so sorry, that I was caught”.
The effort to produce phony trading documents astounded me.
His wife and kids DID NOT KNOW THIS WAS GOING ON
Why would you snitch on your dad
Never give money to a guy named made off
Another reason never to use a private broker than again Robinhood had a scandal of it's own 😒.
Chilling
I got an ad for acorns before this video.
UA-cam’s algorithm has a twisted sense of humor, it does.
Can she be that naive??? I don't think so....
Andrew was right. The stress from the mess hurt his body. Imo
Overall may be 70 %
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.
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?
Isn't that what rich people do is steal from each other
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.
The king
how? he had a lot of help....including from some investors who made money from the scheme
SEC is corrupt
I heard he died owing a prison guard $20.
They should add his face to the dictionary definition of "crook".
"....the corrupt nature of Wall Street."
A narcissist always blames someone else.
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.
I agree.
What is ponzie?
Ponzi
Poor kids ,
'The blade was shifted . . . to somebody else ! How immature, childish . . . 😝💀
BERNIE MADOFF'S MOTTO
if you tell a big enough lie
and tell it frequently enough
it will be believed
In a capitalistic society there can be no true justice.
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
The SEC was d.o.a WTF
Its not even the same writing
He didn't pull it off!
Sociopaths can fake remorse.
He should be a Taiwanese to avoid such a long sentence! Taiwan has a good environment to meet his ability!
Madoffs new book
I did it my way
Scammer made off and all scammers should suffer the death penalty !
It looks like he Madoff with all thier money
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.
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.
I think he got his punishment
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.
❤️
Eat the Rich 🤑
Welcome to Wall Street
Does this scenario sound familiar? A famous narcissist spills his guts to an author he doesn't know and it shows just how crazy he is.
No?
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.
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.
I bet the grand kids will change their last names.
Blue Chips!
So the wife is single? 🤨🤔
Ken Griffin is next.
I can’t help but feel there is more to this story. I feel bad for all the investors but now we can never know. I refuse to believe that someone would deliberately do this to people, take their money, make no investments or trades. It does not add up. I wish we had more interviews with Bernie while he was still alive.
You don't seem to understand how this worked. There were *A LOT* of net investors, investors who've got out more money than they put in!
@@SpaghettiKillah I understand very well what happened.
1/2 the investors knew some shady stuff was going on all along
He took his sons down with him, both emotionally and physically ! 😝😬💀
Very very sad
They were weak. Bernie didn’t hang himself.
Those letters seem to be written by different people. The style of wiring is so different - loopy and curly and the other bone straight, the flourish of letters and then the all caps, the spacing is precise on one and not writing on the line in the other … huge differences.
Greed
Why does UA-cam *insist* on telling me about Bernie Madoff?
It continually keeps bringing him up in my video cue despite me never even looking him up.
Greedy guy greedy victims end of story.
An evil genius
We were warned by a Austrian Painter.
@Professor McClaine
Disgraceful race.
Madoff certainly doesn't look like a happy man in fact he looks Like an extremely miserable one. Who's fault is that?
Madoff sounds a lot like our previous President. A megalomaniac.
Seems like campbell made off with Madoff wife