Bernie Madoff 10 Years Later: Ep. 3 | Hunting Bernie's Billions
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- Опубліковано 15 гру 2018
- Part three of CNBC's three part original podcast series. It’s one of the greatest lies ever sold, a $65 billion fraud. For the past decade, Bernie Madoff - locked away from the world as he serves a 150-year prison sentence - has been the face of greed.
That’s not the end of the story. CNBC special correspondent Scott Cohn and American Greed executive producer Chuck Schaeffer go “behind bars” to uncover the Madoff of today, from the lawyers and investigators to the victims. In our final episode: hunting Bernie’s billions. With his victim’s lives shattered, coping with the financial loss, trauma, and tragedy and the 10 year effort to make them whole.
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About American Greed: Scams, sex, and even murder all in the name of a perverted American dream. Enter a world where crime pays until you get caught. CNBC’s unprecedented original true-crime series, “American Greed”, takes you inside the amazing real-life stories of how some people will do anything for money. Narrated by award-winning stage, screen, and television actor Stacy Keach.
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Getting 75% of your money back after gambling it on the stock market with a crook is a great return, they should count themselves very lucky .
If I were Bernie I would have taken the financial crisis in 2008 as an opportunity to get out of the ponzi scheme by faking huge losses.
Just as he sent fake trading statements in the mail to fake gains he could have done it the other way around to fake losses. And everyone would have believed it because of the financial crisis. He could have even faked a lehman brothers invenstment or bear stearns that went to zero and gotten out of the fraud. And the few who would have sued him he could have paid off with the principal money that he still had on his account.
My guess is most of the victims had schemed and scammed their way to wealth in the first place
This is what I am coming to grips with. Basically, they did not receive their ill 😷 gotten gains.
I am 52. No one did a documentary for my generation when we all lost our shirts 👕 in the housing bubble when we didn’t have 2 nickels to rub together.
My take away is… losing money in the Jewish community is the worst thing that can happen. It’s a fate worse than family tragedy. A bunch of people who worship money 💰 had their god separated from them.
One of the many lessons here is to realize the consequences of having your entire nest egg in one single fund.
What a nerve Ilene Kent has, making it seems like they’re owed anything. They got their money out, which was a lot more than most investors! And she wants the SIPC money too? Double their initial investment? Pure greed.
How old was the lady who had a daughter with a college fund ???
Daughter had to be a 40 year old college student.
Many of these old Jews never worked a hard days labor in their life. Many were trust fund women and kids.
Never invest more than you are prepared to lose!
David Mallinson ...bank it..?....buy real estate and live off poor people who can not afford to live off poor people ponzi????
Right, the stock market is gambling, be prepared to loose.
Well done gentlemen. Great discussion. Great show.
Selling on the phone tactics see Wolf Of Wall Street. It's an art they know how to leverage your greed.
People BEGGED to invest with Bernie. BEGGED. You had to know someone who knew him and he had to approve you. These weren’t “victims”. They were willing, greedy sheep.
You are a victim whenever someone gives you forfeited financial accounts / papers.
Thanks for this series! As a conservative investor, I've attended many of these "invest your retirement money here" seminars, and most seem sketchy. I have most of my portfolio in real estate, which I have control of and is doing great, but I'm still susceptible to scams. So, I keep monitoring Zillow and County records to make sure no one is fraudulently trying to take ownership of my properties.
How and why can t the county or mortgage holder set up practices to assure this doesn't happen???
@@jackiepowell7513 That's a good question! There are safeguards like notaries and escrows, but all it takes is some creative person to find a way around them.
Thank you! Very interesting and informative. I listened to all 3 episodes in 1 sitting.
Every time I watch American Greed, I cannot understand how people can be so ignorant about investing. Anytime someone approaches me about money, my first reaction is that I am being scammed and they are trying to steal my money. I get junk mail from investment advisors wanting to provide me a free steak dinner at some swanky restaurant and I instantly think that they are scamming me. Investments are always risky and nothing lasts forever. You have to trust only yourself and everyone else is a potential thief.
Thank you for this wise series
What a fantastic three-part series. I wish I knew all of this 20 years ago.
but let’s not forget nobody from a bank was charged for anything👌
Maybe not charged, but fined .
Why wasn’t the SEC charged? Or the FTC? There was plenty of evidence that they ignored.
@@HagakureJunkie because Lehman had to be punished for not taking the bail out in 2001 when the dot com bubble burst and long term capital management tried to bankrupt the world. they already had a fall boy. lehman was taken behind the wood-shed for being too damn arrogant a decade earlier.
thats why
@@chad2831 what do you want the Banks to be charged with? Most trusted but didnt verify Bernie was a crook. And they paid billions in fines. Who exactly from the bank should be charged and with what?
It feels that a pile of cash under the mattress is the best way to invest money 😀 it definitely depreciates at the rate of 2-3 % every year but at least it won't disappear overnight.
Unless it gets eaten by mice and bugs. ;)
@@g13flat let's call it "non-financial depreciation of assets" 😀
Or your partner steals your cash...or murders you for your money...or your house burns down....
Our modern financial system revolves around sending money to Wall Street while u still owe money on house, car, kids. I think people should get debt free before investing money with these Wall Street charlatans
11 min. FINALLY WE GETTING TO THE IMPORTANT POINT!!!
To call this a podcast about Bernie madoff is misleading, this is an hour of mostly uninteresting stuff that didn't make the original show. Hey CNBC, maybe consult a podcast company and ask how to make a podcast first next time
Don't put all your eggs in one basket kiddos. Always cover yourself.
Really hard to believe even 10+ years later how could the regulators go so blind, not one single trading or counterparts...
They are technically incompetent. It's like putting your grandfather in charge of regulating the use of social media.
Sorry, but if your friends are receiving 3-5% ROI and you are consistently reaping 13-15% and there are similar investments, wake up, greed was overpowering here, by everyone involved, no one wanted to question his ROI
Lesson learned,. Don't trust your money and your wife to nobody.
Good to know stephen Spielberg had his "foundation" invested with madoff. How does a charity provide funds to people who need it if they can't take the money out of the fund
Fascinating story!
Im no financial wiz by n e means...but i am wise Enough to kno not to give my money to n e body with the name "Made Off " ...Lol
For sure I allways thought his last name so fitting.
😂😂😂😝🤣🤣🤣🤣
😂😂😂
_"Made Off"_ ?? I'm a bit suspect when someone who wants me to give them my money has "Burn" right there in his name.
Greed ...the people who gave Madoff money to invest were ....Greedy ....u can't get 18 percent anywhere ...these people blindly followed Madoff ...n got screwed ...they shud have done their own due diligence
Most got their original investment back after this was exposed, however the “victims” want the fake interest which was never there except on paper! Still greedy and stupid
And how exactely do you know that ? Do you have account statements ? Just curious
Bernie should have just faked a lehman brothers investment that went to zero during the financial crisis and could have gotten out of his ponzi scheme. Just as he faked the stock trading statements that he sent his investors in the mail he could have faked those the other way around.
@@12345fowler I think there have been several reports about people saying they deserve the extra they received back. I am sure most of this group understood but there are some who think they are entitled to the extra amount they received.
You should investigate the SEC now Gary
He used a ponzi scheme within a ponzi scheme 😄
Why would anybody put all their money with one guy 😮I’m sorry but I would never do that !
Electric chair is the way to stop those criminals
ricardo simon - Killing criminals won’t help you recover the money. Keeping Madoff alive and monitoring all of his family moves can potentially recover some of the money.
Be realistic.
killing someone else because they stole from u? umm, that makes u just as much of a criminal as they are! we have no right as humans to decide who lives or dies - regardless of jury rules, etc...u dont have the right!
Noway 75 cents on the dollar?!
Very good programs
But there still men like him walking free & enjoying life.. Not yet discovered
bees Chile one now sits in the WH.
Yup... They're called Politicians...lol
Where did the 65 billion dollars go then??? Someone or people or banks or where ever has it.
There never was 65 billion that was just the fictitious gains. It ended up being around 19 billion that went to fund his lavish lifestyle. Most was liquidated to give back to the victims
Irene Kent is a hero.
It's hard to feel too sorry for some of his investors. They were already very rich people looking to make some easy money off their wealth.
I understand your point
Not all rich people had their wealth passed down
Gotta love Bernie's audacity, scheming the filthy rich greedy mofos 👌
When someone says to you " 300℅ return in investment " ponzi scheme. It is not like it was a new concept.
True. People's greediness made them loose their money
That isn't what occurred with Madoff. He returned a consistent 12-13% year after year. During a lot of Madoff's years the S&P 500 returned 20%+. What made Madoff different was exorbitant returns but rather that he didn't have down years. You just consistently made a solid return.
The Madoff Ponzi turned out to be approx 17 Billion, not the 64 Billion these clowns claim. Not all investors wanted their money back(because they, themselves, were involved in criminal activity). The 7.2 Billion the govt. got back from Picower's estate was approx half the whole Ponzi tally.
Also, investors who lost money to Madoff were allowed to claim almost all their losses on their taxes.
In short, this was a rare Ponzi where people got most of their money back.
yes you are correct
Eric Haynes not all
Eric haybes its clear that you lack facts and are misinformed. There's proof of people being conned of over 50 billion dollars. Just because they recovered 17 billion dollars doesn't mean that that's all that was taken. Most of the money was spent. Only a fool would believe that mardoff stole that money alone of course he had people with power helping him. mardoff had alot of associates and people with whom he shared this money with.
@@turyhumphrey7767 The guy has no clue.Yeah right you make a 100$ loss due to a thief then you claim it back to the I.R.S. (and maybe the I.R.S. writes you a nice cheque for a 100$ or deduct a 100$ from your next taxt return ?) and so it is not a Ponzi scheme. Not how the tax work unless they tax you at 100% lol and it doesn't hinder in any way that you were stolen a hundred to begin with.
the 17 billion were the principal and the 64 the copunded interest added.
Have you guys done anything on Lou Perlman?
The investors wasn’t even trying to be greedy, they just wants stable guarantee returns. It’s a bit like phoney government bonds where there is a risk of default and government spending bond buyers money to buy support. South America brings to mind
Man what the hell was that nonsense? There’s no such thing as “guaranteed returns”, the market is extremely efficient and risk/reward is equal at all stages. And are you referring to Chavez and Venenzuela? Neither of those have anything to do with the US Bond Market which is one of the most stable funds you can invest in.
Why does he keep saying Madoff was registered, he was NOT a registered financial manager.
Never invest with someone who can't tell you what they are investing in no matter WHAT their Title and Status is. Simple, what are "we" investing in. Then you decide from there.
only Jesus can offer that and its free!! we should be investing in the treasures of heaven! not the evil and wicked things of this world! thats the lesson i hope people take...
He’s living ‘a stress free life’. No he isn’t. His son committed suicide the other son died of cancer and he’s wife has disowned him. That’s ‘stress free’ ? Don’t think so.
I’d say multiple mansions and a yacht would qualify as “ living very well “ but that’s just me 🙄
He's saying that you couldn't recover the investor's money from Madoff's personal hard assets, because there simply weren't enough.
I’m not going to victim blame but did anyone take their “profits” annually ? It seems that would’ve been the only way to get out unscathed.
"profits" were subject to claw backs since $0 was actually invested or traded.
A Patriot they still would have the “profits” to be seized rather than loosing the initial investment. Also you still gotta come get it from me.
@@MosheXX the IRS easily recovers clawbacks. They seize your bank accounts and/or put you in prison until the funds are returned. You have to remember that most of Madoffs victims were very wealthy. One of them paid back $7 BILLION in profits received. About 70% of monies have been recovered. Madoff spend a ton of money on his lifestyle. All his assets were seized too.
A Patriot “about 70%” is a arbitrary number and it sure isn’t 100% like I said you gotta come and get it. Wealthy people hide assets.
@@MosheXX The recovery of 70% is a figure confirmed by Irving Picard. They already know exactly how much money people invested and because it is a ponzi scheme nobody is allowed to take out more money than they put in. Picard leveled out the total recovered assets such that all investors were about to be re-set to 70% of what they put in. The rest of the money was spent by Madoff and also used to pay salaries to people who worked at his firm for 30 years.
Invest your money into businesses, not risky, feather brain, shysters.
business aren't guaranteed
Complicate it to give the money back? Thats another scam!
Everyone who invested wanted more. Call it what you will .
greed! invest in the things of heaven, not of this world. that's what the bible says...if u choose to invest in the things of earth, then get what it spits back out at u, which isn't a healthy check!
Federal prison is fluff compared to criminal/mainstream crimes prisons.
WHAT ABOUT THE "VICTIMS'" GREED??
WERE THEY NOT BLINDED BY AVARICE?
hopefully, they learned that you can only trust Jesus and not the things of this world! trust the devil, get burned! trust in Jesus, u get what u earn! sorry but anything u get for free in this world isn't free, its all backed by the enemy and their greed is just as tangible as the investors who stole their money! sorry not sorry!
They all played the game together. SEC, politicians, hollywood rich people, FBI, journalists. They all knew and did nothing and were even notified by whistleblowers.
Yep and then scapegoat goes to jail
I also put 50cent front before my pension...pheww lucky me..
Remember, if it sounds too good to be true, it probably is!
You interviewed no one and didn’t go behind bars entity intro is wrong
The one thing that I did not know, is that Educated people did not know where their money was going to. So good at illusion was Bernie Madoff that he could hide that peoples money was going to him, rather than to an investment vehicle. I think if some individuals knew that their money was going directly to him, they would not have invested.
Bernis money went to israel..
Maddox uk same..
Same all over d world..
How long did he get away with it?
How many times was he audited? Bet the auditors are still employed with big pensions.
John Gormley no the company that audited him went bankrupt. I think a few of them went to jail too.
Was Harry Markopolis recognized for his courage, honesty and competence? Were SEC guys punished for taking taxpayer money and sleeping n the job?
Anna Warner yes Harry has been he’s been in multiple documentaries and been on the news a lot for what he discovered. The thing about the SEC was that before 2008 the SEC was super underfunded and understaffed so they assumed a ex NASDAQ chair man wasn’t committing mass fraud. While it was poor judgment and poor investigation work it wasn’t that they were lazy and did nothing all day.
@@ryanm1630 I hope that are not being paid salaries when government is shut down
Anna Warner lol ok? Everyone gets paid during a shutdown. Just shows ur ignorance. They may not get paid rn but they get an extra check later on.
Barely did 10 years in prison before cancer got him. Had 40 years living a nice life on stolen money. Seems to me madoff’s story is the scammers dream
bernie madoff with their money
Tyreek Murillo EXACTLY!!!!! THAT'S SOOOOOOOO SAD THOUGH!!!!!!! ITS COST HIM, HIS FREEDOM, HIS SON'S LIFE, HIS GRANDCHILDREN, WIFE, BROTHER, RESPECT, PEACE OF MIND, ALL FOR THE LOVE OF "MONEY"
They have no use for him?
That, to a narcissist is worse than death
Madoff is a narcissist
I Just changed my mind.. these were all greedy people to begin with..Bernie Is a Hero..
This is as it always was from 1776 .....call it what you will American Greed ....
We all put our lives in one basket daily, it’s called a mortgage, wife, kids. Your whole life in one basket. True
Luv1234 Not all of us. 🙂
No wife, No Kids! My money is secure.
Clawback? So if you withdraw money and they come back later and tell you to give some of it back. Lol good luck with that
You're kind of on the right track. It's similar to how taxes work, say you invested 100k with Madoff, they are fine with getting you your 100k principal investment amount back but if you say took out your "interest earning" (fake not real money earned on that 100k) you technically took out more than you put up in the first place. The reason you are subject to getting it clawed back is because it wasn't really earned, a real interest built on that 100k and it was someone else's money. Obviously this gets complicated but essentially they are trying to get people their original invested amount back which is fair, because you don't lose. The ones who made millions off their original investment with him technically received fraudulent "earnings" and are subject to getting it clawed back especially if they "made" and took out more than their original 100k. Hope I explained this well for future readers. I do agree tho, good luck prying fraudulently earned money back from rich people 😂.
NBS special corespondent: I, I, they, they, you know...
NBS? NBC?? My God...
Question: did people LOSE their money, or fail to make the kind of return that was expected? If anyone can comment?...Thanks.
failed to make the kind of return that was expected.
I’m pretty sure they lost money as well!
And obviously didn’t get the expected returns. In laments terms. You invest 1million USD. Based on your supposed return on investment you put that back in for 20 years. Never actually taking any money out. But, rightfully assuming you already banked the return each year when you reinvest. At the same time being generous with your other funds because you are (assuming you are) financially secure already based upon reported returns. When the bubble popped. You realize you have nothing at all. Even if you’re lucky enough to receive 0.75 on each dollar invested.... the way it shook out the additional funds you invested after the first million never really existed. So in this scenario you have lost $250,000.00 USD right off the bat. From your original investment. Add another 12% (according to this report) per year for 20 years that you as the investor think you’ve already banked.(But reinvested, why wouldn’t you) Then to add the hurt on top of that.... how much was the original 1 million dollars worth 20 years ago compared to 20 years later? That is a whole lot of money lost! No?
@Death Shock
@Electronomic
How fitting he is named after "Burn Me Made Off".
That’s literally not his name at all. 🤦🏼
How do you spend billions? Makes no sense.
Greed is the root of all evil as is money
Holy Crap.. I figured it out..These people wanted something for nothing...AMEN
Hunting Bernie's Billions
Got to be careful with those charities then 😧😳. I did not know much about this..."RATERO"(STEALER). Poor people who lost their money, their savings, their assets...GRRGRGRGRRR!!!😠😠😠
How do I receive the money that I was scammed out of by Madoff?it has been 10 years I’m not familiar with the technology of today can you help me to recover my investment
How much?
first, u need records...if u dont have any, ur a big fat liar. u dont need technology of today to recover something stolen, and if u were a client of his, u would KNOW what to do...u sound like a scammer...when this was put out in 2020, he was already in jail for 12 years at that time...he was arrested in 2008, so u didn't invest anything 10 years ago lmao ur such a scammer!!
I don't even get why people invest in the stock market. We don't even make products here any more. China has the market on that one. Not much to invest in here.
Retired stock broker trusts someone else to invest their money?
Agreed. Sounds like she bought into the Madoff Club idea. Exclusive membership and bragging rights.
so. the taxpayer should pay. don't see why not. the public purse is bottomless.
The wisest investment is real estate; they're not making any more of it and it keeps climbing in value. Tell me I'm wrong.
Real estate like the housing market mega crash of 2018 you mean ?
ONe of the Greatest Lies next to organized religion
So I tell asleep just looking at the guy on the right 🥱 😴 💤
Kevin Bacon is the GOAT
Chuck sounds a little like Butthead
After a few more years in "HotelCalifornia", hes FREE , but the victims.....ssssoooobbbb
hes dead
madoff played his white people
madoff played his jewish people
Relaxing 🥴😡 yikes he doesn't deserve anything
Why did he not conservatively invest the 7 billion he would have been fine but again he played to peoples greed ;)
This is just rehashed old news. Nothing new. It’s all been said in much more interesting ways👎👎
Poor people had to shuttle others to the airport?, U.S.A you still don't get it!
1st world problems...lol
Valid point. Some in the US understand, check your bias
Bernie Madoff is one of the greatest American heroes of our time
Episode 1 was beyond boring
club of greed
First!
Enron I,f it looks to good to be true, who pays 9%. there are more.
Third- rate reporting...
I watched ( skimmed) all three episodes, with NO interveiw !!!! Give Me A Break.....
FREE MADOFF !!! 🤑😁
Should've bought Bitcoin
Bernie is Jewish, so leave him alone
Lol
@@jasonprice4707 why are you laughing, Nazi? His parents were the survivors of Auschwitz.
Made-off
ITS BILLIONAIRE INVESTOR FOR WHAT WHY'D YOU EVEN GO DO THAT IF YOU GOT BILLIONS
YOU DONT NEED TO EVEN GO TO SOME INVESTOR. OH OK HE DONT GOT THE REST IF HIS MONEY. SO.SPEILLBERG NOT AN ISSUE ( I BET HE'S NOT)
Fascinating story, where everyone is white.
I'm sure he had minority investors, Baby Star.
Hey. Interesting point. I have seen multiple documentaries & stories on this scandal and never saw an investor of color.
@@DIVISIONINCISION Please share more?