On Dec. 11, 2008, Bernard L. Madoff confessed that his vaunted investment business was all “one big lie,” a Ponzi scheme colossal in volume and scope that cost investors $65 billion. Overnight, Madoff became the new poster child for Wall Street gall, greed and corruption.
Madoff was repeatedly investigated by the SEC, but it found nothing amiss. He remained a pillar of the financial world until the markets came crashing down in late 2008. “The fact is, he easily could have gone through his life without this being found out,” says Madoff investor Burt Ross. “The only reason that this ended was because, at one given point in time, the economy did so badly that people wanted—needed—to get money out of Madoff’s investments.”
Through exclusive television interviews with those closest to Madoff’s operation, veteran FRONTLINE correspondent Martin Smith unearths the details of the world’s first global Ponzi scheme—a deception that lasted longer, reached wider and cut deeper than any other business scandal in history.
Watch The Madoff Affair, airing Tuesday, May 12, 2009, at 9 P.M. ET on PBS (check local listings), or watch it online after that date. But, whatever you do.. don’t miss it!
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I don’t know if I will be able to sit and watch it. Some of the testimonials I’ve watched already are down right depressing. Honestly, I’m surprised some nut job hasn’t already tried to do something drastic to the Madoff family. You don’t steal that much money without making some high profile enemies.
Posted 12 May 2009 at 6:42 am ¶I can understand where you’re coming from. But, sometimes its like watching a car wreck. You know it’s horrible, but you just can’t keep from watching.
Posted 12 May 2009 at 7:52 am ¶Just saw the episode and thought it was pretty interesting that in taking responsibility like practicing due diligence no one wanted to take any responsibility. The european aspect was quite informative as well. Just think it just took the collapse of our economic system by bankers who should have never lent, oil future investors, and america’s over usage of debt to finally uncover this jacka$$. No wonder you were not believing in the markets a while back.
Posted 12 May 2009 at 7:14 pm ¶Now you know why I’m such a proponent of personal “hands on” financial and investment management.
Anyone actually believe anything said by those who were interviewed, whom worked with Madoff? They’re still walking the streets and living the good life, along with Madoff’s family.
It’s also amazing how the SEC has enough manpower to investigate and bring charges against Mark Cuban, but allowed Bernie Madoff and his cohorts to operate at whim.
Such is life on Wall Street.
Posted 13 May 2009 at 1:01 am ¶thought it was pretty interesting that in taking responsibility like practicing due diligence no one wanted to take any responsibility.
That was the first thing that jumped out at me too. The more they tried to explain it was all Madoff’s fault, the more guilty they looked. I’m surprised that they agreed to be interviewed in the first place.
Posted 13 May 2009 at 8:29 am ¶Yeah it was really tough to not feel for the feeder fund managers. Who were they kidding, it shows how little so called fund mangers really knew about the market place. It was seriously disturbing that people can become experts, without knowing anything.
Posted 14 May 2009 at 6:43 am ¶I Tivo’d this and finally got around to watching it last night.
In my opinion, somebody got bribed at the SEC. With the overwhelming evidence brought forth by Marcopoulos, I can’t imagine even the most incompetent person screwing up the investigation unless they got paid off. That congressman sure did lay into them at the hearing.
Second, its rather amusing to see all the litigation going on. Everybody involved is trying to sue anybody they can to either shift the blame, cover their losses, or stay out of jail.
Lastly, I think in normal times fear and greed operate the markets at comparable levels. For those involved with Madoff though, it appears their ignorance surpassed their fear, with greed magnifying the whole effect.
Posted 14 May 2009 at 8:25 am ¶MJ: They know what they’re doing. They’re just “acting” stupid. How much more difficult is it for someone who’s stolen millions to lie about their behavior? They’ll say anything if they think it makes their case look better. Anyone and everyone who was involved with Madoff is guilty.
Dave: I agree with you, except that I think the scale of corruption is larger. Why do think Madoff always has that smirk on his face? He know something that we don’t. I believe that he has even more and bigger fish in his back pocket. Mark my words.. he won’t serve any more time than Milken served and he’ll come out of prison just as rich.
Two sad things about this whole mess:
1. The dumb asses who trusted their entire life savings with this “one” individual will receive, at best, only 10% of what they gave him. (That’s right, I don’t have a lot of sympathy for them)
2. The biggest hero to average American investors, Harry Marcopoulos, someone whom could be trusted to help turn around an increasingly corrupt system, will be deemed a pariah on Wall Street and will never be appointed to head the SEC, FINRA, or any other similar type organization that supposedly looks out for investors’ best interests. Everyone will remember Madoff’s name but Marcopoulos will fade into oblivion.
Posted 14 May 2009 at 2:10 pm ¶On point 2. Its true, I hadn’t heard of Marcopoulos until I watched this program, though that isn’t saying much. I hope he gets an incredibly awesome book deal out of it, and they publish soon, and he makes millions off it. It’s the least he deserves.
Posted 14 May 2009 at 8:26 pm ¶I guess point 1 sounds a little harsh, huh?
It’s because I get upset when people don’t follow their own instincts, don’t diversify, and turn over their entire life savings to a single individual without blinking an eye.
Posted 14 May 2009 at 10:14 pm ¶I’m amazed at how deep and widespread Madoff’s scheme is turning out. The Wall Street Journal has a page dedicated just to the Madoff case, and it’s pretty thorough.
Posted 03 Jun 2009 at 5:42 pm ¶Is it possible to ask a question of Harry Marcopoulis? If so, does he know anything about Banyan Partners? Located in W. Palm
Posted 14 Jun 2009 at 6:08 pm ¶Beach, Fl. and Wall St., N.Y.?
An exclusive book excerpt from Madoff postmortem Too Good To Be True, penned by the Barron’s reporter who sounded the alarm in 2001. Video: Erin Arvedlund discusses her new book on Bernard Madoff.
Tailored Returns – Barrons.com
Posted 12 Aug 2009 at 10:20 am ¶Here’s a link for anyone interested in following the trail of Madoff’s crimes, and to see just how many of your “trustworthy” advisers just handed your life savings over to Madoff.
Bernard L. Madoff Investment Securities LLC Liquidation Proceeding
Posted 01 Aug 2010 at 1:06 pm ¶As 60 Minutes correspondent Morley Safer first reported last September, Irving Picard, the court appointed trustee – the liquidator – is the man assigned to find that money and return as much as possible to Madoff’s investors.
CBS News 20/20 – The Liquidator
Posted 14 Aug 2010 at 2:26 am ¶Post a Comment