Bernie Madoff: How he pulled it off

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Bernie Madoff: How he pulled it off

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3 жыл бұрын

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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Пікірлер: 263

@anlu3365 3 жыл бұрын

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 ай бұрын

Ok so… communism or socialism?

@toms9864 3 жыл бұрын

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 Жыл бұрын

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

@stevebell6859 3 жыл бұрын

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

@jamesfeldman4234 2 жыл бұрын

"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 Жыл бұрын

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😂

@tishw4576 3 жыл бұрын

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 жыл бұрын

Greed is the cause!

@goowoomoo 3 жыл бұрын

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

@skontheroad 3 жыл бұрын

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 жыл бұрын

@@zillap3343 exactly

@wjb4578 Жыл бұрын

@@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.

@terywetherlow5980 3 жыл бұрын

Stealing is Stealing.

@williammekhjian2440 3 жыл бұрын

Treason is treason off with their head pierre Campbell and mother

@Realelduque 3 жыл бұрын

But he was stealing from the rich!

@josephliptak3183 3 жыл бұрын

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

@rubana7487 3 жыл бұрын

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 жыл бұрын

Your manager is probably head of the firm now.

@Leergreen 3 жыл бұрын

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!!!!

@kathtsmall6405 3 жыл бұрын

He outlived both sons

@hardcorehunter9438 3 жыл бұрын

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

@johnk5825 3 жыл бұрын

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

@javierjp8549 3 жыл бұрын

Just short it🤷

@BrianSmith-yq7ys 3 жыл бұрын

Wasn’t a 17 percent return

@juliochavez9929 2 жыл бұрын

@@BrianSmith-yq7ys 16.99%

@BrianSmith-yq7ys 2 жыл бұрын

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

@midnightalley4586 3 жыл бұрын

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

@JenPurple2022 2 жыл бұрын

“The blame is always shifted to someone else.”

@rogerbec5766 3 жыл бұрын

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

@mlecarre2057 3 жыл бұрын

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

@rubana7487 3 жыл бұрын

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

@ryanehlis426 2 жыл бұрын

I’m sad for his sons.

@nike10is 3 жыл бұрын

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 жыл бұрын

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

@shebadog9628 2 жыл бұрын

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

@tonysteel1377 2 жыл бұрын

@@shebadog9628: Agreed! ‼️😂‼️

@billywall7752 2 жыл бұрын

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

@dougwood8549 Жыл бұрын

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

@ronaldjoseph4425 3 жыл бұрын

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!

@jsoo67 3 жыл бұрын

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.

@jamesz.williams8746 3 жыл бұрын

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

@nancycharraga 3 жыл бұрын

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 жыл бұрын

Watch the video, 3:06

@timothyleon558 3 жыл бұрын

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 жыл бұрын

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.

@romstar 3 жыл бұрын

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 жыл бұрын

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

@juliochavez9929 2 жыл бұрын

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

@jojopuppyfish 3 жыл бұрын

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

@pjfdourley4998 Жыл бұрын

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

@uyd 3 жыл бұрын

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

@YahYou813 3 жыл бұрын

Lmaooo

@thecollector3525 Жыл бұрын

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 Жыл бұрын

1/2 the investors knew this was shady all along

@gfunk63901 3 жыл бұрын

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 Жыл бұрын

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.

@vivelaresistance3239 3 жыл бұрын

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 жыл бұрын

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 жыл бұрын

Exactly

@davidf3821 Жыл бұрын

They were the ones actually recruiting and duping investors.

@kevindaniels7824 2 жыл бұрын

B-Dawg was a cash machine

@jeangalbraith889 3 жыл бұрын

SEC is corrupt

@Dalepabajo 2 жыл бұрын

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

@rhuephus 2 жыл бұрын

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

@voyager9082 Жыл бұрын

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!

@rebekkad.2092 3 жыл бұрын

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

@user-or7ji5hv8y 3 жыл бұрын

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

@MiamiPush2theLimit Ай бұрын

Exactly.

@bigmikeystyle 3 жыл бұрын

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

@mbvlove3133 3 жыл бұрын

Yup he was narcissistic

@PurpleSwan Ай бұрын

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

@zenica12 3 жыл бұрын

Greed breeds greed,nothing more!

@peacegiver1000 3 жыл бұрын

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?

@richardc488 3 жыл бұрын

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

@annsmith7207 3 жыл бұрын

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 жыл бұрын

I agree.

@Downtime_videos 2 жыл бұрын

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

@adrianaproudcatholic 3 жыл бұрын

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 Жыл бұрын

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 Жыл бұрын

@@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.

@bonscott602 Жыл бұрын

Never give money to a guy named made off

@infiniteaculture26 4 күн бұрын

Chilling

@bruinman1012 Жыл бұрын

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.

@peteraustinnoto142 3 жыл бұрын

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

@sappermade6012 10 ай бұрын

His wife and kids DID NOT KNOW THIS WAS GOING ON

@trevoreaton9520 8 ай бұрын

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.

@BenSkyLakewood Жыл бұрын

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

@ksaraf23 3 жыл бұрын

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

@jeanetteschock4744 3 жыл бұрын

The effort to produce phony trading documents astounded me.

@DR-mq1vn 7 ай бұрын

A narcissist always blames someone else.

@jackiepowell7513 Жыл бұрын

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

@maliksband 8 ай бұрын

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

@davidf3821 Жыл бұрын

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.

@ReNinaMinter Жыл бұрын

Sociopaths can fake remorse.

@microcontroller7142 3 жыл бұрын

Overall may be 70 %

@user-bi9nu8lq5g 5 ай бұрын

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.

@Superduper666 2 жыл бұрын

Personally, I hope Ruth is ok.

@thewkovacs316 Жыл бұрын

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

@crocky4938 2 жыл бұрын

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

@julieschubert6341 2 жыл бұрын

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

@bradlafferty6076 3 жыл бұрын

I heard he died owing a prison guard $20.

@paulsuprono7225 3 жыл бұрын

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

@michealjones3297 Жыл бұрын

It looks like he Madoff with all thier money

@yny2886 3 ай бұрын

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

@JTG313 Жыл бұрын

Why would you snitch on your dad

@gntvclips 7 ай бұрын

Its not even the same writing

@SCUBONZIES 3 жыл бұрын

Poor kids ,

@MRVISTA-wz7vj 3 жыл бұрын

The SEC was d.o.a WTF

@Truthseeker371 Жыл бұрын

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.

@thomasmargolis3313 3 жыл бұрын

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.

@number3stunner118 3 жыл бұрын

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

@lettyrodrz9940 2 жыл бұрын

What is ponzie?

@seiph80 6 ай бұрын

Ponzi

@alexmad69 3 жыл бұрын

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

@jmd1743 2 жыл бұрын

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.

@blleach11 Жыл бұрын

In a capitalistic society there can be no true justice.

@FooTude 3 жыл бұрын

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

@peteraustinnoto142 3 жыл бұрын

Madoffs new book I did it my way

@peteraustinnoto142 3 жыл бұрын

The king

@clockwork914 3 жыл бұрын

Eat the Rich 🤑

@suzannesardinha6337 3 жыл бұрын

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.

@lawrencempeltier4112 3 жыл бұрын

He didn't pull it off!

@lukefer7579 Жыл бұрын

Greed

@tonysteel1377 3 жыл бұрын

Ken Griffin is next.

@bradlafferty6076 3 жыл бұрын

Blue Chips!

@icu1585 3 жыл бұрын

Welcome to Wall Street

@charlesloomis2224 Жыл бұрын

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

@paulsuprono7225 3 жыл бұрын

He took his sons down with him, both emotionally and physically ! 😝😬💀

@leeteplitz7673 3 жыл бұрын

Very very sad

@gfunk63901 3 жыл бұрын

They were weak. Bernie didn’t hang himself.

@terywetherlow5980 3 жыл бұрын

Much as Politics skimmed for themselves....

@SoCal90755 2 жыл бұрын

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.

@SpaghettiKillah 2 жыл бұрын

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!

@SoCal90755 2 жыл бұрын

@@SpaghettiKillah I understand very well what happened.

@richardlacey4923 Жыл бұрын

1/2 the investors knew some shady stuff was going on all along

@curtst.romain6053 3 жыл бұрын

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.

@jodo6329 2 жыл бұрын

No?

@strechinpick Жыл бұрын

Biggest up till then…

@akshaydeshmukh2387 3 жыл бұрын

I think he got his punishment

@robertafierro5592 Жыл бұрын

He made off with the money!

@hajalameh 3 жыл бұрын

I bet the grand kids will change their last names.

@williammekhjian2440 3 жыл бұрын

CIA catches up with em

@masonjones3780 3 жыл бұрын

If only he really did invest in those companies he actually would’ve made a profit for his clients. Insane

@da.de.7915 3 жыл бұрын

he faked those investments always late, its like saying "had i invested into bitcoins 15years ago i would be rich"... so thats what he did he fake invested backtracked the price to some good day in the past and faked everything else from there

@katg109 2 жыл бұрын

But that would have involved real work!