I let my anger get the best of me.

Cars Simplified Brilliant comment. I loved it.

you know, the more i learn about this bernie madoff guy the more i don’t care for him

Company Man don’t worry sometimes it gets the best of us

You're from the Midwest aren't you

dont know about that. but i keep getting emails from some manager at the bank of china, about some dead person that left me money. also been getting emails about winning the uk lotto,. didnt know i played. lol

HELLO GENTLEMENS. I AM BARRISTER SWANSKI MORODDO of the main bank here in UGANDA at the PRESIDENTIAL OFFICE. I have been wanting to be of contact with both of the you for your sum of ONE MILLION US DOLLARS (100.000.000USD) by transport of DHL CARRIER SERVICES. Please contact me with no delay on this matter.

cmdraftbrn ccarreon you guys are so lucky this guy, David Holcomb just happened to be looking at the comments on this video. I’m not even lucky enough to find a dollar on the ground.

ccarreon no not him. You gotta trust someone

Trust Americans, not Nigerians. Send me your money.

Everyone was happy until "Harry" came along... Oversmart Harry

Lol I was just thinking that. There'll be no living with Harry after that.

Oh absolutely!!!!!!!

RIGHT I WASNT SURE WHERE THAT WAS GOING

The movie is as bad as the Madoff scandal

It was as bad the emoji movie because the emoji movie sucked but it made a bunch of money

TwistedGwazi r/I’m14andthisisdeep

The IMF and Federal Reserve bank are two ponzi schemes bigger and worse than Bernie Madoff. Madoff was unfortunately, just doing what all his buddies in power were doing.

Christopher Conard oh you nailed that one psychologically! He laid those honey traps that were just irresistible to egomaniacs. Not that I don’t feel bad for the people whose lives he ruined, but like I’ve always heard: If it sounds too good to be true; it is.

Sound like sales tactics

yeah they were members of the suckers club. I guess most went to their neighborhood bankruptcy trustee's and are members of the bankruptcy club too!

Don't ever underestimate the other guys greed. Robert Logia playing Frank in Scarface, schooling Tony Montana about money.

Exactly, their own greed led them to an extent.

That is actually very funny.

There probably is.

i screamed

I use that name association to mark the beginning of Earth entering the superhero/super villain era

Maybe...HE IS!!!

high school...jesus, i am old af haha

@@hephaestus6365 sexual reproduction is at least 1 billion years old. So you are almost certainly not old as fuck. ;)

The fuck is going on here’

ihswap everything is a scam there’s legal and illegal scamming

@@UltimateBreloom 🤣

george washington lost his money in the bernie madoff scandal

@@indoor_vaping King George saw through Madoff and was laughing at Washington in his final hours.

Exactly!

@@misty379 ttttht

That's because the documentaries went into way more detail. Details that frankly most people can't understand. The clear concise way you speak of is called layman's terms.

yeah i watched a video that explained it way better than this one

@@kosys5338 true

Hopefully, they'll soon team up in the same prison cell 😀

@@user-xr3rb6pn9m best answer 😂

Nightmares

The dream team

Killer duo

No, just don't trust them easily or quickly

nah u can trust me tho

Devin Crum don’t you learn from his channel? Yes? Therefore he does teach

@@Kakyyoin He means teaching teens or college kids in class.

Pink why would he? He can reach a much bigger audience over KZfaq.

His channel should be a class

@@cutienerdgirl I mean I think he'd rather do something like KZfaq as he's not forced into talking to specific topics and can be more freeform

Lol

Hah, that’s pretty funny. RIP

Ryan Tiemann 🤣🤣🤣🤣

🤣 I miss Robin

Ryan Tiemann Or: Dewey, Cheatham and Howe

Laughs in Australian

😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂 *the meteor strike that killed the dinosaurs* 'The dinosaurs weren't looking too healthy those days'

🤣🤣🤣🤣🤣

Derek Smallshorts I agree with your assessment.

Agree. In fact it's easier because family have no objectivity

armchair quarterbacking ... his wife was his bookkeeper... please . one son committed suicide.. would be interesting to get an actual list of those who did kno and were paid off... 💩

The only thing that goes up for ever is priapism.

Social Security is an ADMITTED Pyramid Scheme. Or, rather, paid by outside sources. (Specifically, tax dollars). And, you should probably add an "Overly", but yup. Returns in investment will always have variability, period, unless something else is going on. So, if anyone ever offers you "Guaranteed" returns and it isn't a Treasury Bond? Run.

Daway Legit oh I know....

Ehhh, Apple cost around $30 in 2000. Now I think its.....?.....$400?

I think Pyramid Schemes are like Communism. It "should work" on paper. If the person utilizing it is A) open and honest that's what he's doing, and B) Not an idiot / greedy. But both of those things never happen.

Totally agree

but the South Sea Company was made to help England's debt, this scandal was made because some guy was greedy (also, have you ever heard of F4, it helps when trying to locate something in a lot of text).

In the times of Charles Ponzi (before it was renamed after him), the scheme was called: "robbing Peter to pay Paul scheme".

goodbye

didnt expect to see you here

Someone see this person out.

The Narrator *puts on shades* YYYYYEEEEAAAAAYAAAA

Weekend at Bernie's

Washington DC is a good place to look

Quote of the century right here.

And biggest

Aaron Misner ++

TheAceOffRoad I wonder how would the story end if people believed on cassandra, would it became a happy end and a short one too?

TheAceOffRoad what if all the victims knew about the scheme but just go on with because everyone wants the benefit but when it falls no one wants to be apart of it. sorry for my bad English. reminds me of The movie (money monster )the villain said that everyone will say nothing if the scheme makes more money for them.

Muammar Gibran well, if people believed Cassandra, the city of Troy could have been able to defend itself, and if Agamemnon had survived the war and gotten home with Cassandra as a prize, his wife, Clytemnestra wouldn’t have been able to kill him

He was a relative nobody with a tiny portfolio armed with a (very true!) hunch. He also trusted absolutely no one. Compare this to multimillionaire investors who all got the money they wanted from Madoff. Fun fact: the SEC finally sent an investigator to Madoff after enough begging. And Madoff conned the SEC investigator. The investigator wrote that Madoff was either innocent or the world's greatest liar. And the case was dropped.

Michael Burry is about to be right again.

Danny Cheetham this would be great

Patrick Boyle has a nice video on it.

I feel like it was almost certainly just orchestrated to reduce the risk of the kids getting jail time too.

Why would Mark commit suicide though? Sure things gotta be tough on him but man, if he was truly innocent..... he would be able to tell himself only he and the lord knows that and that would be enough to keep going and atone for his father's crimes.

trust no one not even yourself

You can trust me. I got you bruh.

kodiak wild trust no one ,keep a dagger behind your back ,keep your money , betray the master.

kodiak wild not even in the mirror?

Tom Hanks? I don't know if I should trust him, but he comes across as someone I could.

Omg I see it now! #conspiracytheory

US Lmao.

lol true^^

US yeah

watch it on 144p

Agree

Even a bank or bitcoin exchange for that matter. Look at the Greece bank when everyone went to get their money out at once. There’s no backed gold standard anymore. Money is just a promise to pay and only has value because people think it does.

An even bigger Ponzi scheme is social security. People getting paid with what you're investing now hoping you get a return later on.

@@mikecarnivale7304 i don't think it's bigger that one is massive 20 billion & all goes to one guy ..how u beat that?

@@azzajohnson2123 this is the exact reason why the gold standard was removed

He didn't invent the scheme

​@@bronzebuilder2115neither did Ponzi, he learned about the scheme from a fraudulent bank he worked at

to be fair, there's plenty of those online

I was going to post BITCONNECT if no one said it.

I honesty think it's worth looking into it. People are trying to abuse bitcoin a lot. I've seen investment ads in Japanese youtube

Bitcoin is more pump and dump rather than Ponzi Scheme as is often being said. Pump and dump is still fraud and something that has been done numerous times with other kinds of investments (primarily stocks and bonds but not exclusively in them too). There are definitely Ponzi schemes being done with Bitcoin and other crypto currencies as well, particularly with the exchanges (where you need to be incredibly cautious when you trade virtual currency for real currency in either direction). I completely agree it is something that by itself deserves an episode on this channel.... but it is also incredibly complex and needs somebody who knows cryptocurrencies to get involved to explain the whole situation.

In the wise words of Carlos, "NONONONONONONONONONONONONONONONONONONONONO"

I think that is worth looking most into is not bitconnect itself, but rather the culture around bitcoin in the mainstream, with Bitconnect being the biggest example at the moment. I think it is crazy to see the way they are trying to market it to the mainstream, and pretty much scamming people. I am currently living in Japan, and it is not rare to see KZfaq ads about bitcoin services, seeing billboards in Tokyo talking about it and the alike.

That's exactly what Bernie's second investor said. ;-)

David Murphy 😭😭😭

It happened!! Nearly 2 mil now

They investigated him and asked him if he was doing anything wrong and he said no. They then asked him "Are these the droids we are looking for?" He waved his hand and said "These are not the droids you are looking for."

Lived in Grand Rapids for a decade (Amway is headquartered in the area.) I can't tell you how many times I came across peers wrapped up in direct marketing.

Just like the Orlando Magic, screwing its fanbase, passing on potential stars by drafting busts, trading draft pics for garbage, and not developing+holding unto stars like Shaq and Tmac. One of the worst Nba franchises of all time.

Amway and other "multi-levelmarketing" schemes are just "legal enough" to not be illegal.

The only reason it's legal is because you technically are "working" for the money. You still have to sign up the people below you to take a piece of their money and if it doesn't work, that $100 you spent still gets you the "starter pack" of bullshit products so it's consider as if all you did was buy some personal products for yourself.

That's an mlm.. It's one legal step away from a ponzi scheme

Risk management but yeh it’s fishy

Independence? My dad had his own electrical company but when I became an electrician, I went off on my own, because I didn't want to be handed the job or have privileges. Maybe they wanted something similar?

@@TheCrazierz That would be like you starting a electrical company and not knowing what electricity is

@@MeneTekelUpharsin that doesn't make sense. This exact thing happened to me. I worked with my dad as a kid/teen but I didn't want to inherit/get handed the business so I just joined the electrical union as an apprentice, where you work and learn.

@@MeneTekelUpharsin this analogy makes no sense.

10%-12% is very much possible. Just look at any S&P 500 ETF

Bikes & Drones Great point.

S&P 500 has returned an average of 10% over nearly any 10 year period. One year it returns 20% and the next it returns 5%, or in the case of 2008 it dropped 40%. Madoff was promising 12% every single year and delivered like clockwork. Big difference. I recommend an S&P500 index fund because of the long term averages. No financial adviser or fund owner who is legit will promise a particular return on investment every year. If they do, run away.

Chris Geld umm 12 percent is not likely or common and there is not one S&P etf that has consistently done 1 percent per month.l is closer to 13 percent annually btw 13 percent over any length of time is amazing.

Matthew Familia lol in madoffs day? How old are you? How long have you been investing? Today is in madoffs day. Either way back then and today nothing has changed it was just as hard back then as it is today to find a fund consistently providing 13 percent. You can’t find any.

Or Usain Bolt.

Ash Kitt -- Uhh...I have to disagree. Human nature is human nature, regardless of which society a person was raised in. Even communal societies have to deal with people being greedy and overstepping their bounds or violating the rules of the community. Greed has been a fundamental human characteristic throughout our entire existence. Hell, even our primate ancestors were greedy. Societies differ in how greed is tolerated or viewed...but it's intrinsic to all of us.

I have to disagree. Just because some people are greedy doesn't mean that culture doesn't affect that greed or that those who are greedy define human nature. Yes, humans can be greedy, but we're also capable of astounding selflessness that's just as much part of human nature as greed is.

Agree.

Aaron Misner As far as I know, or anyone for that matter, people living in remote areas of the world untouched and uninfluenced by society do not have issues with greed. Greed comes from the competition for resources; the more resources the more you'll seek even if not necessary for survival. Considering how mutually necessary each of these people in these extremely small communities are to each other competition would be disastrous. Point is, survival above greed. They need each other in these hostile environments, and so greed doesn't rear its ugly head. Greed is only a thing because of society. Society influences 99.9% (rough estimate obviously) so it's easy to assume greed will always be a thing, and it realistically is, just not technically.

What are you talking about? With SS you *are* required to gain benefits, assuming you live long enough (well lower than the average lifespan, i'll add). SS has plenty of problems, but calling it a ponzi scheme is ridiculous.

Bob Sled yes bitconnect is a pyramid scheme

Bob Sled Bitconnnneeeeeeeeeeeccccct

wasu wasu wasu wasuppppppppppppppppppppppppppppppp

Bob S just cause money was stolen dosrnt make it the same

hey hey heeeeeeeyyyyy

I don't get it

kinda hard to joke about something that ended with actual suicides.

Hieronymus di Colonna i

Use freaking basic wisdom moral and logic. No need for books.

well duh

Well, some stories said he also did legit investment on the side, either to cover his track, laundering his earning, or the ponzi scheme was basically emergency resort to cover bad investment (at first). And his scheme also depend on his charisma and trustability among his peers and finance community in general. That Markopolos guy who suspect the case at first? Became laughingstock among his peers for several years until the scheme unraveled. His scheme also basically exploit his victim by gave the investment return 'just enough'. Higher than most banks, but lower than usual ponzi scheme before his era (10-12% return). The caveat is that, unlike normal investment (who can go up and down, sometimes loss), he promised constant revenue/ profit. (Bank also promise constant revenue, but they also literally backed by Government (Federal Reserve). The caveat is that their rate also being capped, among other things, but most bankers agree it's small price of secure business and not getting lynched by angry mob when economy decided to take a dip)

I have many of the same questions you do. What on earth was his game plan? Perhaps, he didn’t have one because he just felt like he wouldn’t get caught, that he was untouchable, and that he could get away with forever. I’m not sure. However, I definitely think his children knew, and that his wife was aware - if they didn’t know entirely how deep the rabbit hole went - in my opinion, they at the very least knew that something just wasn’t... right.

Tiffany Twisted you’re dumb af

I find that very interesting. Thanks for telling me.

Harry Markapolis' book is good too. Plus being an accountant will probably make it easier to understand.

Thanks for the recommendation. I put it on the top of my queue.

if you are interested in other movies on this topic, there is a 6 part miniseries by ABC from 2016 just called "Madoff" and there is also a documentary in the Frontline Series from PBS (Season 27, Episode 14 titled "The Madoff Affair") that I found pretty interesting.

Thanks. I will check them out. I just finished reading, "No One Would Listen" by Harry Markopolos. It was a scary book.

yeah. he saw the whole thing pretty early on and alerted the SEC. they didn't want to touch it or didn't have the resources. if you're interested in stories about the manipulation of financial markets I can highly recommend the book "Flashboys" by Michael Lewis and a documentary called "The China Hustle" (produced) by Alex Gibney.

They're the banking overlords and he's just a regular guy so he's not protected.

The banks make sure the average interest you get is not greater than the average amount they get back from investments. Thus, in the long term they are always able to pay you back, unless for some reason every single one of the people who invested in the bank asks for the money back at the exact same time, and even then all the bank has to do is wait for its investments to be paid back and then it can pay all those people back. Also, the Bank is open about its finances and what it is doing. In contrast, in a Ponzi scheme, the average interest paid back to you is several times higher than the average amount of money being made on the investment (it most cases, no money is being made on the investment.) In addition, the finances are hidden so you think they are actually making a return on investment equal to your gigantic interest. If everyone in the Ponzi scheme ever wants their money back, the money won't be there, and it never will show up. The only way for what a Bank does to be the same as a Ponzi scheme is if it is offering bank accounts with interest higher than the average return it gets from where it invests the money. Banks in the main don't do that (If you find a bank that does, don't open an account.)

"with interest higher than the average return it gets" - like what happened to ALL banks in 2008

2008 is better described by saying that a large number of the places the banks invested in suddenly defaulted at the same time. That did make the interest go higher than the return, but not because they put the interest too high, but because of a temporarily slump in the return. Over the long run, the average interest still remains lower than the average return because the defaulted returns in 2008 are counterbalanced by normal years elsewhere. It is true that if every single person a bank loaned money to defaulted all at the same time, the bank couldn't pay you back. That's called insolvency. Like, there is a huge difference between how a bank works really, really hard to not fall into insolvency, and how a Ponzi Scheme is built to be permanently insolvent, and trick everyone into thinking it is not.

When you borrow for a day and lend for 30 years you are not trying to be solvent. youre hoping that more deposits come in than withdrawal requests if not a bank run is inevitable. the fact that its fdic insured or what not just means the gov is backing this ponzi scheme

big scams happen when the economy is booming: most people become complacent & greedy, and want easy & high earnings - Charles Ponzi operated circa 1920 (fast-growing economy); Bernard Madoff 1993-2008 (stock market bubbles); Elizabeth Holmes 2015 (tech bubble)

Stupid comparison. Running a ponzi scheme helps no one. The social security program and the money that goes into it helps everyone.

It is, run away my friend.

Sounds like you're talking about Amway

Number Six He made a community post about it, but he might do an update video.

Number Six they're not getting that ugly. It sucks that a bunch of people will be out of work, but nerf guns and lego at liquidation prices, yo.

Not Lego unfortunately. Nor Pokemon TCG product; that stuff got pulled out of the store by the people that actually stock it (outside vendor) the second the store closing signs went up.