why is madoff the scapegoat for all the finanacial worlds ills
I think he's more a poster boy for ill-gotten gains. This is why when people like him lose their lot it is almost to the betterment of mankind.
Much like that Rod Petricevic guy - no-one is getting their money back so the next best thing really is the entertainment value in seeing him lose everything, cry pity me in court, have his Porche taken from him etc.
bob_d there is a difference between speculative money ventures that take risk for the possibility of reward, and what madoff did.
He simply took peoples money and put it in a bank account and then published fictitious results purporting to be someone achieving above average results. this gained him a massive following and somehow he kept up this facade for decades by using fresh investors money to satisfy those who requested some of their original money back.
Fraud in a word , from someone who was deeply enmeshed in the New York financial scene.
While a lot of money has been lost by people where investments became worth less than they used to be , most of it wasnt outright fraud as per Madoff.
The fact that his daughter married someone in the SEC around the time of an investigation also stinks - there must have been more people who knew Bernie was a fake , I reckon he decided to take the rap so the others can go free.
Apparently his office had so much coke going round they called it 'The North Pole'
Madoff said in the interview that the SEC examiners "never asked" for basic records to corroborate his operations.
Madoff said the SEC never asked him about his tiny accounting firm. It seemed incongruous that, with more than US$65 billion in private investments he claimed he oversaw for thousands of people, Madoff used what seemed to be a small-time auditor with a minuscule office in suburban New City, N.Y.
Its stunning isnt it... it shows just how much can be achieved through pure confidence.
The computer programmers, Jerome O'Hara, of Malverne, New York, and George Perez, of East Brunswick, New Jersey, were arrested at dawn on Friday at their homes on charges including conspiracy and falsifying records.