Bernie Madoff Story - What do you remember?

godawgst

Looking at Baseman's recommendation of VYM made me think had Bernie just put some of his money into that or any index fund that actually made some money, he might have been able to run the scam a little longer.

Watching the news and documentaries and movies about it this is what came to mind.

One of his sons could never get the promotion to 2nd/3rd in command and always wondered why. When it went down he obviously figured it out.

Madoff was really smart in that he only had 3 other people in on it, which is one more than I would want, but none the less still really good.

Lastly was when market was crashing in 08 him and his right hand man jokingly made the comment "if they only knew all their money was in the safest spot possible sitting in the bank not losing anything". The irony of it.

Guy who figured it out and took it to the SEC (they thought he was a crock pot) showed them the numbers of how every month Madoff supposedly made money no matter what the market did, and said as a comparison would be the equal of a baseball player hitting close to .500 (or some other out of this world stat) iirc.

EwaDawg

godawgst said:

Looking at Baseman's recommendation of VYM made me think had Bernie just put some of his money into that or any index fund that actually made some money, he might have been able to run the scam a little longer.

Watching the news and documentaries and movies about it this is what came to mind.

One of his sons could never get the promotion to 2nd/3rd in command and always wondered why. When it went down he obviously figured it out.

Madoff was really smart in that he only had 3 other people in on it, which is one more than I would want, but none the less still really good.

Lastly was when market was crashing in 08 him and his right hand man jokingly made the comment "if they only knew all their money was in the safest spot possible sitting in the bank not losing anything". The irony of it.

Guy who figured it out and took it to the SEC (they thought he was a crock pot) showed them the numbers of how every month Madoff supposedly made money no matter what the market did, and said as a comparison would be the equal of a baseball player hitting close to .500 (or some other out of this world stat) iirc.

There you go. Thinking how to make it work even if you never would steal.

Kudos.

greenblood

Had the 08’ not happened and big investors not requested their money, this scam would still be happening.

FireCohen

greenblood said:

Had the 08’ not happened and big investors not requested their money, this scam would still be happening.

This. Them redemption what ended the show

creepycoug

FireCohen said:

greenblood said:

Had the 08’ not happened and big investors not requested their money, this scam would still be happening.

This. Them redemption what ended the show

The redemption is what always ends the show. When you're being called and you have shit for a hand.

TheRoarOfTheCrowd

The totally ironic part of this story is that Madoff was a loser that didn't believe in himself, so he decided to simply take other peoples money in the classic and not very original pyramid scheme. I will never understand why anyone ever thinks they will get a way with this as a strategy ~ I can only conclude that this is a form of a death wish.

The ironic thing is that while he was working his magic with the imaginary asset management program, the company that he did build to trade securities as a market maker actually did become the 3rd largest trading market maker on the street ~ and in the process developed into an asset literally worth millions. The point is, if he had believed in himself, and followed the dream of building an elite trading company all of his financial dreams would have been realized.

PurpleThrobber

There’s bad dudes in finance. Always have been.

Scams are plentiful and they do take a little time to uncover.

FireCohen

DawgsCanDance said:

The totally ironic part of this story is that Madoff was a loser that didn't believe in himself, so he decided to simply take other peoples money in the classic and not very original pyramid scheme. I will never understand why anyone ever thinks they will get a way with this as a strategy ~ I can only conclude that this is a form of a death wish.

The ironic thing is that while he was working his magic with the imaginary asset management program, the company that he did build to trade securities as a market maker actually did become the 3rd largest trading market maker on the street ~ and in the process developed into an asset literally worth millions. The point is, if he had believed in himself, and followed the dream of building an elite trading company all of his financial dreams would have been realized.

I remember a profesor at uw actually was an expert witness on the case or something. He said had he actually followed the strategy he was marketing he actually would have been all right lol

creepycoug

DawgsCanDance said:

The totally ironic part of this story is that Madoff was a loser that didn't believe in himself, so he decided to simply take other peoples money in the classic and not very original pyramid scheme. I will never understand why anyone ever thinks they will get a way with this as a strategy ~ I can only conclude that this is a form of a death wish.

The ironic thing is that while he was working his magic with the imaginary asset management program, the company that he did build to trade securities as a market maker actually did become the 3rd largest trading market maker on the street ~ and in the process developed into an asset literally worth millions. The point is, if he had believed in himself, and followed the dream of building an elite trading company all of his financial dreams would have been realized.

Very true. I’ve been told the movie they made about the whole thing was very close to the facts and validated this.