60 Minutes Archive: The man who figured out Madoff's Ponzi scheme

In 2009, 60 Minutes interviewed Madoff Ponzi scheme whistleblower Harry Markopolos, who said he alerted the Securities and Exchange Commission of Madoff's fraud starting in 2000.
"60 Minutes" is the most successful television broadcast in history. Offering hard-hitting investigative reports, interviews, feature segments and profiles of people in the news, the broadcast began in 1968 and is still a hit, over 50 seasons later, regularly making Nielsen's Top 10.
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[@SteveHencye]

"People in glass houses don't throw stones and self regulation on wall street doesn't work" is all that needs to be absorbed from this interview.

[@dennisdickson8058]

The same in politics. Accountability does not exist.

[@jv-lk7bc]

@@dennisdickson8058 it may be invented soon.

[@jv-lk7bc]

They've got Bernie's much bigger uglier cousin Donald in their sights.

[@whatwhat3432523]

@@dennisdickson8058 Depends on where you live, small countries with no aristocracy and rampant elitism doesnt have those issues. The same people and problems haunting wall street, are also haunting US politics. The US population in general, screams in pleasure when someone suggest removing all sorts of regulation and control from the markeds. The reason so many people lost their money in europe, was exactly because the SEC constantly cleared Madoffs name, and legitimated his ponzi at every turn.

[@donyutejamaica631]

SEC was all in on this f$&&?# scam!! Bernie could not pull off this scam for 20 years without some inside help! I’m sorry! Why did most, if not all major Wall Street firms bot invest in the Bernie Maddox Hedge Funds??? Dam shame?

[@stevemiller4292]

3:45 him admitting he had a motive raised his credibility 1000%

[@ChaossX77]

Him being correct also did.

[@sabinachrzan8339]

Let’s not forget that real professionals never believed in Madoffs insane profits. The traders all thought it was fake. Nobody traded with him. And yet not a single one of them called the SEC.

[@kathleenmeyer3124]

SEC members had money in that scheme so they didn't want him exposed. They had a stake in it not being a fraud

[@youngbloodnba]

Motive is not always bad haha

[@stevemiller4292]

@@youngbloodnba agreed, but it’s rare for someone to admit their motive rather than blindly talking praise for being the “genius” behind finding it and reporting it.

[@sheaevans1534]

I love this exchange "Maybe he was good" "No one's that good " LOL

[@yasminhabibti721]

Exactly. Lol.

[@NoPulseForRussians]

Maybe a quantum computer...but not a human being.

[@FTsingos]

Bernie Madoff was good. He knew people's greed. He knew people would ask no questions if they were getting 30% return. If the financial crisis didn't happen back when it did, he would've died before anyone figured it out.

[@gogirl8739]

@@NoPulseForRussians Human being made the quantum computer 🙂

[@joelwillems4081]

He actually wasn't a good investor at all. Even his fake investing was only 10%-12% returns. It was the issue that they were consistent that attracted investors. I don't know why as they could have more than doubled that return in a ten-year time frame with a competent stock picker but there's a story about fools and money.

[@vitohoney5911]

I think Harry Markopolos did great in this interview. He owned up that he had personal reasons he could have wanted to see Madoff go down. He explained everything in a way that was firm and seemly fact-based. And explained things in a way people can understand it. And I commend him for doing the right thing, even if he had no support and was for whatever reason over the years. And bonus points for me, he did not seem boastful.

[@garybuttherissilent5896]

from*

[@heidithaw1072]

I applaud Mr. Markopolps however it is hard to imagine there were not others that knew and said nothing.

[@susanuthke7477]

Yyyyy

[@mikekemsley1531]

@@heidithaw1072 Watch The Big Short.

[@cindyinnew]

@@heidithaw1072 he said himself that 100’s of people knew that something was amiss. The problem was that Madoff was so embedded in the SEC. The SEC should hang its head in shame

[@jontolar6838]

This dude figured it out in 4 hours. And humble too. Lol. “No ones that good”

[@freddiewadling2090]

Ed Thorp found out the same thing the same way, even earlier. There are some really smart people out there!

[@frederic6998]

@@freddiewadling2090 not necesarrily smart, if they were in the investment business they knew what to look for. And obviously here all the fundamental were missing.

[@TheMexboxing]

In 5 minutes.

[@josephconner3742]

Yes they are. If Bernie convinces his gullible investors that 2 plus 2 equals 5. The problem is you know that there were people who probably knew what Bernie was up to who either were being paid off, or worse, they were negligent in his shady activities, and weren't interested in getting to the truth.

[@pak3ton]

no, he figured it out in 5 mins but took him 4 hours prove it with maths.

[@Robert06087]

The fact that Madoff was Chairman of Nasdaq!!!! Let that sink in !!!!

[@xendava9360]

That's beyond scary.

[@jeanlaubenthal698]

That to me too was horrific...insider blindness.

[@chrissinclair4442]

#GovSanctionedMoneyLaundering I believe there were several people who went to the SEC and FBI. I assume it was #GovSanctionedMoneyLaundering and want to know if #GovSanctionedChildAbuse was involved? Are there links to #FriendsOfEpstein?

[@miny7322]

Stock market is just like Madoff Scheme

[@Simple_Jackass]

Not just chairman, he was one of the inventors of it!!

[@hyperhype1000]

He's super smart and has a strong moral compass. What a rare combination.

[@tranquility7778]

Like your comment but don't agree on the whistle blower's moral compass....my institution tells me something else.

[@deepsleep7822]

@@tranquility7778 : agreed.He checked into Madoff’s business because it was hurting his.

[@ajbriggs]

@@tranquility7778 intuition or institution?

[@CC-si3cr]

@@deepsleep7822 Here's my question: The nerdy math guy contacted the SEC 5x over several years and no one responded to him. Why didn't he contact Bernie's clients and alert them? If Madoff was hurting his business so much why not hit him where it hurts and that's by having clients leave his firm, but @ least some of them would get to leave with their money.

[@deepsleep7822]

@@CC-si3cr : in a perfect world, Harry M. wouldn’t know who those clients are. If Harry disclosed them that would implicate Harry in having access to a private client list. Sure Harry could have placed an ad in the WSJ (or some other financial journal) but you shouldn’t make accusations without solid proof. The proof showed reasonable doubt, but Harry had no document that tied it all together.

[@polarbearsrus6980]

Refreshing to see an honest man for a change. Disappointing to see people still don't believe that if it seems too good to be true... it is!!!

[@lalouloune6156]

Yes, he doesn't take any prisoners. Facts after facts, no bs.

[@que2h.690]

Harry Markopolos is not only an astute mathematician, a smart financial analyst, but also had much conviction in pursuing the Madoff's Ponzi scheme....... Something even the SEC did not initially & seriously investigate . Thanks Harry !

[@scotchbarrel4429]

A great example for all kids learning maths, you can learn to read documents or be like harry an calculate the fraud. 5 mins to workout the likelihood of fraud, 4 hrs to prove it, awesome.

[@que2h.690]

@Mike Studmuffin yes- you're so right - definitely !

[@dezafinado]

@Mike Studmuffin The 2 chairmen of SEC were there during the Bush II years. One of them, Christopher Cox, is from Orange County, CA, and was a US Representative for many years. He didn't take Madoff's case seriously till 2008. It's true that many of the Federal regulatory bodies were financially gutted and replaced with friends of the industries they supposed to regulate. It's like putting El Chapo in charge of DEA.

[@cherylthomas1268]

To paraphrase...they did not understand how to calculate financially. Unbelievable!

[@theodoremarakas9899]

How about...he's not an idiot? You don't need to be a mathematician to see fraud. In fraud cases NOTHING makes sense.

[@bobsofia68]

The closest thing to perfection known to humankind, if not perfection itself, is mathematics. Mathematics does not lie. People do.

[@TheAGODAMI]

💎 *G-D is in the maTh.!!* 😇

[@rippingjeans7232]

Wow i really want to learn more math now

[@jamesparry563]

I love that. It applies to so much in this world.

[@rockabye_baby187]

1x1=

[@matt9675]

​@@rockabye_baby187 1

[@jasonsmith4330]

Harry Markopolos should be running the SEC's training program.

[@joshcougar5551]

Travesty that not a single SEC member was prosecuted!

[@b.f.burton6888]

@@joshcougar5551 That is horrendous .. What makes them untouchable ... They should be sued.

[@KNByam]

You would think the government would actually hire this guy.

[@averagegiuseppe5640]

Do you really think the SEC wants to change anything? It's functioning as intended.

[@joshcougar5551]

@@averagegiuseppe5640 think you you've hit on something here!

[@imnotyourp]

I LOVED David Letterman's "Madoff release countdown" and it had 149 years, 213 days, 7 hours, 18 minutes.....killed me every time

[@theeaskey]

You really get a kick out of people's failures,, your easily amused,and for the record Mr letterman should not be judging others based on his mistakes....

[@MANWITDABAG]

@@theeaskey people invested their last dime....retirement savings......old couples held hands and jumped from buildings together. he made so many families helpless and broke. his own son took his own life, out of shame. So please, see it from the other perspective.

[@theeaskey]

@@MANWITDABAG you talking about letterrman or Madoff.

[@edwardmiller9611]

What about the Paul and Nancy Pelosi stock purchases and stock selling on insider knowledge. They have incredible results , performance line,

[@imnotyourp]

@@theeaskey Get a kick out of people's failures? You really aren't trying to categorize Madoff's blatant Ponzi scheme as a "failure" for Bernie and just mean ole me is picking on him, are you bro? If so, sure, I'm the "bad guy" picking on Bernie when he is down. Good luck in life after you grow up.

[@AmanecerLosAngeles]

This man is sweeping the house. Nothing but respect!

[@milosv123344]

6:23 "because people in glass houses don't throw stones, and self-regulation on wall street doesn't work"

[@paulazemeckis7835]

Nowadays a lack of self-regulation isno longer confined to the financial industry...it abounds everywhere.

[@rasul407]

Oh thank you for that! I was actually looking for a subtitle. Can you subtitle the whole video please? 🙄

[@Jeice5]

Looks like people under your comment don't understand your comment.😂😂😂 Whew, our education system is a failure‼️

[@Chereese0808]

@@Jeice5 I hear ya loud and clear. Education and Mental health!!

[@MoCa5545]

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.

[@cyclist68]

Why didn't the big names expose him? "Because people in glass houses don't throw stones and self regulation doesn't work" Quote of the decade.

[@dawngregory6549]

I say the big name's where greedy wanted to keep making fake billions

[@IAmHereForeve]

@@dawngregory6549 Because they know everything they stand in is fake.

[@dentonfender6492]

Systemic failure of capitalism!

[@kevintaylor9296]

@@dentonfender6492 That got you fed, that gave you shelter and gave you freedom to comment. Ask Venezuela about "systematic Failure"?

[@SGprooo]

6:31

[@stevemiller4292]

“Maybe he was just good?” “No one’s THAT good.” I love this guy. Just constant haymakers of facts and logic.

[@ericparrish1515]

Maybe sometimes you get the wrong one.

[@evanfinch4987]

"constant haymakers of facts and logic" yikes dragon shirt

[@jv-lk7bc]

@@evanfinch4987 the Mr Spock of finance.

[@zoeyrochellezhombie829]

Was the 950 a Pete Rose reference? He cheated at baseball scores in the 70s.

[@lorinelson7523]

My grandfather who grew up during the depression had a wise saying: When you let another fellow handle your money, pretty soon you won't have any left.

[@johnsmith1474]

It's a pretty stupid saying, or your grandfather was broke & clueless.

[@rayray7244]

Facts! You have to know where your money is and what it's doing. Trust but verify.

[@davido3026]

ENRON Take the money and run!!!

[@optimumgaming7404]

@@johnsmith1474 Sounds like you're not smart enough to handle your own money. Don't be mad at other people. Go to school.

[@georgesealy4706]

My saying is a little different: "If you don't care about your money, then don't expect anyone else to."

[@debbiepate3755]

My mother lost everything my dad left her and my inheritance too. It broke her down to nothing. She was always a proud lady, a great artist and teacher at our junior college. After the her nest egg was gone and her children's inheritance, she wasn't the same person and died shortly afterward. My mother died of a broken heart and embarrassment of falling for such a scheme. I tried to make her feel better about it but she never got over it. In her will she only had 30,000 left to split between us three children. The money wasn't important to me, i just wish she would've understood that. She was a wonderful loving person. Would give anything to be able to sit with her, touch her, hug her again. Madoff took that from her, I and our family. He could never pay enough for that.

[@carmentiadragen6064]

Your story broke my heart 💔

[@tjburr1968]

Your story touched me as well. I just lost my mother and know how important it was to her to leave something to her kids. Fortunately she dodged the Madoff's of the world. How old was your mom?

[@pornneliushubbard1967]

It’s what happens when the greedy get more greedy

[@89turbomk3]

@@pornneliushubbard1967 hopefully your not referring to her mom as greedy

[@CrookedRosePOD]

Sorry to hear that

[@17addidas]

Another REASON to support and defend Whistle Blowers in ALL fields .

[@riqqarddopv7918]

Like seth rich

[@lizh4933]

NEVER whistle blow. It WILL destroy your life.

[@hyacinthlynch843]

Another REASON to believe that government agencies are incompetent.

[@KandiKlover]

Obama promised to protect whistleblowers then prosecuted them more then any other president. Funny how that always increases after democrats take office.

[@serpentines6356]

@@hyacinthlynch843 Yep. Our founding fathers were correct. Limited, uncorrupted Gov't is best. Wish we had that now.

[@ricoletta]

Honestly, Harry is so inspiring it's beyond me how a human can be so awesome. I aspire to be as good, smart, and well-spoken as he is one day.

[@deadmau5remizzer346]

Just be autistic

[@5ledan]

That poor guy who lost millions, has only enough money left for 60 days, and his biggest regret is recommending Madoff to family and friends. That got me

[@aspentravisaspen2160]

Also a french monarch who commited suicide aftef recommending friends

[@GabrielNicho]

Dude, he was about to sell 2 houses

[@jimafton5659]

hear restaurant's are hiring in ny. didn't they pass a law 15 $ a hour or is that up in berni's state

[@knaziringram4589]

Oh yeah poor him

[@5ledan]

@@knaziringram4589 ok bud

[@ryanguercio7061]

This guy is a genius and humble. You can see he is honest and so upset by all of it. I only took through differential equations (calculus 4) and that was hard enough. This guy is really a hero for exposing what he did.

[@jamesr8584]

He is not without faults. He also claimed GE was fraudulent which turned out to be false and lots of investors lost money when the stock tanked.

[@notsocrates9529]

He doesn't seem like a likeable person or altruistic, it was business and ego. We do need people like him though.

[@87clits]

I could not pass basic math (bloody dyscalulia).

[@youngbloodnba]

Bernie was a beast. This shmuck just was lucky. He caused people to lose allot of money thinking GE was also fraudulent.

[@neighborhoodcatlady6094]

Think it all goes back to the same old principle “If it seems to good to be true, it probably is.”

[@wetogether7048]

Thank you Harry Markopolos for calling out the trash

[@Delightfullydee7]

Not him figuring out it was a scam in a total of 4 hours and 5 minutes. 😂Ppl like him amaze me.

[@mrsx7944]

He's like a computer.

[@kathleenmeyer3124]

Hes a mathematician He saw it right away. 4 min.

[@fabianstoll]

Stock market returns without volatility are hard to achieve, if not impossible. Nobody understood it, but some were blind enough to believe Madoff. And to be fair, he was a smart guy. The fund was like a private club. People had to beg him to take the money and if someone asked questions, Madoff said he can't tell anything without loosing his edge.

[@BlackSeranna]

They've made movies about Madoff, but never about this guy. He is a really interesting fellow, I read his book and I think his story is worthy of being turned into a movie. And WHY didn't he get a reward? It isn't right. Finally, who is running this channel. This video isn't in stereo, only in mono.

[@soaringvulture]

He didn't get a reward because the SEC did not listen to his warnings and did not follow up. Madoff himself revealed the Ponzi scheme when he ran out of money.

[@mymai2792]

I'd like to see Benedict Cumberbatch play him with a clipped US accent. This would be a movie I'd watch.

[@LifenaDay525]

Had read the book “The End of Normal” by Stephanie Madoff Mack when it came out in 2011. I truly felt sorry for her and her children due to Mark taking his own life. Felt sorry for both Madoff sons. Ruth Madoff, who missed the line handing out empathy chips, lives comfortably with just under $2M, while her daughter-in-law is a single mom, broken-hearted over the loss of her husband and dad to her children. She is living off money from the sale of her book. According to her, neither she nor Mark knew Bernie’s entire enterprise was a Ponzi scheme. www.inquirer.com/philly/business/estates-of-madoffs-dead-sons-reach-23-million-u-s-settlement-20170626.html

[@claudiaauerdike5063]

Harry Markopolos wrote a book about it . Very good & informative read !

[@Kymv8382]

I don’t think people realize how intelligent this guy is lol

[@cinemaparadiso5402]

This video is EXTREMELY anti-semitic, Madoff was extremely loyal and one of the top donors to Israel. Anyone criticizes him is 100% antisemite!

[@chiganuggoo9929]

@@cinemaparadiso5402 It wasn't his money! He effectively stole it.

[@cinemaparadiso5402]

@@chiganuggoo9929and he took the money and helped Israel .. everybody was happy until the rats got involved and the gov had no choice but charge someone. Madoff was heroic for carrying the whole case on his back, protecting the whole organization.

[@chiganuggoo9929]

@@cinemaparadiso5402 If you believe that, if you HONESTLY believe that....then I nor anyone else can help you my friend.

[@cinemaparadiso5402]

@@chiganuggoo9929 antisemite.

[@chitownfeets5899]

Great interview. I’m amazed myself how the SEC just pretended not to look into this bombshell of a scheme.

[@nordicblood8470]

They did not pretend they where part of it. At least some of the upper level people on SEC. In fact there is no way MADOFF would have gotten that far without the helping hand of the SEC

[@Offthbadan]

Kinda like the mob with police and politicians protecting them.

[@nastyab8003]

Pretend?

[@ShotsandPranks]

They're back at it again with AMC and Gamestop. SEC announces investigation into Hedge Funds, 1 day later, TD Ameritrades storage warehouse mysteriously burns down with no investigation, trucks hauled off all the debri, no news coverage, look it up.

[@phajeb001]

His niece married an SEC regulator. They also ask Madoff for advice. Basically, the cops are asking the crooks how to run their agency. Lol

[@dianeanderson6104]

This interview should be watched periodically by everyone, especially the FCC

[@lynnmcculloch-m4h]

❤❤❤❤❤

[@TL2354]

The FCC?

[@jaredconnor]

You mean the SEC

[@nickbaumann2421]

Markopolos listing all the math classes he took cracked me up

[@markmcevoy323]

I couldn't keep count..

[@davidkugel]

Those are all courses the typical math major takes. Nothing special.

[@sucktheseballs6706]

@@davidkugel any stem major i think would take most or all those math classes

[@Dan6erous]

I don't think he feels he was exceptional.

[@lwcarr3879]

@@Dan6erous Exactly. He was making a point that this should have been obvious to a lot of people.

[@inproper3952]

I have such respect for whistle blowers!! God bless this well educated man.👍👍👍👍

[@GirlFriday68]

Never underestimate math and engineering nerds .. they may not have the charisma and social skills but they know what they are talking about..they can spot the B.S. con men a mile a way.. the people at the SEC who didn't follow through should be held accountable..

[@federalreservebrown2507]

like 2 airplanes THREE skyscrapers??

[@SoulfulVeg]

I've worked in big corporations and consulting. There's ALWAYS someone crying in the dark when the ship is off course. That person is usually punished or marginalized.

[@GirlFriday68]

@@SoulfulVeg agree! being a whistleblower comes with much danger and takes a lot of courage

[@michaelk969]

True. The math nerd actually pointed to the fraud and the useless lawyers at SEC still could not find it!

[@barbarabrennan1753]

The guy deserves some kind of award for creating a small oasis of what would make America great if more people were rewarded for being dutiful citizens. A PROFILE IN COURAGE.

[@bfr123456]

Surprising to me is the fact that no one realizes Madoff was paying off SEC officials for years and influencing who was employed there.

[@jimwerther]

Untrue

[@rockabye_baby187]

Not really. I doubt you could execute this long a crime committed unless you could add that part to the scheme.

[@dustyflair]

wasnt his son in law working for the SEC?

[@kcdebris913]

@@dustyflairSon in law.

[@HHH-ye1ro]

@@dustyflairhis niece’s husband.

[@GeorgiaOverdrive]

Steal from the rich: go to prison Steal from the poor: get a cabinet position in the administration

[@BlackSeranna]

Who are you speaking of?

[@ST-xg3gy]

Stealing!!

[@fijiluke8533]

big facts. and we just let it happen.

[@yl7495]

Those are the truest words spoken.

[@johnbrockenbrough4520]

@@BlackSeranna take your pick from our time, your father's time or your grandfather's time.....

[@benbohannon]

Total props to Marco-polo’s boss. He saw brilliance in the young man and asked him to investigate. Like giving an intern a hard project. Done after two days.

[@rolfw2336]

Yes, but I believe his boss wanted to get those same returns :-) The props go to Harry.

[@windsofmarchjourneyperrytr2823]

2 seconds after hearing 12% consistent returns. There the clue.

[@mwoodson1026]

THAT MAN IS A HERO!!!

[@gregparrott]

As Markopolos said himself, he did not consider himself a hero, and it is a reasonable statement. Markopolos was 'just' competent, principled, and diligent. That was enough for him to spot inconsistencies, probe them, and then report his findings to authorities. He did work that the SEC should have done. At a minimum, once he had done the SEC's work for them, the SEC should have run with it. This grew into an all-time scam BECAUSE the SEC chose to be useless.

[@UnlimitedAspirations24]

@ Gregory Parrott - ....at least He did his job and I’m glad he didn’t get killed ..

[@mwoodson1026]

@@gregparrott Agreed. Still ... If that gentlemen chose to do NOTHING, there could of even more damage.. All those people! 😣😣😣.. Hard lesson..

[@yasminhabibti721]

Yes, indeed.

[@41357500]

define hero kiddo

[@dmoody4628]

SEC Needs to be investigated

[@motherofdragons3481]

They’re all corrupt. Don’t be fooled that they didn’t know what Madoff was doing all along. They pretended there was nothing wrong until they didn’t have a choice but to address it.

[@billgreenidge6740]

Bernie Madoff describing his relationship with the SEC speaks volumes as to how high the corruption runs. Madoff was a scoundrel, but so many other crooks were involved.

[@jaggaruby4411]

Still !!!!

[@KobaltBlue680]

The entire government is corrupt lots of insider trading and cronyism. Look at the Nancy polosy and the Clinton’s etc…

[@traderoex1]

Bernie's conversation with that group took "richness" to the ionosphere.

[@erickajander5494]

Estimate : 3,000 + involved in CREATING FAKE CO. NAMES , FAKE FINANCIAL REPORTS ....(MY CONSERVATIVE ESTIMATE )

[@annettepora8091]

After witnessing what has happened in the Trump White House for 4 years, I believe in very few people these days. Everyone is looking for the next grift.

[@thomasaquinas2600]

As a retired CPA, I note the various audits that occurred that failed. Thank goodness someone had the grit and wisdom to fathom the con going on. As for Madoff, how low can one go to steal the savings of friends, charities, etc., all for merely improving his fortune from comfortable (and legal) to extravagant, ornate, and very illegal...

[@dontthrowtheslant1236]

If not for the recession, he would have kept on running this ponzi scheme. The biggest issue was that people wanted out of their investments with him and he had no money left to pay out.

[@jeffguimont3210]

Greed know no boundaries

[@peter-pg5yc]

And yet his wife got millions in deal for where the monies were.. Lives in NJ now..Go read that story youll be mad..

[@Bk-qz3yk]

Madoff will look like a school girl. The amount of Madoff running around today with the govt now 14 year growth cycle. The govt has stepped in and stopped every down turn since 08. We have no clue who is operating just like this villain because of the govt assets only go higher programs

[@ericparrish1515]

What else is there to do? What was it you were looking for?

[@radar0412]

I wish there was just one person at the SEC who can be held accountable. Not one individual? Unreal.

[@margolenney6032]

Sir you are so right.

[@b23beatz]

That’s a damn good point

[@ricksorkin2522]

@@radar0412 m F

[@ricksorkin2522]

@@radar0412 f U Self

[@ricksorkin2522]

@@radar0412 do something

[@SarkDawg]

Every person at the SEC should have been fired and received no pensions or benefits.

[@patrickking9600]

This guy: I mapped out the mathematical formula of Madoff’s fraud in 4 hours Me spending 6 months figuring out how all the light switches work in my house: 👁 👄 👁

[@litedawg]

There is one by my front door , no idea where it goes. So frustrating lol.

[@hdunter4500]

Same 😂

[@BlackSeranna]

It’s okay. Have lived in my house for years and I still hit the wrong switch.

[@arethawalker1724]

Lol😂 Ikr!!!

[@Wasserkaktus]

Not that hard if you are an accountant, plus the fact that Madoff's scheme had an extremely linear gains rate (this should have been the instant first Red Flag to the SEC.).

[@markmartin8276]

This man is a genius and should receive an award got his incredible efforts

[@Herc11355]

I commend him but I don't think he was a genius just because of this. Though he might be a genius. According to him , everyone in the know on wallstreet knew he was a scam artist.

[@mrsx7944]

@@Herc11355 he is a genius.

[@mrsx7944]

He did receive awards.

[@kurtk7521]

Not a genius. Just had the balls and motivation to go after Madoff. Madoff's fraud, like many of the biggest frauds, was extremely simple. You don't need a genius to figure out something simple. Madoff was figured out years back. Everybody was willing to turn a blind eye to it and he was too big and important to be wrong in many peoples eyes. That's why it lasted for as long it did.

[@msf8297]

he does not want an award. plus what is he going to do with an award? eat it. He hoped for a financial reward

[@justicejackie71123]

I remember the time I was looking for a job in the financial industry. I saw Bernie Madoff give an interview on CNBC. The journalists were saying year after year Madoff was returning 20% to his investors. I asked myself, how is that possible? Nevertheless, I thought maybe I could get a job with his firm. I looked up his company to see if they had job openings but strange enough, he had no website?? Whaat??? That was huge red flag for me. How was it that this man who had so many wealthy investors have no website? Months later, law enforcement brought him down.

[@markherring3513]

plus his hedge fund was unregistered....wtf?!?!?!

[@MrThinkEncourager]

Word of mouth??? It's similar to being good in a particular sport or industry. A website can also open the door to getting hacked, so it's also about risks. Staying offline can be a good thing, especially once you learn how much the government tracks people or what people call "government over-reach". Some people don't trust banks and keep their money at home. That also brings risk(s).

[@JSacc]

Epstein also had no trading relationships on TheStreet.

[@phriedokra6158]

He had 2 sets of books too

[@oldironsides4107]

I keep my money in a boat placed inside a larger boat that’s inside a larger boat. It’s extremely hard to access without destroying two boats and I don’t want to draw attention to myself breaking apart a huge boat and the next boat and the next.

[@daviddejesus5376]

Instead of investigating Madoff, the SEC investigated Martha Stewart.

[@starcrib]

Harry Markopolos is an American Original- straight shooter- and Hero. He's Terrific...🇺🇸🔑🇺🇸🔑🇺🇸🔑

[@CSARVA]

You miss the mark about this guy by an infinite amount. He's just as greedy as Madoff, he didn't care about the people, he cared about his own pocket book and he says so here in this video. He ran his own scheme when the lame stream media paraded him around their shows with his mega phone saying GE was going bankrupt. today GE is doing ok. He did so to line his own pockets as he was shorting the stock!! Any lay investor will tell you how shady this cat is, FAR from any form of a hero!!!

[@koki4o]

@@CSARVA Why is GE doing okay? Government bailouts and infinite currency creation. If we had a free market economy, GE today would be a distant memory.

[@TapalKuda]

@@CSARVA well he was right, GE wouldve been insolvent or bankrupt if its not for government bailout.. do your dammn research before calling out someone phoney

[@monacoofthebluepacific2571]

He's a super hero because he was relentless in his pursuit.

[@dawngregory6549]

He tried and tried, when he saw the 40 degree angle going straight up from the statements he was checking out, and that wasn't good enough for them

[@Taospark]

For those of you who missed it, Markopolos who is an industry and math expert is screaming at you that we need a good watchdog of Wall Street and we have none.

[@freddiewadling2090]

I would invest w/ this guy "It took me 5 minutes to figure out it was a fraud. I took me another, almost 5 hours to prove it was a fraud" - said in a non-braggadocious way! :'D

[@michaelmarron8441]

And he told the SEC how. So why couldn't ( or wouldn't) they uncover the fraud?

[@JayGee-ti7oe]

Harry Markopolos is a very intelligent individual and deserves the respect of the people who were scammed by MADE-OFF. He should now head the SEC as they did not do due diligence and even said that MADE-OFF, was not a subject for an investigation.. . . How wrong were they? The SEC has a lot to answer for.

[@astroemerald3175]

SEC would have never uncovered this fraud . Thank God for this man .

[@bishopdavidoyedepo9480]

You are welcome to New life 2021, I pray that what so ever you lost in 2020 you will receive it this year, you will be the first person to give a testimony about the goodness of the Lord, anywhere you are favor will locate you and you will never lack blessing in your life, so when I was praying last night they lord review a revelation to me that before this year End the world is going to celebrate with you, you are going to be greater than what you think, contact the orphanage home just send whatever you have to them, the kids there are going to pray over your life an bless you, contact them now or message them on WhatsApp [phone]) you are blessed

[@amandaskywalker7331]

Thank God for him why? He was never listened to. Bernie eventually confessed on his own in 2008 because the Great Recession unraveled his entire operation.

[@cl7700]

I still think people at the SEC intentionally turned a blind eye Either because they were getting kick backs or they knew the outcome would be devastating and they didn't want to deal with it. Idk. Wall St is too connected and as this video states, Bernie was close to the SEC.

[@amandaskywalker7331]

@@cl7700 as was pointed out, the people at the SEC who reviewed the complaints were lawyers and bureaucrats and not finance people. They didn't understand what they were seeing and thus didn't even do an investigation. There is no way they were in on it - they would have found evidence of kickbacks or profits.

[@cl7700]

@@amandaskywalker7331 I get that but I'm talking about the chairmen. This is a total assumption but perhaps they instructed the lawyers to not look into this thoroughly or ignore what they find. Of course that would have been a massive conspiracy plot but I still don't buy that Bernie did all this alone.

[@LlyleHunter]

He’s absolutely correct. Not only do the attorneys at the SEC have no experience in financial law, the SEC is largely comprised of attorneys who graduated at the bottom of their classes and couldn’t land positions in major law firms and were incapable of establishing their own. It’s also the reason that they were incapable of foreseeing the larger financial collapse of the investment markets in 2008.

[@dila4834]

They need to hire competent and real lawyers.

[@ProBackgammonequipment]

Good to hear, means Ripple will win their case against the SEC.

[@gheller2261]

You think the only options for smart law school graduates are big law or starting their own firm? Elitist nonsense as is the notion that SEC lawyers were all at the bottom of their class. The problem with the SEC was not the quality of lawyers. It's that ferreting out financial fraud is a nonlegal undertaking.

[@21972012145525]

Why though? Why can’t they get better lawyers/ finance people? Do they not pay enough?

[@seabreeze667]

I watched a video clip on Jim Roger. He also mentioned something similar to u. He said something like "the people working at the government can't get a job so they work at the government... 🤣

[@davidadams4329]

The people he ripped off knew the returns were too good to be true but they were blinded by greed

[@kathryngilbert5952]

Maýbe it wasn't as simple greed, perhaps ignorance

[@hyacinthlynch843]

@@kathryngilbert5952 Or both.

[@djg5950]

@David Shields Change that to greed and stupidity and I'll agree 100%. A fool and his money are soon parted. Guess they didn't believe that.

[@KandiKlover]

Like that doctor who got scammed by a guy who sold him black paper strips and said it was disguised money he needed to use paint stripper on. The scammer later reformed his ways though and helped blow the lid on other scams for that channel.

[@alexandredaubricourt5741]

15% a year does not seem too good to be true to me

[@davidbrock6263]

The “victim” stating he thought they were in an exclusive club explains it all

[@dxk2007]

I love when he mentioned the math he took. I am a math guy, and those courses are so valuable.

[@jasonleetaiwan]

I took many of those classes but snoozed through much of it. Still got through them and am happy I at least know what he's talking about.

[@joylapine9004]

He’s very impressive. I barely got thru high school algebra, failed nursing school twice because I couldn’t do the math. 😂

[@Capitan_Chaos]

I have taken a lot of those courses too. I’m not a math guy. 😂

[@bjt81366]

It's amazing that most big players knew he was a fraud and said nothing. They literally sat in forums and drank wine and ate cheese with a guy they knew was stealing from regular people. You know uncle joey messes on kids so you keep your kids away from him, but never say anything. Same kind of cruelty.

[@jaymillymills]

Excellent comparison

[@Mrs.the.Creator]

Perfect analogy

[@youngbloodnba]

@Jesus is LORD jesus is not the lord. He is merely a prophet for he fell down and prayed. When asked he said do not pray unto me but pray unto my father. He doesnt have knowledge of the hour. Stop lying bro

[@Piratehead421]

Always the Italians

[@somepeoplecanthandlethetruth]

He was Jewish, the entire stock market is their ponzi scheme. The entire U.S currency is as well. The federal reserve has nothing.

[@pauldalkie8366]

Harry - "It took me five minutes to know this was a fraud,..." I love this guy,

[@windsofmarchjourneyperrytr2823]

Always winning is the red flag

[@Ryan-jx4vh]

This is why it is so critical to diversify. Even if there isn't fraud, things can get wiped out quickly. 💯

[@jeffswingdancer8302]

It's also very unwise for individuals that expect to live off relatively modest portfolios to invest in a hedge fund. There is a temptation for managers to take big risks and even legitimate funds can implode, like Long-Term Capital Management did in the late 90's. People near retirement should get out of the stock market, which is not insured by the FDIC or anyone else.

[@omarlagasca7487]

SEC should have hired Harry Markopolos after that event. He would have cleaned Wall Street and kept it from being one sided.

[@gregparrott]

They'd never hire him because the first thing he would have done is fire the bulk of them for being lawyers who lacked any financial competency.

[@rohanjames5750]

Good Joke

[@erwinjoseph1600]

👍👍👍

[@jblue705]

They would NEVER DO THAT. The SEC ls corrupt and expects the organizations it “oversees” to be just as corrupt, but to be good at hiding it.

[@paulazemeckis7835]

That's exactly why they didnt hire him....

[@susanadiasjohnson457]

Thank you for your courage, hard work, persistence, honesty, and ethics.

[@johnbrockenbrough4520]

take off your " Rose Colored Glasses ".....to be a part of that you have to get dirty and join their club....

[@mattp1873]

I read Harry’s book They wouldn’t listen after watching this segment. Fascinating.

[@MrShanester117]

His book is called “they wouldn’t listen after watching this segment.” 🤔

[@jymmydkid5633]

That's because they'd implicating themselves.

[@kckcmctcrc]

You left off ‘Fascinating’

[@LucyJ1900]

I just can't wrap my brain around someone going unchecked like that for decades.....Even those investing people's money should have been asking questions. What this reinforced for me was 2 things: What goes up must come down and If it seems to be too good to be true then it usually is.

[@ritaj7080]

Corruption for sure

[@feels6233]

If you think that our government officials are above bribery, you don’t know the government very well

[@christopherone1]

and Madoff didn't make ONE TRADE, not one! It's shocking.

[@elizagrogan9454]

@Lauren S I don't understand how people didn't question the constant high yield from their investments. Annual 12% is unnatural. A certain level of greed is involved here. There's truth in the advice against putting all one's eggs in one basket.

[@MacroX1231]

Greed

[@opensourceguy730]

The SEC: “Mostly lawyers with no financial experience.” Terrifying.

[@melonshop8888]

👍 👍 👍

[@fkujakedmyname]

business majors are just worthless liberal arts majors

[@frankdenardo8684]

They should have CPA licence to work with SEC.

[@cujbj1]

The SEC is a joke. If a person is smart enough and talented enough in finance, they are going to opt to make millions in the private sector, not 200k a year as an SEC investigator. The SEC is full of people who couldn't hack it on Wall Street

[@retroguy9494]

Tell you a little story about terrifying. When I ran for public office, I prepared my own government required financial disclosure reports. We aren't talking much. Just a couple thousand. The opposition had me audited and I got flagged. For what? Putting a donation in the wrong place on the form. Now, I have a business and accounting degree with honors from what was at the time one of the best business universities in the country. I argued and PROVED to the election enforcement commission that where I put that particular donation was legal and appropriate from an accounting standpoint and in line with Generally Accepted Accounting Principles. It was a donation of materials for campaign flyers and not money. They said to me "but its not legal which is why we always tell people to have lawyers and not accountants fill out the financial reports." I ended up getting fined.

[@adamgardiner5869]

The SEC isn't about holding the big players accountable, just the smaller/retail ones or those who's crimes get publicly discovered.

[@Optim40]

Yup!

[@JaneDoe12573]

A pickpocket gets more time for stealing a wallet with $30 in it than mortgage brokers, embezzling CEOs, or brokers who have these schemes.

[@andrewgrove1691]

@@JaneDoe12573 yup

[@vince2997]

SEC is pretty much the BBB of Wall Street.

[@KandiKlover]

Which is why Hillary Clinton and her “foundation” remains free.

[@CascadiaAviation]

“One of the most successful businessmen in New York, one of the most powerful men on Wall Street, you’d never suspect him of fraud.” Yeah that’s not how I feel lol

[@oliviaortiz5157]

Yeap just like THE 'POPE' no one can imagine him being a fraud, but he SURE IS ONE OF THE INTI-CHRIST DEMONDS!!!!

[@CraigMcGuinn]

To be fair…this scheme occurred before the sub-prime mortgage crisis was known by the public

[@travist7777]

"If you put all your eggs in one basket, WATCH the basket!" W. Rogers

[@carobinsonrobinson3109]

Took him 4 hours and 5 minutes to figure Bernie out!!! This guy is a genius!!!

[@topgrain]

"What? You're only getting 2%? Madoff is getting me 10% in a 'bad' quarter! Most times, 12-15%! I'm smart!"

[@carmentiadragen6064]

@@bigpojo5749 - 😃😃😃

[@johnel-amin4095]

No, you’re greedy and you’ll pay.

[@tms-fx9zs]

Mr. Markopolos is now a well-respected finance person in light of his discovery of the Madoff scheme! He will never be doubted again.

[@tourerobert367]

You are welcome to New life 2021, I pray that what so ever you lost in 2020 you will receive it this year, you will be the first person to give a testimony about the goodness of the Lord, anywhere you are favor will locate you and you will never lack blessing in your life, so when I was praying last night they lord review a revelation to me that before this year End the world is going to celebrate with you, you are going to be greater than what you think, contact the orphanage home just send whatever you have to them, the kids there are going to pray over your life an bless you, contact them now or message them on WhatsApp [phone]) you are blessed.

[@tms-fx9zs]

@@tourerobert367 No thanks!

[@lorraine9242]

"it took me five minutes to know it was a fraud."

[@evanfinch4987]

yeah i dont believe that

[@nthabix]

@@evanfinch4987 I believe it's possible with trained specialist, especially if he was looking for fraud. There are some doctors who can diagnose a patient just by looking at them

[@kathleenmeyer3124]

4 min - it was very simple for a mathematician to see

[@zesolodar]

@@evanfinch4987 honestly if you work in finance and your familiar with the industry and how the market works it wont take you long to figure out something isnt right. Also with his background with math.

[@Phil-ui4tm]

He looked at the numbers and noticed that they never had down months. That doesn’t happen even during bull markets.

[@Kharkovkid]

My Old Man taught me something I never forgot. To always make you OWN mistakes with your money. And never let someone have access to, or oversee your savings.

[@scottclute9910]

Exceptional and informative thank you sir....

[@IAmHereForeve]

Madoff: "It's virtually impossible to violate rules". That's why I am friends and my niece married one of the regulators.

[@eurodelano]

Nepotism

[@John_21601]

This is what happens when you don't want to know the truth. Now, get your damn heads out of the sand and start holding the criminals who run this country accountable.

[@Robert06087]

Never will happen, unfortunately 😕

[@gowdsake7103]

Ummm Trump let banks free again

[@am.b5688]

Run the companies or the country? You are already switching the blame?

[@markherring3513]

You cant handle the truth.

[@MusicGunn]

We got rid of the Orange Idiot, that's a good start.

[@ricflair9717]

60 Minutes: Madoff largest fraud in history. FTX: Hold my beer.

[@djslybacon]

“Maybe he’s good? “ “Nobody is THAT good.” I love his dry deadpan replies.

[@greogryhouse8341]

There needs to be SEC reform. To this day, SEC is still considered a joke by many investors.

[@martinlutherkingjr.5582]

Why not just get rid of the SEC?

[@user-pn6cy6wg7n]

Even Elon Musk knows that the SEC is malarkey.

[@machtnichtsseimann]

Anyone have thoughts on the new SEC chair?

[@AgonafirBanjaw]

Why do THEY reform it when the system is benefiting them? Incentive!!!

[@greogryhouse8341]

@@AgonafirBanjaw Who is "they"?

[@billnotice9957]

Only by the grace of god my Stepfathers friend had a scheduled meeting with Madoff. He was so hot you need a 120 day leeway to see him. Four days before the interview my stepfather friend had a medical issue and cancelled the meeting. Turned out the medical issue was very minor after the fact. Lucky.

[@tdhat95]

Wow! That was God's protection

[@ladykay917]

Blessed

[@markherring3513]

what about the poor schmuck that invested with him the day BEFORE he came out...theres got to be a person or organization that gave him their life savings the day before...u know they were losing their $hit.

[@billnotice9957]

@@markherring3513 No doubt. My stepfather's friend was simply lucky.

[@MrAllie-bf6zt]

@@tdhat95 I guess God didn't feel like protecting all the others...

[@Unclescoot03]

Maybe he's just good. No one's that good! What a quote! Loved your interview Harry! I've watched this video over 100 times and just loved your analogies!

[@veggigoddess]

Yeah, just the fact that he seemed too good to be true should have been the to the red flag at least investigate! No one's that good and this fits right into if it seems too good to be true it probably is category

[@rendorwilliams9116]

Thank you for being up front about when the interview was conducted.

[@Jensth]

Markopolos is an absolute BADASS!! 👏👍

[@dom2326]

You just instantly know that this guy is really good at his job.

[@loganb9185]

If you’re watching this with headphones, your right ear bud/headphone is fine, it’s just the audio 😂

[@gkprivate433]

The best thing he did was point out that the supposed profits from options actions was impossible because it exceeded the amount of option trades that were actually done.

[@FAHRENHEIT-gj4ng]

Sounds like the same thing happening with certain other stocks today

[@reichsfolger]

"If it's too good to be true, it probably is." "Don't put all your eggs in one basket." Listen to your mom's advice. People's lives destroyed.

[@bishopdavidoyedepo9480]

You are welcome to New life 2021, I pray that what so ever you lost in 2020 you will receive it this year, you will be the first person to give a testimony about the goodness of the Lord, anywhere you are favor will locate you and you will never lack blessing in your life, so when I was praying last night they lord review a revelation to me that before this year End the world is going to celebrate with you, you are going to be greater than what you think, contact the orphanage home just send whatever you have to them, the kids there are going to pray over your life an bless you, contact them now or message them on WhatsApp [phone]) you are blessed

[@vforvendettaMA]

Madoff’s scheme wasn’t too good to be true. He offered much lower returns than other hedge fund managers who were running legitimate operations. What he offered was stability and security. Investments would always return a profit. Not the highest profit but a steady profit. The saying should be amended. “If it’s too good to be true, you’re working with an amateur.” Madoff wasn’t an amateur.

[@crochunter35]

I think you mean...don't put all your money in one egg.

[@jeffreyknight3884]

Excellent advice from our parents.

[@acajudi100]

Do not be GREEDY.

[@wood8715]

I love this guy. He is smart and so honest!

[@terrilhargrovejones]

Fascinating how Madoff (and any other tax cheats, extortioners, money launders, insider traders, etc) was always able to skate by the SEC. Kudos to Harry Markopoulos...No one would listen indeed.

[@KenjaTimu]

It was obvious that it was a scam. No safe investment pays 12 percent interest. A lot of people knew. Nobody cared. Warren Buffet rarely makes 12 percent interest on his investments. He doesn't claim they're risk free. Binance is offering 15 percent interest right now. It's a scam. Everyone knows. It's still in business. FTX offered high interest rates too before the scam collapsed. Knowing is easy. Getting the public to listen or the government to act is hard.

[@Chyeahokay]

A lot of them have one thing in common, they were all incredibly talented and would be successful if they were legit.

[@longtomjefferson7233]

Well, it's easy to get away with insider trading when people like the last Speaker of the House was involved in it. Imagine if 43 Minutes could do stories like that, but they might not get invited to parties.

[@sabinachrzan8339]

It’s easy when an entire political party thinks nothing should be regulated. That Wall Street can self regulate and the gov should not police anything. When they are in power they cut the SECs funding and install industry insiders to do as little as possible and block any enforcement. Haven’t we learned by now and yet we still keep electing these clowns.

[@terrilhargrovejones]

@@sabinachrzan8339 they've convinced everyone that regulation is the "boogie man" and that bs. You have to have some form of regulation or else you have the catastrophic weather events like what happened in Texas for example. I was gonna say the FTC and SEC but we see how well that works out... NOT! SMH...

[@heartquake1100]

Oh my goodness that poor man who recommended Madoff to his loved ones. He was so obviously torn up about it, it's so upsetting :(

[@michaelmarron8441]

IDK his situation, but recommending clients with money to Bernie often came with a financial kick back

[@annetteelliott1494]

It simply broke my heart.....80 years old with 60 days funds left..😢😢😢😢

[@CuriousConnoisseurs]

How can you put a 8 figure Amount only into Stocks and end up broke?

[@billpugh58]

I know people who think they a clever with money😂 they really aren’t.

[@wesleybrown6974]

So 60 minutes is actually 14 minutes without commercials?

[@colinbateman8233]

Having been taken in by a scam my heart goes out to everyone of these people the emptiness of knowing you’ve lost everything and knowing that there is no real justice that these people get away with it

[@jv-lk7bc]

they don't all get away with it. some get away with it for awhile but then die in jail. mine did. I don't take any great pleasure in it, but some who love me are very satisfied.

[@No_More_Naggers]

j×ws will be removed. your names and addresses are being recorded

[@youngbloodnba]

Allot of people were greedy and didnt ask question just dumped money and expected loads of it back. Thats pure greed. They deserved to lose their money. Dont be stupid.

[@teacherlisa163]

@@youngbloodnba You are right about their greed. However, I don't think that means they deserved to be swindled. In the end, you cannot serve God and money.

[@robinrahmani4705]

Look at how Madoff calmly manipulates those in the room. He was something else.

[@martin692006]

This is the kind of person we need to be in power. Humble, in it for the job and not the praise

[@jupru220]

Unfortunately, many people hire based upon charisma, looks, or cronyism. Hiring managers miss the true talent for shallow substitutes. That's human nature for ya. It's very counterproductive. In this case, believing the affluent and charismatic Madoff instead of the humble, earnest Harry Markopolos was an incredibly damaging mistake. Plus, ignoring the multiple prominent red flags was outstandingly foolish.

[@laverdadesmejor]

This was allowed to happen because of pure incompetence of a governmental agency which Madoff took direct advantage of. What punishments were handed down to these federal employees????

[@bvnseven]

probably none. if you hire people who keep chasing their tails in an effort to catch it, you will never have any problems.

[@josephepps7805]

sounďs like 'trump'

[@rubywarner34]

Exactly.

[@adamgordon6435]

More important question - what reforms have been made to change the agency so this can’t happen again? I suspect not nearly enough.

[@AynManRand]

@@josephepps7805 Trump didn't invest with Bernie. Because he's not stupid

[@Fantabiscuit]

Madoff lied in that interview so comfortably

[@colinwhitby8219]

Just the fact that he was running a Hedge fund that was not registered was not a red flag for the SEC?

[@bbustin1290]

Quotation: "If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered.... I believe that banking institutions are more dangerous to our liberties than standing armies.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." Thomas Jefferson

[@lpc61]

I worked at a major credit bureau and I agree. The big boy b..ks look the otherway...

[@ed2867]

Wow. Thomas Jefferson (quote). Wow. I really need to think about this and what it really means. Thanks for this thought provoking quote.

[@14erclimber]

1 Timothy 6:9,10

[@falkenlaser]

That quote is fake.

[@federalreservebrown2507]

@@ed2867 have a look at appleton & GWashington, or Ben Franklin,, they warned repeatedly about ever allowing a single small hat to enter our now ruined country

[@Melange2]

"It's virtually impossible to violate rules" -Bernie Madoff, biggest single scammer in known history 🤔

[@KitC916]

Madoff knew that the government regulatory bodies had no teeth, because they had been deliberately underfunded by right wingers for the last several decades. It's really interesting how scams flourish under Republican Administrations and how they flourish when we refuse to tax appropriately and actually fund the regulatory bodies that we have in our government. It's almost as though there's this entire "small government" project designed to make government look bad to ideologically warp the population or something.

[@johnclifford1537]

Melange - when he said that a chill ran up my spine. A bit like how a secret serial killer can act as a good family man or volunteer to search for a victim he has murdered.

[@Melange2]

@@johnclifford1537 I get a similar feeling, and it makes me wonder; what was Madoff psychological profile. It's hard to believe that be harboured much empathy for the people he scammed or the effects his behavior could have on his close family and friends. But I just don't know, maybe he got caught up in something that grew out of his planned proportion, and his continuing of it was in some twisted way, his way of protecting his family.. (?)

[@johnclifford1537]

@@Melange2 I think it is a bit of all those things. A God complex in that people begged and threw money at him to try and join the scheme, arrogance and hubris when it went so long undetected and finally and most uncomfortably the fact that he simply enjoyed the criminal activity and without the GFC he probably would not have been uncovered until after his death.

[@copperbackpack2025]

The Fed is up there too.

[@tylermclaughlin2073]

SEC should really be held somewhat responsible for ignoring this for years. They knew for sure

[@paulussantosowidjaja93]

Scam and Ponzi companies should be closed down and they should pay back their customers' or members' or subscribers' money. Thank you for the learning, good to know and understand the process of Ponzi or any scam.

[@happyfacefries]

He may not be a hero, but he's brave. From personal experience, you can get so many repercussions and backlash from so many places and it can affect your mental health. Good for him for saying something

[@whatthesamhill5682]

I would rather be poor with a moral compass than belong to “The Good ‘Ole Boy’s Club.” No thanks. There is a life beyond this one where money and power don’t exist.

[@machtnichtsseimann]

Agree, although if you are referencing the Bible, similar kind of either/or thinking must be contrasted with the Parable of the Talents. Some Believers I know talk against greed only to choose against ambition and discipline and striving after their potential and stewarding their skills well. Which can result in being condemned for merely hiding a talent in the field. The Master is not impressed at all.

[@maskedmarvyl4774]

@@machtnichtsseimann , Being condemned for merely hiding a talent in the field doesn't sound very just to me.....

[@hymnodyhands]

Power and resources will exist in the next world... but not as they do here. Forever, humans called to be stewards will be stewards... but the profit motive as we know it will not go into the great beyond.

[@hymnodyhands]

@@maskedmarvyl4774 The idea of burying a talent in the field is a parable for not doing one's best with one's stewardship... to waste one's life and accomplish nothing with it. That is why the condemnation comes.

[@Stranger_In_The_Alps]

You’ve obviously never been to an eyes wide shut party

[@redghost3170]

I can’t find when my checking account is off by 50 bucks and this guy solved the biggest scam in the history of the US in 4 hours by using his mathematical skills.

[@joycetaylor8057]

Yeah...I'm not sure I could repeat the multiplication table and this guy...wow

[@davido3026]

The monster was so big to miss, but only one paid close attention!!

[@melaniepennock305]

In other words, the SEC isn't smart enough to understand the math, therefore they CANNOT detect the fraud. Sounds like they SEC should hire advanced calc students.

[@jshepard152]

This guy would be the very last person the federal government would consider hiring. They have a type.