Thank you to Keeps for sponsoring this video! Head to keeps.com/wallstreetmillennial to get a special offer.
@ariavachier-lagravech.69106 ай бұрын
That was such a low blow ads but since you used Madoff it's even funnier
@oqlassic87996 ай бұрын
Where are the sources?
@carpediem45126 ай бұрын
The man was convicted and then passed away. Let it go.
@atyj16 ай бұрын
@@ariavachier-lagravech.6910hilarious segue ngl
@suckmyartauds6 ай бұрын
The sponsor transition killed me
@benjaminmatheny66836 ай бұрын
craziest thing to me is that only 5 people went to prison along with Madoff. So supposedly he ran the whole scheme with only the help from 5 people, and none of the "feeder fund" folks got in trouble for selling a fraudulent product.
@mokisan6 ай бұрын
That was always surprising
@foobarFR6 ай бұрын
The time was 2008. The whole american financial system was a fraud.
@nr123456 ай бұрын
it is plausible only 5 knew.the inside scheme and the reason it lasted so long. The more people involved the more likely a scam implodes quicker.
@qap0ne6 ай бұрын
Is that really surprising tho? How many people went to jail because of GFC?
@jonahfalcon19706 ай бұрын
Well, it's telling that Madoff's two sons didn't know there was a Ponzi scheme.
@phatwayne6 ай бұрын
Having worked extensively with McKinsey, I would have to disagree with the “smartest in the room” comment. They are far from it.
@TommyPhoenixxx6 ай бұрын
100% true
@jann95076 ай бұрын
This video is a marketing ploy by McKinsey….
@tech98036 ай бұрын
They tell management what they want to hear, to give them an excuse to do what they want to do.
@BruceBender-zz6uf6 ай бұрын
Jeff Skilling is proof of that.
@blackoutgo25976 ай бұрын
sounded more like a reference to Enron
@CoolHand2736 ай бұрын
CEOs hire management consultants when they know the answer but they don't want to act on it. The consultants are paid to take the blame.
@Jordan-Ramses6 ай бұрын
Step 1: there is no problem. Step 2: there is a problem but nothing should be done. Step 3: something should be done but what? Step 4: something should have been done but it's too late now.
@abubakrh4836 ай бұрын
Legendary segue into the ad spot
@psp41506 ай бұрын
The bald can never be trusted. They can’t even keep hair on their heads.
@RobbbbC6 ай бұрын
🥶☠️
@tibettenballs49626 ай бұрын
Bro. Straight fire 🔥 … like the head my little sister will provide to you. Her done is fire 🔥 too. My little sister? She’s a professional peenuz twister.
@amaterasuodera6 ай бұрын
No be lie!
@biltrex6 ай бұрын
Crazy that Veritasium just did a video featuring Edward Thorp and his equations, and now here I am again on that subject!
@Klatchan6 ай бұрын
Almost like that dude paid for astroturfing.....
@hiimjustin88266 ай бұрын
What a coincidence
@tomlxyz6 ай бұрын
@@Klatchan or KZbinrs copying each other's ideas
@Klatchan6 ай бұрын
@@tomlxyzWhen a McKinsey dude starts getting good press I get suspicious. That's how we got Secretary Mayor Pete.
@anidanga6 ай бұрын
@@tomlxyz Yes, but it is Synchronicity for him!
@Intrepidinnovation6 ай бұрын
Great ad placement lol😂
@stevenkerr64676 ай бұрын
That was out of pocket lol
@xelefonte6 ай бұрын
Hate the ad, I’m dealing with my own hair recession so don’t need to be reminded.
@maxsterling99086 ай бұрын
Thorp quietly told his friend to withdraw their money quietly and fast as they can. The client had issues with SEC themselves ao, they didn't blow the whistle on Madoff. In hindsight, they should have let SEC know anonymously.
@LesserAndrew6 ай бұрын
"It was proven that the trades they claimed were not happening as described." Tether: "Is that a bad thing?"
@um84406 ай бұрын
Madoff knew the people will have him and his families 6ft under, that is why he gave himself up and say that confess to his sons, that is a lie, his sons and families both know, that is why one of them is gone and the other one is in jail. When he messed with the big money they can hire people to take him out, so he has to confess to go to jail, the biggest investor was the new york mets owner, they had to sell the mets to another no good guy that own it now.
@glenmiller14376 ай бұрын
I don't know if your entire comment is a lie, but without even looking it up... One of Madoff's sons killed himself in 2010. The other is dead from cancer. Neither is in jail. Madoff reportedly did confess his fraud to his sons, and they turned him thru their attorney. There is no law enforcement organization that disagrees with this.
@hwhack6 ай бұрын
Not 1 single customer verified the trades. And the 2 people who looked at them realized there was nothing there.
@kennyadvocat6 ай бұрын
Everyone is happy when they think they are making %10 gains every single year. =/
@tomlxyz6 ай бұрын
You have to consider that when he started the scheme he was a well respected person with a legitimate history, not some random person starting a scam.
@jayo30746 ай бұрын
@@tomlxyzregardless please should always verify things. Even a billionaire has to prove his net worth to a bank before they lend him money.
@gavnonadoroge30926 ай бұрын
did anyone actually lose money after picard distributions?
@r-pupz70326 ай бұрын
That sponsor segue was too smooth :D I had never heard this part of the Madoff saga before! I don't even know how I found your channel, I'm roo broke to invest and I had no prior interest in or knowledge of the world of finance, but I am fascinated by frauds, conmen, and the psychological and sociological aspects of wealth and capitalism. Your videos are always so interesting, and easy to follow for a layperson. Thank you!
@joseafalvel6 ай бұрын
hahahaha I loved the way you introduced the sponsor
@vanessamachingura89026 ай бұрын
The ad is crazy 😭
@baller63826 ай бұрын
That sponsor transition was crazy
@zwatwashdc6 ай бұрын
I have seen this many times in my career. Everyone knows or suspects the emperor has no clothes, but nobody wants the money train to stop, so they just go along to get along and help to get anyone who speaks out.
@mrrootytooty57976 ай бұрын
Theres a great book called When McKinsey comes to town, which deals with the actual ramifications of engaging these supposed galaxy brains.
@vincentb51196 ай бұрын
2:00 He hit the nail right on the head with that add transition.
@mbg96506 ай бұрын
Shit will always happen when lawyers are heading S.E.C.
@samsonsoturian60136 ай бұрын
It is technically law enforcement
@chris00009246 ай бұрын
@@samsonsoturian6013 It's civil regulatory FBI is law enforcement
@aritragupta41826 ай бұрын
🤯 I was expecting a re-packaged Harry Markopolos video; I should have known better. This is Wall Street Millennial after all. 💯
@althunder42696 ай бұрын
I heard he had a secret floor of employees that created the fake account statements. But what did the rest of the employees do all day? They sure weren't trading stocks.
@snooganslestat20306 ай бұрын
Didn't he also run his regular & legitimate company at the same time?
@althunder42696 ай бұрын
@@snooganslestat2030 It did say in the video he was running that market making company which was legitimate but the rest of his business was a fraud.
@tomlxyz6 ай бұрын
It was part of the same company that did legitimate business so all those others did actually trade stock all day (a big part of the company was being a market maker)
@snorttroll437910 күн бұрын
@@tomlxyz what does market maker mean? And what do they do? And how do they make money
@Smallpriest6 ай бұрын
Ed Thorp the GOAT
@runnerguy75646 ай бұрын
Markopolis wrote a great book on his findings. Worth the read.
@XTRADERXNYC6 ай бұрын
What a smooth add transition 🤣🤣🤣🤣🤣🤣🤣
@jayo30746 ай бұрын
Lol I liked it I can't lie 😂
@TIO540S16 ай бұрын
Whatever room Dr. Thorp is in, you can be pretty sure he's the smartest guy in it. It also should be mentioned that Markopolos' star is not shining so brightly. His August, 2019 call on GE has not come to fruition. It was at around $55/share when he called it "a bigger fraud than Enron." It closed today at $158.65.
@theultimatereductionist75926 ай бұрын
"It closed today at $158.65" Yeah? So? That does not mean GE is not a bigger fraud than Enron. You really are stupid if you think a stock market price says anything about TRUTH.
@ProfAzimov6 ай бұрын
He was (allegedly) paid by some hedge fund for the GE scam report
@vanesslifeygo6 ай бұрын
@@ProfAzimov that's the sensible explanation. no one, and I mean no one, would actually say GE will go to zero, or even 10, with such velocity.
@Jordan-Ramses6 ай бұрын
Dr Thorp isn't that smart. He should have realized nobody is interested in the truth and not wasted his time on it. It was an obvious scam. People wanted to believe in it.
@udirt6 ай бұрын
@vanesslifeygo keep in mind it's been decades since GE was a normal business and at any given time it has different goals/strategies, few of those relating to production of goods. So we have little way of telling if or why they stay stable.
@anonmouse9566 ай бұрын
Ed Thorp was a very high level academic. He coauthored some papers with the legendary Claude Shannon.
@Doggieman11115 ай бұрын
Edward O Thorpe wrote an absolutely legendary book on blackjack.
@samsonsoturian60136 ай бұрын
Did Madoff's sons really turn him in, or did Madoff plan years in advance to make himself the fall guy for the family racket?
@lerm46766 ай бұрын
Only someone who has done ZERO research would ask such a question. Watch some documentaries on him.
@samsonsoturian60136 ай бұрын
@lerm4676 you clearly haven't. You really think his kids turned him in?
@danser_theplayer016 ай бұрын
Bernie sure Madeoff with all the money.
@samsonsoturian60136 ай бұрын
Where we have heard that one before?
@danser_theplayer016 ай бұрын
@@samsonsoturian6013 Idk man, I'm sure tons of people though the same thing.
@jpanda796 ай бұрын
Crazy how blatent it was yet people just ignored it since they were "making money" greed is not good
@snorttroll437910 күн бұрын
Sure grid is good. It was greed that was what made him get caught
@gepisar6 ай бұрын
omg! Parleys the biggest ponzi scheme ever to hawk baldness cream. Nice work. I love ya for it! Kudos.
@manyogurt46456 ай бұрын
As long as individuals/institutions are benefiting from a crime, there will be willful ignorance.
@jonahfalcon19706 ай бұрын
I'm guessing from the title this is about Harry Markopolos. EDIT: Oh, Edward Thorp, the math genius who wrote about how to gamble and actually win at casinos.
@wallstreetmillennial6 ай бұрын
Harry Markopolos exposed Madoff in 2000, there's someone else who exposed him all the way back in 1991
@jonahfalcon19706 ай бұрын
@@wallstreetmillennialYeah, Thorp, who was the author of those gambling books using math.
@theodorehsu50236 ай бұрын
@@jonahfalcon1970You wonder if Thorp and Harry got the last laugh.
@crimcrusader84596 ай бұрын
@@theodorehsu5023 I wonder even more if both of them had consulted with each other in the first place.
@jonahfalcon19706 ай бұрын
@crimcrusader8459 No. Thorp was only advising investors. He was not doing it to whistle-blow to the SEC. Markopolis did use Thorp as additional evidence, tho. Madoff never got caught. The SEC Ignored the accusations and it was Madoff who turned himself in to his sons who in turn turned their dad in.
@toric60056 ай бұрын
Most unhinged sponsorship segway😂😂😂😂 love it
@MichaelWilliamz6 ай бұрын
If I could be Bernie Madof and live his life I 100% absolutely would. Rich people problems are like a fantasy…
@kennyadvocat6 ай бұрын
Right. I heard some people think he was scamming even back in 1980 or earlier. LOL A good 28 year run. I bet he would have lasted another 10 years if 2008 crash wasn't so bad.
@jr564406 ай бұрын
My understanding is that it was a constant struggle to bring in new money and pay out old investors as his situation got more and more impossible to get out of. If the returns stopped flowing enough people would want out that it would sink him, but there was no chance he could ever unwind the thing. It must have been like living on credit cards indefinitely, but if you miss a minimum payment you go to prison for life.
@TTT-1961.6 ай бұрын
The moral of the story is that none of this would have happened had Maddoff addressed his pattern baldness earlier. Billions would have been saved.
@leswhynin9136 ай бұрын
I also suffer from male pattern baldness
@theultimatereductionist75926 ай бұрын
I suffer from male moral baldness, just like Madoff.
@Skaahn6 ай бұрын
I always wonder why SEC could not catch him?
@althunder42696 ай бұрын
They could have if they weren't so lazy.
@samsonsoturian60136 ай бұрын
@@althunder4269shut up. Get drafted
@samsonsoturian60136 ай бұрын
IDK, they get a lot of complaints from people blaming brokers for their own terrible trades. They file hundreds of lawsuits a year, that's all we know
@fix0the0spade6 ай бұрын
a) They chose not to look. b) Madoff aggressively ingratiated himself with the rich and powerful, both by taking money from them and making generous charitable donations. Being seen to scrutinise Madoff in any way was career suicide in the late 90s and early 00s.
@ClimateKiller6 ай бұрын
That baldness segue was so suave linus tech tips are envious
@GroovyVideo26 ай бұрын
Some people want to believe and add in a Big pile of greed
@davidferrero30556 ай бұрын
The ad intro lmaaaaao
@sutats6 ай бұрын
Greed is always the magic ingredient.
@kinuthiamatata60406 ай бұрын
that ad was too well placed🤣
@MH-YouTube-Controlled5 ай бұрын
Not only was he operating a black box, it was a double secret black box.
@vincbestia6 ай бұрын
awesome video this reminds me of linus. keep it up
@paddieland6 ай бұрын
I just finished Edward Thorp’s book “A Man For All Markets” it is excellent there is so much in it explained so clearly by such an honest clever man.
@EamonCoyle6 ай бұрын
Less add breaks on cable news lol
@noahthenormal6 ай бұрын
So cable news has 0 ads breaks, then?
@EamonCoyle6 ай бұрын
@@noahthenormal Predictive ads I suppose sir, but I got 3 in first 5 mins not including the built in ad lol.....not Millennial's fault was just pointing it out !!
@millenialmusings84516 ай бұрын
The American financial system is a casino in which the house (0.1%) always win
@amitsharmaasg6 ай бұрын
More then anything else I'll remember he suffered from male pattern baldness 👌😂
@TheBishop126 ай бұрын
13:24 17 years and then another 8 years from exposed to end= people definitely knew and were slowly pulling out
@thehackmusician5 ай бұрын
Respect the ad read lol
@randomchannel-px6ho4 ай бұрын
If the regulators are able to turn such a blind eye to someone stealing from the rich, imagine what they allow when the victims are the poor...
@erbol00116 ай бұрын
More than likely he wasn't alone someone was helping and got very good money for Madeoffs protection
@CobaltLobster6 ай бұрын
Madoff, Musk, Milton... there will be more.
@Ashish-fm1rp6 ай бұрын
Finance world boasts about Genius mathematicians, fin wizards but not one mf realized that his last name is literally "made off". That should've been a red flag from the get go
@gavnonadoroge30926 ай бұрын
many companies listed on the stock market lose money, is that considered a scam, or the way of doing business?
@smoothmicra6 ай бұрын
F*ck it comes with a 'baldness cure' as a sponsor. Surprised Bernie didn't get into that racket.
@thomaspick41236 ай бұрын
After Madoff, they also discovered how Jack Welch ruined GE.
@Kevin-zz9nc6 ай бұрын
Oh man!!!! Completely SHAMELESS!!!! Legend indeed. Why doesnt he give investment advice while he's at it??
@marcosorduno92036 ай бұрын
17 years ...that standard everyone is a guru
@jacobcaplan63506 ай бұрын
I signed up for the website and paid. How do i join the paid discord?
@santiagocedillo50254 ай бұрын
Whenever you do a D. Trump video, endorse a tanning bed company 👍 better yet, an orange juice company 🔥🔥
@cammaster506 ай бұрын
Can we not do the keeps ads?
@Bentley7Cruize6 ай бұрын
Why? You feel bad about balding? Lol its ok bro
@bsnhbksan6 ай бұрын
We all know why Madoff was able to do what he did as long as he did, he had that plot armor. You know the one.
@supportmalphite87696 ай бұрын
MY GRANDPA DIED 15 YEARS AGO, NOBODY GAVE A SHIT
@nico76543216 ай бұрын
The message of this video is that you can be a swindler but not a bald man
@clifforddriver94346 ай бұрын
Money is the root of all evil. He lost everything with this perpetual lie. Family included. One of his sons committed suicide because of this. An absolute embarrassment to anyone who knew him.
@honeyhorse45976 ай бұрын
You still buying upstart?
@Alley00Cat6 ай бұрын
“In addition to being one of the biggest fraudsters of all time, Madoff also suffered from male patter baldness” has to be one of the most awkward ad segue ever.
@TehPwnerer6 ай бұрын
Treating your pathetic hair line insecurity has never been easier than with Keeps.
@smoothmicra6 ай бұрын
Do tune in for more "wise after the event" commentary folks.
@benjaminortiz3876 ай бұрын
Bernie Madoff with your money 😂
@jeffpestano12966 ай бұрын
I turned it off at the male pattern baldness. That was a pathetic set up.
@cyphi4744 ай бұрын
Guess you need gambler to expose the gambler.
@prv21826 ай бұрын
Wasn’t this firm exposed on Oliver show?! 😂
@bacool6 ай бұрын
Crypto is back in full force. I’m not here to judge anyone but at some point we are 100% going to see a larger Luna and FTX. We continue to see tens of millions hacked weekly and this will soon become billions in the coming months. At what point does the societal cost of unchecked innovation become too big to bear?
@rwoodward88396 ай бұрын
So you expose a scam and then advertise for a scam? If there was a product that kept your hair from falling out then why are there bald people in the world? Duh, it's obviously a scam.
@snooganslestat20306 ай бұрын
Duh obviously not everyone uses it. Not everyone has heard of it. Not everyone has access to it. Not everyone wants to use it.
@justinweber49776 ай бұрын
Well, we cant ignore the likelihood that some people also probably dont care that they're losing hair and are not doing anything to try and prevent it. Im not saying this works as advertised, but am pointing out that "then why are there bald people?" Isn't much in the way of evidence. Also, if its a chemical process, not everyone will respond to it the same way or even respond at all.
@2NormalHuman6 ай бұрын
I think it is not a scam, if you look closely at the product it says "thickening shampoo" and "thickening conditioner". This is no different from your regular shampoo brands like Head & Shoulders and Dove, they have the same product line. So you can buy this product from them, or you can order it from the advertised company - Keeps. The results will likely be the same
@rwoodward88396 ай бұрын
If that's the case then I'll withdraw the "scam" comment but it's still misleading. The first person to actually patent a cure to baldness will have more money than Elon Musk and all of my bald friends will suddenly have hair. That's all I'm saying.@@2NormalHuman
@rwoodward88396 ай бұрын
Show me a bald person that doesn't care about hair loss and I'll show you a morbidly obese person that doesn't care about being fat or a paralyzed person that doesn't care about walking but first we have to find one of these imaginary people. They care. Trust me, they care. @@justinweber4977
@Brigadorski6 ай бұрын
Slow day at the office?
@RUHappyATM6 ай бұрын
Evil.
@turbyoulance6 ай бұрын
he was a crook
@stuartegrin75436 ай бұрын
Feeder funds. 🤡
@rajonbai7466 ай бұрын
What a segway to the Keeps ad!! "In addition to being one of the biggest fraudsters of all time, Bernie Madoff also suffered from male pattern baldness." 🤣🤣🤣
@ΙΩΑΝΝΗΣ-ΠΑΥΛΟΣΚΩΝΣΤΑΝΤΑΚΑΤΟΣ6 ай бұрын
Bernie Bernie Bernie Vote for Bernie Madoff for president of the prisoner gang 🤣
@manjsher30946 ай бұрын
You're 17 years to late ....
@bt45826 ай бұрын
It was easy for a lot of ppl to stay ignorant cuz they were making boatloads of cash. ,