Madoff investors when they thought the money was rolling in: "The government needs to keep it's nose out of our business." Madoff investors when they found out they'd been scammed" "The government should have known this was going on and stopped it."
@magnificentmuttley1543 жыл бұрын
_The _*_love of money_*_ is the root of all sorts of injurious things. And by reaching out for this love some have been led astray & stabbed themselves all over with many pains_ ~Saint Paul
@jeffreylorenger67463 жыл бұрын
100%
@jeffreylorenger67463 жыл бұрын
100% agree
@windsofmarchjourneyperrytr28233 жыл бұрын
I'm not a brain surgeon. But you'd think the obvious red flag of a scam is the consistent 20% gains. That NEVER, EVER happens. Sorry.
@nomatman83523 жыл бұрын
hilarious, and so damn true !
@dumiphama88113 жыл бұрын
From 1:40 to 1:50 listening to how his friend is describing news of Bernie's arrest and what he thought the reasons were "sex crimes". Shows you who these people are and what they do behind closed doors.
@jasonbourneistreadstone3 жыл бұрын
Thinking about this now, the movie "Wall Street" with Michael Douglas and Charlie Sheen was made waaaaay before this was ever exposed. Maybe Madoff used it as a blueprint. Wall Street is incredibly shady and corrupt. The SEC are inept clowns.
@natalieholmes53132 жыл бұрын
Glad I wasn't the only one to catch that.
@devonw.15772 жыл бұрын
I noticed that too. Thinking of "sex crimes" in a "nanosecond" doesn't exactly make them look good. I bet there's so much dirt that hasn't even been uncovered.
@neversayjello2 жыл бұрын
Lol I thought that was odd.
@lisev4152 жыл бұрын
@@neversayjello right😂 that was soooo telling
@James_Bowie3 жыл бұрын
Bienes' body language is priceless. He couldn't tell the truth if his life depended on it.
@brentfarvors1923 жыл бұрын
They were ALL lying! They knew something wasn't right! SEC was taking BRIBES to keep quiet. Sad thing is, there are probably 50 other people, now doing the same thing! "Fractional reserve stocking..." Now, they just make up shares that don't even exist...According to the SEC, it's only "fraud"...If the market collapses!
@Justice-ef9sk3 жыл бұрын
@@brentfarvors192 And as to Bienes's outlook....its only a crime if ya get caught. Lol. Michael Bienes can blame Madoff all he wants, but he was just as guilty, if not more so. He procured investors for Madoff, to be sure to collect HIS "Thirty pieces of silver" finder's fee.
@rabidbigdog2 жыл бұрын
Spot on comment. All these people skimming saying "we didn't know".
@LowCountryMTB2 жыл бұрын
I’m on the fence about Bienes.
@MrPlummerjones2 жыл бұрын
@By Way Of Deception That's because he is autistic.
@robertafierro5592 Жыл бұрын
These investors KNEW their returns were too high, and STILL, didn't question it.
@abubakariabdulai950511 ай бұрын
Remember human greedy is like the red ants ( when a red ant finds honey in container it consumes the honey too much and finally falls into the container and ends up downed) .
@Twofiddymill8 ай бұрын
Yep …it’s a two way affair..yes Madoff did wrong however there is always a catch somewhere in this game…gullibility and being credulous being key!
@marlongaines93198 ай бұрын
Not when he’s the chairman of Nasdaq.
@marlongaines93198 ай бұрын
@@abubakariabdulai9505people weren’t greedy. These were regular people just trying to pay for retirement. Even charities “invested” with Madoff. That’s not greed, that’s capitalism. And ants eat honey because of the nutrients. Not because they like the taste.
@LisaMitchellGD7 ай бұрын
His Sons knew I think
@jordanalbano97809 ай бұрын
At 2:47 when he shoves the cameraman & the cameraman shoves him back even harder is the most New York thing ever
@austx2907 ай бұрын
Exactly !
@tessajones939313 күн бұрын
😂
@smartanajones4u2 жыл бұрын
Although this catastrophe is over a decade, I can never get enough of this
@meddem1744 Жыл бұрын
Same.
@stevejacobs2764 Жыл бұрын
Well it’s good to be aware, because it will happen again, and it already has happened on smaller scale with Sam Bankman Fried and FTX.
@molliwilson5639 Жыл бұрын
Me too.
@Massivemonster1234 Жыл бұрын
Guess you weren't victims. Because they gave gotten the full brunt of it.
@erik33719 ай бұрын
It's good content. Check out "wirecard" also good.
@nickv40733 жыл бұрын
Most of these people were bragging about investing with Madoff. "Our money is with Madoff but you can't get in with him. Its by Invitation only". I don't feel any sympathy for these investors.
@lakersouthpaw3 жыл бұрын
Yeah and they are all acting like they didn't see the signs. But they can't answer the question why. The real answer is they saw easy money and were so greedy, they didn't care.
@MegaMontiq3 жыл бұрын
What about the ordinary people? No sympathy for those who had to move into new homes cause of him. Sell their Cars cause of him. Change their complete life cause of him. Thats the point yes he stole from the rich but they were not the ones that had to go through the pain. It was the ordinadry people.
@TheSmartLawyer3 жыл бұрын
I don't blame someone for trying to secure a better future. I do blame Madoff for his fraud and those who facilitated it
@sandratrusty77573 жыл бұрын
Lol neither do I
@sarajaved55523 жыл бұрын
well said
@danielprates22082 жыл бұрын
This michael bienes looks like a seinfeld character. "How does an airplane fly? I dont ask!"
@personalchefservicesofsues43622 жыл бұрын
He does! Lol..
@CMO55692 жыл бұрын
Serenity Now!!!!!!!!!
@thetreekeeper1432 жыл бұрын
It's because he's Jewish. They have that funny accent.
@letsgomets072 жыл бұрын
Lmaoooo
@calisongbird2 жыл бұрын
@@thetreekeeper143 it’s a New York accent, it has nothing to do with being Jewish.
@dawnedwards23203 жыл бұрын
I find it hard to believe a licensed CPA saying he wouldn’t understand an explanation of the way it works. He is a liar of the extreme. All part of the con!!!!
@teddmented3 жыл бұрын
Agree
@hiphopjewels2 жыл бұрын
He wants to avoid lawsuits, so he'd better stick to that story, and hope someone believes it. lol
@xccharobes2 жыл бұрын
He’s a major con just like Trump. Such a slimy, whiny and crying baby.
@ForceField92 жыл бұрын
@@xccharobes Trump wasn't a con. And if you think hes a con, I cant wait to hear what you say about biden
@klintsheganaku9132 жыл бұрын
@@ForceField9 Have you been living on Mars in the past decades? Trump was, has ever been and still is a con! 🐑
@percivul17863 жыл бұрын
"I blame the government. I really truly do." Says the guy who took no action to investigate the guy showing financial magic tricks. Says the guy who KNEW something wasn't up to snuff but loved those initial checks. Now that the well is dry, it's the governments fault.
@LLandS183 ай бұрын
I get what you're saying. But it is the government's fault. It's specifically it's Congress in the Senate's fault. Because the agencies that were designed to go after these types of financial crimes had their budget slashed to lessen 5% of what they actually needed. Which by the way were Republicans trying to make the up the The loss of cutting the tax code for the top 10% of Americans. Then the Republican party under Nixon weaken existing federal laws that allowed these se government institutions to go. After these kind of people. They weakened it to such a point that these institutions had no power to go after these people. I mean you got to do your big donors a favor right? Then you had deregulation. You know Reagan's entire platform. So thanks to the Republican party, the se government entities didn't have enough Budget they didn't have enough staff. They didn't have the tools they needed legislatively speaking to go after these people. All of that had been cut to the That the institutions and the parts of the department that go after these type of financial frauds were functioning on their last dying breath for the last two decades. And the Republicans want to sit on that Senate and scream and holler at the agents who were completely handcuffed by the Republican party. The irony in that is amazing. And the irony of the fact that the American people don't see that. But everybody else in the world sees it is amazing. And no, I'm not saying the Democrats are innocent because they were in power. They allowed that weekend of laws to stand when they were in power. They allowed that budget to remain so low. Well they were in power. But saying they're both equally very responsibility is like saying a 1991 rusted neon and a brand new top of the line Bugatti is the exact same thing because they're both cars.
@DarthChungus-xl9jj2 жыл бұрын
Pbs really is the gold standard for deep dives, a great watch
@jeffhatmaker8173 ай бұрын
I agree they make some excellent documentaries, unless the subject of the documentary conflicts with its extreme political bias.
@theccpisaparasite88133 ай бұрын
No, they aren't. But, they did a fair job here.
@benno291980 Жыл бұрын
6:12 'how does an airplane fly? I don't ask.' 7:45 'we were like an airplane, you know how an airplane works' What a frikn sheister
@josephb4563 жыл бұрын
"Why didn't you find him?!" He screams into the lifeless eyes of the very people who benefited from not finding him.
@jv-ep2tc3 жыл бұрын
he knew the answer when he asked the question
@GeauxRight7772 жыл бұрын
Madoff was really a terrible human being
@clintoruss1532 жыл бұрын
@@GeauxRight777 hope he rots in hell he destroyed many lives including his own sons
@robertfolkner92532 жыл бұрын
No mention of Congress slashing the SEC’s budget so they hadn’t enough agents and supplies to get people on the streets. Of course, that required honesty, something Congress-types aren’t familiar with.
@davidwhite77672 жыл бұрын
that politician probably voted for deregulation
@kingsolomon03 жыл бұрын
The fact that Mr Madoff was not registered by SEC and did not accept or entertain questions from clients was a huge red flag .
@nelyubov2852 жыл бұрын
Einstein
@anonykip3 жыл бұрын
This Bienes fella should've been a Hollywood actor. I'm sure he would've made a good fortune playing Italian mob boss.
@chrisestey72773 жыл бұрын
They were all greedy Investors, everybody .They got what they deserved
@projectmatt113 жыл бұрын
He's a jewish guy from NY.....they all sound like that.
@grahamsawyer8313 жыл бұрын
absolutely. whenever people start swearing on their mother's life they are invariably lying.
@hutseh3 жыл бұрын
As God as my witness and on my mother's grave? Mom would be so proud that she raised such a loyal son; able to use his mother's name so piously.
@moisemensah82333 жыл бұрын
Scorcese should give him a call
@Stormcoaster101 Жыл бұрын
15-18%??? And sophisticated investors fell for that??? Shocking how greed can cloud your sensibility even when you know better.
@vamoneygroup Жыл бұрын
If you could get %20 you would %100 do it.
@ColumbusRealtors-m2z10 ай бұрын
Happens all the time but not advertised to plebeians like you. You’re not in the know buddy. 😂🎉
@Stormcoaster10110 ай бұрын
@@ColumbusRealtors-m2z you gotta be severely acoustic bro 🤣🤣🤣
@ColumbusRealtors-m2z10 ай бұрын
@@Stormcoaster101That reply still doesn’t make you any more “in the know”. Quiet…you hear me? Shhh…boy. In the words of Keller P. Williams, “be humble, sit down.” Boy. I’ll say it again, boi?!? Flick that wrist t-girl.
@JimRatcliff-g5z7 ай бұрын
These sharks are getting as much as 35 percent return now days . Far more then Madoff . And getting away with it and the market turns a blind eye on it . Go figure . 😮😢
@Matthew-wp5fp3 жыл бұрын
“We were never pigs” says the greedy accountant acting ignorant. Corrupt to the core.
@emmabovary12282 жыл бұрын
My favorite, God meant for us to have this money.
@jonking53182 жыл бұрын
That was priceless. It told me everything I needed to know. Greedy crooks.
@youtubeobserverz2 жыл бұрын
(7 min 28 sec) "Easy peasy."
@Oltl212 жыл бұрын
“I never work hard” is a dead giveaway
@NormaJean9512 жыл бұрын
@@emmabovary1228 my favorite was a cpa pretending he wouldn’t know enough to understand the trades.
@erichodge5673 жыл бұрын
There's an old saying: The big thieves hang the little thieves. The takeaway: The big thieves never hang each other. The documentary could not have made this point any more clear.
@SKratch-jx4mb5 ай бұрын
Absolutely! Everybody that was giving him big money KNEW what he was up to.... Only when he got caught, Then tried to pretend they uninformed, hapless victims in the whole thing Amazing how his whole family was ravaged after the scandal...only the wife escaped with her life
@issam883 жыл бұрын
Great Documentary, only one thing to take from it is: Never try to screw rich people out of their money, if you do, you will end up in jail for a very very long time. Do the same thing with the poor and everyonewill call it "will of the free market" and CEOs will get millions in bonuses and golden parachutes
@tps1783 жыл бұрын
Actually...the rich people didn’t mind fraud as long as they were not the bag holders at the end
@sarahwiles17493 жыл бұрын
😉
@richardbittner39333 жыл бұрын
You are so so sadly RIGHT
@r-kellyspeesheets9083 жыл бұрын
Correct. Look at Jordan Belfort....
@blaquentgruppe65473 жыл бұрын
Oh stop The poor cheat and steal daily
@Scorpio-unicorn146 ай бұрын
It is always a red flag when you are not allowed to ask any questions.
@boop795 ай бұрын
100%
@pastramiking68744 ай бұрын
Just like Theranos
@Lucian-mg9mw4 ай бұрын
That makes me think of Elizabeth Holmes of Theranos
@LLandS184 ай бұрын
Can you imagine thinking that God wants you to have this money. The type of delusion you have to be into believe that nonsense.
@HamishBanish4 ай бұрын
America right now needs to note this applies to presidential candidate Harris Shw won't take any freakin' questions. That is a freuckin' big red flag
@michaelbryant20713 жыл бұрын
I swear this Bienes character looks and talks like a Mafia hit man who just walked out of Central Casting.
@magnificentmuttley1543 жыл бұрын
@somedeveloperblokey Bienes: "I swear on my mother's GRAVE I was convinced the money was legit" Interviwer: "But it was easy money, right?" - "Yes. When friends found out how much I made, they said 'You must be working hard for it, right?' But I told 'em it was the easiest money I ever made" - "See? Right there. If the money was TOO easy you knew something was wrong" *Famous last words:* _I never knew... I swear on my mother's grave._ Well geez, Mr Bienes, if it smells like a skunk, it's a SKUNK
@twincherry49583 жыл бұрын
@@magnificentmuttley154 If I don't ask, I don't know...I can keeping taking the money wvwn if I suspect anything.
@cmcgloughlin3 жыл бұрын
that, or, he fell off the Stupid Truck
@tillymalone53223 жыл бұрын
Agree completely 👌 👍 💯
@magnificentmuttley1543 жыл бұрын
@@cmcgloughlin Right! That's the spirit! He hit every branch of the tree on the way down... multiple concussions with brain damage 😋😋🤕 *EDIT:* Well the YT 'bots are at it again. Benign & harmless as it is, my comment was removed. This is my attempt to put it back... Good grief! Can't anyone have an OPINION or tell a harmless joke anymore?!?! Evidently not!
@professorvoluck93113 жыл бұрын
Madoff’s programmers were the real geniuses. They designed software that automatically allocated fictitious trades to individual accounts and created a phantom computer trading platform in case an investor, regulator, or auditor requested to see how the operation worked. They knew it was a fraud from the beginning and should be in prison.
@blaquentgruppe65473 жыл бұрын
Professor Madoff program the computers Can anyone in here duplicate what Madoff pull off? MAN EH GENIUS mister GREEK IN RUSSIA HE BE MAGNITSKY 'GIT
@blaquentgruppe65473 жыл бұрын
Still don't wanna give Madoff credit What about intestinal fortitude x🖤👁
@michaelcallas94633 жыл бұрын
Imagine that genius be used, I don’t know, to promote transparency in financial services and insurance? We’ve got a ways to go as humans. And @Professor, you’re right - lots of integrations to manage, especially in those days.
@stevrgrs3 жыл бұрын
Yeah I can barely balance my trades database let alone pull something like that off :P
@KyleN4563 жыл бұрын
The end
@commanderkeen37873 жыл бұрын
You don't get this big without the government, other Wall Street firms and the SEC being complicit in the crime. Money talks. And let's not pretend this stuff still doesn't go on to this day on Wall Street
@cliftt3 жыл бұрын
Facts.
@motivateyourself68193 жыл бұрын
Super Facts
@ToyHigh3 жыл бұрын
FACTS 🎤 💯
@adrianaalcala96933 жыл бұрын
Bernie knew he could get bigger by dumping money into people who “asked questions” Bernie closed mouths with money....
@tbthomas51173 жыл бұрын
As V. Lenin was alleged to have said: "When the time comes to hang them, the capitalists will sell us the rope." I could never quite figure out why our leaders thought it was a good-idea to partner-up with the most bloodthirsty genocidal regime in recorded history. I remember reading a news item in 2010 saying that General Electric had decided to build jet-engine factories in China. I thought: "Jet Engines? the kind we use in long-range bombers? Why would the government approve that?" Now we know.
@1jesus2music3duke2 жыл бұрын
This is my favorite comedy special. From everything about Bienes to “3200 seems to be… more than 15,” Frontline is killin it!
@u2ooby3 жыл бұрын
Two accountants had no idea how this magical 20%+ return was created and no deep questions to find out...maybe they worked for Arthur Anderson i.e. Enron
@rickmercedes42853 жыл бұрын
Right !
@delacruztaylor3 жыл бұрын
You always plead ignorance and pass blame............its the Ethical Way
@twincherry49583 жыл бұрын
The accountant game: Don't ask, don't know
@windsofmarchjourneyperrytr28233 жыл бұрын
Anyone who's ever read the markets knows its never, ever consistent, especially not by an even 20%. Duh.
@BreezyE-d3n3 жыл бұрын
@@windsofmarchjourneyperrytr2823 right, even 8% is dodgy
@Survivor-mf1nm3 жыл бұрын
These people KNEW the investments were sketchy, due to all the secrecy. But they didn't give a shit, when cash was rolling in.
@lonelylantern91353 жыл бұрын
Well said!
@allenkemp31243 жыл бұрын
Exactly
@videosuperhighway76553 жыл бұрын
They thought all the secrecy was because they thought they were making money by cheating the system via front running trades on the exchanges. So thats why they went along.
@astroemerald31753 жыл бұрын
The MAJORITY yes others were largely clueless . Others saw themselves part of an elite rarefied privileged few . arrogance pure denial and narcissism were there folly . In the end it is Ruth who walked away with 2 . 5 million did she know the truth . I think she did . I know she lost both her children but in interviews when she mentions her children she shows zero emotion . The only passion you see is her passionate denials of her role in the crime . He robbed Holocaust survivors of there life savings .
@windsofmarchjourneyperrytr28233 жыл бұрын
Wouldn't a theoretical 20% CONSTANT claim or "gains" be the dead ringer flag, tho...?
@theycallmetundraboy3 жыл бұрын
Frontline is honestly such a blessing to this world. Real talk.
@theresachung7033 жыл бұрын
💯
@andersonwang17463 жыл бұрын
They make very good shits, honestly.
@thecarpetman76872 жыл бұрын
If it was up to republicans…it would be shut down
@sonnyjohnson88872 жыл бұрын
A drop of white ink in a sea black ink is not really a blessing 😺, but it does not hurt
@Russellsplant2 жыл бұрын
They literally never have a bad episode.
@BASE5NYC Жыл бұрын
Hard to feel bad for people so blinded by greed & ignorance. They didn't ask any questions because they didn't care, they just wanted returns.
@louniece1650 Жыл бұрын
I'm not sure, but aren't many of these people still pretty much still wealthy anyway?
@KerryOki66 Жыл бұрын
You could make 10% yourself VERY VERY EASILY
@arsenal101410143 жыл бұрын
Everyone was happy to go along with it. Greed. Pure and simple.
@lindsayaddie85543 жыл бұрын
That's the way some of these fat cats\upper crusts think. As long as they getting richer and richer.......
@22jaydogg3 жыл бұрын
Exactly
@TheCubert1203 жыл бұрын
Greed is the American Dream. Wholesome and honest, but always driven for the desire to be affluent and well to do. The very nature of investing is greed. "I want my hard earned money to no longer be hard earned. I want my money to make money, and I don't have to do a thing." The American motto, get paid for doing nothing.
@stephenholmes10366 ай бұрын
Spot on
@falldownhard2 жыл бұрын
This was by far my favorite of all the documentaries on Madoff. Frontline at its best - so much content packed into less than an hour.
@mrsx79442 жыл бұрын
The new one on Netflix isn't bad.
@GreekOrthodox7 Жыл бұрын
@@mrsx7944 Netflix is bad, stop using it!
@Fontaine-qe1ke Жыл бұрын
@@GreekOrthodox7 i9kkkkkkykikkk9yyikik6koooooo9kkoookyp0😮 ok sis p😊
@sparkleevenmore9638 Жыл бұрын
Frontline is THE best
@pkhaloobonaccio988310 ай бұрын
in a non us resident but rest assured that i consider every PBS documentaries as extremely insightful .
@raquelvlogzz11832 жыл бұрын
Nothing better than a humble man full of integrity..Period!
@EchoJ Жыл бұрын
Greed is a lot like "Love"; intoxicating and addictive to the point that it blinds people to otherwise obvious truths.
@leas7830 Жыл бұрын
Well said.
@Fastbikkel4 ай бұрын
Blinds people? To me it looks like they do this consciously and that being blinded is not the case. But im not the expert on the matter.
@peacenow44563 жыл бұрын
Martin Smith is one of the very best investigative journalists/documentary film makers on the news beat, today! His details are unmatched. So many thanks to his co-writer Marcela Gaviria for your tireless work and your research crew!
@magnificentmuttley1543 жыл бұрын
💯% agreed. Martin Smith & Lowell Bergman are the last of a dying breed. Everyone from Walter Kronkite to Mike Wallace, Ted Koppel, Charles Koralt, & many others are long gone now. And accolades to Bill Kurtis for his _Decades_ Channel... Investigative Reporting has been dead a long time in this Country, along with the fine people who for several decades (?? 50 years) made it what it was. Even PBS' _Nova_ occasionally deviated from their usual Science & Technology to delve deep into major stories at one time, such as the "Exxon Valdez" disaster in 1989, with their episode _The Big Spill..._ We're talking about once in a lifetime & once in a century exposés, with the very best background information & due diligence... Miles of videotape locked away in archives likely never to be seen by the public again, except MAYBE in some randomly occurring, future PBS special 😪🇺🇸
@ShutDFckOff2 жыл бұрын
30:00 It's funny how Sandra Manzke ( with all her education) is being told by Martin Smith what she should have done back on those days , being on top position, how to catch and confirm the legitimacy of Bernie's account. But Bernie was really smart because he targeted the likes of her who is greedy to the core! They are so greedy with the constant flow of money that they did not bother to confirm.
@kmcrae6687 Жыл бұрын
LIGHT! TRUTH! JUSTICE ⚖️
@angecynthia3473 жыл бұрын
" my wife and I came up with an answer!! God wanted us to have money, God wanted us to be rich!!" hahaha complete con artist😂😂😂
@AccentYouLovingheart3 жыл бұрын
Never satisfied.😂😂😂😂
@loretta_38433 жыл бұрын
Oh dear God, you can't make this stuff up!🤦🏻♀️
@pabloescoto72293 жыл бұрын
I dont know why but just listening to him say that and when asked about whether he knew or asked Madoff how he was making that kind of money and saying "nevaaah" he just sounds like a crook.
@colenexoxo89393 жыл бұрын
I Can't believe that he said that. When he has to answer to God he will truly think he can con God....Wow😱
@supremeteam18313 жыл бұрын
@@pabloescoto7229 yep. His "ohhh I don't know. Do I know how to split an atom" BS... like this guy is literally showering you with an INSANE ROI YET YOU DON'T KNOW HOW HE DOES IT, "HE JUST DOES IT" YEA, OK👌🤣
@troybirch2 жыл бұрын
I will never understand how people always blame the government whenever there’s a problem but Can’t comprehend that when you eliminate regulations you have absolute chaos.
@figaro-dg5c5 Жыл бұрын
Criminals get caught, they shift blame to the government or to anybody except themselves.
@lolacole5653 Жыл бұрын
And no self accountability.
@dahliacheung60209 ай бұрын
indeed. Like, you're dealing with trades and investments. There's no such thing as zero risk and 18 percent returns are just not happening. And in the slight chance you managed to get in early enough that you do see those returns, it's because several someones who invested more recently are never seeing a dime of that money again. Yet we see time and time again with FTX, with all these crypto shitcoins- people seem almost *more* willing to literally throw their entire networth away when someone promises them something impossible.
@Jaxymann5 ай бұрын
@@dahliacheung6020The twin forces of Greed and FOMO are a hell of a way to cloud people's judgement. I can understand how some people see value in taking risk in the stock market to profit, but at some point, you have to draw the line and realize that sometimes things just are too good to be true. There's no such thing as a 0% risk investment, but the sheer scale of money and profits involved doubtless swayed people into making horrible decisions in the eternal game of one-upsmanship that is capitalism.
@Ristofec2 жыл бұрын
I’ve worked in the financial industry for years and I’m currently employed with a Fortune 500 company. I make less than 6 figures a year (just a regular service representative), but I’m telling you, just from my experience, the entire financial industry is riddled with oversight and fraud.
@charlesbosse96699 ай бұрын
Especially government officials.
@Anna_Stetik8 ай бұрын
The SEC was, and still is, a joke.
@safc29516 ай бұрын
It’s all rigged
@displayfireworks3 жыл бұрын
46:44 This man said it so clearly. It was all good until people started to want some of their money back. Its all just numbers on paper until you want some of your numbers back.
@johnrogan94203 жыл бұрын
Due diligence...lol...try cement overshoes.
@johnrogan94203 жыл бұрын
Unregistered with the SEC but chairman of the New York stock exchange.
@keplermission49472 жыл бұрын
If God had meant plebs to be Kings he would have given them brains.
@GS-zc4sk2 жыл бұрын
Yes. I think when he hooked the international big fish. They were too big to feed from the pond. How do you get investors larger than that??? That's simply as high as you could go with a Ponzi scheme. As Madoff demonstrated.
@thelouster58152 жыл бұрын
@@keplermission4947 If God wanted kings he would’ve protected them from plebs.
@tylerkeller88693 жыл бұрын
The amount of greed and willingness to turn a blind eye in both the 2008 collapse and Bernie Madoff, goes so deep and extensive that the show American Greed could do a 16 part series on it and not run out of material.
@wendygill80133 жыл бұрын
WHITE FOLKS!
@markfroman7382 жыл бұрын
@@wendygill8013 greed is. Sickness
@markfroman7382 жыл бұрын
Greed is a sickness.
@jeanlind75402 жыл бұрын
Exactly same in UK & many UK investors put money into Madoff through their high street banks. No bankers went to jail.
@MSWSB Жыл бұрын
These people just took money for pretending to buy and sell stocks. Typical dishonest business practices. They are nothing compared to the W.H.O., the CDC, the FDA, the AMA, The traitorous politicians, and all the complicit “news” agencies that helped perpetrate the greatest crime against humanity that we’ve seen. The NAZI’s of 1940’s Germany were identified as the monsters they were and punished for their crimes. The global cabal that foisted the frauds around CO**D 19 on the planet and all the extenuating damage on generations to come have all been ignored and escape even the smallest justice for what they colluded to do.
@SecondTake1233 жыл бұрын
Any successful scam and pyramid scheme always has a legitimate component as well. Madoff not wanting to register with the SEC or get licensed should have been a red flag!
@alexcarter88073 жыл бұрын
There's an excellent docu on the original Ponzi on here somewhere. Even after he was busted he had people singing his praises.
@jtiger10623 жыл бұрын
Why do people have all their money with one person...they are greedy and I have very little sympathy ..
@SecondTake1233 жыл бұрын
@@jtiger1062 He screwed over elderly couples too who just wanted to invest their savings.
@jtiger10623 жыл бұрын
Other investors accepted lower returns because they knew it was too good to be true …you can’t protect people from being greedy so don’t expect to be bailed out by the government tax payers money..
@yesterdayitrained3 жыл бұрын
@@jtiger1062 : No one in this documentary asked the government to bail them out. Yes, they tried to blame the government, but no one asked the government to give them back their money.
@robbywilson6729 Жыл бұрын
I have worked in corporate finance for just about my entire career, and it is baffling to me that this fraudulent enterprise survived as long as it did. Especially as high profile as the firm was, you would think the SEC would have been all over them when even cursory examination from an untrained eye would have quickly pointed to the mathematical impossibility of returns. The fundamental problem of Wall Street is that the banks, hedge funds, brokerages, IB's etc. are always infinitely more talented and resourceful than the fed employees and agencies who are tasked with stopping potential impropriety. Any given day there are hundreds of such con games in play, and only a minor fraction are ever caught.
@Matt-cr4vv Жыл бұрын
It is always an issue because top talent regulators almost always get swayed over to the private sector outside of the few passionate who remain. But I always think the absurdity of it not being caught more than anything was the bank account at Chase that held the money. How in the world does Chase never say anything about this account that has $1B+ sitting in it? Amazing that nobody bothered to wonder why such an absurd balance of deposits is sitting in this account.
@AnkhGirl Жыл бұрын
So then what is the REAL point of the SEC??
@freddiewadling2090 Жыл бұрын
What's more, the fraud was pointed out to the SEC. Several times. Several investigations were made. They found - nothing.
@jlb122587 Жыл бұрын
@@Matt-cr4vv I have to believe that its always the same reason: not my job to throw stones especially when I am making money off it. Chase was definitely earning interest on that money.
@sonsofthewestredwhiteblue5317 Жыл бұрын
You build a better mouse trap, nature builds a better mouse. The con seem to hinge entirely on the dopamine hit that investors acquired in not only apparently making tidy returns on their money, but the egoic kick they’d receive from being esteemed and astute enough to be along for the ride.
@lindathrall51333 жыл бұрын
HE WASN'T A LEGEND HE WAS A THIEF
@randomdude36463 жыл бұрын
💯 why are people glorying this man?
@alecnickel45723 жыл бұрын
Its the same as people glorifying Jordan Belfort after the Wolf of Wall Street movie. People dont learn
@Amy-un6oh3 жыл бұрын
People are stupid and will glorify anyone.
@ehiggins3603 жыл бұрын
Hater
@cappsginny6993 жыл бұрын
I don't see any glorifying...
@adammcgirt71233 жыл бұрын
"We were never pigs" 🤣🤦♂️ I promise ya, this guy pigged out all the way.
@greenjupiter Жыл бұрын
What did he mean by we were never pigs.
@adammcgirt7123 Жыл бұрын
He's trying to say they were never greedy,
@renewashington7918 ай бұрын
😂😂😂😂😂
@mattmarkus48682 жыл бұрын
Previously chairman of the NASDAQ, the guy wasn't even registered with the SEC and had thousands of customers and billions under management. Simply crazy. And the SEC was alerted at least 5 times and nothing happened and nothing ever would have happened if not for the financial crisis in housing. It's almost hard to believe!
@yankees292 жыл бұрын
Didn’t one of his relatives work with the SEC at one point.
@mrmoneybagz Жыл бұрын
What an amazing documentary. These were 58 well-spent minutes of my Sunday.
@ThemeticulousRealtor Жыл бұрын
Me too😅😅
@ObiomaEleje4 ай бұрын
Right sooo true 😅
@satorified16123 жыл бұрын
43:56 - "You took action after the guy confessed! He turned himself in! Don't give yourself a pat on the back for that...." haha. Rep. Ackerman of New York is my hero.
@hutseh3 жыл бұрын
Direct attention away from one's own discrepancies. None of these politicians should be anyone's hero.
@satorified16123 жыл бұрын
@@hutseh .....wouldn't doubt it, but it makes for good theater either way.
@wendygill80133 жыл бұрын
WHITE FOLKS!
@wendygill80133 жыл бұрын
WHITE FOLKS!
@scottodonnell71213 жыл бұрын
@@wendygill8013 He's a Jew, probably didn't consider himself White.
@amutah80633 жыл бұрын
I'm sorry but if someone promises you a steady annual return of about 20% and you believe him, then you can't blame the government. Most of his investors were sophisticated people who should have known better but they were blinded by greed.
@Swandivein2 жыл бұрын
These days an index fund nearly does that for 0.03% fee. How are hedge funds still alive?
@jonking53182 жыл бұрын
The government shares blame. If they were middle class or poor most of those people would be interviewing in prison. Totally different rules.
@davidwright8732 жыл бұрын
and 'Greed' being the operative word here. Without that, Madoff's got nothing...
@wingberry1232 жыл бұрын
Exactly what I was thinking while watching. These people were mostly wealthy and highly educated individuals. They must had a bit of doubt.
@kristenandco.22232 жыл бұрын
One of my favorite docs on Madoff. I love Frontline! ❤️❤️❤️
@tonyglen33Ай бұрын
Micheal Bienes is a real character. The best parts of this video.
@emiliorosa98963 жыл бұрын
thank you frontline for this story love the way u guys are so professional
@ST-xg3gy3 жыл бұрын
Class enterprise.
@emiliorosa98963 жыл бұрын
@@ST-xg3gy thanks you for being positive energy
@masonj9103 жыл бұрын
Yh the narrator is so good
@sweeepzone51553 жыл бұрын
I always wonder what it was like working at Madoff's firm. Coming in day after day, sitting at your desk working, your one to one appraisals and meetings etc etc. And the whole time it was just a ponzi scheme where no investing/trading was even taking place. Like those employees were like the most dedicated real life background artists/extras of all time
@cacornhusker29403 жыл бұрын
Working at Madoff's Firm was akin to being a Gov't Employed Dreg.
@rhlopez26943 жыл бұрын
I doubt they even showed up.
@gothenmosph51512 жыл бұрын
Madoff had two firms, the legitimate one was where the vast majority of his employees were (like 98% of them) and the other was a total sham. They were in the same building, one took up the 18th floor and the sham business was in the 17th floor and was apparently devoid of people beyond a just a few (a couple who went to prison with him and some secretary types who didn't know enough to understand what was going on). For the secretary types it was probably an amazing job. I'm sure they were paid quite well and didn't have nearly as tough of a job as they would have in a legitimate business. The other few people on the 17th floor went to prison along with one outside 'auditor'. I imagine their existence was pretty full of stress wondering when the house of cards would collapse but also reveling in the money at the same time.
@sweeepzone51552 жыл бұрын
@@gothenmosph5151 This clears a lot up. I could never understand the set up before
@DanWilan2 жыл бұрын
Most business are ponzi but his was a little bit obvious
@Sameoldfitup3 жыл бұрын
“Has it ever struck you that life is all memory, except for the one present moment that goes by you so quick you hardly catch it going?”― Tennessee Williams.
@yesterdayitrained3 жыл бұрын
Deep.
@greenjupiter Жыл бұрын
This quote showed me something life changing. Thank you for sharing. God bless you
@Zoomer30_ Жыл бұрын
If, in 2008, I was getting statements that looked like somethings printed in 1980, I'd call the SEC.
@joefin59003 жыл бұрын
Why the SEC waited five years to go after him is the real story.
@kimstringfellow64932 жыл бұрын
They were too busy building him up. Just like how the exhaled SBF.
@gabriel08607 Жыл бұрын
9 years actually. Markopoulus first wrote to them in 1999
@jstone2473 жыл бұрын
His passing was barely noticed. What a piece of work.
@thankthelord45363 жыл бұрын
Nobody cared about this thief. Big deal.
@CrossmanTV13 жыл бұрын
It was just another day for most people.
@frankdenardo86843 жыл бұрын
He kicked the bucket
@yannick2453 жыл бұрын
I really didn't know he passed! How come?
@kennymartin34163 жыл бұрын
The people who thaught they would get 20% return on their investment are just as guilty. Zero sympathy..
@tradelogikk81822 жыл бұрын
"he led you to the pile of dung that is Madoff and stuck your nose in it and you couldn't figure it out" LMFAO that was so so great lol 😂
@DetectiveTrupo2032 жыл бұрын
That hearing is the best part of the entire video, him saying "one guy and his friends figured it out over a decade ago and you guys couldn't figure it out." Then she starts talking about having actions pending in the southern district of New York and congressman Ackerman says "you took action after the guy confessed, he turned himself in, don't pat yourself on the back for that". Absolutely hilarious, the SEC couldn't have been more incompetent, it would be like the FBI only catching criminals who confess and bring their own evidence against themselves to an FBI field office. Ridiculous.
@PlateletRichGel11 ай бұрын
Just like Enron employee, Madoff investors, Long Term Capitol investores, MCI investors, the greed is what got them.
@chel3SEY3 жыл бұрын
Manzke is extraordinary. She obviously turned a blind eye to everything odd and question-begging about Madoff, as long as the money was rolling in. She has some cheek appearing on camera to brush all this off.
@AoifeNic_an_t-Saoir3 жыл бұрын
Exactly! It sounds like she doesn’t even really believe her own protestations. Her ignorance makes her just as culpable as the rest of them.
@jonking53182 жыл бұрын
She was the worst. She should have been charged. Along with others.
@malcolmtaylor75672 жыл бұрын
Totally agree
@apemancommeth96513 жыл бұрын
His sons both died as a result of the stress and shame he gave them
@frankdenardo86843 жыл бұрын
His dad has kicked the bucket
@oncoucharrest59103 жыл бұрын
One son died of cancer, the other committed suicide.
@apemancommeth96513 жыл бұрын
@@oncoucharrest5910 right! The one that committed suicide died on either his dads birthday or something specific to his dad, and the other probably had severe stress caused by this situation which can be a contributor to getting cancer! That’s all I was getting at!
@oncoucharrest59103 жыл бұрын
@@apemancommeth9651 the son was diagnosed with cancer before the news broke about the scheme but I’m sure the stress of the situation didn’t help with his well being. Take care 😊
@apemancommeth96513 жыл бұрын
@@oncoucharrest5910 🤝👍
@phanCAbe3 жыл бұрын
Not a single innocent person in this whole doc.
@pendejo64663 жыл бұрын
Not even Bernie Madoff?
@alvinasandra62333 жыл бұрын
@@pendejo6466 😂😂😂
@jigminidup24063 жыл бұрын
Not even the narrator?
@ivangutierrez35073 жыл бұрын
@@alvinasandra6233 😆
@Andy-em8xt3 жыл бұрын
What about the guy who figured out the scam and sent it to the SEC
@LEEHOLMES-gq2gj6 ай бұрын
8:13 he said "god wanted us to have this" .....! YEAH AND "GOD FUC😡ED EVERYONE ELSE IN THE SCAM " RIGHT 😕 WHAT A character this one is
@airam-sj21723 жыл бұрын
Madoff broke a standard law, which was a red flag from the beginning. He wasn't registered.
@teddmented3 жыл бұрын
The fund managers knew and didn’t care either
@ewaorlowska80272 жыл бұрын
@@teddmented . . n. ,
@robertmahler88943 жыл бұрын
I worked in a similar environment, and the unspoken rule was that you do what you have to do to get the job done, and as long as you are successful, ALL is forgiven, including bad behavior, cheating, sexual harassment and just being the worst human being--the end justifies the mean. If you fail, then all you do is under a microscope and everybody is preaching righteousness!
@lonelylantern91353 жыл бұрын
"The end justifies the mean" is the psychopath's mantra worldwide and in any walk of life.
@tonytresfg23233 жыл бұрын
That's finance.......i worked in that field too VERY stressful work environment. Every showing off trying to make you look bad to impress higher up mgrs. I'm a lyft driver and don't miss it at all.
@teddmented3 жыл бұрын
Truth
@dudelebowski4832 жыл бұрын
Case in point Wells Fargo
@1927su2 жыл бұрын
Did you work for the former President? Wow…
@2001lextalionis3 жыл бұрын
the corruption starts at the top and trickles down, unlike the money which stays at the top
@SOS-ct9mv3 жыл бұрын
lol true, true.
@Amy-un6oh3 жыл бұрын
Like our government 🙃
@lallen49993 жыл бұрын
And, now we had the orange dumpster for PRESIDENT!!
@zillap33433 жыл бұрын
Hahahahahahaaa
@gabrielsilvas6923 жыл бұрын
@@lallen4999 the orange dumpster is a wholeeee lot better then the corpse we have for a president rn dontcha think
@dahliacheung60209 ай бұрын
"Thirty-two hundred seems to be more than fifteen," made me spit out my drink. It's so ridiculous I can't help thinking, "but are you sure it's more? Can you really be certain?" And said with a straight face too! These people, man. They lie as easy as they breathe and make the most stupendous statements as if they were saying something like, "yes, I did have coffee this morning..."
@MrBellsa613 жыл бұрын
"I blame the government, I really do" - victim who probably voted for people who's deregulation efforts allowed this to happen
@MeneTekelUpharsin3 жыл бұрын
Exactly. They were probably many who voted for less regulated market then after the sandal they blame the government.
@satan8993 жыл бұрын
You mean voted for one of two corrupted parties that both let this go? Dosent matter who was voted, none of them would of done anything
@kurniawandwiseptian3 жыл бұрын
Another old boomer playing victims
@4evrnick3 жыл бұрын
Actually, the majority of his clients were Democrats. You don’t know what you’re talking about.
@winstonmonster3 жыл бұрын
And then corrupt officials let greed take over. No regulation let every man figure it out for themselves
@Cientxa3 жыл бұрын
How can you not watch this, it is so well done. Our capitalist culture is greed driven, it is not unthinkable that this is still happening with improved technology available to today’s scammers.
@madhugmk2 жыл бұрын
I think capitalist culture has was the driver but the SEC was the democratic institution that failed to stop that greed. There will always be scammers and cheaters but the govt's failure to address it for 10 years clearly shows how democracy can erode over time.
@unknowndriver66522 жыл бұрын
Absolutely
@juliamundt101 Жыл бұрын
Crypto is the next domino to fall -
@carsonteague9645 Жыл бұрын
Sam bankman fried
@trombleysingleton Жыл бұрын
@@user-bw2pm2ff2cRonald Reagan profile picture surely does not have a biased take on this matter
@mugumyapaultheafricannomad94883 жыл бұрын
If Madoff had chosen to be in politics and run for government he'd still be a celebrity and role model because that's exactly how government works.... He'd never felt out of place
@ohio722132 жыл бұрын
If Madoff got out of the game while he was ahead with all his money and entered politics I fully believe he would've received the democratic party nomination. If Trump could do it Bernie could have. He was a big donor to the democratic party and its members. He was well liked amongst them and easily could have funded a presidential campaign.
@kimstringfellow64932 жыл бұрын
Exactly!
@Beauloqs Жыл бұрын
I love it how NONE of them acknowlaged their greed had something to do with their losses.....
@mariettestabel275 Жыл бұрын
💯.
@stephenholmes10363 ай бұрын
If something is to good to be true it is !
@JamesHahnII3 жыл бұрын
16:47 This guy looks up every time he tells a lie. He’ll do it again in a second watch.
@wsmc143 жыл бұрын
Yup! I noticed exactly the same thing. He is quite the songbird!
@michaelrief44243 жыл бұрын
You can lock your doors to a burglar but it’s quite difficult to lock up to stop a liar.
@demeraragold46443 жыл бұрын
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣...." if you dont't believe me just watch..."
@charlestidwell53613 жыл бұрын
I noticed that too
@asnider31553 жыл бұрын
Yeah, that is a tell alright.
@rachs572 жыл бұрын
I've always lived in poverty, my father was in 'shmattas' and he too always seemed at the mercy of more astute business partners who stole from him and ultimately our family. So I found this fascinating and it bolstered my well-founded cynicism about easy money...it may have worked or continues to work for some, I'd rather get my hands dirty, sweat and make an honest buck which buys me much less, but I know what I own, truly is mine and paid for in full.
@liliango522 жыл бұрын
I Couldn’t agree more
@emmabovary12282 жыл бұрын
Many never realize their desire for cash, fuel fo power and more is the end of humanity within the soul. Far better to be living with less, or living with your own results of. Hard work, than be beholden to the incessant itch of greed
@glynismorris21962 жыл бұрын
What's a 'Shmattas?'
@michaelcleary2672 жыл бұрын
@@emmabovary1228 I came to see that hard work s good,using your labour to be paid in paper fiat currency is you being swindled.Bigger than Mandoff by a country mile,and it's the banks and government doing it.Look up about fiat currency.What is called money today with nothing backing it but debt.
@khalidalali1862 жыл бұрын
I think it’s Yiddish.
@apointtomake15173 жыл бұрын
Best part is watching the "victims" being asked the hard questions and watch them squirm to try and answer without looking bad.
@YTDE4263 жыл бұрын
Yeah, bc if you are investing you are bad by default 🤡
@conduit2423 жыл бұрын
Yeah that didn’t happen even once 🙄
@jamesbarker52543 жыл бұрын
You have to look back at the time some of them invested. Its not like today were if you dont have a clue about something you can google it. Google and the internet didnt exist.
@conduit2423 жыл бұрын
@@jamesbarker5254 They could have gone to a library, which is a building full of knowledge.
@jamesbarker52543 жыл бұрын
@@conduit242 look im not saying that they couldnt do their own due diligence I'm just saying it was a little harder to figure out numbers when it comes to the stock market back then especially at the age that some of these people were at.
@A1sinceday1-882 жыл бұрын
This story and Enron have always interested me so much. That level of stealing is SO SCARY to me. Yikes 😳!!!! How do they manage that kinda secret.
@lavonnealexander6936 Жыл бұрын
That’s because people are greedy asf.
@stephenholmes10366 ай бұрын
Pure greed
@joebournat2 жыл бұрын
I love the couple who blame everybody but their own greed. Madoff and others like him succeed because investors do not do their own due diligence and are driven by their innate greed which prevents them seeing how unrealistic the promised returns were.
@falseprogress2 жыл бұрын
A perpetual growth economy is also a Ponzi scheme. Wait until global oil production peaks, meaning the U.S. fracking component propping up the illusion that 2008 was merely a "financial" recession (conventional crude oil had already plateaued around 2006). Few people care to fully understand how the economy is propped up by finite fossil fuels, which cannot be replaced by "renewables" on such a vast scale.
@thelouster58152 жыл бұрын
Oh, they do the DD. The thing is they’re not looking for ethics, only money. If it makes good money, damn the consequences. Wall Street people would nuke the world if they could profit from it.
@Mo-yd8xc2 жыл бұрын
Sounds a lot like this Nigerian prince scams.
@edwardfiorvante61232 жыл бұрын
Why didn’t these people do their own due diligence? Like I said they didn’t ask questions because they probably felt something was not right and illegal but as long as they gained money they didn’t care until they didn’t!!!
@LCplDwayneHicks2 жыл бұрын
Yeah we should blame the victims in this case.
@LaLagunz1872 жыл бұрын
I’m obsessed with that old New Yorker Bienes 😂 he’s hilarious
@blackhat10182 жыл бұрын
Listening to Sandra Manske is just hilarious. Every time she’s confronted about something she just deflects and says, “Well…that’s just how it was…we didn’t question it…” She was in on it. Had to have been. How can you recognize all these things, claim to have been “bothered” by some of them, and still go through with it without being a part of it.
@annec6200 Жыл бұрын
Yes. When that woman answered questions with: «Yes, but…»…she’s basically telling us, the viewers, SHE KNEW BUT DIDN’T CARE BECAUSE THE $$$ WAS ROLLING IN. GREED. PERIOD.
@patriciaoreilly8907 Жыл бұрын
Because that's how things were , you don't ask questions. Dangerous game when dealing with big money. It's the name of the game .
@stuartmenziesfarrant Жыл бұрын
100%
@td2555 Жыл бұрын
Exactly
@evalex71 Жыл бұрын
Exactly. Not sure why her lawyer thought it was a good idea for her to do this documentary
@RiverAnglin4 ай бұрын
6:05 clear example of physical lying, watch his eyes when he says his denials
@VickieVale3673 жыл бұрын
That Michael Bienese promo was hilarious 😂 he’s a real renaissance man.
@somnuswaltz55863 жыл бұрын
I thought you was wanting to be shaved... down there.
@1jesus2music3duke2 жыл бұрын
I want an entire documentary just about Bienes. The man, the myth, the legend.
@Janice360 Жыл бұрын
LOL Right?! 😂
@christineallen48523 жыл бұрын
The insane thing is if the recession didn’t happen he would have never been caught
@michaeldoughty17823 жыл бұрын
I do wonder how many others are doing this type of scheme and are getting away with it?
@SHurd-rc2go3 жыл бұрын
I call it a crash.
@austinstambene30873 жыл бұрын
@@michaeldoughty1782 Ken Griffin took over for Bernie
@christineallen48523 жыл бұрын
@Andrew_koala what am I missed informed about ? He only admitted it b/c ppl were pulling out and asking for their money b/c of the crash !! Do your homework !!
@christineallen48523 жыл бұрын
@Andrew_koala okay and what event happened that made him admit it was a scam ...? He didn’t just have a come to Jesus moment and felt bad about what he was doing ..thank you for trying to insult me have the day you deserve goodbye
@bokani793 жыл бұрын
I have a feeling the big guys at the SEC had taken cuts for directing some clients to Maddoff and they didn’t do anything because they were still asking for their money back.
@vandrive5687 Жыл бұрын
In “people pleaser” Madoff’s extraordinary effort to never let his investors down ultimately led to letting everyone of them down quite dramatically. A real irony tragedy.
@DonLoganfan2 жыл бұрын
Nobody (specifically the feeder investors) knew what was going on, nobody wanted to know what was going on……they were all suspicious but they never really asked questions or pushed the issue…why? Because they were all greedy and as long as the money kept coming in they weren’t going to rock the boat. And Madoff knew this.
@E1N9A8N0DA2 жыл бұрын
The people who gave their money to Madoff are the ones who praised him and sent all their friends to his office. And the second the scam came to light, those same people pointed their fingers directly to him, and they were the first ones to call him out. They perfectly knew it was fishy and signed in anyway, yet they played the innocent card when they lost everything. By blindly entrusting millions to Madoff without any precaution or questioning whatsoever, they reaped what they sowed and thus they're almost as responsible as Madoff.
@theduchessofkitty41073 жыл бұрын
No one had a clue... until Markopoulos, the Man Who Knew the Math, figured out the scheme in just four hours. Wow!
@codytylek78363 жыл бұрын
Math never lies.
@casacara3 жыл бұрын
I’d say they definitely already knew, or didn’t want to know. It just took someone who wasn’t profiting from it to say something.
@theduchessofkitty41073 жыл бұрын
@@codytylek7836 yep.
@tiffanytowns19853 жыл бұрын
A couple of other people saw it clearly enough to write to the SEC. So it still begs the question why they didn't do the easiest thing that would have taken 30 seconds to do and would have caught him.
@wilsonbill55336 ай бұрын
I'm a CPA. Any CPA 10:25 knows enough about investment returns to know a sustained return of 18 percent in the 1990s was too good to be true. He should have understood how it worked .
@Eitner1003 жыл бұрын
When it is too good to be true, it always is too good to be true. That saying holds water through the ages. Since greed is a player in financial games; one should know that criminals like this one are everywhere. Don't blame the government or this fraud. Blame your own greed.
@jonking53182 жыл бұрын
The government shares blame. There are no regulations. After 2008 , glass stegall was created. Granted it was weak but at least something. Republicans gain the Senate its cancelled. Our government is absolutely guilty of wrongdoing.
@Mster_J2 жыл бұрын
The chances of us being alive and winning the sperm race is too good to be true. The chances were astronomically low. So I guess life isn’t real as it is too good to be true
@sneedly33552 жыл бұрын
It’s not greed when your under the impression and being lied to about what you’re investing is legit and going to help you. If you’re not investing your money or trying to grow it in other ways than a paycheck, you’re financially inept.
@figaro-dg5c5 Жыл бұрын
Blame Madoff
@cbsundance9 ай бұрын
@@sneedly3355No, it's greed.
@killmoreturtles3 жыл бұрын
40% Bernie's fault. 35% the government's fault, 25% the fault of the people that bought the funds and thought they were just lucky.
@hermannabt83613 жыл бұрын
"Bernie Madoff got arrested." "For sex crime?" Why was that his first thought? What did he know?
@johnanderson23493 жыл бұрын
Yes. That was an interesting first guess wasn’t it.
@tiffanytowns19853 жыл бұрын
I don't think we want to know. Dude was shifty looking after his arrest. He had that, "You got me on this, but not on that" kind of look. Pretty sure they went through all of his things, so he either got rid of it before he confessed to his wife and children or right after.
@frenchkiss87892 жыл бұрын
Maybe he was hanging with Epstein
@HighTide8432 ай бұрын
The fact that their son ended his life over money is grotesque. Lord please never let me be so enamored by money that I end my life if I run out. What a coward.
@Sills712 жыл бұрын
Clients that receive the returns that Madoff provided and did not question those returns, got what they deserved.
@dudeonbike8003 жыл бұрын
I cannot recommend "Nobody Would Listen" by Harry Markopolos enough. An excellent account by someone who saw the Ponzi scheme a mile away and no one cared to act.
@davidstrohl3 жыл бұрын
And not one regulator at the SEC went to jail. Not one. Even though they have a duty and responsibility to investigate. The corruption we have in enforcement agencies in this country is completely out of control.
@janakjodhan79823 жыл бұрын
Frontline ought to fund another episode in this regards. The next market crash will be blamed on the Pandemic, and this Wall Street corruption/Ponzi's will continue.
@robertmanfredthurrigl94243 жыл бұрын
SEC officials are scumbags and are so far up thier own asses it reeks of negligence .
@cacornhusker29403 жыл бұрын
@@davidstrohl Gov't Employees should be called "Smulletts".
@rhlopez26943 жыл бұрын
Who?
@jonathanbrotto72783 жыл бұрын
When it is too good to be true. It is.
@cbsundance9 ай бұрын
One word for ALL involved in this...GREED!!!
@AndrewHillis_20249 ай бұрын
Ah But Gordon Gecko In The Film Wall Street Told Us That "GREED IS GOOD ! ! !"
@kelvinloeb8123 жыл бұрын
I would count my fingers after shaking Bienes's hand
@dyembag3 жыл бұрын
😂😂😂😂
@sene3113 жыл бұрын
He is a true liar.
@ms389803 жыл бұрын
Almost missed myself! Lmao
@jontolar68383 жыл бұрын
He’s a used car salesman at best.
@WhyRush303 жыл бұрын
🤣🤣🤣🤣🤣
@BertSimsen2 жыл бұрын
That Bienes guy should have been on The Sopranos, part of Tony's crew teaching lessons on morality.
@goldenskeptic63093 жыл бұрын
He was just living up to his surname....... He, " made off" with everyone's money!!!
@leanderrowe2800Ай бұрын
I am in medical research. When you publish a paper, people should be able to duplicate your result using your methodology. Otherwise, your findings are untrue. So the fact that no one can duplicate his results should be a big warning sign.
@andrewDaMack3 жыл бұрын
The dude who they interviewed who once worked with Madoff is a total con also. He claimed to have not asked Madoff how such high returns on investments was possible because he wouldn't have understand only to later state he was a licensed CPA. Most of the people Madoff ripped off were well off people who had the resources and had access to information and people with knowledge and info most of us don't have. They should've been skeptical of such high returns. They were simply greedy and that greed clouded their judgment.
@hus3902 жыл бұрын
Being a naive greedy is one thing, being a con is another. Unlike his partner, Michael Bienes as this documentary shows at (17:30) donated to many charities, cancer centers and schools. Something about him tells me he deserves the benefit of the doubt, and the fact unlike his partner who was sued, Michael was willing to do interviews and get questioned. ... Then his eyes look upward when he was asked a direct question about his involvement. 🙄 ... Of course Bernie can call Sullivan and ask him to sweep his old clients back. He have their address and phones. Bienes wasn't needed.
@queens65833 жыл бұрын
Bienes is lying through his teeth and doing a bad job of it!!!
@stephen81763 жыл бұрын
He's a horrible actor, isn't he? It's obvious he's lying through his teeth.
@TampaDave3 жыл бұрын
They aren't really HiS teeth. He stole them from a 15-year-old girl.
@beverlyledbetter49062 жыл бұрын
I don't believe that Madoff's wife was innocent either, but she got off!
@johntechwriter3 жыл бұрын
This documentary is proof that money, or the devotion of one’s life to acquiring money, does not buy happiness. On the contrary, the individuals portrayed here, winners and losers, are among the most miserable human beings I’ve ever seen.
@yasministryheals2 жыл бұрын
Here here :)
@elcesar9992 жыл бұрын
Wow for real
@coltenh5812 жыл бұрын
I don’t know man. I feel a little like boo hoo the rich people aren’t personally fulfilled. The real misery and suffering is had by the masses that lose their homes and retirements because the economy, people’s entire lives are just more gambling tables to these people
@coltenh5812 жыл бұрын
@@antivalue I guess my point is so what? Is that supposed to make us feel better? Them being dead inside does nothing to ease the suffering they cause. In a sick twist of fate, it shields them from the emotional burden of it even.
@leanderrowe2800Ай бұрын
"When something looks too good to be true, it usually is."