Implicated in a $50 billion Ponzi scheme, at a 2007 roundtable discussion with Justin Fox, Ailsa Roell, Robert A. Schwartz, Muriel Seibert, and Josh Stampfli.
These are some excerpts featuring Madoff, recently implicated in a $50 billion Ponzi scheme.
The full video is here
While yesterday's US stock market close was poor, Asia and Europe didn't follow today as debt in Greece, Spain, Portugal, etc... rallied, their CDS narrowed and stocks bounced. The Greek finance minister said January tax revenues came in above expectations and that spending was below target for the month and said "that means the deficit reduction for January is well within what we have promised." The euro is rising in turn. Also helping is the story that Trichet is headed to the European Union leaders summit a day early in order to address Greece's problems even as the Greek finance...
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December 15th, 2008 at 2:04 pm
Seems like a nice guy, I wonder if I can get in on this…
December 15th, 2008 at 2:45 pm
What jumps out at me from the video is his emphasis on reducing the number of people involved in the trading process.
The fewer people, the easier it is to circumvent internal controls, and to commit and hide fraud.
He also advocates buy and hold, which, obviously, enables a ponzi scheme to continue.
December 15th, 2008 at 3:12 pm
Did you get the emcee says 10% of stocks traded are going through this firm?!
December 15th, 2008 at 3:47 pm
I can tell within 2 minutes these guys were full of shit. Amazing that so many wealthy people trusted their entire net worth with them. Rule 1: never invest in something you don’t understand Rule 2: If something seems too good to be true, it probably is.
December 15th, 2008 at 4:18 pm
Madoff …pronounced Made Off!!! .
December 15th, 2008 at 4:30 pm
@Simon:
Was thinking just the same thing! How Runyon-esque.
December 15th, 2008 at 8:46 pm
the sound of this guy’s voice is like a water truck colliding with a vinegar truck.
December 16th, 2008 at 10:21 am
The title of the video on youtube is “The Future Of The Stock Market” and it was shot October 20, 2007, so the future they speak of is now. I thought the remarks about herd behavior in the stock market were interesting, also, someone said that people who provide capital are dogs – I guess that means their clients are dogs. Toward the end, the older lady (is it Muriel? The woman who bought her own seat in the 60’s) she says she would like to see more transparency, especially for hedge funds, she wants to know how much they are leveraged. They also talked about some institutions being leveraged as high as 12:1 as if that was a high number (well, compared to 30:1…).