Investing, Stocks, Income, Dividends, Value, Buffett, Passive, Retirements, Economy, Dividend, Retirement, Bank, Banks, Money, Recession, Stock, Stock market, Market, Personal finance, Investment, Inflation, Savings, Credit, Checking, Interest rates.
That's the first thing Bernie Madoff says in a taped conversation with his largest feeder fund Fairfield Greenwich Group. In the transcript, he provides ways to dodge the SEC. In one famous quote he says of the SEC:
"You know, they ask you a zillion different questions and we look at them sometimes and we laugh, and we say, are you guys writing a book?"
Listening to the tape, it becomes apparent how Madoff made the sham work. He comes up with stories of how the equity model was separated from the options model for reasons of intellectual property. He comes up with all kinds of reasons why the trading system works like he does. He also makes sure that the SEC knows that he controls the trades and that the job of Fairfield Greenwich is to monitor the money and make sure it is invested per the trade agreement. Obviously, they failed at this job.
Madoff also plays off the fact that the SEC has already investigated him and found no issues.
Give it a listen and get inside the mind of a swindler.
Submitted: Sep 10, 2009 Views: 191 Comments: 0 Likes: 1
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