2009: Liquidating Bernie Madoff's remaining assets
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- Опубликовано: 13 апр 2021
- In 2009, 60 Minutes reported on the effort to recover billions of dollars Bernie Madoff bilked from his clients.
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Are they also suing the SEC who knew what was going on, but couldn't be bothered investigating?
They *pretended* (wink, wink, nod) to investigate. They couldn't be bothered to prosecute.
I think many people in Wall Street at the time knew that Bernie Madoff was a fraud, even Trump mentioned that on an interview back then. They just didn’t want to reveal it sooner because the Madoff was too big to fall. And the SEC may feel the same. Or because one SEC staff was Bernie Madoff nephew-in-law.🤔
Nope
RS: The SEC doesn't have any money. There was no reason to sue them. BTW, as of 2019, about 70% of investors money had been recovered and returned to them. Everyone who invested $1.3M or less has been fully repaid.
You give the incompetent SEC too much credit.
This was not THEIR wealth. It was stolen. There is a difference.
All dirty money grabbing crooks ....well done Bernie.. 😀👍
TELL IT
@Preston Hanson Richard Nixon come from poor family.
no shyt they were greedy some dumped their whole savings, very gullible to think you can make 1% every month regardless of how bad the market is
@Preston Hanson That is why some countries prefer the absolute monarchy system or one party system. it can reduce the corruption in political system. 🤔🤔🤔
The richest investors clearly knew it was a fraud - the returns defied all logic and common sense.
As well as with Elizabeth Holmes a fraud.
Wasn’t Elizabeth Holmes father an Enron executive? Chip off the old block
Even the smallest. There is no way such returns are possible. If someone says they didn't know,they are lying.
the power of money
The returns defied all logic and common sense for all investors.
The one victim of this scam that comes to mind... was the 70 year old man that had to get a job at his local supermarket.. i remember that video. It was very sad
@@Kim-Berly200 Many of them were dead by the time the money was returned to their estates.
RIP Bernie.
Wow
@Pick A Flick Vintage Movies not really...she lives alone...both sons are dead...no am't of money can make that feel like 'luxury'.
@Pick A Flick Vintage Movies Leave her alone
Both of Bernie's son's died before he died in prison, his brother also went to prison for around 10 year's.
Whooptie-do...
My left ear enjoyed this
🤣👍
Hahaha
This is embarrassing!
My phone apparently uses the right audio channel for the downward firing speaker, and I only get about 5% of the audio out of the left speaker
Lmfao
His wife was allowed to keep 2.5 million dollars. This is the equivalent of a family member stealing millions from a bank, and the court lets the family keep millions. It's the same exact thing.
The federal government allowed her to keep $2.5 million during asset seizure as part of an agreement, but this money wasn't protected from other civil lawsuits.
That woman currently live in a 5 million front beach home. And for sure many millions are hidden in multiple places. She'll never say where.
@@tbone8636 It had a boating accident
These attorneys don't mention that they took 1 billion of the 7 recovered as their commission for their services. Look it up, not joking.
@@tbone8636 they also made some legit cash too. you want them to be destitute all the way?
10/10 editing 5:07
Top notch! TOP NOTCH!!!! LOL
Sucks!
Absolutely shameful.
@@greogryhouse8341 oh jeez come on it happens... “shameful”
@@NightDocs It might be a tad bit too harsh. I expect high quality from an institution such as 60 minutes.
I want to know why the SEC isn't being sued and made to reimburse victims. ALL of this could have been prevented if they had not been incompetent idiots who turned their faces, even though it had been reported to 5 times over 5 years. SEC is worthless and should be held liable and sentenced accordingly.
This story still amazes me to this day
Me too
Me Three
Privilege
I miss you, Morley Safer! You were the best!
Seconded. One of a kind.
Why? Was he a Madoff victim?
@@pendejo6466 he was a GREAT reporter. Wish he could report on this mess.
People never learn. If it sounds too good to be true, it’s not true.
Actually his fund was slow and steady not obscene returns. Market could be down 30 percent he was up 8. Market could be up 30 percent he would be up 9 percent. I should start my own fund just do a mix of bonds and stocks that have a concrete history.
Yup!!!!!!!!!
And MOST OF arrogant millionaires who look down at regular people are thieves that made millions stealing!
@@rosaarodriguez9968 really how many do you know personally?
EVRAZ Russia 🇷🇺 and Facts EVRAZ Pueblo Colorado USA 🇺🇸 DaN would Rather Not rePortz either on EVRAZ Portland Oregon USA 🇺🇸 or even EVRAZ Russia 🇷🇺 plc London United Kingdom 🇬🇧
5:07 Bohemian Rhapsody editing right there
That threw me off for a bit too
you can mix this in dual mono, dont just delete one side of the stereo audio. I just spent 5 minutes checking my monitor wiring lol
😂 yep
The audio changes when I move my phone from vertical to horizontal and thereby the video with it :D
@Judah Lennox what a healthy relationship with your totally real girlfriend.
Usually if i need something of my girlfriends, I just ask to see it, not hack her device and ruin the trust in our relationship but that doesn't matter to you because you're a bot, and you don't have a girlfriend or relationship.
It's like that with many 60 minutes' videos
The investors that have to give back whatever they profited should be thankful that's all that happened to them.
I once worked for a man who paid for his entire lifestyle and ran it through his business; his vehicle, his home expenses, his food, his children's school fees etc. Not that unusual.
I see this a lot in my business and then they wonder why they can't get a loan.
The owners of my job do the same thing, I did not think it was unusual for the sons and the wife to purchase things thru the amex, my company they use the amex to park thier cars, it is just a business card, not un-common at all.
I also don't believe the sons or the wife knew.
Realistically if you leave a business card everywhere you go, you can put everything as a business expense. Vehicle miles when you drive to the barber shop and get your haircut, when you leave your card on the wall, things of that nature. Obviously some people take it to the extreme but there's a lot you can do. Own your home through your business and pay your business rent. And let's not forget about section 179. The media is gonna frame things like that as an "unusual activity" they tried saying the same thing with Trump, not mentioning he hardly pays personal taxes because most his properties and "income" is all just to the business. If you've ever owned a business or worked for a small business you'd understand. Business owners don't lead normal lives and you're smart if you own as little as possible. If you personally get sued, you have nothing that can be taken if you don't own anything. Now if your business gets sued, good luck.
I don’t suppose he ran Ponzi though?
@@jeanlind7540 No, but the banks do.
.... Morley Safer (November 8, 1931 - May 19, 2016) was a Canadian-American broadcast journalist, reporter, and correspondent for CBS News. He was best known for his long tenure on the news magazine 60 Minutes, whose cast he joined in 1970 after its second year on television. He was the longest-serving reporter on 60 Minutes, the most watched and most profitable program in television history.
I thought Mike Wallace was the longest.
Uh...huntley-brinkley?
Morley Safer was a legend of broadcast journalism who set the gold standard to whom all those who follow shall be compared.
@@georgfriedrichhandel4390i hate is voice
11:25
"Everyone was just feeding at this through of greed". Pretty much sums it up.
Today Madoff, tomorrow Bitcoin.
All fiat!
It definitely will not end well.
Putin is Madoff
every market is the same thing..a ponzi controlled by the institutions..
Exactly!
Knowing that both sons are dead now makes this eerie. One suicide one “cancer” but probably killed
OLD BERNIE IS NOW KICKING UP THE DAISES ..A GREAT MAN FOR NON JEWS ..🤣🤣🤣🤣🤣
I think it actually was cancer. Before the scandal came out he was in remission from cancer and after his father's arrest and brother's suicide his cancer came back. That was around 2011 and he mentioned that he believes that the reason for his cancer coming back again was in part due to high stress. He ended up dying in 2014. I don't think it was any sort of hit job. He had had cancer since 2003 which is all documented.
any proof?
@@douglasdwight1 of course not, this is an internet comment section.
What I dont understand is how Frank DiPascali (Bernies right hand man) was able to sell his multi million dollar house in Bridgewater NJ to a family member for $400k
Because he took a loss. On purpose. Say the house was valued at 1.5 million and sells it to his buddy for 400k. He writes it off on his taxes as a loss.
They keep saying all these people should of known, the SEC was warned for 8 years and did nothing but they didn't know?, and I bet if the financial collapse doesn't happen this never comes to light.
I see article from Sep 2021 (Reuters) that states 81.35% has been recovered (per Justice Department). Quite impressive.
And how much are these lawyers going to make?
They were in on it.
950% return and he ain't shouting this from the rooftops.
The sons knew absolutely nothing about his business until afterward. By all accounts.
@@cece9145 $80M siphoned out in 7 years by Brother and sons? Wife spent millions on a open company credit card . How could they have not known?
@@msims1910 He's here to discredit the truth.
Audio is Panned Left. Had to listen in mono. Check it in pro tools next time :)
fix the audio
I agree. No way the sons and brother didn’t know.
Yep.
.......and a whole host of others.
Or benefit...
And now they are ALL dead....
They didnt know, Bernie made them run the legit side of the business, while Bernie took everything illegitimately. As far as they knew they were helping run a legit business
What do you think the government said when asked if the IRS was going to return all of the income tax money they got from Madoff and his clients?
I would bet that they didn't pay much income tax in the 1st place. Loopholes and such.
Switzerland and off shore wakeup
They’ll need Jean Luke Pickard to recover that money which is in another dimension.
Right Number One
I don’t understand how the accountants that figured the companies taxes or the Madoffs personal taxes didn’t catch all of the illegal activities going on. My boss’s accountant wants to know where every dime goes and will tell my boss what can and can’t be written off.
They were all bribed including the SEC...why didnt the MAFIA wack him is my question....
@Evan GK Is Madoff one of the space lizards?
He was very protected.
Because for regular business the money is in the bank. To find out what is going on the accountant you would only have to look at the bank statements. But in case of investment firm, the money is NOT in a bank it is "invested in" stocks, bonds, mutual funds...
They knew what was up.
If you own a Mac, to play on both left and right side, open Settings > Accessibility > Audio
Enable "Play stereo audio as mono"
Wow I can’t believe how much she blew on Netflix!
🤣 rich people problems
That 18 bucks! Lol
The lesson is always send investment capital to the custodian . If the custodian is the investment company, close wallet and run.
And now we know that, in fact, they recovered 75%, which is pretty good, considering.
They recovered 75% of the INITIAL money. That means if you invested $100,000, you got back $75,000. Those people who invested $100,000 probably thought they were going to get $750,000 though.
It sucks what happened but most people who get defrauded don’t get anything like that back. Thank goodness they did get that
@@jbrumundsmith Those were not reasonable expectations. If I invest 100.000, because someone promissed me I would get a million, just like that, and it ends up not being a legit business, the court of law is not obligated to give me a million. They should restitute at least up to 100.000$.
I used to work in his building as a valet car attendant he tipped me 100$ every day I worked there and got me a raise
$100 a day!
@@ag-bk5wf 100 every time he needed his car at the condo on park ave most I saw him was four times in one day
Give it back
@@TerrySleuth yea right I’m in the legal weed game thanks to those tips. I learned so much to keep up with conversation with Mr madoff from baseball to hockey to stocks I saw it on his eyes he was intrigued by how much I knew but I knew who he was he didn’t know I knew I finessed him out them hundreds every encounter we had just by asking him about his hobbies he never told me about 😂
Homework, this is what happens when you don't do it. You wanted it easy. He was a Mets fans, that explains everything.
wow i really love not being able to hear anything
Turn your phone upside-down. It’s recorded in mono. Hope that helps.
@@Richie8a8y Mono?
Use earbuds, I could hear the whole episode.
As soon as they get caught nobody wants to take responsibility 😭
This money must be hidden in other countries real estate currencies and probably lots of physical things. We gotta hold the direct family accountable.
most of the family is dead. it is only the wife that is left at this point
@@msf8297one of his sons is alive just 1 son died
Who ever is the head of posting and editing and sound on this video should get a sit down talk about professionalism. If this was my work I would take it down and redo it until it was correct rather than leave the video with a bad edit and sound only in the left ear.
Who cares
@@2nickles647 Apparently at least 10 people do.
...............note ...not one mention in the title.... Morley Safer (November 8, 1931 - May 19, 2016) was a Canadian-American broadcast journalist, reporter, and correspondent for CBS News. He was best known for his long tenure on the news magazine 60 Minutes, whose cast he joined in 1970 after its second year on television. He was the longest-serving reporter on 60 Minutes, the most watched and most profitable program in television history.
As predicted by his appeal lawyers, he had end stage renal disease and expected to live less than 18 months from February 2020. But for 4months, right on time!
Meow
The amount of damage he did to so many people is truly astonishing, but everyone deserves to die in peace; I feel bad for his family who didn’t get to say goodbye as they would have wanted.
@@nobody.123 uhm, no. just no. he had blood on his hands. he ruined lives and families forever.
@@nobody.123 All that was left was his wife and she hadn't spoken to him in years apparently.
@@jblue705 yeah, both his sons are dead but he has a lot of grandchildren, that’s what I meant. But yeah, I’m not sure if his wife wanted to say goodbye or not.
Lmfaooo this guy’s face @3:03
Every one no matter how small or large you have to have a budget.
Well, they're not going to get too much for the Mets tickets 😂😂😂
😂😂😂😂
Remember seeing this back then & being surprised at how basic the Montauk beach house was.
they new owners did a nice job renovating it but it’s still basic looking
Bank spelled backwards is KNAB 💰💰💰
Big ups to Mermaid Man for his seamless transition into investigative journalism
Bernie Madoff’s story is a well-deserved “Riches To Rags” one. But for his victims, it’s a Greek tragedy.
Sure do miss Morley Safer. I watched him for decades.
A lesson in greed: it's never enough.
Good job on the audio
The people who's job it is to discover this scam was clearly bribed. It should not have been possible. Many bribed people.
This is a great video, but the busted crusted dusted editing should be redone🙃.
Do you think this journalist edited it?? 😂
What does a person do with 38 billion?
The billions went to people who luckily cashed out before the collapse.
"Asleep at the wheel or helm" is how the US explains crime under the nose of "oversight" lol
"everyone feeding at the trough of greed" so says the lawyer.
They are just as guilty as Madoff....
@@arisdelis1 someone needs to do the dirty work to get people their money back. What, you think they're going to do it for free?
Is there a follow up to the guys who benefited?
Greed destroyed lives
At Butner, where he was serving time, only 3 people were on his visitation list. His wife, his lawyer and a guy named Rich Towsley from Sarasota, Fl
60 minutes posted this right after Bernie died.
they were likely working on the story, and he just happened to die.
@@hayabusa09 It was done in 2009 Einstein.
They do this whenever someone major from their stories dies
@@inthedarkwoods2022 touche, i stopped watching once I realized the audio was mono, in my defense
@@hayabusa09 🥉
I love that personal assets summing up to 50 million dollars doesn't count as "great personal wealth" lol most people will never see 500,000k in front of them.
Try our thieving Congress ,biden??? WEF wants us to bust.
Thieves are always unimpressed with their own accomplishments
18 billion dollars missing... Seems reasonable
Was this the first video the video editor ever did?
Life isn't fair. Alot of these so-called victims knew better. If it sounded too good to be true it probably was.
People seem wired to only hold onto money, never willingly give it back. Try lending money to a friend, and check back with me in 5 years. See how that goes.
'Clawback' . . . interesting phraseology ! 💀
I miss Morley 😢
Thanks, my left ear really enjoyed this.
too bad the sound is only on one channel and there is a big audio mistake from the 5min to the 6min mark.
i love the attorneys trying to claim the moral high ground when all they are trying to do is get their greedy little paws on that money and then jack up their fees the whole time pointing at madoff lol
Yep I agree with 100%.
Do you work for free?
@@spattersp Nope but funny when there is tragedy LAWYERS are the first in line
They’re doing their job. You against getting paid?
@@richbaisch3861 They’re hired to fix people’s sh**.
Both children have now gone home with the Lord. Rest in peace both Mark and Andrew. What we can see is that one's greed can destroy the entire family and generations of it. His sons and grandchildren are all impacted. His wife lost both sons and their grandchildren lost their dad and granddad. Any hopes of the grandkids growing up with their dads are now gone
One son committed suicide, how'd the other pass?
@@happydays8171 His cancer came back. He attributed the return of his cancer to stress from his father's crimes. Very sad.
@@cgueyser
Thanks, didn't know that.
this family tree has been snipped off and society is in the better for it. Gross crimes facilitated by this family and its patriarch , the destructive effects on unsuspecting investors add up to a monsterous calculated attack on a class of investors and their life styles and their future life possiblities. The Maddoffs, all of them dead or alive show the worst kinds of entitlements, now unfunded, and perhaps it is time for them to all find new names and identities, and move and start over. Never to be interviewed or heard from ever, ever, ever again.
They're not with the Lord
Always count on the left ear to get these stories
Audio is horrible how can this happen on 60 mins
And Ruth Madoff got to keep 2.5 million for her retirement.
“SHOULD have known” seems pretty weak as a basis for prosecution.
Some of these people are also now being victimized by our government.
The little guy is the real victim here. For everyone else, "should have known" is an understatement.
Not having knowledge of the law does not prohibit prosecution by law. Due diligence was not done by the big investors.
Interesting!
Looks like the intern rushed to get this one edited and uploaded. Audio on one channel, improperly placed clips, etc.
Theyve recovered 70-75% of the 20b in principal I believe and feel theyll be able to get all of it back. tho that might take another decade
like a Cartel Drug Dealer....with all that $$$, still canNOT spend it FAST enough......lol
It would be interesting to see if the IRS returned taxes paid from people who had to payback in the clawback?
950% over what time? That’s the key because the S&P 500 since 1984 is up 22,000%
Why does one one of the guys remind me of teller from the penn and teller show
Madoff made off with how much?
His name should have been a red flag
What are the odds? The guy "made off" with everyone's money!
You see Madoff living in the lap of luxury. He sure looked like a high power investor. But in the end he was a common ordinary thief.
(A 40-year, $36 billion, ponzi scheme? Neither common nor ordinary.)
Hardly a common thief
My left ear loves this.
"a very short leash"...they let her keep 2.5 million.
The government knew as long as they kept getting a share they could care less. Now after all fees are paid the victims will be lucky to see a dime.
Madof deserved to be crowned and given Nobel Price for demonstrating the psychology of the dollar greedy humans who want always more and more money. He was a great guy who knew how the dollar greedy humans think and dream of monry. He was a psychologist, the greedy guys were his slaves... There are many madofs in this world...tgey will continue ponzi as long as greed for money rules a mind.
Yes Madof was a smart psychologist who knew how to take all the rich people in USA and Europe for a clean shave. We should appreciate his achievements, I have no sympathy for all the greedy bums who lost their money, it is their own fault. They were not forced to invest in his scheme nor forced to believe him.
HE HAD THE NERVE TO REQUEST FOR A COMPASSIONATE RELEASE.
Bernie's brother Peter put in 14 dollars,and got a returnbof 90 million or so, that's a wonderful return.
Richard Gere should portray him in a Hollywood movie just about after covid is over and Theatres are fully back. Let me see it in IMax huh
I’m thinking more Alan alda
Are you talking about Madoff? Robert DeNiro already played him in the HBO movie "The Wizard of Lies" a few years ago. Michelle Pfeiffer played his wife. I don't think anyone is topping that movie.
@@patrickmorgan4006 REAL LIFE WAS BETTER . LITTLE BOBBY CANT MAKE IT UP ...
@@doug132639 I assume that you mean DeNiro when you say "Little Bobby", but other than that I have no idea what you are trying to say.
@@patrickmorgan4006 that makes two of us
I am absolutely convinced that his wife knew about the whole thing. She does a good job of playing ignorant and stupid, but she is smart like a fox. She has money stashed somewhere overseas.
I think she had no clue. I doubt she ever asked about his work, because even if he explained what he did for work, she wouldn't have understood. All she knew was money kept coming in, and she wasn't gonna question it. Maybe she had some suspicion that not all of their money is legit, but I don't think anyone ever sat her down and told her
@@leonv7716 I honestly think she is really good at playing dumb, and knows much more that she lets on.
@@rjclar1I think you’re right. She would have noticed all the extra money
4:23 $15 tip on a $254 bill 😂
What happened to the footage??
As of Jan 2021, the trustee was able to recover 14.7 billion dollars.
Where is the other 300 million.........or is that the trustee bill ?
@@njclsx4252 as of 2018 it was a billion in legal bills. It's not just him. Most likely other lawyers, how many I don't know, but you got to pay those lawyers.
Harry Markopolos should be the head of Securities and Exchange Commission!
Or at least train them...
No. Harry Markopoulus has integrity and very transparent. That's a big turn off on SEC's eyes. 😆
He took 5.1 billion out of it?
This guy will never be persecuted