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) .
@@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.
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."
_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
Yeah, but they got screwed me in because they ended up having to pay back the interest that they made on the money they invested and the taxes on the interest. Although I still can’t understand how anybody could think they could make a steady amount of percentage, monthly or yearly. It just reeks of a scam.
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.
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.
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.
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!
@@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.
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.
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.
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.
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.
@@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👌🤣
@@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.
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.
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.
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.
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.
@@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.
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.
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.
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.
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 .
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.
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.
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.
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.
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.
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!!!!
I ended up laughing the whole way through. All those predatory greedy people preying on each other and they all got screwed. Oh, and it was the government's fault lmao
"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.
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.
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.
@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
@@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!
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.
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.
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
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.
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!
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..
@@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.
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.
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.
"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..."
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
SEC had madoff in their sight , but Madoff had SEC in his pocket .. shocking they( sec ) still did not raise eyebrow even after learning Madoff had over 3200 clients while operating as an unregistered financial advisor
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
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!
The NetFlix special on Maddof is amazing and worth the watch. It’s crazy how the SEC looked the other way on this whole thing when he was right under their nose
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.
The main point of the story is greed. Ppl couldn't wait to give this guy their money because they wanted that big return. Putting so much trust in a person is a bad idea.
Mr. Bienes is one of the Greatest American Actors of all time. I Love his style. 'I'm too stupid to understand how I accidentally stole millions of dollars'. Marlon Brando step aside for master Thespian Bienes !!
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.
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.
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.
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!
💯% 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 😪🇺🇸
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.
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.
@@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.
Smart people getting outsmarted by not only others but ultimately themselves because they couldn’t see the Ponzi scheme lie and chose to put their money with him is just pure poetry. Life always finds a way to make things right. These people deserved what happened to them because they invested with Madoff due to disgusting greed.
Then don’t ask for pity when catastrophe hits your life, and you’re out on the street. Guarantee if you’d ever struggled in your life, you wouldn’t be saying this.
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.
What a top doc you made! Understandable to me who is in no-knowledge about wall street, stocks and what so ever. This is a master piece⭐️ You made sense out of what many made no-sense of explaining/understanding how M could have this fraud for so long time. Thank you from Sweden!
"To Catch A Trader" is another one of their top documentaries! It cover the billionaire hedge fund manager, Steve Cohen who was investigated for Insider trading!
“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.
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.
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.
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.
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!!!
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
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.
Christine Allen - You are misinformed. - Madoff described the investment fund as "one big lie" to his sons - who promptly informed the authorities. Madoff was arrested the next day and his assets were frozen - as were those of his wife - and sons' assets later on. Do your homework.
@@andrew_koala2974 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 !!
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!
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.
Perfect name. His family prospered from his activities (schools, houses, holidays) but only he went to jail. The sentence was ridiculous, no one lives that long. Investors, mostly wealthy, were happy when the money was rolling - sheer greed - when the problems occur they threw the lawyers at him.
@@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!
@@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 😊
If anyone has ever seen the movie "The Sting", Paul Newman's character recruits all of these drifters to act as legitmate patrons at the gambling house to deceive Robert Shaw's character to get him to bet all of his money with him thinking all along that he was going to beat the house . He was falsely tipped off on which horse was going to win the race and he was scammed out of his money. The similarites to what happened here are amazingly close. The people working for Madoff's firm knew damn well they weren't doing anything else but scamming people out of their money as they performed little to no trades whatsoever, and the the people being scammed were blinded by greed.
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.
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.
These investors KNEW their returns were too high, and STILL, didn't question it.
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)
.
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!
Not when he’s the chairman of Nasdaq.
@@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.
His Sons knew I think
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."
_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
100%
100% agree
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.
hilarious, and so damn true !
16,000 square foot home to a 3 bed penthouse. Those poor victims. I hope they make it through the trauma.
😂
Dudes were making %20 for decades
Yeah, but they got screwed me in because they ended up having to pay back the interest that they made on the money they invested and the taxes on the interest. Although I still can’t understand how anybody could think they could make a steady amount of percentage, monthly or yearly. It just reeks of a scam.
😂
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.
Criminals get caught, they shift blame to the government or to anybody except themselves.
And no self accountability.
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.
I will never understand why people have allowed The Fed, a private, non-governmental agency, to have zero regulation.
"Why didn't you find him?!" He screams into the lifeless eyes of the very people who benefited from not finding him.
he knew the answer when he asked the question
Madoff was really a terrible human being
@@GeauxRight777 hope he rots in hell he destroyed many lives including his own sons
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.
that politician probably voted for deregulation
Bienes' body language is priceless. He couldn't tell the truth if his life depended on it.
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!
@@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.
eyes constantly shifting up when asked a direct question. Priceless.
Spot on comment. All these people skimming saying "we didn't know".
I’m on the fence about Bienes.
This michael bienes looks like a seinfeld character. "How does an airplane fly? I dont ask!"
He does! Lol..
Serenity Now!!!!!!!!!
It's because he's Jewish. They have that funny accent.
Lmaoooo
@@thetreekeeper143 it’s a New York accent, it has nothing to do with being Jewish.
Although this catastrophe is over a decade, I can never get enough of this
Same.
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.
Me too.
Guess you weren't victims. Because they gave gotten the full brunt of it.
It's good content. Check out "wirecard" also good.
This Bienes fella should've been a Hollywood actor. I'm sure he would've made a good fortune playing Italian mob boss.
They were all greedy
Investors, everybody .They got what they deserved
He's a jewish guy from NY.....they all sound like that.
absolutely. whenever people start swearing on their mother's life they are invariably lying.
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.
Scorcese should give him a call
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.
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.
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.
I don't blame someone for trying to secure a better future. I do blame Madoff for his fraud and those who facilitated it
Lol neither do I
well said
This is my favorite comedy special. From everything about Bienes to “3200 seems to be… more than 15,” Frontline is killin it!
At 2:47 when he shoves the cameraman & the cameraman shoves him back even harder is the most New York thing ever
" 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😂😂😂
Never satisfied.😂😂😂😂
Oh dear God, you can't make this stuff up!🤦🏻♀️
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.
I Can't believe that he said that. When he has to answer to God he will truly think he can con God....Wow😱
@@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👌🤣
“We were never pigs” says the greedy accountant acting ignorant. Corrupt to the core.
My favorite, God meant for us to have this money.
That was priceless. It told me everything I needed to know. Greedy crooks.
(7 min 28 sec) "Easy peasy."
“I never work hard” is a dead giveaway
@@emmabovary1228 my favorite was a cpa pretending he wouldn’t know enough to understand the trades.
15-18%??? And sophisticated investors fell for that??? Shocking how greed can cloud your sensibility even when you know better.
If you could get %20 you would %100 do it.
Happens all the time but not advertised to plebeians like you. You’re not in the know buddy. 😂🎉
@@user-dn5hz3nl9x you gotta be severely acoustic bro 🤣🤣🤣
@@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.
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.
Especially government officials.
The SEC was, and still is, a joke.
Pbs really is the gold standard for deep dives, a great watch
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.
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.
I'm not sure, but aren't many of these people still pretty much still wealthy anyway?
You could make 10% yourself VERY VERY EASILY
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.
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.
So then what is the REAL point of the SEC??
What's more, the fraud was pointed out to the SEC. Several times. Several investigations were made. They found - nothing.
@@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.
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.
Everyone was happy to go along with it. Greed. Pure and simple.
That's the way some of these fat cats\upper crusts think. As long as they getting richer and richer.......
Exactly
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.
These people KNEW the investments were sketchy, due to all the secrecy. But they didn't give a shit, when cash was rolling in.
Well said!
Exactly
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.
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 .
Wouldn't a theoretical 20% CONSTANT claim or "gains" be the dead ringer flag, tho...?
Greed is a lot like "Love"; intoxicating and addictive to the point that it blinds people to otherwise obvious truths.
Well said.
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.
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.
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 .
100%
Exactly
Exactly. Not sure why her lawyer thought it was a good idea for her to do this documentary
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.
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.
Glad I wasn't the only one to catch that.
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.
Lol I thought that was odd.
@@neversayjello right😂 that was soooo telling
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!!!!
Agree
He wants to avoid lawsuits, so he'd better stick to that story, and hope someone believes it. lol
He’s a major con just like Trump. Such a slimy, whiny and crying baby.
@@IAX1126 Trump wasn't a con. And if you think hes a con, I cant wait to hear what you say about biden
@@ForceField9 Have you been living on Mars in the past decades? Trump was, has ever been and still is a con! 🐑
I ended up laughing the whole way through. All those predatory greedy people preying on each other and they all got screwed. Oh, and it was the government's fault lmao
Yeah but the low class had to pay for it
Nothing better than a humble man full of integrity..Period!
"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.
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.
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
Still don't wanna give Madoff credit
What about intestinal fortitude x🖤👁
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.
Yeah I can barely balance my trades database let alone pull something like that off :P
The end
What an amazing documentary. These were 58 well-spent minutes of my Sunday.
Me too😅😅
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
I swear this Bienes character looks and talks like a Mafia hit man who just walked out of Central Casting.
@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
@@magnificentmuttley154 If I don't ask, I don't know...I can keeping taking the money wvwn if I suspect anything.
that, or, he fell off the Stupid Truck
Agree completely 👌 👍 💯
@@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!
Frontline is honestly such a blessing to this world. Real talk.
💯
They make very good shits, honestly.
If it was up to republicans…it would be shut down
A drop of white ink in a sea black ink is not really a blessing 😺, but it does not hurt
They literally never have a bad episode.
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.
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.
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
Facts.
Super Facts
FACTS 🎤 💯
Bernie knew he could get bigger by dumping money into people who “asked questions” Bernie closed mouths with money....
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.
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!
There's an excellent docu on the original Ponzi on here somewhere. Even after he was busted he had people singing his praises.
Why do people have all their money with one person...they are greedy and I have very little sympathy ..
@@jtiger1062 He screwed over elderly couples too who just wanted to invest their savings.
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..
@@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.
I love it how NONE of them acknowlaged their greed had something to do with their losses.....
💯.
These investors must take responsibility. It’s YOUR job to ask questions and be skeptical of everyone.
His passing was barely noticed. What a piece of work.
Nobody cared about this thief. Big deal.
It was just another day for most people.
He kicked the bucket
I really didn't know he passed! How come?
The people who thaught they would get 20% return on their investment are just as guilty. Zero sympathy..
The fact that Mr Madoff was not registered by SEC and did not accept or entertain questions from clients was a huge red flag .
Einstein
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.
That’s because people are greedy asf.
FRONTLINE PBS | Official, Wow, this made my day brighter! Thank you!
"We were never pigs" 🤣🤦♂️
I promise ya, this guy pigged out all the way.
What did he mean by we were never pigs.
He's trying to say they were never greedy,
😂😂😂😂😂
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.
WHITE FOLKS!
@@wendygill8013 greed is. Sickness
Greed is a sickness.
Exactly same in UK & many UK investors put money into Madoff through their high street banks. No bankers went to jail.
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.
'My wife and I came up with the answer, 'God wanted us rich so we got rich'.
Wow!
😂😂😂😂😂😂
"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..."
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
Right !
You always plead ignorance and pass blame............its the Ethical Way
The accountant game: Don't ask, don't know
Anyone who's ever read the markets knows its never, ever consistent, especially not by an even 20%.
Duh.
@@windsofmarchjourneyperrytr2823 right, even 8% is dodgy
I’m obsessed with that old New Yorker Bienes 😂 he’s hilarious
If, in 2008, I was getting statements that looked like somethings printed in 1980, I'd call the SEC.
SEC had madoff in their sight , but Madoff had SEC in his pocket .. shocking they( sec ) still did not raise eyebrow even after learning Madoff had over 3200 clients while operating as an unregistered financial advisor
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.
The new one on Netflix isn't bad.
@@mrsx7944 Netflix is bad, stop using it!
@@GreekOrthodox7 i9kkkkkkykikkk9yyikik6koooooo9kkoookyp0😮 ok sis p😊
Frontline is THE best
in a non us resident but rest assured that i consider every PBS documentaries as extremely insightful .
Not a single innocent person in this whole doc.
Not even Bernie Madoff?
@@pendejo6466 😂😂😂
Not even the narrator?
@@alvinasandra6233 😆
What about the guy who figured out the scam and sent it to the SEC
I have a hard time feeling bad for people that owned a 16,000 square foot house and had to sell for a “smaller” apartment
That Bienes guy should have been on The Sopranos, part of Tony's crew teaching lessons on morality.
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
Actually...the rich people didn’t mind fraud as long as they were not the bag holders at the end
😉
You are so so sadly RIGHT
Correct. Look at Jordan Belfort....
Oh stop
The poor cheat and steal daily
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!
Didn’t one of his relatives work with the SEC at one point.
What an impressive documentary. Sophisticated analysis and entertaining. Thanks
The NetFlix special on Maddof is amazing and worth the watch. It’s crazy how the SEC looked the other way on this whole thing when he was right under their nose
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.
These days an index fund nearly does that for 0.03% fee. How are hedge funds still alive?
The government shares blame. If they were middle class or poor most of those people would be interviewing in prison. Totally different rules.
and 'Greed' being the operative word here. Without that, Madoff's got nothing...
Exactly what I was thinking while watching. These people were mostly wealthy and highly educated individuals. They must had a bit of doubt.
HE WASN'T A LEGEND HE WAS A THIEF
💯 why are people glorying this man?
Its the same as people glorifying Jordan Belfort after the Wolf of Wall Street movie. People dont learn
People are stupid and will glorify anyone.
Hater
I don't see any glorifying...
Absolutely amazing documentary.
I would love to see an update a sequel of this great PBS documentary
Madoff broke a standard law, which was a red flag from the beginning. He wasn't registered.
The fund managers knew and didn’t care either
@@teddmented .
. n. ,
I would count my fingers after shaking Bienes's hand
😂😂😂😂
He is a true liar.
Almost missed myself! Lmao
He’s a used car salesman at best.
🤣🤣🤣🤣🤣
The main point of the story is greed. Ppl couldn't wait to give this guy their money because they wanted that big return. Putting so much trust in a person is a bad idea.
Mr. Bienes is one of the Greatest American Actors of all time. I Love his style.
'I'm too stupid to understand how I accidentally stole millions of dollars'.
Marlon Brando step aside for master Thespian Bienes !!
"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 😂
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.
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.
Direct attention away from one's own discrepancies. None of these politicians should be anyone's hero.
@@hutseh .....wouldn't doubt it, but it makes for good theater either way.
WHITE FOLKS!
WHITE FOLKS!
@@wendygill8013 He's a Jew, probably didn't consider himself White.
One of my favorite shows on Bernie. I love you Bernie! Such a legendary wall-street tycoon!
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.
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!
💯% 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 😪🇺🇸
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.
LIGHT! TRUTH! JUSTICE ⚖️
Best part is watching the "victims" being asked the hard questions and watch them squirm to try and answer without looking bad.
Yeah, bc if you are investing you are bad by default 🤡
Yeah that didn’t happen even once 🙄
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.
@@jamesbarker5254 They could have gone to a library, which is a building full of knowledge.
@@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.
Here for assignment, great documentary!
Smart people getting outsmarted by not only others but ultimately themselves because they couldn’t see the Ponzi scheme lie and chose to put their money with him is just pure poetry. Life always finds a way to make things right. These people deserved what happened to them because they invested with Madoff due to disgusting greed.
❤EXACTLY
Then don’t ask for pity when catastrophe hits your life, and you’re out on the street. Guarantee if you’d ever struggled in your life, you wouldn’t be saying this.
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.
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.
She was the worst. She should have been charged. Along with others.
Totally agree
Why the SEC waited five years to go after him is the real story.
They were too busy building him up. Just like how the exhaled SBF.
9 years actually. Markopoulus first wrote to them in 1999
What a top doc you made!
Understandable to me who is in no-knowledge about wall street, stocks and what so ever.
This is a master piece⭐️
You made sense out of what many made no-sense of explaining/understanding how M could have this fraud for so long time.
Thank you from Sweden!
"To Catch A Trader" is another one of their top documentaries!
It cover the billionaire hedge fund manager, Steve Cohen who was investigated for Insider trading!
Excellent documentary as always
“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.
Deep.
This quote showed me something life changing. Thank you for sharing. God bless you
That Michael Bienese promo was hilarious 😂 he’s a real renaissance man.
I thought you was wanting to be shaved... down there.
I want an entire documentary just about Bienes. The man, the myth, the legend.
LOL Right?! 😂
Great documentary . Crazy stuff. Enjoyed watching wizard of lies as well
Will Lyman, the greatest documentary voice.
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.
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.
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.
Sounds a lot like this Nigerian prince scams.
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!!!
Yeah we should blame the victims in this case.
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
Working at Madoff's Firm was akin to being a Gov't Employed Dreg.
I doubt they even showed up.
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.
@@gothenmosph5151 This clears a lot up. I could never understand the set up before
Most business are ponzi but his was a little bit obvious
My father always taught me if it's looks to good to be true it probably is😂😂😂
He’s got a tell. Stares up every time he lies
The insane thing is if the recession didn’t happen he would have never been caught
I do wonder how many others are doing this type of scheme and are getting away with it?
I call it a crash.
@@michaeldoughty1782 Ken Griffin took over for Bernie
Christine Allen -
You are misinformed.
- Madoff described the investment fund as "one big lie" to his sons -
who promptly informed the authorities.
Madoff was arrested the next day and his assets were frozen - as were
those of his wife - and sons' assets later on.
Do your homework.
@@andrew_koala2974 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 !!
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!
"The end justifies the mean" is the psychopath's mantra worldwide and in any walk of life.
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.
Truth
Case in point Wells Fargo
Did you work for the former President? Wow…
Perfect name. His family prospered from his activities (schools, houses, holidays) but only he went to jail. The sentence was ridiculous, no one lives that long. Investors, mostly wealthy, were happy when the money was rolling - sheer greed - when the problems occur they threw the lawyers at him.
EXCELLENT FRONTLINE !❤👍🏻👍🏻👍🏻👌
THANKS🙏🙏😘 FOR YOUR INVESTGATIVE EXPERTISE🏆🏅🎺🎺🎺♦️
His sons both died as a result of the stress and shame he gave them
His dad has kicked the bucket
One son died of cancer, the other committed suicide.
@@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!
@@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 😊
@@oncoucharrest5910 🤝👍
thank you frontline for this story love the way u guys are so professional
Class enterprise.
@@ST-xg3gy thanks you for being positive energy
Yh the narrator is so good
Great video, keep going from Canada ❤️
If anyone has ever seen the movie "The Sting", Paul Newman's character recruits all of these drifters to act as legitmate patrons at the gambling house to deceive Robert Shaw's character to get him to bet all of his money with him thinking all along that he was going to beat the house . He was falsely tipped off on which horse was going to win the race and he was scammed out of his money. The similarites to what happened here are amazingly close. The people working for Madoff's firm knew damn well they weren't doing anything else but scamming people out of their money as they performed little to no trades whatsoever, and the the people being scammed were blinded by greed.
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.
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.
Absolutely
Crypto is the next domino to fall -
Sam bankman fried
@@user-bw2pm2ff2cRonald Reagan profile picture surely does not have a biased take on this matter
How to spot a liar.... almost everyone in this documentary.
Joke of the day: Sec going after financial fraud
Bienes has a bad tell - looks up when he is lying.