69. The Scheme (Bernie Madoff)
Added 2021-08-28 02:33:26 +0000 UTCA Wall Street tycoon's money management firm is revealed to be the world's largest Ponzi scheme.
Prelude: Samuel Israel III disappears after his hedge fund collapses.
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Comments
Fr!!
Vino Galan
2024-01-27 18:00:49 +0000 UTCRobin, right! They're "broke" because they can't buy a second Lear jet. They have no clue what it means to be afraid of what might happen if you lose your job because you have only about 3 months' of expenses in your savings account.
Michelle Hebert
2021-12-30 00:48:32 +0000 UTCI think this is the very first scam I ever heard of, and it’s what sparked my obsession with them 🤣
Nae
2021-09-08 21:02:50 +0000 UTCWhat did Dan Marino do to him
Erin demir
2021-09-03 08:24:20 +0000 UTCHe couldn’t break it down into simple terms for the SEC. They just didn’t understand him. He needed to give them a flowchart of steps to do their job for them like go to his office, ask for records of his trades, make some phone calls to verify trades actually happened. You have to make it idiot proof for regulators. Remember, these are the people that could get a job at places like Madoff. The “C” students regulating the “A” students.
Ken Smith
2021-08-31 08:26:51 +0000 UTCYeah, he tried but he was 100 percent the wrong person to deliver the message
AskJeeves
2021-08-30 16:31:55 +0000 UTCMarkapoulous' book is something. He manages to come off as a complete jackass even though you're reading it knowing that he's right. He tells stories about things like how he wanted to pay for a boob job for his girlfriend rather than giving her an engagement ring and gives a little rant about why she was nuts to turn that great offer down. Even jackasses are right sometimes, but nothing in his own recounting of events made me think he made himself particularly easy to believe, meanwhile Madoff had been conning people for decades at that point.
AskJeeves
2021-08-30 16:24:43 +0000 UTCCan we get that Madoff laugh as a notification / ringtone sound?
sucriC drawkcaB
2021-08-30 15:28:55 +0000 UTCI always find it funny that when a massively rich person says they're broke, they often still have dozens of times more wealth and assets than the average american.
Wolfin.me
2021-08-30 05:52:38 +0000 UTCAnother great podcast!! ACC? Will you marry me? 😂
Stephanie Morson
2021-08-29 17:34:15 +0000 UTCThat makes sense.
John-Paul Mackey
2021-08-29 04:57:38 +0000 UTCHarry was unable to break his message down into simple terms. He assumed too much mathematical knowledge and drowned it out in complexity. In the end nobody had the slightest idea what he was saying. He should have taken the communication paper at college instead of all those advanced statistics papers.
Ken Smith
2021-08-29 04:08:07 +0000 UTCConceal the nuts and bolts🤣
m4a_now
2021-08-29 02:37:13 +0000 UTCI've heard it said the best cheaters are the ones who know the system the best - and consequently the ones you'd least expect to cheat.
MBA
2021-08-28 18:50:48 +0000 UTCLove to see ACC do Olympus and Wirecard
MBA
2021-08-28 18:49:30 +0000 UTCYou're right! I completely forgot about that one. Just watched the documentary about it on Amazon Prime this week - thank you!!
Katy Gelenski
2021-08-28 18:38:13 +0000 UTCI think that last one is called The Horse Queen (Rita Crundwell). It's episode 2.
Alan
2021-08-28 18:23:46 +0000 UTCThis made me think about the Enron scandal! Would love to hear an episode about Enron, WorldCom, or the Dixon, IL scandal where a city employee embezzled 53 MILLION from her town
Katy Gelenski
2021-08-28 16:29:44 +0000 UTCOh, and another thing: the SEC owes Harry Markopolos a huge public apology for ignoring his investigation.
John-Paul Mackey
2021-08-28 16:28:27 +0000 UTCGreat research as always! I knew you wouldn't touch this without giving it the treatment we're all used to and it did not disappoint. I hadn't realized they had recouped that much of it back. I also didn't realize that he pioneered the digital interface; no wonder he was able to run a "fake" one when clients/SEC wanted to see trades in real-time. I hope Harry didn't submit his evidence in the form of mathematical proofs; no one *actually* reads those but math majors. p.s. The Dan Marino jokes were a great bonus. Excellent intro story YET again.
Alan
2021-08-28 15:29:37 +0000 UTCWas sad to hear that his two sons died early and effectively because of him.
Carmen
2021-08-28 03:53:56 +0000 UTCI honestly thought this would be longer or a two-parter given the subject.
John-Paul Mackey
2021-08-28 03:32:47 +0000 UTCOooh, been waiting for this one
Jerry Salisbury
2021-08-28 03:26:27 +0000 UTCOh boy this is gonna be a good one
cj v
2021-08-28 02:55:21 +0000 UTCKnow what I'm about to do.
Isaiah Davis
2021-08-28 02:53:52 +0000 UTCYaaaasss
Sara Wells
2021-08-28 02:37:07 +0000 UTC
