Bernie Madoff: How he pulled it off

  Үзсэн тоо 85,694

CBS Sunday Morning

17 өдрийн өмнө

On April 14, 2021, Bernard Madoff, who burned thousands of investors through an epic Ponzi scheme, died in prison while serving a 150-year prison sentence. Correspondent Jim Axelrod talks with journalist Jim Campbell, author of "Madoff Talks," who maintained a years-long correspondence with the disgraced investor and his family, to learn exactly how Madoff pulled off the largest financial fraud in Wall Street history.
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Jean Galbraith
Jean Galbraith Өдрийн өмнө
SEC is corrupt
Team33 2 өдрийн өмнө
JOKE: " I don't believe that his wife or sons had any idea " ... ahem. errrrrrrrr. Basically the man is saying that the whole finance industry has NO IDEA what they are doing when he says that the lady, who kept the books, and the sons, who sold the funds knew nothing. NEVER trust someone who will make your money fructify every year like on a fruit tree. Everyone can plant a fruit tree. FEW can make it live. QUESTION: IF they are so good at it, why don't they just keep quiet and do it with THEIR OWN money ?
Adriana Leal
Adriana Leal 3 өдрийн өмнө
I feel sorry for him besides all he did. Many knew about it and took advantage. He got in a point that he could not leave. How Many scandals on wall street that people lost tons of money ? My question to him would be It was worthed? Lost sons, wife and died in jail.
Super Freak
Super Freak 3 өдрийн өмнө
Hopefully, Trump will be joining him soon.
richard c
richard c 3 өдрийн өмнө
Ruth is guilty, how do you explain all the money?
j soo
j soo 3 өдрийн өмнө
Can someone tell me why the victims can't file a class action lawsuit against the SEC/govt? I guess they can't by law or it wouldn't stand a chance if they could.
Hajara 5 өдрийн өмнө
I bet the grand kids will change their last names.
Mr. Empty Pants
Mr. Empty Pants 8 өдрийн өмнө
You wonder only $10 billion had been recovered and were given to trusts to divvy up to his victims- a tenth of estimated on the Madoff (no longer Ponzi) Scheme he orchestrated throughout decades. Let that sink in your head. That's astonishing fiction, but it's not. That's beyond the recent pass of rounds of stimulus checks.
Professor McClaine
Professor McClaine 9 өдрийн өмнө
Oh please. 150 years in prison! That's not justice it's revengeful. “If any one of you is without sin, let him be the first to throw a stone at her”
bill gorman
bill gorman 8 өдрийн өмнө
Are you serious?
Dina 10 өдрийн өмнө
He sounds like Trump! Every wrong is always someone else's fault, not his. There is always an excuse for his failures, as a matter of fact Trump doesn't admit failures, nor does he apologize or ask forgiveness from Our Creator. Very similar type people. Trump's sociopath will be revealed for all to see, it's just a matter of time.
Dina Өдрийн өмнө
@John Doe Yes, I am serious. :-)
John Doe
John Doe 2 өдрийн өмнө
@Dina I was trying to gauge whether this was a troll post or youre absolutely serious.
Dina 3 өдрийн өмнө
@John Doe Truly sorry if you can't relate.
John Doe
John Doe 3 өдрийн өмнө
Our Creator?
Roger Becerra
Roger Becerra 11 өдрийн өмнө
I read Bernie Madoff listed his job as a broker. I say he lived to his title and broke a lot of people.
Suzanne Sardinha
Suzanne Sardinha 11 өдрийн өмнө
Those letters seem to be written by different people. The style of wiring is so different - loopy and curly and the other bone straight, the flourish of letters and then the all caps, the spacing is precise on one and not writing on the line in the other … huge differences.
John K
John K 11 өдрийн өмнө
When the market is tanking, and you're still getting a 17% return, could be a sign that something has gone wrong.
Brian Smith
Brian Smith Өдрийн өмнө
Wasn’t a 17 percent return
Javier Johnson
Javier Johnson 4 өдрийн өмнө
Just short it🤷
Nancy Churro
Nancy Churro 12 өдрийн өмнө
how could the sons not know, they worked in the industry & Madoff was not making any trades?! how could the wife not know or she turned a blind eye
J Paul
J Paul 10 өдрийн өмнө
Watch the video, 3:06
bigmikeystyle 13 өдрийн өмнө
technically he didn't "pull it off" since he died in prison but he had a good run, yeah
Robert Leese
Robert Leese 13 өдрийн өмнө
I could almost buy the excuse that he "got caught up in the whole thing" but Maddof created an entire division to generate fictitious statements for his clients. It shows a clear intent to deceive and mislead on a grand scale.
Gina Ke
Gina Ke 13 өдрийн өмнө
All the feeder funds who didn’t do their due diligence but happily accepted the fees from Madoff are to blame as well.
Akshay Deshmukh
Akshay Deshmukh 13 өдрийн өмнө
I think he got his punishment
Donald Harlan
Donald Harlan 13 өдрийн өмнө
That was by far, NOT the largest scam in the world. Ruth Madoff was definitely aware of what crimes she committed. Just look at the political favors and US Government jobs those people gained by ripping off all those people.
mason jones
mason jones 13 өдрийн өмнө
If only he really did invest in those companies he actually would’ve made a profit for his clients. Insane
wargh wurgh
wargh wurgh Өдрийн өмнө
he faked those investments always late, its like saying "had i invested into bitcoins 15years ago i would be rich"... so thats what he did he fake invested backtracked the price to some good day in the past and faked everything else from there
Frank DellAlba
Frank DellAlba 14 өдрийн өмнө
Greedy guy greedy victims end of story.
jennifer johnston
jennifer johnston 14 өдрийн өмнө
He was a sociopath .
STS 14 өдрийн өмнө
He thought he would die well before the scheme was uncovered, and he was set to do that until the market collapsed. He was taking in clients as he saw fit and grooming the clients he already had to keep their money with him. Some of the whale investors that had invested hundreds of millions with him were also in on this take. Think about the people that were able to pull their money out based on the investment returns he "said" he was getting. This means that they were paid out based on false return information and at the cost of others that invested all of their life savings with Madoff.
Curt ST. ROMAIN 14 өдрийн өмнө
Does this scenario sound familiar? A famous narcissist spills his guts to an author he doesn't know and it shows just how crazy he is.
merry hunt
merry hunt 14 өдрийн өмнө
Bernie didn't pull anything off. Once his Ponzi scheme really got under way, he was trapped. Yes, he lived high for decades, but in the end a son was dead by suicide, friends and acquaintances were ruined, and he was in prison. There was no way to end the scheme because the assets to pay investors off did not exist.
ICU 14 өдрийн өмнө
Welcome to Wall Street
jojopuppyfish 14 өдрийн өмнө
I'm reading "No one would Listen" by Harry Markopolos...great book so far
Christipher Garmendia
Christipher Garmendia 15 өдрийн өмнө
I don’t feel sorry for him he is a disgusting person
Scott D
Scott D 15 өдрийн өмнө
Poor kids ,
Richard Luce
Richard Luce 15 өдрийн өмнө
How a failing hotel and golf course owner did get away with it for 4 years. ( so far ) reference 45th presidency for details.
gfunk6 15 өдрийн өмнө
28 years old and he had it. No one asking him how long he’s been managing money or asking him to speak with other clients. I’m a CFP and have to jump through so many stupid hoops just to get a lousy 300k account from a 70 year old
Saul Amezcua
Saul Amezcua 15 өдрийн өмнө
The bank does not care about remorse. The bank wants their money.
nike10is 15 өдрийн өмнө
Had the SEC official asked to see the money amount in the 646 account the whole thing would have been discovered. It’s literally that simple. I think at the time they “looked” only about 100 million was there. It should have been 20-40 BILLION!
Richard Blake
Richard Blake 15 өдрийн өмнө
It actually makes Ruth challenged
Lance Lopez
Lance Lopez 15 өдрийн өмнө
Who cares about the rich people he stole from 😭😭😭
Dude Eronomy
Dude Eronomy 15 өдрийн өмнө
He Madoff with the loot, that's how!
Larry Shackle
Larry Shackle 15 өдрийн өмнө
Donald Trump and Bernie Madoff. Two of a kind.
Larry Shackle
Larry Shackle Өдрийн өмнө
@Brian Smith Donald and Bernie have two big things in common they are grifters and they are Narcissists
Brian Smith
Brian Smith Өдрийн өмнө
Donald trump ran a hedge fund? I didn’t know that?
microcontroller 714
microcontroller 714 15 өдрийн өмнө
Overall may be 70 %
Mr. Hand
Mr. Hand 15 өдрийн өмнө
We were warned by a Austrian Painter.
Mr. Hand
Mr. Hand 7 өдрийн өмнө
@Professor McClaine Disgraceful race.
Professor McClaine
Professor McClaine 9 өдрийн өмнө
Disgraceful comment.
Thomas Margolis
Thomas Margolis 15 өдрийн өмнө
Timing here? And its so 'trusted' there, given 60 minutes and hit piece on Desantos, even the trust one may wish to give Pauley is a stretch. You will do further harm to his being, because u know he can no longer defend himself and justifiably call out the fine people at cbs.
Divine 85 Erin
Divine 85 Erin 15 өдрийн өмнө
Was it worth it stealing all that money and spending the rest of his life in prison?
gfunk6 15 өдрийн өмнө
The best part of his life was outside so maybe
Tom S
Tom S 15 өдрийн өмнө
How did Madoff not get caught with the first of the five warnings? All the SEC people that were associated with this file should have been fired and gone to jail.
William Mekhjian
William Mekhjian 15 өдрийн өмнө
CIA catches up with em
Steve Bell
Steve Bell 15 өдрийн өмнө
"It's easier to fool someone than it is to convince someone they were fooled." - Mark Twain
Herb of Grace
Herb of Grace 15 өдрийн өмнө
Government does it all the time .
Anthony Botti
Anthony Botti 15 өдрийн өмнө
Bernie did well!! If all these filthy rich people didn’t get suspicious from the get go that means they never needed money ! They thought it was all just piling up
C 15 өдрийн өмнө
But is there really anything he can say after all this? Even seeking redemption would be deemed selfish.
Wingnut 15 өдрийн өмнө
He got punished for running a pyramid scheme, the same exact thing as the entire USA economic system. sad.
James 15 өдрийн өмнө
Who else is thinking Biden and the 2020 election?
gfunk6 15 өдрийн өмнө
Says the guy who defends never having seen trumps returns because he was supposedly under audit
L D 15 өдрийн өмнө
You poor thing. Bless your heart.
john smith
john smith 15 өдрийн өмнө
Greed breeds greed,nothing more!
Lawrence M Peltier
Lawrence M Peltier 15 өдрийн өмнө
He didn't pull it off!
The Archangel
The Archangel 15 өдрийн өмнө
This Bernie was at least upfront about being a shyster and a conman. The man who shares his given name, meanwhile, is an even more massive crook who has a ton of people fooled into thinking he's some kind of savior.
david eisenbud
david eisenbud 15 өдрийн өмнө
SAD irony....his last name is pronounced made off and that's exactly what he did with his clients money 💰.
Yah You !
Yah You ! 14 өдрийн өмнө
My Corona
My Corona 15 өдрийн өмнө
Bernie Madoff’s crime wasn’t stealing. It was stealing from the rich.
boonskyler 16 өдрийн өмнө
Do you mean no one compare the fake statement with the actual performance on those companies listed on the statement.
Dave Hittinger
Dave Hittinger 16 өдрийн өмнө
His "victims" were all of a certain religion.
Grimpus1972 15 өдрийн өмнө
@Dave Hittinger You say very greedy, I say very delusional.
Dave Hittinger
Dave Hittinger 15 өдрийн өмнө
@Grimpus1972 yes they're very greedy
Grimpus1972 15 өдрийн өмнө
Marc Lecarre
Marc Lecarre 16 өдрийн өмнө
Incompetence by the SEC....think about that....
Paul Suprono
Paul Suprono 16 өдрийн өмнө
He took his sons down with him, both emotionally and physically ! 😝😬💀
gfunk6 15 өдрийн өмнө
They were weak. Bernie didn’t hang himself.
Lee Teplitz
Lee Teplitz 15 өдрийн өмнө
Very very sad
Paul Suprono
Paul Suprono 16 өдрийн өмнө
'The blade was shifted . . . to somebody else ! How immature, childish . . . 😝💀
Number 3 Stunner
Number 3 Stunner 16 өдрийн өмнө
Why does MNpost *insist* on telling me about Bernie Madoff? It continually keeps bringing him up in my video cue despite me never even looking him up.
M.E. Valdez
M.E. Valdez 16 өдрийн өмнө
I love white ppl. Said no one ever.
Mister Fecal
Mister Fecal 16 өдрийн өмнө
I am here for my daily dose of government media messaging
Drew Hendley
Drew Hendley 16 өдрийн өмнө
The government is a Ponzi scheme taking our money and then give it back to us as stimulus and Social Security and keep the rest
aboxoffrogs 16 өдрийн өмнө
How he pulled it off... He didn't. He was a scape goat. THEY ARE ALL CRIMINALS. Buffet more than most...
dalelovesimba 16 өдрийн өмнө
Well I think it just snowballed so quickly it was out of control! Also he had help!
clockwork914 16 өдрийн өмнө
Eat the Rich 🤑
jeff silverman
jeff silverman 16 өдрийн өмнө
Yeah, he madoff with everyone's money. Scumbag.
chica bien
chica bien 16 өдрийн өмнө
He sounds like trump
William Taylor
William Taylor 15 өдрийн өмнө
I know what you mean, but he reminds me of Biden.
WebUserToo 16 өдрийн өмнө
just like trump... blame someone else
chica bien
chica bien 16 өдрийн өмнө
I was thinking same thing
Rubana 16 өдрийн өмнө
Eight SEC employees disciplined over failures in Madoff fraud case; none are fired.
Rubana 16 өдрийн өмнө
When I was a licensed banker (7, 64) and once gave up the commission on a sale because the client did not initial a single line and my manager did it instead of sending the paper to the client. I felt it was unethical and was scared that the SEC would find out and take my license away. What an idiot
Michael Chipande
Michael Chipande 15 өдрийн өмнө
Most capitalistic corporate businesses have a semblance of fraud Imbedded in them that is accepted as a business. Insurance is one of them. Companies collect funds from clients for risks and NEVER refund such SAVINGS if such risks don't occur at a given time frame of that insured period!!! Madoff got away with it because most rich people are money greedy too!!!!
gfunk6 15 өдрийн өмнө
Your manager is probably head of the firm now.
Alexandria Ocasio-Smollett
Alexandria Ocasio-Smollett 16 өдрийн өмнө
So it was a Ponzi scheme. Ponzi scheme: form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors. It’s funny how the definition of “ponzi scheme” also completely and accurately describes our current system of college/university/further education. So in reality.. The only thing he was guilty of is plagiarism.
David Pallin
David Pallin 15 өдрийн өмнө
Yeah, you’re onto something here. Never looked at it that way.
Marta Memph
Marta Memph 16 өдрийн өмнө
At 4:40, “How could the regulators Not uncover that?”....”It’s inexcusable!” Madoff’s crimes Were uncovered And reported to Congress numerous times by Harry Markopolos as early as 1999!! No One Did Anything about it.
ponygroom 14 өдрийн өмнө
@Elizabeth Grogan The blame for losing the election had to be shifted, because Trump could not accept responsibility for the loss - just as B. Madoff always "had to shift the blame to someone else" as we hear the interview end.
Elizabeth Grogan
Elizabeth Grogan 15 өдрийн өмнө
@Tony Rareman The majority voted for him. The steal only happened in Trump's narcissistic mind.
New temp Phone-Ash
New temp Phone-Ash 15 өдрийн өмнө
@Tony Rareman votes
Tony Rareman
Tony Rareman 15 өдрийн өмнө
How could Biden be President ?
rodnie struiken
rodnie struiken 15 өдрийн өмнө
But who where the people helping him?? I can't believe he did all that on his own. There are others who help him.
C Q 16 өдрийн өмнө
I’d like to know why right wing nuts are using commercial time to spread their propaganda on MNpost. I just might have to boycot MNpost.
NewYork NewYork
NewYork NewYork 16 өдрийн өмнө
An evil genius
Charles M
Charles M 16 өдрийн өмнө
He outlived both sons
Nag Dasty
Nag Dasty 14 өдрийн өмнө
@hardcorehunter yeah I typed that at the beginning before i heard much
hardcorehunter 14 өдрийн өмнө
Did u even watch it? Mark hung himself with a dog leash while his son was in the next room on the 2nd anniversary and Bernie gave Andrew cancer from the stress
Nag Dasty
Nag Dasty 14 өдрийн өмнө
His sons are both dead?
Cheryl R Leigh
Cheryl R Leigh 16 өдрийн өмнө
Bernie was a narc sociopath and in order to understand or justify his behavior we might need to examine his family and most specifically his parents. While we might never know if Ruth was complicit; I believe she like her husband is narcissistic with perhaps some sociopathic tendencies.
Rebekka D.
Rebekka D. 16 өдрийн өмнө
Such a sad story. Everyone was a loser in this.
Populus Tremula
Populus Tremula 16 өдрийн өмнө
Don't know who said, "You can't cheat an honest man", but my life experience tells me that it's probably true. I heard stories, after the Madoff thing first broke in the news, from a friend that used to go to all the upper echelon parties in Aspen. It was common in those let's-compare-net-worth situations for some to brag about investing with Bernie and the huge returns and explains why the Roaring Fork valley was decimated when his Ponzi scheme came to light. You have to admit that it takes at least a tinge of greed to not be suspicious of the kind of returns being touted up by Bernie and those that sang his praises, which then resulted in the next wave of eager investors necessary to perpetuate the scheme. Campbell hints at the other kind of crime behind it all too when he mentions how regulators and inspectors didn't catch what should have been obvious early on. Greed is the already rich seeking further wealth and is the story of America. And the story as to why the uber wealthy are such egregious carbon dioxide emitters that will lead to the destruction of all complex life on this planet.
Darin b
Darin b 16 өдрийн өмнө
Enough of this Pirate he took his life or passed on last month.
maungl 16 өдрийн өмнө
Jesus, he sounds just like tRump except Bernie apparently was more success at being a financial psychopath.
romstar 16 өдрийн өмнө
Was it worth all that just to lose his entire family?? I feel for his lost sons but look what their father did to others. Tragic.😞
Marissa Mayhem
Marissa Mayhem 16 өдрийн өмнө
All Ruth had to do was look that man in his eyes and tell him she doesn’t know how a Ponzi scheme works? Sorry buddy but you got conned as well. All a white woman had to do is mutter the words and they’re fact? BS.
Experience Everything
Experience Everything 16 өдрийн өмнө
John D
John D 16 өдрийн өмнө
DC Comics once had Harley Quinn do a home invasion of a "Bernie Makeoff," who swindled people out of their retirement savings.
Gary Weaver
Gary Weaver 16 өдрийн өмнө
The SEC was d.o.a WTF
Michael Rau
Michael Rau 16 өдрийн өмнө
He's just like a slicker drumpf. Two con men.
omar chandler
omar chandler 16 өдрийн өмнө
*He was a monster. But America is built off the blood of native Americans, African American slaves, Chinese Americans, and people of color both physically AND financially. Yet America still oppresses those very people. So what does that make America?!*
Drew Hendley
Drew Hendley 16 өдрийн өмнө
America is land for white people. The rest will suffer
Chuck Wilkins
Chuck Wilkins 16 өдрийн өмнө
Stop giving him press. He is a scumbag that nobody wants to hear about. The best thing we as a society can do is to not say his name.
Polite City
Polite City 16 өдрийн өмнө
He pulled it off through complicity. I've done a rap battle video about George Floyd and Derek Chauvin
James Z. Williams
James Z. Williams 16 өдрийн өмнө
I feel bad, but not bad for his wife Ruth. The family knew, but I guess they were blinded by excess.
Davan Mani
Davan Mani 16 өдрийн өмнө
Every community whether it’s ethnic, racial, or religious knows or has a Bernie Madoff. Unfortunately, many of them don’t get caught, served, or brought to justice because they rip off the poor. He ripped off the rich and famous.
Jack Thompson
Jack Thompson 15 өдрийн өмнө
Most of his clientele were middle class or elderly people
Judy Kinsman
Judy Kinsman 16 өдрийн өмнө
Wow. Reminds me of Trump in every way.
William Taylor
William Taylor 15 өдрийн өмнө
I know what you mean, but he reminds me of Biden in every way.
D. Virgallito
D. Virgallito 16 өдрийн өмнө
W O W!
Jeanette Schock
Jeanette Schock 16 өдрийн өмнө
The effort to produce phony trading documents astounded me.
Ann Smith
Ann Smith 16 өдрийн өмнө
Oh! The next one up -as perhaps thr Ultimate American Grifter - will be Donald Trump - for decades of tax fraud at a minimum. I know people think Trump will get away with it but he could not be prosecuted while in the White House -so while it seems like this has been "endless" the SDNY just got the Supreme Court go ahead to obtain his taxes. So I would say by this time next year Trump's prosecution will be well under way or in the sentencing phase. It's a long time coming 👍
Ann Smith
Ann Smith 16 өдрийн өмнө
The Wall Street regulatiors are guilty of gross negligence and bear some legal responsibility for this catastrophic disaster -which badly affected many people and institutions -even if it is just individuals serving in the capacity as a regulator / auditor who looked aside year after year....because there must regulators /auditors who did not do their due diligence. To say otherwise is implausible and naive.
terryfriend16 16 өдрийн өмнө
I agree.
AJ G 16 өдрийн өмнө
If is not backed by US Government, don’t get involved in ANY make believe financial Piramide.
Rick 16 өдрийн өмнө
Ruth is complicit. She purposely sought out the country club members who had means so Bernie could hook them.
Amir N. Bahmani, MD
Amir N. Bahmani, MD 16 өдрийн өмнө
He is just distraction , his name become like Gucci that grab attention
Richard Blake
Richard Blake 15 өдрийн өмнө
When you need to put MD on your you tube handle're a who really cares
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