Bernie Madoff - His Life And Crimes (CNBC Documentaries - Part 1)

He did so much for building trust. My financial advisors ask me why I do not consolidate my retirement accounts. My answer is "Bernie Madoff." "But we are not like that." they reply. "Just as Bernie would have said." I retort.

What’s insane is if the 2008 recession didn’t happen, he could have gotten away with it and we would be talking about his fraud only a few months ago when he died

A bunch of wealthy people who all run in the same circles, not satisfied with being super wealthy but instead wanting to be even wealthier. Shocking degree of greed among these investors. And of course, none of them take responsibility for being aware of the fact that no fund could generate consistent returns like that; they knew it was fraudulent. Anyone with the barest knowledge of the stock market would know that the Madoff scheme was illegal, but as long as they made sickening amounts of $, they said nothing. They cared only about themselves, never about those left out of the money-printing. They have only themselves to blame.

If you park 95% of your wealth in one place because of a higher than average return, you're only a victim of your own dumb greed.

Perfect timing- I just found out about this and I’m ready to go down the rabbit hole

What’s astonishing about this is most corporations and firms undergo an Annual Audit by licensed Accountants who Certify the financial records of the Company. I sure didn’t have any money in his circus but I really am wondering why his investors didn’t check for this before sending their lifetime savings to him. If an Accounting Firm did do an Audit on him annually then they would be complicit in the fraud.

His name is Madoff. Should have been a hint.

People still do that nowadays and they are called forex traders

Harry Markopolos exposed Madoff in the early 2000's but the SEC turned a blind eye.

David Kotz said the most important utterance here, “(Madoff) was trading just fine until he was suddenly a couple-a-hundred million down...” then just like before when he was down, to prevent embarrassment and business failure, he started the Ponzi, like when he borrowed $3000 from his Father-in-Law earlier to prevent a bad outcome. These patterns are consistent. Family, who see these patterns, should be aware of disastrous events to come if not addressed. Financial fraud is minor when compared to other episodes where prior patterns induce suspicion. Suicide, mass shootings, domestic abuse, substance abuse, etc. can be the outcome.

The most bs thing in this is her saying ' what's a ponzi '. She knew what her man was about

Is it seriously worth it? How sad when your own children ashamed of you and deny you. Without all that scamming he could still have had a comfortable life.

And his wife and sons suffered as a result as well. I believe that they didn't know. The sons worked in another part of the building so didn't see what was going on up close. Ruth just sat back and enjoyed the wealth.

The title of this video should be "His life of crimes."

I wanted thumb this down due to Madoff's atrocities but then I'm like, well thumb it up for the article or course. He devastated so many people and the ripples in the pond with each person x10 more in their circle. Amazing piece.

I lost 95% of my net worth. Now I only have $30 mil. Ah-hahaha-HAHA-AAAAAAHHHAAA -DONT I WISH

I was so fascinated w/this story. Just couldn’t believe that ppl would give their money like that. I also, feel the family knew. Just my opinion

this hero made me a lot of money

I was born in the 1960s and I have been extremely ambitious, determined, and focussed to be successful in MY work. However, unlike Madoff's "work" being just pushing money around, which is JUST PUSHING OTHERS' LABOR AROUND, I wanted to CREATE ACTUAL PHYSICAL AND MENTAL VALUE: engineering and math.

His downfall was not remembering and cherishing his humble middleclass roots.