Bernie Madoff on the modern stock market [Archive]

Rajiv

12-16-08, 04:56 PM

Bernard Madoff, former NASDAQ chaiman now implicated in a $50 billion Ponzi scheme, at a 2007 roundtable discussion with Justin Fox, Ailsa Roell, Robert A. Schwartz, Muriel Seibert, and Josh Stampfli.

These are some excerpts featuring Madoff, recently implicated in a $50 billion Ponzi scheme.

The full video is at:

http://www.youtube.com/watch?v=Gclja-...

The date of the confererence was Oct. 20, 2007, shortly after the sub-prime crisis started to become evident in August, although world markets were still riding high.

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Also interesting here was the statement that 10% of all stocks traded everyday go through Madoff's company!

santafe2

12-16-08, 09:27 PM

Best quotes:

<link rel="File-List" href="file:///C:%5CUsers%5CEric%5CAppData%5CLocal%5CTemp%5Cmsoht mlclip1%5C01%5Cclip_filelist.xml"><link rel="themeData" href="file:///C:%5CUsers%5CEric%5CAppData%5CLocal%5CTemp%5Cmsoht mlclip1%5C01%5Cclip_themedata.thmx"><link rel="colorSchemeMapping" href="file:///C:%5CUsers%5CEric%5CAppData%5CLocal%5CTemp%5Cmsoht mlclip1%5C01%5Cclip_colorschememapping.xml"><style>  </style> “In today’s regulatory environment, it’s virtually impossible to violate rules. This is something the public really doesn’t understand. If you read things in the newspaper, and somebody violated a rule you say well, they’re always doing this, but it’s impossible for a violation to go undetected, certainly not for a considerable period of time.”

"I guess you could probably program the computer to violate the regulation but nobody has gotten there yet."
<o>
Or you could lie?
</o>

Chris Coles

12-17-08, 06:20 AM

The quote that caught my eye was:

"burning (money) as fast as we could find it ... and the funding disappeared"

This is a classic example of someone that does not own the business. They are simply a manager of money. Anyone's money.....

And then, having come from that environment, he gets hired by what turns out to be the greatest fraudster ever, (up to this point in time).

It is not new regulation we need, but a complete change of direction with whom gets their hands on the initial investment.

marvenger

12-17-08, 06:58 AM

I only watched 15 min into it where madoff is saying he doesn't understand what the programmer has done, in that sense of trying to be funny 'hey i'm the practical hard headed business type and this math geek is coming up with crazy trading algorithms I have no idea about but are the basis of my entire company. WTF??? clearly some simple scam that pinheads like the bush's and madoff can understand is the basis behind everything.