26 Burst results for "Bernie Madoff"
Being Victimized by Scams is Solvable [Test]
"Episodes are out every friday. This is solvable. I'm jacob weisberg there. Only a few real cons that exist and the bones of the story are the same and they've been the same for centuries also maria conaco. Vince would writing about these number of years book. The confidence game explores stories of con-artists opportunists people who build up our trust and then take everything we have think bernie madoff the late investors who destroyed countless lives with false promises and financial theft but before we pledged to fight to abolish scams. Remember this another side to those familiar. Stories to the flip side of our vulnerability to cons is human connection and trust and all the good stuff. So how do we protect our loved ones in ourselves. We'll scams being enduring part of society forever because we refuse or are unable to learn from our mistakes rather than admitting i was dumb. I felt for a scam you say. Oh no no cure all of the mitigating circumstances and it probably wasn't even a scam. So i think that it takes a strong person. It's embarrassing So can scams be solved. Rea- konakov thanks so being victimized by a scam is actually a solvable problem. Maria has gone from investigating the lies. We tell ourselves to mastering the bluff herself by learning to play poker at a world class level and writing about that too so i started by asking her why she so hooked on these concepts of big and small manipulations. My first book was about sherlock holmes. So i've traveled this gamut from you know. How do you be detective to okay. What are the what are the bad guys doing to kind of being the bad guy myself but within a game right so so so there are rules And one of the reasons that i've that it's been such a passion of mine is that i hate to see in re in reality. Not in a game. I hate to see people being taken advantage of. And how often that happens. And how scammers often will target the most vulnerable parts of our population the most vulnerable people and then we as a society target again by blaming them and by saying oh well. You're just stupid. You were just greedy. You were just dumb. You shouldn't have fallen for it. I wouldn't have fallen for it and that just gets me. Yeah well i was going to ask you because of your longstanding interest. I mean this personal for you in any way of you've been scammed yourself or people close to you been victims of scams. I personally have not been scammed. That i know of but one point i always make is that you know. The scams are ones that you're probably not aware of so i. i'm sure i've been scammed on small things and when you're about to get on the subway someone stops you and says hey you know. I'm so sorry. I lost my wallet. Do you have the fair for the subway for the bus for the train. I need to get back to my family. And there's so many excuses and you can do one of two things you can say. I think you're con artist. I'm not going to give you any money on. Walk on you feel shitty. You feel like a bad person because they actually needed you. I've lost my wallet. I've needed help in the past. And i think we bought we probably been on the other side of that and so the trade off is yom maybe get scammed. But i'd rather take the risk of being the victim of scammer in that particular instance and. I'm sure i've been scammed that way. Well that's interesting. I mean i have experienced instill sticks with me from high school. I remember in chicago where i was growing up walking through lincoln park and there was a guy kinda ragged looking walking with a gas can and he stopped me and told me this whole sad story about how he was trying to get back to florida to see a family card run out of gas and he needed the money for gas. Now was probably fifteen years old or something like that. I think i gave him ten dollars. Which would have been a lot of money to me. At the time and i felt good about myself for doing that and then a week later i was walking through the park and there was the same guy looking around with this gas can And it just it sticks with
"bernie madoff" Discussed on Invested: The Rule #1 Podcast
"Of crowdfunding which means they're basically loosening up the idea of the little guy going out and getting money from other little guys and you can do it in the form of some sort of corporation or llc like daniels talking about but they still haven't loosened up the idea of doing a an llc or a limited partnership and having you take percentage of profit as a partnership they want you to incorporate into the reasons for that. I guess. But i i think it sucks and i wish they would stop that because it prohibits keeps a good investor. Who's a little guy from accumulating capital and Obviously you can manage somebody else's money but you're going to get two percent that's the you're gonna get two percent of their money that's under management what you're talking about is is you to take a management. I don't wanna get into the legal structure. This is very much like it. Makes me very uncomfortable because this is so individual to each person and what state. They're in and their goals and who they are and so do not take any legal advice from anything that's been said at all. That would be a very bad decision so In general there are multiple rules and multiple exceptions to the rules and You should definitely get a qualified attorney to fan. One of the reasons there are so many rules is because of people like bernie madoff who died true. He died recently and We were just thinking in jail underwent prison in prison. I wonder what he was thinking about as he in ozzy knew he was probably as he knew he was going to die. I'm wondering because he's eighty two right so hit you know probably got some got old age and so you're wondering what he was thinking about you know was he thinking. Hey it was worth it you know. I spent whatever seven years in jail. But i love seven years. I don't know no way. Do i have no idea before away seems.
"bernie madoff" Discussed on Best of The Steve Harvey Morning Show
"Second on the heart. Radio app apple podcasts. Or wherever you get your podcast bernie. Madoff has died. No you know what last year. If you recall bernie madoff asked his sentencing court to grant him compassionate release so he could die at home with his remaining friends and family at the time bernie had a life expectancy of less than eighteen months bernie. Sentencing judge denied that request despite bernie's terminal kidney disease and expressed remorse for his crimes. He adds today bernie. Madoff passed away at the age of eighty-two two bernie up until his death lived with his guilt and remorse for his crimes of course he was You know. I guess behind and one of the biggest ponzi schemes in the world. Yeah so yeah. He passed away yesterday yesterday. at the age of eighty-two he princeton and no people money you took a lot a lot of people's lives in life. Favorite shoe did happen. What would you say see knowing. I never met him. Don't know him a handle money with him. A good thing. I didn't 'cause probably be feeling different. So i just if i have some money with him. Just be a difficulty. I didn't have the money with them so well you handle money with him. You know rest in peace. He agreed. Man yeah tommy. Monday desperate damp. She oh money. He couldn't take time. We'll be back with more.
"bernie madoff" Discussed on The Ross Bolen Podcast
"Join me about vegetables. Because i knew i could because i knew i could. Did you mix up vegetables. And now you're trying to say you told me no. You can very clearly seen the video evidence that I was looking at the camera waiting for you to realize what was happening. So your assumption. Being that i know in my head what. The difference between a cucumber in his aquinas. This entire conversation just for fun for you. Yeah no i. When i was driving up here i went. You know what. I bet you could convince rosso cucumber and as you came you segue to this get you. That's how you know i planned it for. Why is a lesson to me. Is this your lesson to teach me the difference between a cucumbers kenya today. I also think it'd be good social content to be honest gonna make a video edit at your expense of course our producer. Mike is laughing his ass off outside the just i just not a vegetable guy. I don't even get it. Be like if i tried to try to prank me about two different types of disc golf frisbee. It'd be like i don't fucking know jared. My favorite part of this is that right. When i said the same thing. You instantly agreed with me. There is no hesitation. There was no doubt. Yeah i had faith in. You will never happen again. I trusted you as a co host and friend. And confidante and now. I see what i'm dealing with. Which is a monster on the likes of bernie madoff. Frankly also a spotted. See her terrorist. Which i wasn't aware of before today's show but that's neither here nor there. Happy belated birthday to peter pan. Latkes and thank you all for being here with us today. We hope you enjoyed the show and.
AP source: Ponzi schemer Bernie Madoff dies in prison
"Bernie made off the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history died in federal prison a person familiar with the matter told the Associated Press on Wednesday
Ponzi Schemer Bernie Madoff Dies in Prison at 82
"Age of 82. It was once chair of the NASDAQ stock market, pleading guilty in 9 2002, security sprawled and other charges, he admitted. Swindling billions of dollars from investors in a decades long scheme. When hearing about made off step this morning, New York City Mayor Bill de Blasio said made off hurt a lot of people. They someone passes is not a time to dance on the grave. But let's just be honest. Many, many people were hurt by his actions and No, it's time hopefully. Turn the page and move forward. And those hurt by made off include many in South Florida all the way into Hollywood and across the globe, a source telling ABC News that made off died of natural causes at a federal prison hospital in North Carolina. Or federal mass
Bernie Madoff, Mastermind Behind Largest Ponzi Scheme in History, Dies at 82
"Financier who pleaded guilty to the largest Ponzi scheme in history has died in federal prison, The Associated Press is reporting It looks like natural causes at the Federal Medical Center in Butner, North Carolina, where Made off had been in prison for more than a decade, he admitted swindling thousands of clients out of billions of dollars in investments over decades. Last year made offs lawyers filed to get him out of prison, citing covert. That request was denied Bernie Madoff. Was 82 years old.
Bernie Madoff Dies in Prison at 82
"Guilty to orchestrating a massive Ponzi scheme has died in prison. Associated Press reporting that he died early this morning at the Federal Medical Center in Butner, North Carolina, apparently of natural causes. Last year, the lawyers for made off tried to get him released from prison because of the covert 19 pandemic. At the time, they said he It's also suffered from end stage, renal disease and other chronic conditions again. Bernie made off at the center of a massive Ponzi scheme in prison. A dead at 82 years old, The family of Adam Too late, Oh now has
"bernie madoff" Discussed on American Scandal
"It's march twelfth. Two thousand nine in a federal courthouse in downtown manhattan bernie madoff looks around the courtroom which is packed with people all throughout the court there are lawyers journalists and people who lost money in his ponzi scheme and all of them had the same look in. There is a look that says. They're hungry to see him face. Justice made off can also feel the anticipation in the courtroom. Everyone seems eager for the big announcement which made off about make and just a few minutes made off is going to give his plea. He faces multiple federal charges including securities. Fraud wire fraud and money. Laundering made off knows that the penalties for these crimes are severe. He could spend the rest of his life behind bars and he also knows that he stands no chance in a trial by jury. He already admitted his guilt to federal agents and after his victims spoke before the court he realized just how grim his situation was. So there's only one path to possibly save himself so when the judge turns to made off and asks how he pleads made off others one word guilty made off glances around the courtroom and looked at the faces of everyone. He heard they still appear to be angry. Thirsty for blood but made off knows that this is his last chance to save himself if he can convince this room. He's sorry that he knows he was misguided. The maybe he has a shot at redemption leniency. The judge lawyers take their turn speaking finally made off his allowed to read a statement. He takes a small sip of water clears his throat and begins made off admits that he operated a ponzi scheme. He says he knew it was an act of fraud and that he was criminal but when he began the scheme he thought it would simply be a short term solution to his problems. He believed he could quickly take himself out of the whole but may off also admits that this proved to be impossible and so he ran the scheme for well over a decade made off tells the court that he knows he deeply hurt. Many people including friends family members thousands of clients and made says.
"bernie madoff" Discussed on American Scandal
"And that the money is gone. All of it jaffe stunned. This can't be true bernie madoff in jail. This musty some hoax but then someone calls out repeating the names made off is locked up. He's done and the money is gone. Suddenly another man. Yes out sodas. Another is a cacophony of voices begins to rise. Robert shafi's eyes dart across the room. He notices that people's faces are red with fury. Wanner glasses are knocked over. Men and women clutched their heads in agony jaffe. Few of like the room is spinning. Because if what they're saying is true. This club has just been hit with a devastating blow. Jaffe himself recruited a third of this clubs. Members to be clients made off made a fortune doing but if the money is gone these people are about to lose. Everything chaffee feels dizzy as he stumbled through the room but then he gets a sudden burst of clarity as people begin to look right at him. He point their fingers. They begin monitoring and he knows why they're going hold him responsible for their losses. Jaffe knows he has to act fast and get out of here so he turns on his heels and hurries out of the dining hall. He needs to think needs some kind of a plan because if this is all true if made off his locked up and facing charges and the money is gone and jaffe could be in deep trouble too. Several hours later bernie madoff is being led down a very long corridor with a crowd of people watching him. This may be the manhattan office. The fbi and these may be the fbi agents have seen their share criminals but he also knows that today. These agents have landed a big fish. They wanna stare at their catch. It all began hours ago when two agents appeared at made offs front door. They said they wanted to talk. Didn't take long to figure out what had happened. May off sons went to the fbi just a day. After he came clean about his business made off at plan to turn himself in he wanted to control the situation and he was devastated that it was his sons that beat him to it but made off made a quick decision. It was now best. To tell the truth. He was bound to be caught anyway and he knew that from this point forward he had to appear honest. That's the only way he would ever beat the charges so now as off his led to a small room without windows he knows he has to stick by that strategy. It's how he's going to win. Made off enters the room and takes a seat. An fbi agent walks in beside can in handcuffs. His left arm to chair the agent then pulls up another chair in the conversation begins agent asks who was involved and made off scheme made off allows himself to look pain for a moment and then. He says that he acted alone. He made some bad investments true. And that's why he ran a ponzi scheme. He didn't want his clients to lose any money and he believed he could dig his way back out. The agent raises an eyebrow and asks. The question again did made off really run. This whole billion dollar illegal operation by himself made off knots and then he says emphatically that this was his doing. He bears the responsibility. None of his family members knew about this until yesterday they agent turns looks at another agent standing nearby made off knows that they don't believe him not yet at least but he knows that with time he can convince the government that he's a decent man he someone who made a mistake but that his heart was in the right place and that's the key because if made off can convince the fbi and even a jury the true and made off may get a light sentence or like other white collar criminals. He may never have to prison. And all it's nearly two weeks later and bernie madoff penthouse in manhattan. Ruth made off bernie's wife opens the fridge and grabs a carton of eggs. She then takes a ball and begins cracking the eggs into it. Ashby beats them across the kitchen glances at the gruff middle aged man who sitting near the doorway. He's reading a magazine and looks up to catch your gaze but she quickly looks away. Begins pouring the eggs into pan. This man is her new security guard. She doesn't like having him here. It's uncomfortable to have a stranger in the house but it's even worse to feel scared all the time. And that's how ruth has felt ever since bernie was arrested. That's when the death threats started to arrive and they haven't stopped even though bernie's returned home after posting bail. Everything is far from normal and ruth doesn't know if she'll ever get her old life back as ruth scrambles. The.
"bernie madoff" Discussed on American Scandal
"Three collapse. It's september twenty third two thousand eight and just over a week since lehman brothers filed for bankruptcy today. Frank de pascal standing outside bernie made also office in manhattan and bracing for what sure to be a painful meeting de. Pascal has more bad news for made off in a year. When bad news seems to be the only news around a few days ago wall street was shocked yet again when word spread that the insurance giant. Aig was on the verge of collapse. Federal government rushed to bail out the company in an effort to save the economy but that didn't stop investors from panicking since then frank de pascal has a flood of phone calls from clients who are scared they wanna cash out get back their money but deep pass galle knows. There's a big problem for years. He and made off been running a ponzi scheme. They are almost out of cash as deep pass. Galley waits to meet with made off. He knows there's no way to sugarcoat. He has to be honest with his boss. Their firm is about to fall apart. We might be time to finally come clean to save themselves before it's too late. The office door opens and made off treats deepest galley deepest galley enters and four minute the to chat about the latest dire headlines coming out of wall street then deepak scalise shares and update with off. He's been hustling like a madman bringing in lots of clients and he's impressing them with fake finance reports. He's gotten their money but it's not enough made off raises his eyebrows and asks deep pass galley to explain himself and so he does deepak. Scalise says that they're investors are demanding several hundred million dollars and if one more investor wants to cash out they'll be ruined made off nods then approaches deepak galley and titans deepak scalise time. That's better he says steps back then made off explains that they have another meeting with a client coming up. They'll get the money they'll be fine. A deep pass galette needs sharp. Deepest galley begins to stammer for decades. He's dedicated his life. To bernie madoff growing up. He was a poor boy from queens. But now he's risen to become made us right hand. Man de pascal has done well for himself. The two are as close as it gets but deepak. Pascal doesn't know what to make this. How is it possible that made off his so unwilling to confront the truth. he passed kylie knows. It's time to push back. So he tells made off that. This is insane. It's time to throw in the towel. But made off gives deepest galleon icy luck and an umbrella tone. He says it's very far from that time. Their work must continue e galley hoped. It wouldn't come to this but has and so he tells made off that he's considering taking steps to protect himself. He's unwilling to go down with the rest of the ship. Made off casts another icy stare and quietly minds deepak galley. What the two of them have known for a long time. It's too late now either. They stay afloat or they sync together made off checks watch and then all at once deep pass he notices something. Bizarre may not face begins to shift gone. Is the menacing stare made off now. Looks warm compassionate. He smiling and seems easy and approachable. He then collapsed deepak galley on the shoulder. And he says it's time for their next meeting gonna find some new money a month. Later bernie madoff hangs up the phone and closes his eyes. He lets himself sink into his office chairs. A throbbing pain begins to his forehead for the last month. Made off hasn't stopped working one moment. He's barely slept but all the meetings all long nights. They looked like they were gonna pay off in too close together. Two hundred million dollars. He was going to use that money to cover his clients withdrawals to save the firm for a moment. It looked like he could survive the disaster to eight but then came the call this morning. One of his biggest client said he needed to make a withdrawal made off. Asked how much and the client said it plainly. One billion dollars made off went slack. It was an impossible request. He couldn't come up with that kind of money. He was about to be ruined. We had no idea how to save himself this time now with his head still throbbing made off rises and walks around. His office. looks at the walls where he's hung up framed magazine covers. Profiles of the great bernie madoff he gazes at the photos of himself with powerful people and then his eyes catch a photo of him and his family. His wife his children. Everyone looks happy. Suddenly made off feels his throat closing before he can stop himself he begins to cry hot tears streaming down his face made off can't believe he's failed in such a spectacular fashion when he was a boy he promised himself he'd make the right choices. Unlike his father make nothing but excuses for himself made off wipes away here and in a flash of nostalgia. He remembers the colors of his old bedroom. Suddenly he can smell his mother's cooking in his father's musty clothes. He thought he was better than them. He thought he would make the same mistakes but he was wrong. Made off collapses back into his chair. Then he remembers something else. Something frank deepest. Kelly said amy. It's not too late. Maybe he can protect himself. It'll take some careful planning and some clever strategizing but made off knows that even now nothing's impossible if he plays his cards right. It's december tenth. Two eight and about two months later in an office. Lobby in midtown manhattan. Andy made often buttons. His coat begins pacing. This is the building where his father works. It's where bernie madoff has made millions of dollars and established himself as a titan of wall. Street normally andy made off feel sturdy and proud when he steps in the building but today seems different right now as he waits for his father to come downstairs he's filled with vague sense of dread. Father has been acting strange lately. Like something's wrong but wouldn't admit anything so today. Andy is determined to get to the bottom of and he takes a seat leather chair as he waits for his father. He begins adding up all the unusual things. He's noticed these last few weeks. It began when. Andy asked his father for multi-million dollar loan so he could buy himself an apartment at first his father chewed him out then not long after and he got a call from his father secretary she said that bernie would be happy to loan the money and he should have been thrilled but there was something disorienting about it the way. His dad's suddenly flipped ben earlier today and he got a call from his brother mark. Mark said that their father was sending out large bonus checks to employees and friends. At first it sounded like another act of generosity and normally andy wouldn't be surprised his father gives out bonuses every year but not now is december that bonuses usually go out in mid february and there's something even more unusual about the whole thing even though he's the head of the company bernie himself is writing the checks. He's never done that before and strikes. Andy is mental like final act of generosity before something bad happens and then his father made this request bernie said he wanted have lunch together along with andy's brother and their mother the whole family. He said there was something he wanted to tell all of them but he wouldn't say what it was and he paces in the lobby when he hears a ding. The elevator door opens and out steps bernie madoff looking steely and determined beside bernie is andy's brother. Mark the to approach andy and all at once. He has an incredible urge to blurted out stat dying. This burning have cancer before. Andy can get a word on bernie lays a hand on his shoulder then steps past him in walks out of the office billing for moment any remained standing still then he follows his father outside into the rain about a half hour later. And he may not steps into the family's penthouse in manhattan he gazes across the marble floors and the elliptical staircase. Their family is wealthy wealthier than almost anyone in the world. They can buy anything they want. Jewelry cars yachts homes. That should be happy. But his andy locks eyes with his father. He knows something is deeply.
"bernie madoff" Discussed on American Scandal
"Two thousand eight a small peninsula and the south of france today. The mediterranean sea is a bright bright blue off in the distance waves crash against the rocky shore. It's a picturesque setting and one of bernie madoff favorite places in the world. That's why he's here now. Lying in the sun made off sinks lower into his wicker chair and smiles as he traces the curves of a cloud for made off. This trip couldn't have come soon enough. He desperately needed to get away from new york and the nightmare. He's been living through. All across the country homeowners are defaulting on their mortgages. That's causing stocks to tumble. The global economy has entered something like a death spiral with people calling it. The great recession claps has been especially disastrous for bernie madoff because his clients keep demanding to pull their money out of the stock market. There's a problem that money isn't actually invested in stocks instead. Made off has been using his client's money to pay his other clients. He's merely shifting money around from one account to the other to make it look like his clients or profiting from actual stock. That's the heart of his ponzi scheme but with the economic collapse. It's getting harder and harder to keep the scheme going. He's running out of money. Which is why made off his here today. In his home on the french riviera. He's with his wife and friends and he's hoping to clear his head and to figure out how to get himself out of this mess out on. The porch made off leans forward and grabs a bottle of champagne from the bucket of ice young corks the bottle and fills three glasses. All right everyone got us a crew. So let's drink up and enjoy ourselves. Made off hands out. The glasses and his friend raises his in a toast. Cheers everyone to a year. That can't get any worse. Amen to that. But you know we're here in the most beautiful place in the world so how about this today. Let's talk about something else. Anything else other than stocks and money. Something else ernie. What else is there. Besides stocks and money..
"bernie madoff" Discussed on American Scandal
"For now. He's happy to feel like the king of the world next on american scandal wall street gets pummeled by financial crisis and as markets crash bernie madoff has to find a way to keep his clients from panicking from underneath. This is episode to bernie madoff for american scam. If you like our show please give us five star rating lee review. Be sure to tell. your friends. subscribe on apple podcasts. Spotify or wherever. You're listening right. Now join one. Replace the one route to listen to episode one week early and had free. You'll also find some wings and offers from our sponsors. The episode dumps supporting them helps keep offering our shows for free. Another way. you can support. The show is by filling out a small survey one dot com slash serving. Tell us what topics we might cover next. You can also find us and me on twitter search for hashtag american scandal. Follow me at lindsey graham. Be sure to listen to my other podcasts. To american history tellers and business. Movers a quick note about our reenact in most cases. We can't know exactly what was said but all our tom. Innovations are based on historical research. If you'd like to learn more about bernie madoff. We recommend the books too. Good to be true by aaron arvidsson and the wizard of lies by diana case. American scandal has hosted edited an executive produced by need. Lindsey graham for airship on your editing by molly. Box sound design by derek. This episode is written by charles or moving edited by david kane. Our senior producers gave ribbon. -secutive producers. are stephanie jen's jenny. Lower pacman and hanane lopez for wondering.
"bernie madoff" Discussed on American Scandal
"Explains the new scheme made off says he found a couple of people who agreed to invest fifty million dollars in the next two weeks off smiles and said that fifty million of course less than four hundred forty one but it will help them cover their tracks deepest galley frowns and ask made off what he's talking about made off continues explaining that they'll still liquidate all the investments from all their clients but they can take the new fifty million dollars an added to the new bank account with this pool of cash. They can then pay investors. Tell the clients that the money comes from their actual investments from dividends on stock. Money is money and the clients won't know the difference made off then gets up and walks over to the ibm computer gives it a pat and smiles. Then he tells deepest galley that. It's this machine. That's the key. Deepest galley just needs to program the computer and get it to spit out parts. Those pages will look like real dividend. Reports from real companies. Decline will still get paid and they'll stay happy and over time made often deep pass galley. Make things they'll dig themselves out from this whole deep pass. Galley stairs made off. he's dumbstruck. Made off wants to add another layer of deception and theft on top of his already insane scheme. If they do this. There's no coming back. Made off looks up at the clock. Deepest kelly follows his is. It's nine thirty. A m exchanges. Now open made off approaches e pascal with the coldness in his eyes. He says there are two options. They can run this ponzi scheme which will buy them. Some time for the two of them can go to prison for everything they've already done. Deep pass. Kelly feels lightheaded and dizzy. He wants to lie down to sleep and think this over but made off isn't waiting. He commands deepest galley. To begin selling. He reminds him to everything then. Made off walks out the door and shuts it behind him deep. Pascal looks back at the computer. Screen stared at the rows of green taxed list of clients names and their investments doesn't feel real just numbers on a small screen and then that deep pass galley realizes that made off right. He's out of options. He's already guilty man. There's nothing else he can do. So he begins typing command on the keyboard. It appears greenlanders on the screen. Self then he goes down to a second line types it again and again he continues line after line until his eyes begin to blur and it doesn't seem like he's doing anything wrong when he finishes deep pass galley sits back in disbelief and bernie madoff.
"bernie madoff" Discussed on American Scandal
"Seventeen years later man walks to the entrance of a large beach house. In montauk new york. The sun beats down as pale. Skin and puma sneakers man takes out a marlboro red. Light it up as he takes a deep drag he breathes salty smell at the atlantic catches a hint of expensive designer perfume. The world smells different out here on the tip of long island. It's different from queens new york for sure. That's where this man frank. Episcopal junior has spent most of his life. Deepest galley is twenty two years old and he still thinks of himself as a poor kid from tough neighborhood here at this beach. House is the future he wants for himself he drops a cigarette and grinds out then he heads inside. As soon as he entered the house he catches a glimpse of bernie madoff standing on the deck with his friends. They're all in polos. Wearing shiny rolex watches. They looked hand and powerful deepest. Galleys certain that these are the kings of the world. This is the first time he seemed made off deepest. Kelly works for may company which after about two decades has grown into one of the most powerful investment firms in new york. The company is a living example of the american dream made off started with nothing and single handedly built himself. Empire deepest galley has felt lucky to be part of all the action working alongside. Peter made off bernie's brother still even after four years that made off securities. No one at the company seems to know deepest kelly. some even mistake him for the janitor. That's why he came here today to this beach. Party at bernie madoff newhouse deepest. Kelly knows it's time to make a move and start climbing higher up the ladder. He'll do whatever it takes to start letting like made off. I can't deepest galley weaves. His way through the house passed men and women and designer sunglasses. He knows he doesn't look like someone who belongs here but deepest galley puff up his chest and keeps walking. He won't let their judgment get in the way deep galley out into the yard where paving stones stretch from the pool to the deck. That's where made off standing right now. Talking with a group of men as deepa scalise stares at made off you can sense it. Glow that hovers over this legendary ambassador. He has the reputation. As new. york's king minus everything made off touches turns to gold a minute later. Made off looks up and catches scalise. I he smiles and waves him over deepest galley walks across the yard listening to the sound of waves crashing on the shore. Soon he reaches the deck made off clapham on the shoulder made off chuckles says he knows the deepest galley was doing a bit of staring. He asked whether deepest galley likes what he sees the beachfront property the bottles of champagne. The beautiful women deepest galley raises his eyebrows and tells made off. It's an easy. Yes for all three made off laughs and mentions that there was no hesitation at deepest gals answer deepest gala gazes out over the property and says to made off that. When you know what you want you go for. He don't apologize or make excuses for yourself. Made off pauses deepest. County notices a slight smirk on his face and for a moment he feels rising sense of fear. Should he have been more respectful more professional. He shouldn't have talked like some thug. In the streets perhaps within made off claps him on the shoulder again and tells deepest county to follow him together the to walk to the edge of the deck and stare out at the ocean made off then tells deepest galley that he's heard about him made brother. Peter speaks highly of him. He says the deepest galleys into smart and good with tac. Peter says the deepest callie as a neighborhood guy. So when you can trust then made off turns to deepest galley and asks if he'd be interested in taking on more responsibility and again without hesitation. Deepest galley says yes. You'll be tireless. And no matter the situation he'll remain loyal to made off. It's a bond that won't be broken. Made off takes a sip of champagne as he looks out over the ocean again. He.
"bernie madoff" Discussed on American Scandal
"Of the father it's late july nineteen fifty-six and nearly fifty three years before bernie madoff will stand trial in federal court house today. It's a hot summer afternoon in queens new york in a small suburban neighborhood where the air is heavy and humid and filled with the sound of air conditioners. Everyone seems to be indoors cooling off and watching tv but bernie madoff isn't so lucky with a loud clang. He bangs his ranch against a sprinkler head. But it won't budge you wife. His forehead digs his feet in the grass and hits the sprinkler again and still doesn't move and so with one last try. He is all his weight into the ranch and finally turn slightly made off collapses in relief as a bead of sweat drips into his eye. Bernie madoff is working his summer job installing a new sprinkler system for neighbor. It isn't how he wanted to spend the summer after his senior year in high school. He wishes he could be out swimming and goofing around with his friends when he had no choice he had to make money. There was no other option not after everything that happened with. His father made off leans forward and begins to tinker. With the broken sprinkler. That's when he hears his name being called he looks over and sees the lady of the house. She's an old friend of made offs mother. She's standing at her front door waving him over made off gets up and watch his pants and he trudges over to the front door. The woman tells made off that she needs to go shopping and so she's going to pay him now. She rummages through her purse. Searching for money made off waits on the porch and peers inside the house. He sees one of his classmates sitting in the living room watching tv. Boys laughing drinking lemonade. He looks like he doesn't have a care. In the world made off wipes sweat from his face. He looks down and notices dirty smudge on his hands. He give anything to be inside watching tv doing almost anything other than the sweat and frustration. He's been experiencing all day but it doesn't matter how badly he wants relaxing in front of a tv is out of the question for one. Made family doesn't even own a tv on anymore. They had to sell it just like they had to sell everything else. Made offs father made some bad business decisions and he went bankrupt again. That's why i made off. His spent this whole summer installing sprinklers. It's the only way he can make money. made off. looks up at the woman standing in the doorway she finishes searching through her purse and lays four dollars and fifty cents hand she nods and says it's not a mistake she included. An extra dollar is for made off and for his family and she gives made off his smile that trips with pity and tells him every one is worried made off squeezes the money in his fist. His face burns with humiliation more than anything. He wants to hurl the money at this woman and tell her he doesn't want her charity. He doesn't need it but he knows he can't do that. Because it's true. He and his family do need every dollar and cent they can get so made off smiles and thanks woman. He takes a last look at his classmate who still lounging in front of the tv. And then he heads back out. Onto the lawn. And into the sun made off kneels down on the grass and yanks at the sprinkler head then pauses and shuts. His eyes try then that he makes up his mind for good someday. He's gonna make money lots of it because he won't ever let himself feel this small again a year later bernie madoff sits in his family's living room waiting for dinner. his stomach krummel's made off grits. His teeth feeling annoyed and impatient. Bernie's father ralph sits nearby on an old couch ralph taps. His foot keeps flipping the pages of a life magazine. He nearly tears the pages out as he flips the lead. The magazine is now several months old. But it's all they've had for entertainment and bernie knows. His father is sending a clear message. He's angry and tired but bernie doesn't believe his father has any right to be angry. There's a reason they don't have a tv or anything else to read. There's a reason that dinner as late. That reason is bernie's father and his failures. As a businessman. Ralph ran a manufacturing business and was involved in stock trading and after some bad decisions. He had to file for bankruptcy. And that's why these days bernie's mother has to support the family. After his father's business went under his mother took a job in a local blood bank. That means dinner has been coming later and later as she.
"bernie madoff" Discussed on American Scandal
"This is american scandal in two thousand and eight. Americans lived through one of the largest economic collapses. In the nation's history workers were laid off. Retirement accounts seemed to vanish overnight and countless people lost their homes. This crisis would come to be known as the great recession and as it unfolded many began to glimpse two very different realities america. There were those who struggled to stay afloat and then there were those who are rich and only getting richer. It was late that year when the public learned how one man had made a massive fortune. He was a financier names bernie madoff and he was accused of leading an elaborate financial scam. Thousands of investors had lost their money including charities. Teachers blue collar. Workers and synagogues made off was instantly. Reviled is one of the greatest conmen in american history yet made off and also been a legend on wall street. He was even the former chairman of the stock. Exchange nasdaq and as details of his story trickled out. The nation was left to wonder how for decades could made off have tricked investors and the federal government. And how was he able to conceal his secrets from even his own family. This is episode.
"bernie madoff" Discussed on Motley Fool Money
"Were the money money extra. I'm Chris Hill Bernie madoff pulled off the largest Ponzi scheme in the history of the world during his trial. Prosecutors estimated made offs fraud to be worth nearly sixty five billion dollars. So how did he do it? Diana and Rica's is an award winning journalist and author of the bestselling book. The wizard of lies Bernie Madoff and the death of trust. She interviewed made off in prison. And that's win. She learned how he was able to seduce his clients. You've interviewed Bernie madoff twice in person in prison. Yes what does he like? He's a very pleasant harmless seeming. Man I and I say that understanding how chilling it is If I had met him without any baggage I would. You know interesting very knowledgeable about the market fund to talk to low key. Not TRYING TO IMPRESS. You made opposite very unusual ponzi. Schemer Chris He. He's never the most charming man in the room. He makes you feel like you're the most charming person in the room. He made me think I was he. He acted as if I were the most interesting most professional reporter he'd ever met. He has this gift of showing back to you. Your very best self making you feel like you're so smart and you're so intelligent and so if you decide to trust Bernie madoff why would you second guess yourself? Given how intelligence smart you are. So I really never seen a Ponzi schemer whose tentacles were quite so twisted. Whose form of seduction was quite so. Byzantine He. He really was a master at it and men who were self made who took great pride in what they had been Bill of their lives. Who had very well honed? Shall we call them? Both other detectors made off never triggered their alarm Wires he he never seemed to be trying to impress them. Never seem to be trying to show off how much he knew and perversely. That impressed them. I'm Chris Hill. Thanks for listening. We'll see you next time..
"bernie madoff" Discussed on Killer Knowledge
"Are <Speech_Music_Female> <Advertisement> you ready? Yes <Speech_Music_Male> <Advertisement> I am <SpeakerChange> <Speech_Music_Male> a <Speech_Male> Bernie. Madoff is <Speech_Male> now in jail <Speech_Male> after pleading guilty <Speech_Male> to eleven <Speech_Male> felony charges <Speech_Male> including <Speech_Male> money <Speech_Male> laundering perjury <Speech_Male> false <Speech_Male> filings with the SEC <Speech_Male> and fraud <Speech_Male> <Speech_Male> question number eighteen. <Speech_Male> How <Speech_Male> old was <Speech_Male> Bernie Madoff <Speech_Male> when he was first <Speech_Male> <Advertisement> sent to jail <Speech_Male> a <Speech_Male> sixty-nine <Speech_Male> <Speech_Male> <Advertisement> be <Speech_Music_Female> <Advertisement> seventy <Speech_Female> <Advertisement> a <Speech_Female> sixty <SpeakerChange> nine? <Speech_Male> <Advertisement> That <Speech_Music_Male> <Advertisement> is incorrect. <Speech_Male> <Advertisement> The <Speech_Male> correct answer <Speech_Male> is be made off <Speech_Male> was seventy <Speech_Male> years old. <Speech_Male> He <Speech_Male> celebrated his seventy <Speech_Male> first birthday <Speech_Male> behind bars in <Speech_Male> New York less <Speech_Male> than two months after <Speech_Male> pleading guilty <Speech_Male> to his crimes. <Speech_Male> Unfortunately <Speech_Male> that means you will not <Speech_Male> be winning the PARKAS <Speech_Male> golden headphones. <Speech_Male> But you still <Speech_Male> may win <Speech_Male> a role on unsolved <Speech_Male> murders and <Speech_Male> spotify premium. <Speech_Male> Free for a year. <Speech_Male> Shortly <Speech_Male> after made office <Speech_Male> charged <Speech_Male> Federal Marshals. <Speech_Male> Started seizing <Speech_Male> made offs assets <Speech_Male> including a <Speech_Male> yacht and his home <Speech_Male> in Palm. Beach <Speech_Male> Florida <Speech_Male> the world was <Speech_Male> getting a closer look. <Speech_Male> At made offs riches <Speech_Male> an opulent <Speech_Male> lifestyle <Speech_Male> as he awaited <Speech_Male> his sentence <Speech_Music_Male> question <Speech_Male> number nineteen. <Speech_Male> What was <Speech_Male> the sentence? A <Speech_Male> judge handed down <Speech_Male> to Bernie Madoff <Speech_Male> on June <Speech_Male> <Advertisement> twenty-ninth. <Speech_Music_Male> <Advertisement> Two Thousand <Speech_Music_Male> Nine. <Speech_Music_Male> A <Speech_Male> one hundred fifty <Speech_Male> years <Speech_Male> <SpeakerChange> be <Speech_Male> fifty years <Speech_Female> <Speech_Female> <Advertisement> a one hundred <Speech_Female> and fifty years <Speech_Music_Male> <Advertisement> correct <Speech_Male> made <Speech_Male> off got a one <Speech_Male> hundred fifty <Speech_Male> year sentence <Speech_Male> a <Speech_Male> couple of weeks after <Speech_Male> the sentencing hearing <Speech_Male> he was brought to <Speech_Male> the Butner Federal <Speech_Male> Correction Complex <Speech_Male> in North Carolina <Speech_Male> to start serving <Speech_Male> his time <Speech_Male> with that means <Speech_Male> that you have one <Speech_Male> spotify premium <Speech_Male> free for one year <Speech_Male> and you <Speech_Male> may now win <Speech_Male> a role on unsolved <Speech_Male> murders <Speech_Male> and we are down <Speech_Male> to the final <Speech_Male> question of <Speech_Male> this episode. <Speech_Male> A <Speech_Male> court appointed trustee <Speech_Male> started <Speech_Male> working to recover <Speech_Male> the billions made off <Speech_Male> stole from his victims <Speech_Male> ranging <Speech_Male> from prominent <Speech_Male> figures in business and <Speech_Male> media to <Speech_Male> everyday people <Speech_Male> to charities. <Speech_Male> It wasn't <Speech_Male> till two thousand <Speech_Male> seventeen. <Speech_Male> The government <Speech_Male> announced that it would begin <Speech_Male> distributing the <Speech_Male> money it had <Speech_Male> also collected <Speech_Music_Male> <Speech_Male> your final question. <Speech_Male> Question <Speech_Male> Twenty is <Speech_Male> what <Speech_Male> is the name <Speech_Male> of the account? <Speech_Male> The Department <Speech_Male> <Advertisement> of Justice Setup <Speech_Male> <Advertisement> to compensate <Speech_Male> victims <Speech_Male> a <Speech_Male> made <Speech_Male> off fraud <Speech_Music_Male> recovery fund <Speech_Male> be <Speech_Male> made <Speech_Male> off. Victim <Speech_Music_Male> Fund be made <Speech_Music_Female> <Advertisement> off victim <SpeakerChange> fund <Speech_Music_Male> <Advertisement> <Speech_Male> <Advertisement> correct. <Speech_Male> <Advertisement> The answer is <Speech_Male> <Advertisement> made off <Speech_Male> <Advertisement> a victim fund. <Speech_Music_Male> Congratulations <Speech_Male> on <Speech_Male> you have one spotify. <Speech_Male> Premium free for <Speech_Male> a year and a role <Speech_Male> on the park <Speech_Male> original unsolved. <Speech_Male> Murders <SpeakerChange> thank <Speech_Male> you so much. And <Speech_Male> thank you both on <Speech_Male> your Ankara for being <Speech_Male> here and joining <Speech_Male> us as we learned <Speech_Male> all about <Speech_Male> Bernie madoff <Speech_Male> whose name will <Speech_Male> forever be associated <Speech_Male> with <Speech_Male> Ponzi schemes. <Speech_Male> Although <Speech_Male> there were as many <Speech_Male> as thirty <Speech_Male> seven thousand <Speech_Male> victims <Speech_Male> in more than one hundred <Speech_Male> and thirty six countries <Speech_Male> at <Speech_Male> one point <Speech_Male> <Advertisement> prosecutors estimated <Speech_Male> the scheme <Speech_Male> <Advertisement> was worth up to <Speech_Male> <Advertisement> sixty five billion <Speech_Male> <Advertisement> dollars. <Speech_Male> <Advertisement> The scandal <Speech_Male> <Advertisement> prompted dozens <Speech_Male> <Advertisement> of reforms in the <Speech_Male> <Advertisement> SEC <Speech_Male> made off remains <Speech_Male> in federal prison <Speech_Music_Male> in North Carolina <Speech_Music_Male> where <Speech_Music_Male> he's expected to spend <Speech_Male> <Advertisement> the rest of <Speech_Male> <Advertisement> his days <Speech_Music_Male> to everyone <Speech_Male> listening. Thank <Speech_Male> you for playing killer <Speech_Male>
"bernie madoff" Discussed on Killer Knowledge
"A. B. and C. And are worth one point each however. There's a twist in this round called the killer question. That question is worth three points because there are no multiple choice options. You either know the answer or you don't and one player will be eliminated at the end of this round ready to keep playing. Yes okay here. We go with round to the next set of questions will cover the unraveling of Bernie madoff multibillion dollar Ponzi scheme and his eventual. Ruin again the score is six to three in favor of on you. Made Offs Ponzi scheme promised high rates of return with low risk clients but what investors didn't know is that those high returns weren't real question eleven. What did Bernie madoff give clients so they would believe they were getting returns on their investment? A access to private jet travel be fake account statements with fake trading records see real estate holdings Anya be fake account statements with fake trading records correct. The ANSWER IS B. Fake account statements in trading records according to the FBI no actual trading occurred made offs. Right hand man would create bogus records based on stock closing prices. Sometimes the team which slip up and depict trades as taking place on weekends in federal holidays when the market was closed. But no one caught those mistakes. That makes the score on your seven. Kara three fast forward to September. Two Thousand Eight. The stock market crashes sparking the worst economic crisis since the Great Depression. That's when made off. Ponzi scheme started to bottom out. The flood of new investors dried up clients grew skittish and wanted to redeem their investments question. Number twelve how much didn't meet offs firm. Oh clients in redemption requests right before the scheme unravelled a fifty seven billion dollars. Be Seven billion dollars. See One hundred and seventy million dollars. Kara a fifty seven billion dollars that is incorrect on you be seven billion dollars correct. The ANSWER IS B. The requests totalled seven billion dollars in November. Two Thousand Eight but by that point there was only two hundred thirty four million dollars in the business account that makes the score on eight car. Three with no way out in sight made started to talk on December third made off reportedly told his right hand man who helped to execute the scheme that he was finished made off also told his sons market Andrew. Something that alarmed them question number thirteen. What did Bernie Madoff tell his sons? Shortly before he confessed to the fraud a that he was retiring be that he was going to pay out millions of dollars in bonuses see that he was handing the struggling business over to them. Kara be he was going to pay out millions of dollars in bonuses correct. The answer is b according to his sons Bernie Madoff told mark that he had recently made some prophets and that it was a good time to distribute one hundred seventy million dollars in bonuses two months early when the brothers demanded to know where the money was really coming from made off finally confessed that his investment firm was quote. Just one big lie. That makes the score on your eight. Kara four it's December tenth. Two thousand eight a few people close to Bernie madoff now know that the business that made him a billionaire was based on lies. There was his key lieutenant. Frank E. Pass Galley. Who OVERSAW THE FRAUDULENT BUSINESS? Bernie told his brother and we just learned how he finally came clean to his sons with their mother. Ruth in the room question number fourteen which of those people ended up reporting the fraud to federal authorities. A made off brother. Peter made off be made off sons mark and Andrew. See made off. Ski-through tenant frank deepest scally on. You be made off sons Marken Andrew. Correct the answer is B. Made off sons went to the authorities made off allegedly told them he wanted the rest of the week to wind up operations and he directed his assistant to cash out the accounts of some favored clients. But as soon as mark and Andrew left their father's apartment they immediately contacted a lawyer who got them in touch with federal prosecutors. That makes the score on your nine. Kara five the next day December eleventh. Two Thousand Eight Bernie Madoff was arrested and charged with one count of securities fraud. He posted bail and was released. Question Number Fifteen. How much was Bernie Madoff? Bail a five million dollars. Be Twenty million dollars. See Ten million dollars on you. See Ten million dollars. Correct Bernie madoff posted ten million dollars in bail. He was later placed under round the clock monitoring and house arrest in his swanky Manhattan penthouse apartment. The score is ten to five in favor of on Youth. And that sound means it's time for the killer question remember. This is not multiple choice. You either know the answer or you. Don't also this question is worth three points so buzzing if you know the answer as news of the Ponzi scheme broke. We started to learn more about the scope of the fraud. The impact on victims in their identities. It seems made off targeted wealthy. Jewish communities and families among them was a famous Holocaust survivor and his charitable foundation. Question Number Sixteen. What is the name of the famous Holocaust survivor? Who Lost Much of his personal savings and charitable endowment in made off scheme? Kara Elie Weisel correct. The answer is L. E. V. Sell homemade off see legal investment plan cost the Elie Weisel Foundation fifteen million dollars in cost. Weisel and his wife much of their own money when asked if he could ever forgive made off Weisel replied. No that makes the score on yet. Ten Cora Eight. I'll made off spent about three months under house arrest until his arraignment on March twelfth. Two thousand nine on that day. He pleaded guilty to eleven felony charges. The judge revoked made offs bail and sent him to jail question number. Seventeen what New York City jail was Bernie Madoff sent to after? He pleaded guilty to charges in March. Two Thousand Nine a Metropolitan Correctional Facility in Brooklyn Be Lincoln Correctional Facility in Harlem see the Manhattan Detention Complex in Lower Manhattan Anya a Metropolitan Correctional Facility Brooklyn correct. The answer is a made off with sent to the Metropolitan Correctional Facility in Brooklyn to await his sentence. The judge revoked made offs bail ruling him a flight risk..
"bernie madoff" Discussed on Killer Knowledge
"The answer is a Nasdaq after being named as chair in nineteen ninety made off continued to serve in that role in nineteen ninety one and nineteen. That means the score is now on your four. Kara three over the years there were red flags and made offs business that got the attention of regulators but they still fail to detect the massive fraud that eventually wiped out thousands of investors as early as nineteen ninety nine one financial analyst raised the alarm saying it was technically impossible to achieve. The gains made off was claiming question number nine. What was the name of the analyst who I formally tried to reveal made offs Ponzi scheme a hairy Mark Coppola's be genevieve Walker lightfoot? See Erik Swanson. Kara Sea Erik. Swanson is incorrect. Anya a Harry Moore. Coppola's is correct. Harry Markopoulo brought his findings to the SEC. Several Times between nineteen ninety nine and two thousand seven but his warnings fell on deaf years. Markopoulo eventually wrote a book detailing his frustrating ten year effort to alert the government and the press about made offs Ponzi Scheme. That makes the score on your five. Kara three in the early two thousands made us company did become the subject of an SEC. Investigation for an unrelated issue. One of the investigators Erik Swanson later came under scrutiny because he ended up marrying one of his relatives. Your final question in round one question number ten. Who did Erik Swanson Mary? A Bernie's sister. Sandra whiner be Bernie's granddaughter and made off see Bernie's niece. Shana made off. Kara a his sister. Sandra Winer Bat is incorrect. On you see his niece. Shayna made off correct. The answer is c Erik Swanson married. Bernie's niece Shayna made off. She was the firm's compliance officer and attorney when the two in two thousand and three while Swanson was involved in an earlier probe of the made off firm. Swanson was later investigated for a potential conflict of interest but no evidence was found that his romantic relationship with Shayna influence that earlier investigation. That makes the score six to three in favor of Anya. We are at the halfway mark. We've now learned that it wasn't the SEC. Or other regulators that forced Bernie madoff downfall. When we come back. We'll turn to how Bernie madoff eventually fell from grace and by the time we're done one.
"bernie madoff" Discussed on Killer Knowledge
"The name of the company made off started in nineteen sixty. The company grew and evolved right up till his arrest. Almost fifty years later score is one to one. I'll made off started the penny stock company with money that he had saved up. He was in his early twenties. Well before he got help funding the business that would take him to the heights of his success. Question number three. How much did young Bernie Madoff us to start his business? A five thousand dollars. Be Three thousand dollars. See seven hundred and fifty dollars. Kara a five thousand dollars correct. The answer is a five thousand dollars. Made off saved up the money. He earned as a lifeguard and installing sprinklers. Considering inflation five thousand dollars back then was worth about forty. Three thousand dollars in two thousand twenty score is two on you. One homemade offs family was instrumental in helping him in the early years of his financial career. One person in particular out to a circle of friends and family for referrals question number. Four which have Bernie madoff family members is commonly credited with helping to get his business off the ground. A his brother be his father. See His father in law. Kara see his father-in-law correct. The answer is C. His father in Law Bernie madoff parents had become involved in finance but records show. They were less than successful at it. It was Bernie's father-in-law Saul alpern. Who HELPED DRAMA? Bernie's early clients. That makes the score. Kara three on you. One Saul alpern was the father of Bernie madoff high school sweetheart who he married in the year before starting his company which brings us to question number five. What is Bernie made offs wife's name a Shayna be Sylvia? See Ruth on you. See Ruth correct. The answer is c Ruth. The couple went on to have two sons mark and Andrew on that makes the score three to two in favor of Kara. Another key. Family member was Bernie's brother. He joined the firm in nineteen seventy and laid more groundwork that would later make the firm as lucrative as it was question number six. What is the name of Bernie madoff rather a Daniel made off be? David made off. See Peter made off on you. Be David made off. That is incorrect. Kara a Daniel off that is also incorrect. The correct answer is C. Peter made off Peter Maiden instrumental contribution to the firm. He helped create a groundbreaking computer trading system that gave the firm competitive edge after a trial. Run the technology they developed. Help give rise to the NASDAQ. The score remains Kara. Three on you to our next question takes us into the mid nineteen eighty s made offs company grew famous for its reliable annual returns of ten percent or more and growing trading volume on the New York Stock Exchange. The company got some new digs to go with all that success becoming one of the first to move into a brand new skyscraper in midtown Manhattan Question Number Seven. What was the nickname of that thirty? Four story red granite skyscraper the Lipstick Building. Be The dynamite. See The dragon tower..
Bernie Madoff seeks early release due to end-stage renal disease
"Convicted Ponzi scheme mastermind Bernie made off says he's dying in a new legal filing the disgraced Wall Street investor claims he's got less than eighteen months to live and is seeking an early release from prison the eighty one year old is currently serving a one hundred and fifty year prison sentence in North Carolina for operating the largest Ponzi scheme in history defrauding investors of billions of dollars made office end stage renal disease and is hoping for some compassion from the court Brian shook NBC news
Bernie Madoff asks Donald Trump to reduce 150-year sentence
"Bernie made off currently serving a one hundred fifty year sentence after pleading guilty to one of the largest Ponzi schemes is asking president trump to commute his sentence ABC's Michelle Franzen has more it's been a decade since Bernie made off began serving his sentence at a federal prison in North Carolina now the eighty one year old is asking the trump administration to reduce his one hundred and fifty year sentence the justice department confirming made off request made off pleaded guilty to eleven federal crimes including fraud the former hedge fund manager bilking clients out of billions of dollars of investment funds his case is considered one of the largest Ponzi schemes in history made off is not asking the president for a pardon instead hoping that the president will commute the remainder of his prison
For Madoff Victims, Scars Remain 10 Years Later
"Support for this NPR podcast and the following message. Come from Yahoo finance live. Are you ready for relevant? Financial news streaming anywhere without cable or a subscription. Tune into Yahoo. Finance live for hours of live market coverage. They're ready. Are you ten years ago? This country was reeling from the worst financial crisis in decades. And in the middle of it all came shocking news, Bernie Madoff a pillar of Wall Street was arrested for orchestrating a multibillion dollar Ponzi scheme. Then you spread fast and quickly engendered panic amongst investors who gathered at the offices of their alleged swindler, hundreds of people were told the money, they'd invested with males firm was probably gone. They included rich and famous people. But also, those of more modest means now, many of those investors have recovered most of the money they lost. But as NPR's Jim zarroli reports, they're still living with the consequences of made offs fraud to his investors, Bernie Madoff was a Wall Street genius. A man who racked up? Big returns year after year. No matter how the economy was doing but made off lived with a terrible secret. And in two thousand eight with the economy crashing he was forced to admit that his investments were a fiction in tapes published by New York magazine later made off talked about breaking the news to his family. Cry. I should. I just. I have to tell you as news of made offs Ponzi scheme broke, thousands of investors, including many charities learned. They didn't have the money. They thought they had they included Steve Heim off a writer and critic whose retirement fund was wiped out. I had an Email from a cousin of mine, and I read through the body of her Email see explain that. It was all done every penny before then Heim off had never heard of made off. But an investment fund used by him and his family had been feeding money to mate offs firm now that money had vanished. And at age sixty two Heim off was forced to refinance his condo and severely cut back on spending. I just stopped going to restaurants. I stopped by Clova. I stopped going to -cations I stopped going to movies. The toll his losses would take on hyme off was considerable with came very close to suicide. For at least a year, it's been very emotionally exhausting. There's an element of post traumatic stress syndrome in the year since then made off who's now eighty pleaded guilty and was sent to federal prison. So were six of the people who worked at the firm including made offs, brother. Peter one of made off sons hung himself in his New York apartment. Meanwhile, the court appointed a trustee to try to recover what he could from the wreckage of made offs finances that trustee Irving Picard he spoke to NPR's weekend edition on Sunday about how he worked a lot of hard work. Some good lawyers working with us and forensic accountants and investigators and we developed the case from the ground up. The fund has so far recovered about thirteen billion dollars partly by selling off made offs houses. Aunties fifty five foot. Yacht named bull. The money will go to. Mate off victims, surprisingly, many of them will get back most of the funds they invested with made off, but they're only receiving money. They actually put into the fund those great returns, they thought they were getting the money in those monthly statements made off sent out virtually all of that is gone, Michael davita estimates. He'll get back about sixty percent of what he put into mate offs fund. I retired in August of two thousand eighteen eight years later than I expected on less than a third of what I expected to retire on nor will investors get back much of the taxes. They paid over the years on those returns davita has become something of an investor advocate since then and teaches a college course on made off. He says a lot of people weren't very sympathetic to made off victims. There was a lot of of feelings back at that time that people who were invested with Nate off quote got with eight deserved that the returns were too good to be true. And therefore you took advantage of the system. And you know, what ha ha we got you. But davita says a lot of made off victims weren't sophisticated or rich. They were just average people like himself people who naively trusted made off with their retirement money and have paid a terrible price. Jim zarroli NPR news, New York support for this podcast and the following message. Come from the Walton family foundation where opportunity takes root more information is available at Walton family foundation dot org.
How Amazon became the world's biggest e-retailer
"Amazon is a really unique one of the most unique companies in your book because it it started out as the it wasn't the first they weren't the first people to sell things on the internet. But they were the first biggest and they're still the biggest so talk a little bit about the beginnings of Amazon. Yeah. Well, real quick though. I wanna point out like there's so many stories in this book of where the the one that wins is not the first one. It's like the that saying that leaders always get EROs in their back. You know, it wasn't a Facebook one. It wasn't my space. But the even before my space friendster even before. There were six degrees. The fact that to this day, the the number one e commerce company in the world by far I think last week I heard fifty nine cents of every dollar spent online is it goes to Amazon. It was was the first is actually we got to give them a lot of credit for that. Because again, like, you know, no, one swooped in and and eight Jeff Bezos is lunch. What? So how how did it get started? Jeff Bezos is he's working on Wall Street at a firm, the aquatic firm, that's actually competing tooth and nail with Bernie Madoff squad firm and the internet and web takeoff and he's assigned by his boss. The Shaw to David Shaw to to research this as a business opportunity, and there's fame the famous story of he sees how the internet's taking off and he realizes this is the biggest thing of his life. Is he going to regret leaving Wall Street behind leaving his Christmas bonus behind? No, he's going to go off and do this internet thing, and he and MacKenzie his wife drive across the country and he's typing the business plan on his laptop. And he they don't even know where they're going to go. Okay. There's a several different internet stories internet founding stories that I've had to debunk in this book. I spoke to shell caffeine who was employee number one at Amazon he said, well funny story. The Jeff had been out to San Francisco the month before to hire me and the other employee number two. I can't remember his name at the moment. Oh, and we knew we were going to Seattle because he had already done the research if they're going to do books the Ingram and Taylor are the big book warehouses, and they have warehouses in Oregon. He doesn't want to be in California because California has a sales tax or higher sales tax. And so see we knew we were going to Seattle. So okay. And same thing happened with EBay, the whole idea that EBay was they he wanted his fiancee that have a place to to trade Pez dispensers that these are these are stories that are made up because they're nice cute little PR stories. But I think the bottom line story of Amazon is that Jeff Bezos, I believe this saw the internet saw that it was the greatest thing that would ever happen is lifetime the greatest business opportunity. And I what I don't believe is that he knew. I think he wanted he intuited from day one that it could be an everything store. I think that commerce could have efficiencies of scale and efficiency in terms of being more convenient for for consumers. But he he started with books because I believe in. I if everything we've read about him, I believe his mind works this way, he was going to test the hypothesis now as soon as he proved that books that people would buy things because remember in ninety five I in fact, again back to my library research as late as nine hundred and ninety nine I'm reading articles after article after article in Forbes fortune and BusinessWeek people winner people ever going to trust buying doing commerce online putting their credit cards online.