Madoff: The Monster of Wall Street

[Boomer]

Just spent a couple of evenings watching Madoff: The Monster of Wall Street on Netflix……..

Sociopath— with an allegorical last name.

Sick and sickening.

Lots of chances missed to catch him sooner.

Definitely worth watching.

Boomer

[tvbound]

I binge-watched it as soon as it was available and am still pizzed off!

I didn't lose any money, but it is an excellent insight into human herd/cultist/greed mentality.

People should still be serving sentences in prison for not catching this sooner, especially those in charge of the SEC at the time.

[manaboutown]

I binge-watched it as soon as it was available and am still pizzed off!

I didn't lose any money, but it is an excellent insight into human herd/cultist/greed mentality.

People should still be serving sentences in prison for not catching this sooner, especially those in charge of the SEC at the time.

Same for those letting Sam Bankman-Fried, aka "Mini-Madoff" get by so long with so much obvious fraud and payoffs.

FTX Founder Sam Bankman-Fried charged with wire fraud, conspiracy (https://www.nydailynews.com/new-york/nyc-crime/ny-sam-bankman-fried-ftx-cryptocurrency-20221213-dsercaunuzcx5ke6cjajz2lite-story.html)

Although I do not subscribe to Netflix so am unable watch the movie I know people in Palm Beach Gardens who lost their home on account of giving so much of their money to Bernie.

[DAVES]

Just spent a couple of evenings watching Madoff: The Monster of Wall Street on Netflix……..

Sociopath— with an allegorical last name.

Sick and sickening.

Lots of chances missed to catch him sooner.

Definitely worth watching.

Boomer

In the CUB SCOUTS, talk about a long time ago. I still recall our trip to the FBI. Surely the one who did our tour is probably 6 feet under. I expect he was given some other things to do if managers ever heard what he was saying. He told us the FBI solves only 20% of the crimes THEY KNOW ABOUT. How many crimes, the good crimes are never found out.

Most crimes are never caught. It is the threat of getting caught that keeps people on the straight and narrow. Madoff, heck they even made a movie about him. You can bet he is giving investment advice to prison guards and he is being well treated in exchange-assuming he is still in jail. Martha Stewart was railroaded and served jail time all kinds of press coverage. From what I recall she was found guilty of insider trading. The amount was ten thousand dollars. Typical of our legal system they offered her a plea bargain.

[DAVES]

Same for those letting Sam Bankman-Fried, aka "Mini-Madoff" get by so long with so much obvious fraud and payoffs.

FTX Founder Sam Bankman-Fried charged with wire fraud, conspiracy (https://www.nydailynews.com/new-york/nyc-crime/ny-sam-bankman-fried-ftx-cryptocurrency-20221213-dsercaunuzcx5ke6cjajz2lite-story.html)

Although I do not subscribe to Netflix so am unable watch the movie I know people in Palm Beach Gardens who lost their home on account of giving so much of their money to Bernie.

When, people talk money they rarely tell the truth. "Lost their home o account of giving so much of their money to Bernie." We have a relative, who recently passed away. His passing has nothing to do with Bernie. The guy was a CPA talk about should have know better..

Adding to the scam, you had to know someone to get in. According to the person we knew he got most of his money back. The returns, were fiction so in reality he never had that so never got it.

[Caymus]

In the CUB SCOUTS, talk about a long time ago. I still recall our trip to the FBI. Surely the one who did our tour is probably 6 feet under. I expect he was given some other things to do if managers ever heard what he was saying. He told us the FBI solves only 20% of the crimes THEY KNOW ABOUT. How many crimes, the good crimes are never found out.

Most crimes are never caught. It is the threat of getting caught that keeps people on the straight and narrow. Madoff, heck they even made a movie about him. You can bet he is giving investment advice to prison guards and he is being well treated in exchange-assuming he is still in jail. Martha Stewart was railroaded and served jail time all kinds of press coverage. From what I recall she was found guilty of insider trading. The amount was ten thousand dollars. Typical of our legal system they offered her a plea bargain.

If I remember correctly her real problem was lying to the FBI during the investigation. She most likely would not have served jail time if she came "clean".

[tvbound]

If I remember correctly her real problem was lying to the FBI during the investigation. She most likely would not have served jail time if she came "clean".

Correct, that was one of the charges against her.

Martha Stewart was certainly not "railroaded," as she brought it all upon herself. It IS a travesty of justice however, that so many others responsible for Madoff and also the 'Great Recession' - never went to prison.

Why did Martha Stewart go to jail? Her charges explained - VoxBliss (/why-did-martha-stewart-go-to-jail/)

[thevillager1988]

Malcolm Gladwell's book, Talking to Strangers explains the mistakes made by those who encountered him and why he got away with it for so long. It's a great book for a lot of other reasons too.

[NoMo50]

Hopefully the scumbag isn't receiving any royalties from Netflix.

[Annie66]

Hopefully the scumbag isn't receiving any royalties from Netflix.

I doubt it ..... he died in prison.

[RiderOnTheStorm]

Malcolm Gladwell's book, Talking to Strangers explains the mistakes made by those who encountered him and why he got away with it for so long. It's a great book for a lot of other reasons too.

I second Gladwell's book; relevant to any situation where clear discussion and accurate expectations are important!

[waterflower]

The S E C ---the most corrupt self policing force.....All 3 letter agencies are corrupt

[tvbound]

The S E C ---the most corrupt self policing force.....All 3 letter agencies are corrupt

"All 3 letter agencies are corrupt"


That blanket statement is not only blatantly false - it's also dangerous to our democracy.

Sure, there are problems with various agencies, particularly depending on their current leadership, but most of these people are dedicated government employees working for a lot less money than they can make in the private sector.

And no, I personally have never been a government employee.

[jimjamuser]

In the CUB SCOUTS, talk about a long time ago. I still recall our trip to the FBI. Surely the one who did our tour is probably 6 feet under. I expect he was given some other things to do if managers ever heard what he was saying. He told us the FBI solves only 20% of the crimes THEY KNOW ABOUT. How many crimes, the good crimes are never found out.

Most crimes are never caught. It is the threat of getting caught that keeps people on the straight and narrow. Madoff, heck they even made a movie about him. You can bet he is giving investment advice to prison guards and he is being well treated in exchange-assuming he is still in jail. Martha Stewart was railroaded and served jail time all kinds of press coverage. From what I recall she was found guilty of insider trading. The amount was ten thousand dollars. Typical of our legal system they offered her a plea bargain.
A very good post. I believe the 20% figure. White-collar criminals are HARDER to catch and prosecute. They are normally smarter than blue-collar criminals. White-collar criminals know how to "work the system", find loopholes in the law, and hide their activities in multiple business companies. The FBI and DOJ need to have forensic accountants that are smarter than the Madoff types; that requires the Internal Revenue, also, to have a lot of agents and computer types to work a case. It all EATS up a lot of taxpayer dollars, which people complain about, but that probably pays for itself with a conviction.
.......The movie about Madoff hopefully will act as a DETERRENCE to future Madoffs! Abraham Lincoln said that you can fool ALL of the people SOME of the time. Madoff got his "some of the time". I am ALWAYS amazed at SMART criminals.........why do they spend their time and brainpower on CRIME and evil, when with that brainpower, connections, and ambition.......they could have done a lot of good and been LEGAL about it? Why be Madoff when you could have been Warren Buffet ?

[jimjamuser]

"All 3 letter agencies are corrupt"


That blanket statement is not only blatantly false - it's also dangerous to our democracy.

Sure, there are problems with various agencies, particularly depending on their current leadership, but most of these people are dedicated government employees working for a lot less money than they can make in the private sector.

And no, I personally have never been a government employee.
Very good to be critical of that post, which sounded like an anarchist mentality.........which is ANOTHER concept that I don't understand.........tear everything down, and start again.......what BS. People that are anarchists deserve the pathetic government that they would get out of the ashes of their teardown. I hope that young people today who are the future will NOT fall PREY to that kind of mentality.

[manaboutown]

Malcolm Gladwell's book, Talking to Strangers explains the mistakes made by those who encountered him and why he got away with it for so long. It's a great book for a lot of other reasons too.

All of his books I have read offered incredible insight from perspectives I had never considered and were very illuminating.

[Boomer]

Those following this thread might be interested in the upcoming meeting of the investment Education Club on Thursday, January 12, 3:00, at Sea Breeze Rec.

There will be a presentation by the Chief Attorney Advisor from the SEC, Miami Regional Office.

The title of her presentation is "Protect Your Investments -- Investing for Older Americans" and will include the following topics:


1. Overview of the SEC
2. Strategies for Smart Investing
3. Tips to Avoid Fraud
4. Planning for Later Years


(The size of the meeting room can limit attendance.)

Boomer

[Caymus]

All of his books I have read offered incredible insight from perspectives I had never considered and were very illuminating.


Have you read "The Bomber Mafia"? I just downloaded it from a library where I have an account. "Talking to Strangers" was not available.