"People in glass houses don't throw stones and self regulation on wall street doesn't work" is all that needs to be absorbed from this interview.

@dennisdickson8058

Жыл бұрын

The same in politics. Accountability does not exist.

@jv-lk7bc

Жыл бұрын

@@dennisdickson8058 it may be invented soon.

@jv-lk7bc

Жыл бұрын

They've got Bernie's much bigger uglier cousin Donald in their sights.

@whatwhat3432523

Жыл бұрын

@@dennisdickson8058 Depends on where you live, small countries with no aristocracy and rampant elitism doesnt have those issues. The same people and problems haunting wall street, are also haunting US politics. The US population in general, screams in pleasure when someone suggest removing all sorts of regulation and control from the markeds. The reason so many people lost their money in europe, was exactly because the SEC constantly cleared Madoffs name, and legitimated his ponzi at every turn.

@donyutejamaica631

Жыл бұрын

SEC was all in on this f$&&?# scam!! Bernie could not pull off this scam for 20 years without some inside help! I’m sorry! Why did most, if not all major Wall Street firms bot invest in the Bernie Maddox Hedge Funds??? Dam shame?

3:45 him admitting he had a motive raised his credibility 1000%

@ChaossX77

Жыл бұрын

Him being correct also did.

@sabinachrzan8339

Жыл бұрын

Let’s not forget that real professionals never believed in Madoffs insane profits. The traders all thought it was fake. Nobody traded with him. And yet not a single one of them called the SEC.

@kathleenmeyer3124

Жыл бұрын

SEC members had money in that scheme so they didn't want him exposed. They had a stake in it not being a fraud

@youngbloodnba

Жыл бұрын

Motive is not always bad haha

@stevemiller4292

Жыл бұрын

@@youngbloodnba agreed, but it’s rare for someone to admit their motive rather than blindly talking praise for being the “genius” behind finding it and reporting it.

Surprising to me is the fact that no one realizes Madoff was paying off SEC officials for years and influencing who was employed there.

I think Harry Markopolos did great in this interview. He owned up that he had personal reasons he could have wanted to see Madoff go down. He explained everything in a way that was firm and seemly fact-based. And explained things in a way people can understand it. And I commend him for doing the right thing, even if he had no support and was for whatever reason over the years. And bonus points for me, he did not seem boastful.

@garybuttherissilent5896

Жыл бұрын

from*

@heidithaw1072

Жыл бұрын

I applaud Mr. Markopolps however it is hard to imagine there were not others that knew and said nothing.

@susanuthke7477

Жыл бұрын

Yyyyy

@mikekemsley1531

Жыл бұрын

@@heidithaw1072 Watch The Big Short.

@cindyinnew

Жыл бұрын

@@heidithaw1072 he said himself that 100’s of people knew that something was amiss. The problem was that Madoff was so embedded in the SEC. The SEC should hang its head in shame

Why didn't the big names expose him? "Because people in glass houses don't throw stones and self regulation doesn't work" Quote of the decade.

@dawngregory6549

3 жыл бұрын

I say the big name's where greedy wanted to keep making fake billions

@IAmHereForeve

3 жыл бұрын

@@dawngregory6549 Because they know everything they stand in is fake.

@dentonfender6492

3 жыл бұрын

Systemic failure of capitalism!

@kevintaylor9296

3 жыл бұрын

@@dentonfender6492 That got you fed, that gave you shelter and gave you freedom to comment. Ask Venezuela about "systematic Failure"?

@SGprooo

3 жыл бұрын

6:31

6:23 "because people in glass houses don't throw stones, and self-regulation on wall street doesn't work"

@paulazemeckis7835

3 жыл бұрын

Nowadays a lack of self-regulation isno longer confined to the financial industry...it abounds everywhere.

@rasul407

3 жыл бұрын

Oh thank you for that! I was actually looking for a subtitle. Can you subtitle the whole video please? 🙄

@JoyOfJessy

3 жыл бұрын

Looks like people under your comment don't understand your comment.😂😂😂 Whew, our education system is a failure‼️

@Chereese0808

3 жыл бұрын

@@JoyOfJessy I hear ya loud and clear. Education and Mental health!!

@CRAIGC55

3 жыл бұрын

The IMF and Federal Reserve bank are two ponzi schemes bigger and worse than Bernie Madoff. Madoff was unfortunately, just doing what all his buddies in power were doing.

Not him figuring out it was a scam in a total of 4 hours and 5 minutes. 😂Ppl like him amaze me.

@mrsx7944

Жыл бұрын

He's like a computer.

@kathleenmeyer3124

Жыл бұрын

Hes a mathematician He saw it right away. 4 min.

“Maybe he was just good?” “No one’s THAT good.” I love this guy. Just constant haymakers of facts and logic.

@ericparrish1515

Жыл бұрын

Maybe sometimes you get the wrong one.

@evanfinch4987

Жыл бұрын

"constant haymakers of facts and logic" yikes dragon shirt

@jv-lk7bc

Жыл бұрын

@@evanfinch4987 the Mr Spock of finance.

@zoeyrochellezhombie829

6 ай бұрын

Was the 950 a Pete Rose reference? He cheated at baseball scores in the 70s.

I love this exchange "Maybe he was good" "No one's that good " LOL

@yasminhabibti721

3 жыл бұрын

Exactly. Lol.

@SickOinfo

3 жыл бұрын

but his good tho

@MrGoogleChill

3 жыл бұрын

Maybe a quantum computer...but not a human being.

@FTsingos

3 жыл бұрын

Bernie Madoff was good. He knew people's greed. He knew people would ask no questions if they were getting 30% return. If the financial crisis didn't happen back when it did, he would've died before anyone figured it out.

@gogirl8739

3 жыл бұрын

@@MrGoogleChill Human being made the quantum computer 🙂

Another REASON to support and defend Whistle Blowers in ALL fields .

@riqqarddopv7918

3 жыл бұрын

Like seth rich

@lizh4933

3 жыл бұрын

NEVER whistle blow. It WILL destroy your life.

@hyacinthlynch843

3 жыл бұрын

Another REASON to believe that government agencies are incompetent.

@KandiKlover

3 жыл бұрын

Obama promised to protect whistleblowers then prosecuted them more then any other president. Funny how that always increases after democrats take office.

@serpentines6356

3 жыл бұрын

@@hyacinthlynch843 Yep. Our founding fathers were correct. Limited, uncorrupted Gov't is best. Wish we had that now.

This man is a genius and should receive an award got his incredible efforts

@Herc11355

Жыл бұрын

I commend him but I don't think he was a genius just because of this. Though he might be a genius. According to him , everyone in the know on wallstreet knew he was a scam artist.

@mrsx7944

Жыл бұрын

@@Herc11355 he is a genius.

@mrsx7944

Жыл бұрын

He did receive awards.

@kurtk7521

Жыл бұрын

Not a genius. Just had the balls and motivation to go after Madoff. Madoff's fraud, like many of the biggest frauds, was extremely simple. You don't need a genius to figure out something simple. Madoff was figured out years back. Everybody was willing to turn a blind eye to it and he was too big and important to be wrong in many peoples eyes. That's why it lasted for as long it did.

@msf8297

4 ай бұрын

he does not want an award. plus what is he going to do with an award? eat it. He hoped for a financial reward

Refreshing to see an honest man for a change. Disappointing to see people still don't believe that if it seems too good to be true... it is!!!

This dude figured it out in 4 hours. And humble too. Lol. “No ones that good”

@freddiewadling2090

2 жыл бұрын

Ed Thorp found out the same thing the same way, even earlier. There are some really smart people out there!

@frederic6998

2 жыл бұрын

@@freddiewadling2090 not necesarrily smart, if they were in the investment business they knew what to look for. And obviously here all the fundamental were missing.

@TheMexboxing

2 жыл бұрын

In 5 minutes.

@josephconner3742

2 жыл бұрын

Yes they are. If Bernie convinces his gullible investors that 2 plus 2 equals 5. The problem is you know that there were people who probably knew what Bernie was up to who either were being paid off, or worse, they were negligent in his shady activities, and weren't interested in getting to the truth.

@pak3ton

2 жыл бұрын

no, he figured it out in 5 mins but took him 4 hours prove it with maths.

The fact that Madoff was Chairman of Nasdaq!!!! Let that sink in !!!!

@xendava9360

2 жыл бұрын

That's beyond scary.

@jeanlaubenthal698

2 жыл бұрын

That to me too was horrific...insider blindness.

@chrissinclair4442

2 жыл бұрын

#GovSanctionedMoneyLaundering I believe there were several people who went to the SEC and FBI. I assume it was #GovSanctionedMoneyLaundering and want to know if #GovSanctionedChildAbuse was involved? Are there links to #FriendsOfEpstein?

@miny7322

2 жыл бұрын

Stock market is just like Madoff Scheme

@felixculpa4192

2 жыл бұрын

Not just chairman, he was one of the inventors of it!!

I LOVED David Letterman's "Madoff release countdown" and it had 149 years, 213 days, 7 hours, 18 minutes.....killed me every time

@theeaskey

Жыл бұрын

You really get a kick out of people's failures,, your easily amused,and for the record Mr letterman should not be judging others based on his mistakes....

@MANWITDABAG

Жыл бұрын

@@theeaskey people invested their last dime....retirement savings......old couples held hands and jumped from buildings together. he made so many families helpless and broke. his own son took his own life, out of shame. So please, see it from the other perspective.

@theeaskey

Жыл бұрын

@@MANWITDABAG you talking about letterrman or Madoff.

@edwardmiller9611

Жыл бұрын

What about the Paul and Nancy Pelosi stock purchases and stock selling on insider knowledge. They have incredible results , performance line,

@imnotyourp

Жыл бұрын

@@theeaskey Get a kick out of people's failures? You really aren't trying to categorize Madoff's blatant Ponzi scheme as a "failure" for Bernie and just mean ole me is picking on him, are you bro? If so, sure, I'm the "bad guy" picking on Bernie when he is down. Good luck in life after you grow up.

Honestly, Harry is so inspiring it's beyond me how a human can be so awesome. I aspire to be as good, smart, and well-spoken as he is one day.

My mother lost everything my dad left her and my inheritance too. It broke her down to nothing. She was always a proud lady, a great artist and teacher at our junior college. After the her nest egg was gone and her children's inheritance, she wasn't the same person and died shortly afterward. My mother died of a broken heart and embarrassment of falling for such a scheme. I tried to make her feel better about it but she never got over it. In her will she only had 30,000 left to split between us three children. The money wasn't important to me, i just wish she would've understood that. She was a wonderful loving person. Would give anything to be able to sit with her, touch her, hug her again. Madoff took that from her, I and our family. He could never pay enough for that.

@carmentiadragen6064

2 жыл бұрын

Your story broke my heart 💔

@tjburr1968

2 жыл бұрын

Your story touched me as well. I just lost my mother and know how important it was to her to leave something to her kids. Fortunately she dodged the Madoff's of the world. How old was your mom?

@pornneliushubbard1967

2 жыл бұрын

It’s what happens when the greedy get more greedy

@89turbomk3

2 жыл бұрын

@@pornneliushubbard1967 hopefully your not referring to her mom as greedy

@CrookedRosePOD

2 жыл бұрын

Sorry to hear that

Markopolos listing all the math classes he took cracked me up

@markmcevoy323

3 жыл бұрын

I couldn't keep count..

@davidkugel

3 жыл бұрын

Those are all courses the typical math major takes. Nothing special.

@sucktheseballs6706

3 жыл бұрын

@@davidkugel any stem major i think would take most or all those math classes

@Dan6erous

3 жыл бұрын

I don't think he feels he was exceptional.

@lwcarr3879

3 жыл бұрын

@@Dan6erous Exactly. He was making a point that this should have been obvious to a lot of people.

“Maybe he’s good? “ “Nobody is THAT good.” I love his dry deadpan replies.

This really broke my heart. I can only imagine how many lives this ruined.

@crand20033

Жыл бұрын

And it's so hard to recover your money with a lawsuit from a fraudster.

The closest thing to perfection known to humankind, if not perfection itself, is mathematics. Mathematics does not lie. People do.

@TheAGODAMI

2 жыл бұрын

💎 *G-D is in the maTh.!!* 😇

@rippingjeans7232

2 жыл бұрын

Wow i really want to learn more math now

@jamesparry563

2 жыл бұрын

I love that. It applies to so much in this world.

Never underestimate math and engineering nerds .. they may not have the charisma and social skills but they know what they are talking about..they can spot the B.S. con men a mile a way.. the people at the SEC who didn't follow through should be held accountable..

@federalreservebrown2507

3 жыл бұрын

like 2 airplanes THREE skyscrapers??

@SoulfulVeg

3 жыл бұрын

I've worked in big corporations and consulting. There's ALWAYS someone crying in the dark when the ship is off course. That person is usually punished or marginalized.

@GirlFriday68

3 жыл бұрын

@@SoulfulVeg agree! being a whistleblower comes with much danger and takes a lot of courage

@michaelk969

3 жыл бұрын

True. The math nerd actually pointed to the fraud and the useless lawyers at SEC still could not find it!

@barbarabrennan1753

3 жыл бұрын

The guy deserves some kind of award for creating a small oasis of what would make America great if more people were rewarded for being dutiful citizens. A PROFILE IN COURAGE.

I just can't wrap my brain around someone going unchecked like that for decades.....Even those investing people's money should have been asking questions. What this reinforced for me was 2 things: What goes up must come down and If it seems to be too good to be true then it usually is.

@ritaj7080

Жыл бұрын

Corruption for sure

@feels6233

Жыл бұрын

If you think that our government officials are above bribery, you don’t know the government very well

@christopherone1

Жыл бұрын

and Madoff didn't make ONE TRADE, not one! It's shocking.

@elizagrogan9454

Жыл бұрын

@Lauren S I don't understand how people didn't question the constant high yield from their investments. Annual 12% is unnatural. A certain level of greed is involved here. There's truth in the advice against putting all one's eggs in one basket.

@MacroX1231

Жыл бұрын

Greed

"So I mean you're like a math guy, right?" Hard-hitting questions!

That poor guy who lost millions, has only enough money left for 60 days, and his biggest regret is recommending Madoff to family and friends. That got me

@aspentravisaspen2160

3 жыл бұрын

Also a french monarch who commited suicide aftef recommending friends

@GabrielNicho

3 жыл бұрын

Dude, he was about to sell 2 houses

@jimafton5659

3 жыл бұрын

hear restaurant's are hiring in ny. didn't they pass a law 15 $ a hour or is that up in berni's state

@knaziringram4589

3 жыл бұрын

Oh yeah poor him

@5ledan

3 жыл бұрын

@@knaziringram4589 ok bud

He's super smart and has a strong moral compass. What a rare combination.

@tranquility7778

2 жыл бұрын

Like your comment but don't agree on the whistle blower's moral compass....my institution tells me something else.

@deepsleep7822

2 жыл бұрын

@@tranquility7778 : agreed.He checked into Madoff’s business because it was hurting his.

@ajbriggs

2 жыл бұрын

@@tranquility7778 intuition or institution?

@CC-si3cr

2 жыл бұрын

@@deepsleep7822 Here's my question: The nerdy math guy contacted the SEC 5x over several years and no one responded to him. Why didn't he contact Bernie's clients and alert them? If Madoff was hurting his business so much why not hit him where it hurts and that's by having clients leave his firm, but @ least some of them would get to leave with their money.

@deepsleep7822

2 жыл бұрын

@@CC-si3cr : in a perfect world, Harry M. wouldn’t know who those clients are. If Harry disclosed them that would implicate Harry in having access to a private client list. Sure Harry could have placed an ad in the WSJ (or some other financial journal) but you shouldn’t make accusations without solid proof. The proof showed reasonable doubt, but Harry had no document that tied it all together.

Fascinating how Madoff (and any other tax cheats, extortioners, money launders, insider traders, etc) was always able to skate by the SEC. Kudos to Harry Markopoulos...No one would listen indeed.

@Arigator2

Жыл бұрын

It was obvious that it was a scam. No safe investment pays 12 percent interest. A lot of people knew. Nobody cared. Warren Buffet rarely makes 12 percent interest on his investments. He doesn't claim they're risk free. Binance is offering 15 percent interest right now. It's a scam. Everyone knows. It's still in business. FTX offered high interest rates too before the scam collapsed. Knowing is easy. Getting the public to listen or the government to act is hard.

@Chyeahokay

Жыл бұрын

A lot of them have one thing in common, they were all incredibly talented and would be successful if they were legit.

@longtomjefferson7233

Жыл бұрын

Well, it's easy to get away with insider trading when people like the last Speaker of the House was involved in it. Imagine if 43 Minutes could do stories like that, but they might not get invited to parties.

@sabinachrzan8339

Жыл бұрын

It’s easy when an entire political party thinks nothing should be regulated. That Wall Street can self regulate and the gov should not police anything. When they are in power they cut the SECs funding and install industry insiders to do as little as possible and block any enforcement. Haven’t we learned by now and yet we still keep electing these clowns.

@terrilhargrovejones

Жыл бұрын

@@sabinachrzan8339 they've convinced everyone that regulation is the "boogie man" and that bs. You have to have some form of regulation or else you have the catastrophic weather events like what happened in Texas for example. I was gonna say the FTC and SEC but we see how well that works out... NOT! SMH...

"it took me five minutes to know it was a fraud."

@evanfinch4987

Жыл бұрын

yeah i dont believe that

@nthabix

Жыл бұрын

@@evanfinch4987 I believe it's possible with trained specialist, especially if he was looking for fraud. There are some doctors who can diagnose a patient just by looking at them

@kathleenmeyer3124

Жыл бұрын

4 min - it was very simple for a mathematician to see

@zesolodar

Жыл бұрын

@@evanfinch4987 honestly if you work in finance and your familiar with the industry and how the market works it wont take you long to figure out something isnt right. Also with his background with math.

@Phil-ui4tm

Жыл бұрын

He looked at the numbers and noticed that they never had down months. That doesn’t happen even during bull markets.

My grandfather who grew up during the depression had a wise saying: When you let another fellow handle your money, pretty soon you won't have any left.

@johnsmith1474

3 жыл бұрын

It's a pretty stupid saying, or your grandfather was broke & clueless.

@rayray7244

3 жыл бұрын

Facts! You have to know where your money is and what it's doing. Trust but verify.

@davido3026

3 жыл бұрын

ENRON Take the money and run!!!

@optimumgaming7404

3 жыл бұрын

@@johnsmith1474 Sounds like you're not smart enough to handle your own money. Don't be mad at other people. Go to school.

@georgesealy4706

3 жыл бұрын

My saying is a little different: "If you don't care about your money, then don't expect anyone else to."

Harry Markopolos is not only an astute mathematician, a smart financial analyst, but also had much conviction in pursuing the Madoff's Ponzi scheme....... Something even the SEC did not initially & seriously investigate . Thanks Harry !

@scotchbarrel4429

3 жыл бұрын

A great example for all kids learning maths, you can learn to read documents or be like harry an calculate the fraud. 5 mins to workout the likelihood of fraud, 4 hrs to prove it, awesome.

@que2h.690

3 жыл бұрын

@Mike Studmuffin yes- you're so right - definitely !

@dezafinado

3 жыл бұрын

@Mike Studmuffin The 2 chairmen of SEC were there during the Bush II years. One of them, Christopher Cox, is from Orange County, CA, and was a US Representative for many years. He didn't take Madoff's case seriously till 2008. It's true that many of the Federal regulatory bodies were financially gutted and replaced with friends of the industries they supposed to regulate. It's like putting El Chapo in charge of DEA.

@cherylthomas1268

3 жыл бұрын

To paraphrase...they did not understand how to calculate financially. Unbelievable!

@theodoremarakas9899

3 жыл бұрын

How about...he's not an idiot? You don't need to be a mathematician to see fraud. In fraud cases NOTHING makes sense.

This is why it is so critical to diversify. Even if there isn't fraud, things can get wiped out quickly. 💯

@jeffswingdancer8302

5 ай бұрын

It's also very unwise for individuals that expect to live off relatively modest portfolios to invest in a hedge fund. There is a temptation for managers to take big risks and even legitimate funds can implode, like Long-Term Capital Management did in the late 90's. People near retirement should get out of the stock market, which is not insured by the FDIC or anyone else.

This interview should be watched periodically by everyone, especially the FCC

Harry Markopolos should be running the SEC's training program.

@joshcougar5551

2 жыл бұрын

Travesty that not a single SEC member was prosecuted!

@b.f.burton6888

2 жыл бұрын

@@joshcougar5551 That is horrendous .. What makes them untouchable ... They should be sued.

@KNByam

2 жыл бұрын

You would think the government would actually hire this guy.

@averagegiuseppe5640

2 жыл бұрын

Do you really think the SEC wants to change anything? It's functioning as intended.

@joshcougar5551

2 жыл бұрын

@@averagegiuseppe5640 think you you've hit on something here!

Bernie Madoff describing his relationship with the SEC speaks volumes as to how high the corruption runs. Madoff was a scoundrel, but so many other crooks were involved.

@jaggaruby4411

2 жыл бұрын

Still !!!!

@KobaltBlue680

Жыл бұрын

The entire government is corrupt lots of insider trading and cronyism. Look at the Nancy polosy and the Clinton’s etc…

@traderoex1

Жыл бұрын

Bernie's conversation with that group took "richness" to the ionosphere.

@erickajander5494

Жыл бұрын

Estimate : 3,000 + involved in CREATING FAKE CO. NAMES , FAKE FINANCIAL REPORTS ....(MY CONSERVATIVE ESTIMATE )

@annettepora8091

Жыл бұрын

After witnessing what has happened in the Trump White House for 4 years, I believe in very few people these days. Everyone is looking for the next grift.

What an eye opener!

Scam and Ponzi companies should be closed down and they should pay back their customers' or members' or subscribers' money. Thank you for the learning, good to know and understand the process of Ponzi or any scam.

The SEC: “Mostly lawyers with no financial experience.” Terrifying.

@melonshop8888

3 жыл бұрын

👍 👍 👍

@frankdenardo8684

2 жыл бұрын

They should have CPA licence to work with SEC.

@cujbj1

Жыл бұрын

The SEC is a joke. If a person is smart enough and talented enough in finance, they are going to opt to make millions in the private sector, not 200k a year as an SEC investigator. The SEC is full of people who couldn't hack it on Wall Street

@retroguy9494

Жыл бұрын

Tell you a little story about terrifying. When I ran for public office, I prepared my own government required financial disclosure reports. We aren't talking much. Just a couple thousand. The opposition had me audited and I got flagged. For what? Putting a donation in the wrong place on the form. Now, I have a business and accounting degree with honors from what was at the time one of the best business universities in the country. I argued and PROVED to the election enforcement commission that where I put that particular donation was legal and appropriate from an accounting standpoint and in line with Generally Accepted Accounting Principles. It was a donation of materials for campaign flyers and not money. They said to me "but its not legal which is why we always tell people to have lawyers and not accountants fill out the financial reports." I ended up getting fined.

@johnmcternan4157

11 ай бұрын

XRP case right now will be talked about the same way in the future.

SEC should have hired Harry Markopolos after that event. He would have cleaned Wall Street and kept it from being one sided.

@gregparrott

3 жыл бұрын

They'd never hire him because the first thing he would have done is fire the bulk of them for being lawyers who lacked any financial competency.

@rohanjames5750

3 жыл бұрын

Good Joke

@erwinjoseph1600

3 жыл бұрын

👍👍👍

@jblue705

3 жыл бұрын

They would NEVER DO THAT. The SEC ls corrupt and expects the organizations it “oversees” to be just as corrupt, but to be good at hiding it.

@paulazemeckis7835

3 жыл бұрын

That's exactly why they didnt hire him....

Glad He Blow The Whistle To These Scammers Who Think There So Smart And Think They Can Get Away With This Fraud

"If you put all your eggs in one basket, WATCH the basket!" W. Rogers

The people he ripped off knew the returns were too good to be true but they were blinded by greed

@kathryngilbert5952

3 жыл бұрын

Maýbe it wasn't as simple greed, perhaps ignorance

@hyacinthlynch843

3 жыл бұрын

@@kathryngilbert5952 Or both.

@djg5950

3 жыл бұрын

@David Shields Change that to greed and stupidity and I'll agree 100%. A fool and his money are soon parted. Guess they didn't believe that.

@KandiKlover

3 жыл бұрын

Like that doctor who got scammed by a guy who sold him black paper strips and said it was disguised money he needed to use paint stripper on. The scammer later reformed his ways though and helped blow the lid on other scams for that channel.

@alexandredaubricourt5741

3 жыл бұрын

15% a year does not seem too good to be true to me

I remember the time I was looking for a job in the financial industry. I saw Bernie Madoff give an interview on CNBC. The journalists were saying year after year Madoff was returning 20% to his investors. I asked myself, how is that possible? Nevertheless, I thought maybe I could get a job with his firm. I looked up his company to see if they had job openings but strange enough, he had no website?? Whaat??? That was huge red flag for me. How was it that this man who had so many wealthy investors have no website? Months later, law enforcement brought him down.

@markherring3513

3 жыл бұрын

plus his hedge fund was unregistered....wtf?!?!?!

@MrThinkEncourager

2 жыл бұрын

Word of mouth??? It's similar to being good in a particular sport or industry. A website can also open the door to getting hacked, so it's also about risks. Staying offline can be a good thing, especially once you learn how much the government tracks people or what people call "government over-reach". Some people don't trust banks and keep their money at home. That also brings risk(s).

@JSacc

2 жыл бұрын

Epstein also had no trading relationships on TheStreet.

@phriedokra6158

2 жыл бұрын

He had 2 sets of books too

@oldironsides4107

Жыл бұрын

I keep my money in a boat placed inside a larger boat that’s inside a larger boat. It’s extremely hard to access without destroying two boats and I don’t want to draw attention to myself breaking apart a huge boat and the next boat and the next.

Never ceases to amaze me that folks fall for something that should seem too good to be true

Maybe he's just good. No one's that good! What a quote! Loved your interview Harry! I've watched this video over 100 times and just loved your analogies!

@veggigoddess

7 ай бұрын

Yeah, just the fact that he seemed too good to be true should have been the to the red flag at least investigate! No one's that good and this fits right into if it seems too good to be true it probably is category

I wish there was just one person at the SEC who can be held accountable. Not one individual? Unreal.

@margolenney6032

3 жыл бұрын

Sir you are so right.

@b23beatz

3 жыл бұрын

That’s a damn good point

@ricksorkin2522

3 жыл бұрын

@@radar0412 m F

@ricksorkin2522

3 жыл бұрын

@@radar0412 f U Self

@ricksorkin2522

3 жыл бұрын

@@radar0412 do something

THAT MAN IS A HERO!!!

@gregparrott

3 жыл бұрын

As Markopolos said himself, he did not consider himself a hero, and it is a reasonable statement. Markopolos was 'just' competent, principled, and diligent. That was enough for him to spot inconsistencies, probe them, and then report his findings to authorities. He did work that the SEC should have done. At a minimum, once he had done the SEC's work for them, the SEC should have run with it. This grew into an all-time scam BECAUSE the SEC chose to be useless.

@UnlimitedAspirations24

3 жыл бұрын

@ Gregory Parrott - ....at least He did his job and I’m glad he didn’t get killed ..

@mwoodson1026

3 жыл бұрын

@@gregparrott Agreed. Still ... If that gentlemen chose to do NOTHING, there could of even more damage.. All those people! 😣😣😣.. Hard lesson..

@yasminhabibti721

3 жыл бұрын

Yes, indeed.

@41357500

3 жыл бұрын

define hero kiddo

Smart and courageous man!! Talking about sounding the alarm!!

60 Minutes: Madoff largest fraud in history. FTX: Hold my beer.

I would invest w/ this guy "It took me 5 minutes to figure out it was a fraud. I took me another, almost 5 hours to prove it was a fraud" - said in a non-braggadocious way! :'D

@michaelmarron8441

Жыл бұрын

And he told the SEC how. So why couldn't ( or wouldn't) they uncover the fraud?

Harry Markopolos is an American Original- straight shooter- and Hero. He's Terrific...🇺🇸🔑🇺🇸🔑🇺🇸🔑

@southrichmondtofl

3 жыл бұрын

You miss the mark about this guy by an infinite amount. He's just as greedy as Madoff, he didn't care about the people, he cared about his own pocket book and he says so here in this video. He ran his own scheme when the lame stream media paraded him around their shows with his mega phone saying GE was going bankrupt. today GE is doing ok. He did so to line his own pockets as he was shorting the stock!! Any lay investor will tell you how shady this cat is, FAR from any form of a hero!!!

@koki4o

3 жыл бұрын

@@southrichmondtofl Why is GE doing okay? Government bailouts and infinite currency creation. If we had a free market economy, GE today would be a distant memory.

@TapalKuda

3 жыл бұрын

@@southrichmondtofl well he was right, GE wouldve been insolvent or bankrupt if its not for government bailout.. do your dammn research before calling out someone phoney

@monacoofthebluepacific2571

3 жыл бұрын

He's a super hero because he was relentless in his pursuit.

@dawngregory6549

3 жыл бұрын

He tried and tried, when he saw the 40 degree angle going straight up from the statements he was checking out, and that wasn't good enough for them

“Are you a math guy?” 😂

@tymorgan3549

Жыл бұрын

Goes on to name classes I didn’t even know existed!

@Brandon-youtube

Жыл бұрын

@@tymorgan3549 honestly most of those are classes any STEM major would take, I took all of them and only took the math that was required

@jv-lk7bc

Жыл бұрын

@@Brandon-youtube yes... and what % of population are STEM majors ... and what % of STEM majors have the curiousity, integrity and ballzac of this guy? when you've calculated the answer you'll know whats wrong with our system.

@ellag8068

Жыл бұрын

Honestly, some people can spot a fraudster or a bad deal a mile away. It’s something in the sales pitch, the way they talk and move. It’s like the guy trying to sell me and my hubby solar panels for our house when the solar advantage only barely covered our existing energy costs. Just when he thought he had us hooked, he would sit back just like Bernie in his chair, so relaxed, like he was your best friend and doing you a huge favor. My hubby couldn’t see the scam. Everything about his behavior put me on high alert. I after about a 30 minutes into his presentation, I kept saying, I don’t get it! I don’t get it! Where’s the advantage to me? Finally I said to him, I need to figure this thing out, I’ll get back to you in a day or so…..basically. We needed to finance 30k in solar panels over 15/20 years, so their business can make money? Not to mention they want to put wholes in your roof and be the only company that can touch them or we void any warranties and the useful life is only 15 years…..LMAO! It took me till the next day to get my hubby to understand. He really wanted to go solar so we’d be helping the environment and never be out of power and dude was feeding off that because we reached out to them. Oh and guess what, you can’t even store power unless you spend another 10k-15k on a battery storage system.

@marydestefano9487

Жыл бұрын

@@ellag8068 Solar is a straight number crunching calculus. It doesn't matter what the guy's mannerisms were. Either his numbers worked out or they didn't. If the numbers work out, it doesn't matter what his mannerisms are/were.

Great interview! But the early line of "I've taken all the math courses" made me smile 😅

It's amazing that most big players knew he was a fraud and said nothing. They literally sat in forums and drank wine and ate cheese with a guy they knew was stealing from regular people. You know uncle joey messes on kids so you keep your kids away from him, but never say anything. Same kind of cruelty.

@jaymillymills

2 жыл бұрын

Excellent comparison

@jesusislord6545

2 жыл бұрын

Repent to Jesus Christ “Though the fig tree does not bud and there are no grapes on the vines, though the olive crop fails and the fields produce no food, though there are no sheep in the pen and no cattle in the stalls, yet I will rejoice in the Lord, I will be joyful in God my Savior.” ‭‭Habakkuk‬ ‭3:17-18‬ ‭NIV‬‬ J

@Mrs.the.Creator

2 жыл бұрын

Perfect analogy

@youngbloodnba

Жыл бұрын

@@jesusislord6545 jesus is not the lord. He is merely a prophet for he fell down and prayed. When asked he said do not pray unto me but pray unto my father. He doesnt have knowledge of the hour. Stop lying bro

@scottdaley1672

Жыл бұрын

Always the Italians

This guy: I mapped out the mathematical formula of Madoff’s fraud in 4 hours Me spending 6 months figuring out how all the light switches work in my house: 👁 👄 👁

@litedawg

3 жыл бұрын

There is one by my front door , no idea where it goes. So frustrating lol.

@hdunter4500

3 жыл бұрын

Same 😂

@BlackSeranna

3 жыл бұрын

It’s okay. Have lived in my house for years and I still hit the wrong switch.

@arethawalker1724

3 жыл бұрын

Lol😂 Ikr!!!

@Wasserkaktus

3 жыл бұрын

Not that hard if you are an accountant, plus the fact that Madoff's scheme had an extremely linear gains rate (this should have been the instant first Red Flag to the SEC.).

Sammy Bankman Fried, if only Madoff followed his script, he'd be in the Bahamas as well, maybe even enjoying a polycule!

@jagrokt

Жыл бұрын

Only he isnt in the Bahamas after being arrested and extradited so what is this comment lol

When something sounds too good to be true, it usually is.

Steal from the rich: go to prison Steal from the poor: get a cabinet position in the administration

@BlackSeranna

3 жыл бұрын

Who are you speaking of?

@ST-xg3gy

3 жыл бұрын

Stealing!!

@fijiluke8533

3 жыл бұрын

big facts. and we just let it happen.

@yl7495

3 жыл бұрын

Those are the truest words spoken.

@johnbrockenbrough4520

3 жыл бұрын

@@BlackSeranna take your pick from our time, your father's time or your grandfather's time.....

I don’t think people realize how intelligent this guy is lol

@cinemaparadiso5402

2 жыл бұрын

This video is EXTREMELY anti-semitic, Madoff was extremely loyal and one of the top donors to Israel. Anyone criticizes him is 100% antisemite!

@chiganuggoo9929

2 жыл бұрын

@@cinemaparadiso5402 It wasn't his money! He effectively stole it.

@cinemaparadiso5402

2 жыл бұрын

@@chiganuggoo9929and he took the money and helped Israel .. everybody was happy until the rats got involved and the gov had no choice but charge someone. Madoff was heroic for carrying the whole case on his back, protecting the whole organization.

@chiganuggoo9929

2 жыл бұрын

@@cinemaparadiso5402 If you believe that, if you HONESTLY believe that....then I nor anyone else can help you my friend.

@cinemaparadiso5402

2 жыл бұрын

@@chiganuggoo9929 antisemite.

SEC Needs to be investigated

I appreciate that this video is fair in its bios of each candidate.

The SEC isn't about holding the big players accountable, just the smaller/retail ones or those who's crimes get publicly discovered.

@Optim40

3 жыл бұрын

Yup!

@JaneDoe12573

3 жыл бұрын

A pickpocket gets more time for stealing a wallet with $30 in it than mortgage brokers, embezzling CEOs, or brokers who have these schemes.

@andrewgrove1691

3 жыл бұрын

@@JaneDoe12573 yup

@vince2997

3 жыл бұрын

SEC is pretty much the BBB of Wall Street.

@KandiKlover

3 жыл бұрын

Which is why Hillary Clinton and her “foundation” remains free.

This guy is a genius and humble. You can see he is honest and so upset by all of it. I only took through differential equations (calculus 4) and that was hard enough. This guy is really a hero for exposing what he did.

@jamesr8584

2 жыл бұрын

He is not without faults. He also claimed GE was fraudulent which turned out to be false and lots of investors lost money when the stock tanked.

@notsocrates9529

2 жыл бұрын

He doesn't seem like a likeable person or altruistic, it was business and ego. We do need people like him though.

@87clits

2 жыл бұрын

I could not pass basic math (bloody dyscalulia).

@youngbloodnba

2 жыл бұрын

Bernie was a beast. This shmuck just was lucky. He caused people to lose allot of money thinking GE was also fraudulent.

@neighborhoodcatlady6094

Жыл бұрын

Think it all goes back to the same old principle “If it seems to good to be true, it probably is.”

What a brilliant mind this man has.

And for that, we all thank you.

This man is sweeping the house. Nothing but respect!

They've made movies about Madoff, but never about this guy. He is a really interesting fellow, I read his book and I think his story is worthy of being turned into a movie. And WHY didn't he get a reward? It isn't right. Finally, who is running this channel. This video isn't in stereo, only in mono.

@soaringvulture

3 жыл бұрын

He didn't get a reward because the SEC did not listen to his warnings and did not follow up. Madoff himself revealed the Ponzi scheme when he ran out of money.

@mymai2792

3 жыл бұрын

I'd like to see Benedict Cumberbatch play him with a clipped US accent. This would be a movie I'd watch.

@LifenaDay525

3 жыл бұрын

Had read the book “The End of Normal” by Stephanie Madoff Mack when it came out in 2011. I truly felt sorry for her and her children due to Mark taking his own life. Felt sorry for both Madoff sons. Ruth Madoff, who missed the line handing out empathy chips, lives comfortably with just under $2M, while her daughter-in-law is a single mom, broken-hearted over the loss of her husband and dad to her children. She is living off money from the sale of her book. According to her, neither she nor Mark knew Bernie’s entire enterprise was a Ponzi scheme. www.inquirer.com/philly/business/estates-of-madoffs-dead-sons-reach-23-million-u-s-settlement-20170626.html

@claudiaauerdike5063

Жыл бұрын

Harry Markopolos wrote a book about it . Very good & informative read !

Thankyou Rainman

There needs to be SEC reform. To this day, SEC is still considered a joke by many investors.

@martinlutherkingjr.5582

3 жыл бұрын

Why not just get rid of the SEC?

@user-pn6cy6wg7n

3 жыл бұрын

Even Elon Musk knows that the SEC is malarkey.

@machtnichtsseimann

3 жыл бұрын

Anyone have thoughts on the new SEC chair?

@dawitketema4150

3 жыл бұрын

Why do THEY reform it when the system is benefiting them? Incentive!!!

@greogryhouse8341

3 жыл бұрын

@@dawitketema4150 Who is "they"?

For those of you who missed it, Markopolos who is an industry and math expert is screaming at you that we need a good watchdog of Wall Street and we have none.

The SEC should be made liable for negligence following the years after the initial complaint was filed....

God Bless him!!

This is what happens when you don't want to know the truth. Now, get your damn heads out of the sand and start holding the criminals who run this country accountable.

@Robert06087

3 жыл бұрын

Never will happen, unfortunately 😕

@gowdsake7103

3 жыл бұрын

Ummm Trump let banks free again

@am.b5688

3 жыл бұрын

Run the companies or the country? You are already switching the blame?

@markherring3513

3 жыл бұрын

You cant handle the truth.

@MusicGunn

3 жыл бұрын

We got rid of the Orange Idiot, that's a good start.

I have such respect for whistle blowers!! God bless this well educated man.👍👍👍👍

Being able to explain complicated things in a simple way is an underrated skill.

Seeing Madoof sitting there in 2007 (8:16) comfortably lying about the impossibility of committing fraud is mindboggling ..

Only by the grace of god my Stepfathers friend had a scheduled meeting with Madoff. He was so hot you need a 120 day leeway to see him. Four days before the interview my stepfather friend had a medical issue and cancelled the meeting. Turned out the medical issue was very minor after the fact. Lucky.

@tdhat95

3 жыл бұрын

Wow! That was God's protection

@ladykay917

3 жыл бұрын

Blessed

@markherring3513

3 жыл бұрын

what about the poor schmuck that invested with him the day BEFORE he came out...theres got to be a person or organization that gave him their life savings the day before...u know they were losing their $hit.

@billnotice9957

3 жыл бұрын

@@markherring3513 No doubt. My stepfather's friend was simply lucky.

@MrAllie-bf6zt

3 жыл бұрын

@@tdhat95 I guess God didn't feel like protecting all the others...

Madoff: "It's virtually impossible to violate rules". That's why I am friends and my niece married one of the regulators.

@eurodelano

3 жыл бұрын

Nepotism

I wish someone would make a movie about this guy. His congressional testimony was the most powerful piece of whistleblower frustration that may ever have been recorded.

Harry is amazing

Great interview. I’m amazed myself how the SEC just pretended not to look into this bombshell of a scheme.

@nordicblood8470

3 жыл бұрын

They did not pretend they where part of it. At least some of the upper level people on SEC. In fact there is no way MADOFF would have gotten that far without the helping hand of the SEC

@Offthbadan

3 жыл бұрын

Kinda like the mob with police and politicians protecting them.

@nastyab8003

2 жыл бұрын

Pretend?

@ShotsandPranks

2 жыл бұрын

They're back at it again with AMC and Gamestop. SEC announces investigation into Hedge Funds, 1 day later, TD Ameritrades storage warehouse mysteriously burns down with no investigation, trucks hauled off all the debri, no news coverage, look it up.

@phajeb001

Жыл бұрын

His niece married an SEC regulator. They also ask Madoff for advice. Basically, the cops are asking the crooks how to run their agency. Lol

"What? You're only getting 2%? Madoff is getting me 10% in a 'bad' quarter! Most times, 12-15%! I'm smart!"

@carmentiadragen6064

2 жыл бұрын

@@bigpojo5749 - 😃😃😃

@johnel-amin4095

2 жыл бұрын

No, you’re greedy and you’ll pay.

In other words, the SEC isn't smart enough to understand the math, therefore they CANNOT detect the fraud. Sounds like they SEC should hire advanced calc students.

Just wow!

“One of the most successful businessmen in New York, one of the most powerful men on Wall Street, you’d never suspect him of fraud.” Yeah that’s not how I feel lol

@oliviaortiz5157

3 жыл бұрын

Yeap just like THE 'POPE' no one can imagine him being a fraud, but he SURE IS ONE OF THE INTI-CHRIST DEMONDS!!!!

@CraigMcGuinn

Жыл бұрын

To be fair…this scheme occurred before the sub-prime mortgage crisis was known by the public

Total props to Marco-polo’s boss. He saw brilliance in the young man and asked him to investigate. Like giving an intern a hard project. Done after two days.

@rolfw2336

Жыл бұрын

Yes, but I believe his boss wanted to get those same returns :-) The props go to Harry.

@windsofmarchjourneyperrytr2823

Жыл бұрын

2 seconds after hearing 12% consistent returns. There the clue.

My left ear loved this video

Irony of ironies: David Boies not only became Elizabeth Holmes' attorney, he got himself a large stake in Theranos...

He’s absolutely correct. Not only do the attorneys at the SEC have no experience in financial law, the SEC is largely comprised of attorneys who graduated at the bottom of their classes and couldn’t land positions in major law firms and were incapable of establishing their own. It’s also the reason that they were incapable of foreseeing the larger financial collapse of the investment markets in 2008.

@dila4834

3 жыл бұрын

They need to hire competent and real lawyers.

@vinr6867

3 жыл бұрын

Good to hear, means Ripple will win their case against the SEC.

@gheller2261

2 жыл бұрын

You think the only options for smart law school graduates are big law or starting their own firm? Elitist nonsense as is the notion that SEC lawyers were all at the bottom of their class. The problem with the SEC was not the quality of lawyers. It's that ferreting out financial fraud is a nonlegal undertaking.

@21972012145525

Жыл бұрын

Why though? Why can’t they get better lawyers/ finance people? Do they not pay enough?

@seabreeze667

Жыл бұрын

I watched a video clip on Jim Roger. He also mentioned something similar to u. He said something like "the people working at the government can't get a job so they work at the government... 🤣

"It's virtually impossible to violate rules" -Bernie Madoff, biggest single scammer in known history 🤔

@kitcoffey7194

3 жыл бұрын

Madoff knew that the government regulatory bodies had no teeth, because they had been deliberately underfunded by right wingers for the last several decades. It's really interesting how scams flourish under Republican Administrations and how they flourish when we refuse to tax appropriately and actually fund the regulatory bodies that we have in our government. It's almost as though there's this entire "small government" project designed to make government look bad to ideologically warp the population or something.

@johnclifford1537

3 жыл бұрын

Melange - when he said that a chill ran up my spine. A bit like how a secret serial killer can act as a good family man or volunteer to search for a victim he has murdered.

@Melange2

3 жыл бұрын

@@johnclifford1537 I get a similar feeling, and it makes me wonder; what was Madoff psychological profile. It's hard to believe that be harboured much empathy for the people he scammed or the effects his behavior could have on his close family and friends. But I just don't know, maybe he got caught up in something that grew out of his planned proportion, and his continuing of it was in some twisted way, his way of protecting his family.. (?)

@johnclifford1537

3 жыл бұрын

@@Melange2 I think it is a bit of all those things. A God complex in that people begged and threw money at him to try and join the scheme, arrogance and hubris when it went so long undetected and finally and most uncomfortably the fact that he simply enjoyed the criminal activity and without the GFC he probably would not have been uncovered until after his death.

@copperbackpack2025

3 жыл бұрын

The Fed is up there too.

Unbelievable 💯

It's very interesting to listen to, even if you have zero idea of what they're talking about.

So 60 minutes is actually 14 minutes without commercials?

As a retired CPA, I note the various audits that occurred that failed. Thank goodness someone had the grit and wisdom to fathom the con going on. As for Madoff, how low can one go to steal the savings of friends, charities, etc., all for merely improving his fortune from comfortable (and legal) to extravagant, ornate, and very illegal...

@dontthrowtheslant1236

2 жыл бұрын

If not for the recession, he would have kept on running this ponzi scheme. The biggest issue was that people wanted out of their investments with him and he had no money left to pay out.

@jeffguimont3210

2 жыл бұрын

Greed know no boundaries

@peter-pg5yc

Жыл бұрын

And yet his wife got millions in deal for where the monies were.. Lives in NJ now..Go read that story youll be mad..

@Bk-qz3yk

Жыл бұрын

Madoff will look like a school girl. The amount of Madoff running around today with the govt now 14 year growth cycle. The govt has stepped in and stopped every down turn since 08. We have no clue who is operating just like this villain because of the govt assets only go higher programs

@ericparrish1515

Жыл бұрын

What else is there to do? What was it you were looking for?

My right earphone thanks you for your contribution

The only difference between a regular criminal and a CEO is a business suit and an education. Their motives are identical.

I love when he mentioned the math he took. I am a math guy, and those courses are so valuable.

@jasonleetaiwan

2 жыл бұрын

I took many of those classes but snoozed through much of it. Still got through them and am happy I at least know what he's talking about.

@joylapine9004

Жыл бұрын

He’s very impressive. I barely got thru high school algebra, failed nursing school twice because I couldn’t do the math. 😂

@ElCapitan88

4 ай бұрын

I have taken a lot of those courses too. I’m not a math guy. 😂

Harry - "It took me five minutes to know this was a fraud,..." I love this guy,

@windsofmarchjourneyperrytr2823

Жыл бұрын

Always winning is the red flag

Well done 60 Minutes

My left ear really enjoyed this.

@anthonymort5202

8 ай бұрын

I can hear it in both headphones

SEC would have never uncovered this fraud . Thank God for this man .

@bishopdavidoyedepo9480

3 жыл бұрын

You are welcome to New life 2021, I pray that what so ever you lost in 2020 you will receive it this year, you will be the first person to give a testimony about the goodness of the Lord, anywhere you are favor will locate you and you will never lack blessing in your life, so when I was praying last night they lord review a revelation to me that before this year End the world is going to celebrate with you, you are going to be greater than what you think, contact the orphanage home just send whatever you have to them, the kids there are going to pray over your life an bless you, contact them now or message them on WhatsApp (+2349132889707) you are blessed

@amandaskywalker7331

3 жыл бұрын

Thank God for him why? He was never listened to. Bernie eventually confessed on his own in 2008 because the Great Recession unraveled his entire operation.

@cl7700

3 жыл бұрын

I still think people at the SEC intentionally turned a blind eye Either because they were getting kick backs or they knew the outcome would be devastating and they didn't want to deal with it. Idk. Wall St is too connected and as this video states, Bernie was close to the SEC.

@amandaskywalker7331

3 жыл бұрын

@@cl7700 as was pointed out, the people at the SEC who reviewed the complaints were lawyers and bureaucrats and not finance people. They didn't understand what they were seeing and thus didn't even do an investigation. There is no way they were in on it - they would have found evidence of kickbacks or profits.

@cl7700

3 жыл бұрын

@@amandaskywalker7331 I get that but I'm talking about the chairmen. This is a total assumption but perhaps they instructed the lawyers to not look into this thoroughly or ignore what they find. Of course that would have been a massive conspiracy plot but I still don't buy that Bernie did all this alone.