It is unfortunate no one from the SEC was held accountable for not following up on information they received years before Bernie's arrest, it could save more money from being lost.
They couldn't, they'd get silenced, threatened, or they'd be found dead by "suicide" or a convenient stash of child videos would be found in their house. Judt playing devils advocate here.
Yeah - when you have a financial investigator say "Red flag! This is Kosher as Ham on Rye" and instead of going over every PENNY of transactions for decades as literally their job is to do so in cases like that they ignore it it is "Criminal Negligence". If a train conductor fell asleep at the switch and the train only stopped in Peoria by going past the turnoff and ramming another train miles out of town the conductor would be jailed for life or decades... They could have stopped Mr. MADE-OFF at least twice in the times he operated by a simple investigation. Really, they at least fired two police officers and waived "Sovereign Immunity" for the poor policework halfway through Jeffry Dahlmer's kill/cannibal spree...
I remember a NYT article where they interviewed Markopolos after Madoff’s arrest. When asked if the SEC was asleep at the wheel, he said: “They weren’t asleep at the wheel; they were comatose. They wouldn’t respond to heat or light, much less any sign of wrongdoing.”
Still embarrassed that SEC didn’t stop Madoff sooner. Markopolos used the greatest language of all (math) to show how Bernie was lying, and they didn’t care one bit
The SEC didn’t catch him, the free markets did. When the markets collapsed and enough of his clients wanted to withdraw their funds, he realized the game was up and he turned himself in. Markopolos was a competitor of Madoff when he started raising red flags and proved via mathematics that the returns weren’t possible, and the incompetent regulators ignored him.
Never lower yourself enough to be embarrassed by the inherent dysfunction of any government arm. Thats for trash, scum, and politicians to be embarrassed about. You're a private citizen, you're far above that.
I get what you mean but I think people think of themselves in the SEC's shoes with very rosey views. You have to consider you have a random financial analyst, working for a competitor, who comes to you and claims that with the math he's done Madoffs returns arent possible. This is the same Madoff you've likely known for decades and was NASDAQ President for many years. Further, Madoff didn't even purport extraordinary returns. His returns rarely exceeded the S&P, the issue was they didn't have many downward blips. What's more concerning was that JPM didn't flag anything considering his business account had $1B or more in it and was never purchasing securities IMO. That is more damning to me than an individual financial analyst with a quirky personality claiming he's cracked a man we have all believed to be a financial genius for decades.
Kobe Bryant Not that Madoff sounds real close to “made off” which when someone rips you off, some people say that person “made off” with what ever they took from you. I remember around the time the trial was happening some people would say “Bernie Madoff (made off) with you money”
I mean, the guy is definitely a criminal and I'm glad he's in prison, but I think its a shame that someone stealing from rich people gets 150 years in prison while someone who steals from poor people gets a raise
@@shammydammy2610 It doesn't matter whether he _only_ stole from the rich, the point is that it wasn't until he was caught stealing from the rich that he was punished.
He didn't steal from the rich....he stole from ordinary people who had their money in Pension funds for their retirement . It's a fallacy & does a disservice to those who were victims to say he took from the rich .He has ruined & left poverty stricken thousands of people ....some who didn't even know they were part of his scheme because they put their money in a pension fund & the fund invested it in his scheme ....people have committed suicide because of this man..... to boil it down to " stealing from rich people" shows you complete misunderstanding of the issue.
Well the 2008 financial crisis hit and he was screwed. He and a lot of other people didn't expect that lol. But you're right, he had to have known it would all collapse eventually. He was already so wealthy I don't know why he wouldn't just get out of the game while he was ahead.
@@ohio72213 Pride. Bernie Madoff was extremely proud of all the wealth he had accumulated up to that point and without getting caught that he thought he was untouchable.
FilmBuff06 That would be a great one. But Shell from Biographics tells people NOT to write ‘Do so and so!’ She wants detailed reasons why Biographics should cover that person. Belfort would be a great story✨✌🏼
meh what Belfort did is small peanuts compared to what Madoff did, but I guess the hollywood depiction "wolf of wall street" was more exciting than "the wizard of lies".
I find it incredible that someone doing so well for himself legitimately could then resort to a course of action that must inevitable come to light in course of time and destroy his business, his reputation, his family and his own freedom and retirement.
He was probably only doing so well for himself because he was running the scheme all along. He admitted himself that his entire career as a financial expert was a lie. How else do you think he learnt to scale it so big? Sounds like 1991 wasn't his first rodeo.
I hope you addressed why Madoff wasn't caught much earlier. There should have been people fired or even went to jail for not thoroughly investigating him.
Not just "Rich People" but people in his "Ethnic" group... --whoops "Halp us! Halp us! Haaateee Speeeech! Call Antifa to throw Acid filled milkshakes at him! Hallp us!"
I went back to college in 2008 taking business courses and this was all the buzz for the longest time. My professors would work it in somehow, or we would just have a class discussion on what was going on. It was cool because it was living history but sad at the sametime.
This video REALLY helps you put things in perspective. Here I am trippin about $10K in student loans, meanwhile, Madoff here owes $7 billion dollars to people.....
The JCC which both my children attended for preschool was completely wiped by Madoff. They made a valient attempt to hold onto their most lucrative donors and managed to squeeze by for two years I think (my kids were well into public school by then), but sadly the entire reason the school had learned of Madoff was because many of these lucrative donors were already "clients" and urged the school to get in on a sure thing. So, with their own endowment in tatters and the rainmaking donors in a drought, the school was forced to close. It was a great Jewish Community Center -- and I'm speaking as a Presbyterian. We were heartbroken to see it go.
Do "The poor little rich girl" Barbara Hutton Then "The richest little girl in the world" Doris Duke They both hated each other, married the same man, and spent their money differently. But in the end lived and died mostly the same way.
Dude, you're like the history for dummies TH-camr. This is my favorite video, partially because I like white collar crimes but I'm also subscribed to Infographics. Love your show.
They were perfectly fine with him doing his business until things got tight. It was only when the money dried up did they finally have a problem with it.
@Graig Simmonette The nerd hero didn't save anything. He pled with the SEC for years and no one would listen, which is why the book he wrote on it is called, "No one would listen."
He got taken down by the stock market crash of 2008. He no longer had enough money to pay the withdrawals. Did the people that were cooking his books go to jail?
0:40 - Chapter 1 - Early years 4:25 - Chapter 2 - Catching the investment bug 5:40 - Chapter 3 - Out on his own 8:00 - Chapter 4 - High flyer 9:15 - Mid roll ads 11:10 - Chapter 5 - The ponzi scheme 15:40 - Chapter 6 - The consequence
I wished this profile included the abject poverty and sorrow that this man is responsible for. I don't think this profile even scrathed the surface. Pity.
Not really.... He could have another 20-30 years and that will be his last moments those will be the moments fresh on his mind when he dies. He will be a shell of his former self when he dies. It's one thing to live fast and die young and another to go from a billionaire life style living it up to living in a prison cell for the rest of your life.
Oh HELL yes!!! I paid into the system all my life and can't because of the way they run things collect a dime. My metal detecting and finding wonderful coins, once sold (hopefully) it's byesville to trying to live on $1,000. A month. Esp. after hearing that just one coin out of almost 100 coins I've found can according to the Gold/Bullion Executive stated a 5 figure worth on that one coin. See ya Hud!😎
GhostCity Shelton HUD stands for Housing and Urban Development. I believe your gripe should be directed towards SSA or the Social Security Administration. Just a thought...
d10fel As along as we continue to sell our debt, we’ll never truly be bankrupt. The most that will happen is our credit rating will be downgraded again. Sorry to burst your bubble...only thing of the sort that will happen is that wage inequality will continue to climb, which is bad for everyone.
I wonder...at what point will someone be able to scam people for so much money that they will be able to outlive their prison sentence of 100s of years because they can afford to stay alive? Food for thought...
Probably never. New laws will be passed at some point denying that luxury before people on the outside commonly live to 150-200 with heavy medical intervention and augmentation. Probably after that the USA collapses (no country or political entity is forever) and whatever replaces it will have a new Constitution that has a clause something like "if it's not cruel and unusual it's not punishment". To me prison is supposed to be for re-education/reformation and lengthy sentences (ie 20-to-life with no parole) where they never get out are a waste of tax money = just execute them and be done with it (after stream lining the appeal process to where it doesn't take 20 years and $3 million, it shouldn't take more than $200k in legal/administration fees and 2-3 years to reach a final decision).
Never. People cannot live that long. Its physiologically impossible. The person would have to have entire body transplants. The brain cannot exist for 150 years.
My favourite anecdote about Madoff is that one day in the early 2000s an IT guy was called to fix a problem 'upstairs'- this was the private investment floor where nobody except a few highly trusted employees ever ventured. He was amazed to find the place full of dusty old green-screen computers from the 1970s; they could only be fixed because components had been stockpiled via highly specialised suppliers. Of course, any widespread IT upgrade would have been highly risky, with audit/examination of transferred balances required...
I laughed so hard when I saw the title of the video because my native language is French and in French "con" means idiot. "Bernie Madoff: The Greatest Idiot in History"
Funny, I haven't seen any anti-Semitic comments. I thought all the anti-Semites gave Bernie a pass because he stole from Steven Spielberg and a bunch of other rich Jews...
What I didn't like this documentary was how how this guy was talking about him not getting good grades or being good at sports or popular with girls in school and was somehow an reflection on him becoming a con.
Hi Simon! Thank you for this post! My friends & colleagues really enjoy ALL of your informative posts! Much love & appreciation from Chicago, Illinois. USA.
When I worked for a living, I asked a friend (CPA) how it was that Mexican Presidents always made off with fortunes after serving six years if there were auditors looking at the books on at least a yearly basis. His response: the auditors are in on it.
I love your channel❤️❤️❤️ I watch to clear my mind after a stressful day & always out of pure enjoyment. Just a thought.... would love to see you do a deep dive on Rita Crundwell! It was a big lose to a small community that unfortunately the comptroller for the city stole more than $53.7 million only to fund her AQHA (horses) plus her shopping addiction. Rita showed those horses across the nation & to this day most of her horses are still in the winners circle from small shows to world show level. She is infamous in the community. Rita always had the most top of the line anything!!! That’s no joke from over the horse trailers, golf carts, trainers, clothing, jewelry, cars, houses (2), to campers in the millions on their own. Literally the authorities had to do an auction which brought so many people to the community to get the chance to purchase a horse of that caliber for a steal. Netflix did a documentary series on this topic, American greed plus other channels that have. With your attention to detail I’m sure you can research more and create an amazing video❤️ once I’m out of debt I’m going to be a petri on.
If you can add, subtract,multiply, and divide, and understand that most people, given the opportunity, will steal anything they think they can get away with, you will never get robbed (outsmarted) by those people.
Yooooooo the transition to the ads are hilarious. Do what you got to do though bro. This is great knowledge by the way I don't know how in the world do you get all of this knowledge in extreme detail from all of these people.
He's sorry . . . he got caught. His wife is sorry . . . he got caught. Neither he, his wife nor his sons give a $#%! about the "little people" and no I'm not talking about midgets, that lost so much if not everything.
Granted, they turned him in. Likely ONLY to cover their own asses should the authorities have made a move first to arrest Bernie. Turning their father in was a calculated move to throw off suspicion of collusion. I don't recall ever hearing of them trying to get any of the money back to the investors. You know why? Because they're as self-centered and uncaring as their father.
The government turned over every rock to try to find a connection with the wife and sons. They found nothing. That is why they were not arrested. There is not one shred of proof that they knew anything. Think about it - The fewer people that knew, the better chance he had of not being discovered.
Now I understand why this man became who he was today. I found his sheer arrogance and deception absolutely shocking to the point of near total paralysis! I felt so sorry for his family, especially his wife Ruthie!
I walked into my congressman’s district office and asked for a bailout. The staff member behind the counter looked at me like I was nuts. Congress didn’t look at Hank Paulson like he was nuts when he told them that the public must be fleeced to bail out the crooks. The staff member appeared to be trying to signal her co-worker to help her. Greatest country in the world? If you say so.
@@keizeradrianus703 no. I am sorry. I watched OTHER biographies on George Orwell and misremembered. Ill be more careful. The othets were high quslity as well as ones by Biographic
A big part of Bernie’s problem, was that he cared a lot about how the rich people thought of him. When the investors told him he wasn’t making them enough money, he would just change the fake invoice and sent them a higher return of dividends. Because he wanted them to like him. He was actually really insecure. Because he was a complete fake.
Not really. He rode on the back of the Tiger and dared not get off. Finally a slowdown in new investors made it difficult to keep the dividend cheques etc going out to older clients whose money had never been invested at all. People got suspicious and then nervous and then all hell broke loose.
He shouldn't have gone to a minimum security holiday camp. Should have been sent somewhere where he would suffer like the thousands of people who's lives he ruined.
Great biographic Could you do Michael Collins leader of the Irish during the fight fir freedom from the British empire at her peak. He had a very interesting teenage years as well as what he did as an adult
One of Madoff's sons died a suicide after Madoff's arrest. The other died of lymphoma. So much tragedy to Madoff's victims, one of whom was his own son.
Thank you NordVPN for making this one possible! Check out here: nordvpn.com/biographics
I think you're a lying gamf
Knife Teeth about Bernie? Nope that’s true, google it.
Biographics do one on Barry Seal
Isn't the greatest con the Pentagon heist ?How many trillions did they "misplace" ?
Hey since you are do video on a famous scammer why don't you do one on Elizabeth Holmes.
"They were inseparable, not only in school, but at each other's houses"
The British way of saying Bernie was tappin that
:-)
He knocked off his biggest class rival by smashing her behind the scenes.
Bernie: "You might be 'smarter' than me, but I'm getting laid while you're writing a book report."
Me as a brit my self this is true
It is unfortunate no one from the SEC was held accountable for not following up on information they received years before Bernie's arrest, it could save more money from being lost.
They couldn't, they'd get silenced, threatened, or they'd be found dead by "suicide" or a convenient stash of child videos would be found in their house.
Judt playing devils advocate here.
Trust me that money ain’t “lost” it’s in all the right politicians pocket’s.
@@jdiamond1952 apparently not since they threw the book at him
The ultra rich don’t want that can of worms being opened
Yeah - when you have a financial investigator say "Red flag! This is Kosher as Ham on Rye" and instead of going over every PENNY of transactions for decades as literally their job is to do so in cases like that they ignore it it is "Criminal Negligence". If a train conductor fell asleep at the switch and the train only stopped in Peoria by going past the turnoff and ramming another train miles out of town the conductor would be jailed for life or decades... They could have stopped Mr. MADE-OFF at least twice in the times he operated by a simple investigation. Really, they at least fired two police officers and waived "Sovereign Immunity" for the poor policework halfway through Jeffry Dahlmer's kill/cannibal spree...
I remember a NYT article where they interviewed Markopolos after Madoff’s arrest. When asked if the SEC was asleep at the wheel, he said: “They weren’t asleep at the wheel; they were comatose. They wouldn’t respond to heat or light, much less any sign of wrongdoing.”
Markopolos knew what was up as soon as he saw the evidence, yet nobody took him seriously. That description of the SEC is spot-on.
Still embarrassed that SEC didn’t stop Madoff sooner.
Markopolos used the greatest language of all (math) to show how Bernie was lying, and they didn’t care one bit
Siddartha...this seems to be the Wall Street collapse of '29 - the same situation occurred!
The SEC didn’t catch him, the free markets did. When the markets collapsed and enough of his clients wanted to withdraw their funds, he realized the game was up and he turned himself in. Markopolos was a competitor of Madoff when he started raising red flags and proved via mathematics that the returns weren’t possible, and the incompetent regulators ignored him.
Never lower yourself enough to be embarrassed by the inherent dysfunction of any government arm.
Thats for trash, scum, and politicians to be embarrassed about. You're a private citizen, you're far above that.
I can't belive they hired him to start with.. He's name is literally Bernie Made-off
I get what you mean but I think people think of themselves in the SEC's shoes with very rosey views. You have to consider you have a random financial analyst, working for a competitor, who comes to you and claims that with the math he's done Madoffs returns arent possible. This is the same Madoff you've likely known for decades and was NASDAQ President for many years. Further, Madoff didn't even purport extraordinary returns. His returns rarely exceeded the S&P, the issue was they didn't have many downward blips.
What's more concerning was that JPM didn't flag anything considering his business account had $1B or more in it and was never purchasing securities IMO. That is more damning to me than an individual financial analyst with a quirky personality claiming he's cracked a man we have all believed to be a financial genius for decades.
Correction: The Greatest Con in History Who Got Caught.
How can you know that someone coned you if you didn't caught him.
@@MostWanted053 That's what would make it the greatest con in history.
So who was the greatest con man in history who _didn't_ get caught?
Svara Horejsi Unfortunately there is no evidence for the cons that weren’t caught.
He wasn’t caught he turned himself in only due to the crash of 2008 otherwise he would still be going strong
First of all, never trust keeping your money with anyone named madoff
-The late great Robbin Williams
I think Williams meant to be understood as - (He) "Made off (with) other people's money.
@@27b4 Yeah 😂😂😂
I can't tell of you're all joking or genuinely anti-semites.
Haha so concerning. How will I sleep now
Kobe Bryant Not that Madoff sounds real close to “made off” which when someone rips you off, some people say that person “made off” with what ever they took from you.
I remember around the time the trial was happening some people would say “Bernie Madoff (made off) with you money”
> starts scheme on 1991
> Starts donating to politicians in 1991
COINCIDENCE?
I THINK NOT!!
Cohencidence yes!
Democrats too lol
Lesson of the day... DON'T DONATE TO POLITICIANS!
@@black10872 unless you want to run a con for the best part of 20 years.
I mean, the guy is definitely a criminal and I'm glad he's in prison, but I think its a shame that someone stealing from rich people gets 150 years in prison while someone who steals from poor people gets a raise
Not true
He also stole from charities.
Except he didn't just steal from the rich.
@@shammydammy2610 It doesn't matter whether he _only_ stole from the rich, the point is that it wasn't until he was caught stealing from the rich that he was punished.
He didn't steal from the rich....he stole from ordinary people who had their money in Pension funds for their retirement . It's a fallacy & does a disservice to those who were victims to say he took from the rich .He has ruined & left poverty stricken thousands of people ....some who didn't even know they were part of his scheme because they put their money in a pension fund & the fund invested it in his scheme ....people have committed suicide because of this man..... to boil it down to " stealing from rich people" shows you complete misunderstanding of the issue.
His plan had everything except the most important part. He had no Escape Plan.
Should have been First priority. 😆
He actually did. In a pine box like so many of us will.
He had to know that he would eventually Crash and Burn.
Well the 2008 financial crisis hit and he was screwed. He and a lot of other people didn't expect that lol. But you're right, he had to have known it would all collapse eventually. He was already so wealthy I don't know why he wouldn't just get out of the game while he was ahead.
@@ohio72213 Pride. Bernie Madoff was extremely proud of all the wealth he had accumulated up to that point and without getting caught that he thought he was untouchable.
Bernie Made off
With the loot.
I always thought that was so ironic
The “Wolf of Wall Street” himself, Jordan Belfort, please!
FilmBuff06 That would be a great one. But Shell from Biographics tells people NOT to write ‘Do so and so!’
She wants detailed reasons why Biographics should cover that person.
Belfort would be a great story✨✌🏼
Kate Williams It actually a guy
Ethan Ramos I was referring to Shell, the EP of Biographics
Kate Williams oh
meh what Belfort did is small peanuts compared to what Madoff did, but I guess the hollywood depiction "wolf of wall street" was more exciting than "the wizard of lies".
As always, the SEC dragging their feet against powerful wallstreet people...
Who pays the SEC?
Taxpayers do
As standard- same with EPA
SEC was dragging their feet for 30 years. I think, "dragging" is little mild.
I find it incredible that someone doing so well for himself legitimately could then resort to a course of action that must inevitable come to light in course of time and destroy his business, his reputation, his family and his own freedom and retirement.
He was probably only doing so well for himself because he was running the scheme all along. He admitted himself that his entire career as a financial expert was a lie. How else do you think he learnt to scale it so big? Sounds like 1991 wasn't his first rodeo.
He couldn’t get out cleanly.
It blows my mind that he was doing VERY well before he started stealing money....
Exactly. Even in his 20s he was making almost a million a year in todays money on management fees.
Greed trumps everything.
Nobody seems to know when he started his ponzi scheme. It maybe that he was stealing a lot earlier than they think.
That's human greed for ya! ;)
The NordVPN logo in the corner helps me fast-forward through the sponsor ad more easily!
Shhhhh god damn it dont ruin it you moist sandwich
@@nijimagikku 😆
@@nijimagikku most sandwich 🤣🤣 I'm going to use that.
Yes! These are the stories I enjoy. Those where you kinda know what happened, but really have no idea.
Would you do one about the finances of Jeffrey Epstein ( how he got rich)? Thank you
He can't. No one knows how and where he got his money.
That part lmao.
@@lostintime8651 easy. He was fully funded by mossad as he was running a honeypot ting intelligence op for them.
Same way as bernie... donating to the democratic party who covered for him.
He would but Simon doesn’t want to come down with a serious bout of:
* *Checks Notes* * : Suuuuuuuuiiicide… 🤔
Have you done a bio on Charles Ponzi?
gsf67 the og
@@jeronimoadames6624 Que?
@@gsf67 OG= Original Gangster
@@gsf67 Or in civilized English: the person that came up with and did it first.
Very good point because the sckeem. Bears his name Charles Ponzie and their is a biography about him on utube.
I hope you addressed why Madoff wasn't caught much earlier. There should have been people fired or even went to jail for not thoroughly investigating him.
This man right here has one of the best commentary voices ever
Must not have heard very many commentary voices.
They threw the book at Madoff because he stole the money from rich people. 🤑🤑🤑🤑🤑🤑🤑🤑🤑
maybe. also becuz half the money vanished, that's like 120 billion
wait I'm dumb 😅 only *18 billion* vanished.
still more than I can dream of
Yeah, that's it.
Not just "Rich People" but people in his "Ethnic" group...
--whoops "Halp us! Halp us! Haaateee Speeeech! Call Antifa to throw Acid filled milkshakes at him! Hallp us!"
@@allencummings7564 I don't think the Ponzi scheme itself even got to half of 120 Billion.
I went back to college in 2008 taking business courses and this was all the buzz for the longest time. My professors would work it in somehow, or we would just have a class discussion on what was going on. It was cool because it was living history but sad at the sametime.
More financial crime stories, please! This was excellent.
This video REALLY helps you put things in perspective. Here I am trippin about $10K in student loans, meanwhile, Madoff here owes $7 billion dollars to people.....
The JCC which both my children attended for preschool was completely wiped by Madoff. They made a valient attempt to hold onto their most lucrative donors and managed to squeeze by for two years I think (my kids were well into public school by then), but sadly the entire reason the school had learned of Madoff was because many of these lucrative donors were already "clients" and urged the school to get in on a sure thing. So, with their own endowment in tatters and the rainmaking donors in a drought, the school was forced to close. It was a great Jewish Community Center -- and I'm speaking as a Presbyterian. We were heartbroken to see it go.
Even now he bought out all the instant noodles in the jail store and selling it an 10 times the price
Well now he's gone 2 years after this video aired. Really croaked on April 14, 2021 which you can Google and TH-cam all about that as well.
Ah, another former inmate who understands the place of ramen in the economy of the incarcerated.
@@EverendeverGroup Yeah and as I said before he died on April 14, 2021 Google and TH-cam all about that as well.
Do "The poor little rich girl" Barbara Hutton
Then "The richest little girl in the world" Doris Duke
They both hated each other, married the same man, and spent their money differently. But in the end lived and died mostly the same way.
Didn't Cary Grant marry both of them?
@@christineparis5607 No only Barbara married Grant. The man that they both married was Porfirio Rubirosa
@@brunsonator3423
Thank you!! I actually have a biography of him around here somewhere, he was a wild card!
I get him mixed up with Cary Grant.
@@christineparis5607 Lol yeah most people do! He sure was a wildcard, never really was content with what he had.
@@brunsonator3423
I think he was married to the daughter of a dictator, too, and about five others...
Dude, you're like the history for dummies TH-camr. This is my favorite video, partially because I like white collar crimes but I'm also subscribed to Infographics. Love your show.
I had the good fortune to meet Harry Markopolos and highly recommend his book on this subject "No one Would Listen."
Say what you want, it’s an impressive story, evil but impressive
Indeed. I found this one super interesting to do.
Also an update and which you can Google and TH-cam all about the guy in this has died in prison on April 14, 2021.
They were perfectly fine with him doing his business until things got tight. It was only when the money dried up did they finally have a problem with it.
Thats how all pyramid schemes work
When there was No more money people didn't like it??? You don't say 😹
So he was taken down by another firm that wanted his business?
Shawn Sheehan Yeah. The SEC was too busy getting its knob slobbed to care about Bernie.
welcome to capitalism where competition keeps you in check
@Graig Simmonette The nerd hero didn't save anything. He pled with the SEC for years and no one would listen, which is why the book he wrote on it is called, "No one would listen."
Shawn Sheehan The SEC sucks. It’s hard to believe some working there are accepting bribes to look the other way or not look at all.
He got taken down by the stock market crash of 2008. He no longer had enough money to pay the withdrawals. Did the people that were cooking his books go to jail?
0:40 - Chapter 1 - Early years
4:25 - Chapter 2 - Catching the investment bug
5:40 - Chapter 3 - Out on his own
8:00 - Chapter 4 - High flyer
9:15 - Mid roll ads
11:10 - Chapter 5 - The ponzi scheme
15:40 - Chapter 6 - The consequence
Imagine being known for the sole reason of being Bernie Madoff's middle school GF.
I wished this profile included the abject poverty and sorrow that this man is responsible for. I don't think this profile even scrathed the surface. Pity.
Yeah, I don't know all the details of the aftershock. I'm guessing a rule of Ponzi schemes is: the longer it goes, the more devastating its collapse.
@Shifty McGee462 Luckily, I'm not involved in crypto currency. So I'll probably be fine lol.
the greatest con in history is modern banking
In the last century the US Dollar has depreciated 96 percent.
Give a man a gun he can rob a bank, give a man a bank and he can rob the world
Christopher K Hill and its still stronger than multiple countries dollars
Not really. If you are stupid you can get screwed.
And religion. People literally murder fof their imaginary friend
So his downfall was some hater😂, but honestly. Lived to be 71 before he got put in jail so honestly he won out
It was!! A dam hater ruined him
Not really.... He could have another 20-30 years and that will be his last moments those will be the moments fresh on his mind when he dies. He will be a shell of his former self when he dies. It's one thing to live fast and die young and another to go from a billionaire life style living it up to living in a prison cell for the rest of your life.
one of his sons committed suicidde because of daddies financial antics. It is a pyrrhic victory at most.
@@asmo1313 seems a lil dramatic to me.
His family is destroyed and he is spending rest of his life in jail. Not quite sure he won out.
He is nothing compared to government retirement scams
Oh HELL yes!!! I paid into the system all my life and can't because of the way they run things collect a dime.
My metal detecting and finding wonderful coins, once sold (hopefully) it's byesville to trying to live on $1,000. A month. Esp. after hearing that just one coin out of almost 100 coins I've found can according to the Gold/Bullion Executive stated a 5 figure worth on that one coin. See ya Hud!😎
Are you talking about how the government "borrows" from ss and Medicare to pay for ammunition?
@Graig Simmonette
Living to the day America goes bankrupt is why I don't smoke or drink. It's what I live for. I can't wait!
GhostCity Shelton HUD stands for Housing and Urban Development. I believe your gripe should be directed towards SSA or the Social Security Administration. Just a thought...
d10fel As along as we continue to sell our debt, we’ll never truly be bankrupt. The most that will happen is our credit rating will be downgraded again. Sorry to burst your bubble...only thing of the sort that will happen is that wage inequality will continue to climb, which is bad for everyone.
I wonder...at what point will someone be able to scam people for so much money that they will be able to outlive their prison sentence of 100s of years because they can afford to stay alive?
Food for thought...
Probably never. New laws will be passed at some point denying that luxury before people on the outside commonly live to 150-200 with heavy medical intervention and augmentation. Probably after that the USA collapses (no country or political entity is forever) and whatever replaces it will have a new Constitution that has a clause something like "if it's not cruel and unusual it's not punishment". To me prison is supposed to be for re-education/reformation and lengthy sentences (ie 20-to-life with no parole) where they never get out are a waste of tax money = just execute them and be done with it (after stream lining the appeal process to where it doesn't take 20 years and $3 million, it shouldn't take more than $200k in legal/administration fees and 2-3 years to reach a final decision).
Wealth can’t buy health. Ask Steve Jobs.
Never. People cannot live that long. Its physiologically impossible. The person would have to have entire body transplants. The brain cannot exist for 150 years.
What the heck was that about lmao Is that....@ 4:15 Is that actually a soundbyte of you mimicking Blues music? Hilarious!
My favourite anecdote about Madoff is that one day in the early 2000s an IT guy was called to fix a problem 'upstairs'- this was the private investment floor where nobody except a few highly trusted employees ever ventured. He was amazed to find the place full of dusty old green-screen computers from the 1970s; they could only be fixed because components had been stockpiled via highly specialised suppliers.
Of course, any widespread IT upgrade would have been highly risky, with audit/examination of transferred balances required...
They had to hire a specialist and an old guy too, younger techs wouldn't have clue where to start.
OoOh, that's a good one!
Harry Markopolos book, "No One Would Listen", is outstanding. An excellent book if you want to read more about Bernie
I laughed so hard when I saw the title of the video because my native language is French and in French "con" means idiot.
"Bernie Madoff: The Greatest Idiot in History"
That might actually be true!!
Is it just my phone f--king up or are the subtitles all messed up on this one? Starts at the ad read.
FYI, the subtitles become desynched at the VPN ad and then just never get correct again.
One of your finest, you're getting quite good at this!
Hiring office: do you have experience in the stock market? Applicant: yes I worked for Madoff for 5 years: hiring office 😱😱😱😱😱😱.
Buried here, Among all of the amateur economics and anti semitism in the comments I can't help but ask, is this a reupload?
Funny, I haven't seen any anti-Semitic comments. I thought all the anti-Semites gave Bernie a pass because he stole from Steven Spielberg and a bunch of other rich Jews...
What I didn't like this documentary was how how this guy was talking about him not getting good grades or being good at sports or popular with girls in school and was somehow an reflection on him becoming a con.
Hi Simon! Thank you for this post! My friends & colleagues really enjoy ALL of your informative posts! Much love & appreciation from Chicago, Illinois. USA.
Smooth transition into the NordVPN ad mate
As a Mets fan, I'll never forgive him for making the team go broke
"Based in Panama" as a selling point!
I caught that too. This Brit might just be hired to entertain us and who knows what else?
Seeing y’all talk about Rockaway high school when I live 2 blocks away from it hits too close to home
*Hofstra UNIVERSITY, and we are so very proud.
He has just passed away. So sad that people like this existed.
When I worked for a living, I asked a friend (CPA) how it was that Mexican Presidents always made off with fortunes after serving six years if there were auditors looking at the books on at least a yearly basis. His response: the auditors are in on it.
I love your channel❤️❤️❤️ I watch to clear my mind after a stressful day & always out of pure enjoyment. Just a thought.... would love to see you do a deep dive on Rita Crundwell! It was a big lose to a small community that unfortunately the comptroller for the city stole more than $53.7 million only to fund her AQHA (horses) plus her shopping addiction. Rita showed those horses across the nation & to this day most of her horses are still in the winners circle from small shows to
world show level. She is infamous in the community. Rita always had the most top of the line anything!!! That’s no joke from over the horse trailers, golf carts, trainers, clothing, jewelry, cars, houses (2), to campers in the millions on their own. Literally the authorities had to do an auction which brought so many people to the community to get the chance to purchase a horse of that caliber for a steal. Netflix did a documentary series on this topic, American greed plus other channels that have. With your attention to detail I’m sure you can research more and create an amazing video❤️ once I’m out of debt I’m going to be a petri on.
If you can add, subtract,multiply, and divide, and understand that most people, given the opportunity, will steal anything they think they can get away with, you will never get robbed (outsmarted) by those people.
Good reporting. You guys are amazing!!
They calculated 13 years left of his life in 2009, 2009-2021 is 13 years; they were only off by the months in the first and last years.
Shigeru Miyamoto, the man who saved video games. Needs to be on the list.
he didnt con anyone
"Now, let's get in to that ponzi scheme" -- said no one ever
Yooooooo the transition to the ads are hilarious. Do what you got to do though bro. This is great knowledge by the way I don't know how in the world do you get all of this knowledge in extreme detail from all of these people.
He died today on April 14, 2021, and this was in my recommendations.
He's sorry . . . he got caught.
His wife is sorry . . . he got caught.
Neither he, his wife nor his sons give a $#%! about the "little people" and no I'm not talking about midgets, that lost so much if not everything.
But his sons.. his sons turned him in
And one son committed suicide.
Granted, they turned him in. Likely ONLY to cover their own asses should the authorities have made a move first to arrest Bernie. Turning their father in was a calculated move to throw off suspicion of collusion. I don't recall ever hearing of them trying to get any of the money back to the investors. You know why? Because they're as self-centered and uncaring as their father.
@@shawnnewell4541
Which is very sad.
There's more to life than money.
The government turned over every rock to try to find a connection with the wife and sons. They found nothing. That is why they were not arrested. There is not one shred of proof that they knew anything. Think about it - The fewer people that knew, the better chance he had of not being discovered.
Could you please do a bio on Ip Man? Thank you :)
This, i agree with
Heck yeah
Ive asked for months, but still no show. :/
good reason, sure to get made!
That would be awesome and highly necessary
Now I understand why this man became who he was today. I found his sheer arrogance and deception absolutely shocking to the point of near total paralysis! I felt so sorry for his family, especially his wife Ruthie!
I walked into my congressman’s district office and asked for a bailout. The staff member behind the counter looked at me like I was nuts. Congress didn’t look at Hank Paulson like he was nuts when he told them that the public must be fleeced to bail out the crooks. The staff member appeared to be trying to signal her co-worker to help her. Greatest country in the world? If you say so.
The fact that this guy’s last name was literally “made off” should’ve tipped more people off
Apart from the two deaths that followed his scam I have to say my hat of to this guy to have fooled so many for so long. Damn
How he thought he could get away with it is beyond belief.
Could you do a Bio on George Orwell? Thanks
You didn't watch it. Its been done
@@ssunfish No it hasn't been done?
@@keizeradrianus703 no. I am sorry. I watched OTHER biographies on George Orwell and misremembered. Ill be more careful. The othets were high quslity as well as ones by Biographic
@@ssunfish Im offended!!
Man who sold Eiffel Tower: That's cute!
Fascinating video and story.
Like father (and mother) like son. Crooks through and through.
His ponzy scheme is pretty stupid, he probably have made more money if he actually invested the money
A big part of Bernie’s problem, was that he cared a lot about how the rich people thought of him. When the investors told him he wasn’t making them enough money, he would just change the fake invoice and sent them a higher return of dividends. Because he wanted them to like him. He was actually really insecure. Because he was a complete fake.
Henry Ford had a quote about financial swindlers and the certain group of people who were responsible for them.
Oy...
Just write the quote instead of saying someone said something about someone
@@MarsLonsen yeah I don't think Kevin K wants to come off as anti-Semitic
Thank you for the video.
Fantastic. As always. Well done.
Madoff's Biographics cover art is in full-color; whereas all others 'til now were black, white, and one background color.
Cause he's all about the benjamins baby 💸💸
Do a biographic on CHARLES PONZI :) :)
The greatest to ever play the game. RIP
It's not surprising that the SEC wouldn't look into Madoff. They're all former or wannabe brokers.
Rockaway High sounds like a High School in a dumb 80s cartoon where every character is in a band.
They guy had everything; wealth, power, a family that loved him and he threw it all away.
Not really.
He rode on the back of the Tiger and dared not get off.
Finally a slowdown in new investors made it difficult to keep the dividend cheques etc going out to older clients whose money had never been invested at all.
People got suspicious and then nervous and then all hell broke loose.
@@dukadarodear2176 I meant he was already making more money than most of us would see in a lifetime before starting his Ponzie sceme
@@dukadarodear2176 well said
A white collar crook who got a real sentence. That's good...
He shouldn't have gone to a minimum security holiday camp. Should have been sent somewhere where he would suffer like the thousands of people who's lives he ruined.
@@MrShoryuken1 I agree but... One step at a time...
> Madoff's family flees anti-Semitism
>Madoff becomes a stereotype that turns people into "anti-semites"
*LOL*
How did you read my mind ? 😁
@@presence9745 As soon as I heard him say that, I put the irony together lmao
Jacob Tola and the cycle continues
@@presence9745 EVERYBODY was thinking that.
American justice can be confusing, seriel killer gets parole after 20 odd years while thief gets 150 years.
Excellent video! Keep up the good work.
When your full name when said phonetically contains the words “burn” and “madeoff” what do you really expect?
Great biographic
Could you do Michael Collins leader of the Irish during the fight fir freedom from the British empire at her peak.
He had a very interesting teenage years as well as what he did as an adult
I guess you could say Bernie Madoff with a lot of money... I'll see myself out
Thanx. Yu shred. Simon!
Your voice and content is tops.
0:45
/pol/ was right again!
It's just a coincidence! Every time!
I can't believe no one mentioned his name in a cheesy joke: Bernie Madoff with your money? LMAO
Dawn Moore you’re late on that joke about Bernie Madoff with your money. NERD
One of Madoff's sons died a suicide after Madoff's arrest. The other died of lymphoma. So much tragedy to Madoff's victims, one of whom was his own son.
Best backgrounder on Madoff that I've watched. 👍