craziest thing to me is that only 5 people went to prison along with Madoff. So supposedly he ran the whole scheme with only the help from 5 people, and none of the "feeder fund" folks got in trouble for selling a fraudulent product.
Step 1: there is no problem. Step 2: there is a problem but nothing should be done. Step 3: something should be done but what? Step 4: something should have been done but it's too late now.
Bro. Straight fire 🔥 … like the head my little sister will provide to you. Her done is fire 🔥 too. My little sister? She’s a professional peenuz twister.
Thorp quietly told his friend to withdraw their money quietly and fast as they can. The client had issues with SEC themselves ao, they didn't blow the whistle on Madoff. In hindsight, they should have let SEC know anonymously.
That sponsor segue was too smooth :D I had never heard this part of the Madoff saga before! I don't even know how I found your channel, I'm roo broke to invest and I had no prior interest in or knowledge of the world of finance, but I am fascinated by frauds, conmen, and the psychological and sociological aspects of wealth and capitalism. Your videos are always so interesting, and easy to follow for a layperson. Thank you!
Madoff knew the people will have him and his families 6ft under, that is why he gave himself up and say that confess to his sons, that is a lie, his sons and families both know, that is why one of them is gone and the other one is in jail. When he messed with the big money they can hire people to take him out, so he has to confess to go to jail, the biggest investor was the new york mets owner, they had to sell the mets to another no good guy that own it now.
I don't know if your entire comment is a lie, but without even looking it up... One of Madoff's sons killed himself in 2010. The other is dead from cancer. Neither is in jail. Madoff reportedly did confess his fraud to his sons, and they turned him thru their attorney. There is no law enforcement organization that disagrees with this.
I have seen this many times in my career. Everyone knows or suspects the emperor has no clothes, but nobody wants the money train to stop, so they just go along to get along and help to get anyone who speaks out.
I heard he had a secret floor of employees that created the fake account statements. But what did the rest of the employees do all day? They sure weren't trading stocks.
It was part of the same company that did legitimate business so all those others did actually trade stock all day (a big part of the company was being a market maker)
Whatever room Dr. Thorp is in, you can be pretty sure he's the smartest guy in it. It also should be mentioned that Markopolos' star is not shining so brightly. His August, 2019 call on GE has not come to fruition. It was at around $55/share when he called it "a bigger fraud than Enron." It closed today at $158.65.
"It closed today at $158.65" Yeah? So? That does not mean GE is not a bigger fraud than Enron. You really are stupid if you think a stock market price says anything about TRUTH.
Dr Thorp isn't that smart. He should have realized nobody is interested in the truth and not wasted his time on it. It was an obvious scam. People wanted to believe in it.
@vanesslifeygo keep in mind it's been decades since GE was a normal business and at any given time it has different goals/strategies, few of those relating to production of goods. So we have little way of telling if or why they stay stable.
I'm guessing from the title this is about Harry Markopolos. EDIT: Oh, Edward Thorp, the math genius who wrote about how to gamble and actually win at casinos.
@crimcrusader8459 No. Thorp was only advising investors. He was not doing it to whistle-blow to the SEC. Markopolis did use Thorp as additional evidence, tho. Madoff never got caught. The SEC Ignored the accusations and it was Madoff who turned himself in to his sons who in turn turned their dad in.
Right. I heard some people think he was scamming even back in 1980 or earlier. LOL A good 28 year run. I bet he would have lasted another 10 years if 2008 crash wasn't so bad.
a) They chose not to look. b) Madoff aggressively ingratiated himself with the rich and powerful, both by taking money from them and making generous charitable donations. Being seen to scrutinise Madoff in any way was career suicide in the late 90s and early 00s.
@@noahthenormal Predictive ads I suppose sir, but I got 3 in first 5 mins not including the built in ad lol.....not Millennial's fault was just pointing it out !!
Finance world boasts about Genius mathematicians, fin wizards but not one mf realized that his last name is literally "made off". That should've been a red flag from the get go
Money is the root of all evil. He lost everything with this perpetual lie. Family included. One of his sons committed suicide because of this. An absolute embarrassment to anyone who knew him.
What a segway to the Keeps ad!! "In addition to being one of the biggest fraudsters of all time, Bernie Madoff also suffered from male pattern baldness." 🤣🤣🤣
So you expose a scam and then advertise for a scam? If there was a product that kept your hair from falling out then why are there bald people in the world? Duh, it's obviously a scam.
Well, we cant ignore the likelihood that some people also probably dont care that they're losing hair and are not doing anything to try and prevent it. Im not saying this works as advertised, but am pointing out that "then why are there bald people?" Isn't much in the way of evidence. Also, if its a chemical process, not everyone will respond to it the same way or even respond at all.
I think it is not a scam, if you look closely at the product it says "thickening shampoo" and "thickening conditioner". This is no different from your regular shampoo brands like Head & Shoulders and Dove, they have the same product line. So you can buy this product from them, or you can order it from the advertised company - Keeps. The results will likely be the same
If that's the case then I'll withdraw the "scam" comment but it's still misleading. The first person to actually patent a cure to baldness will have more money than Elon Musk and all of my bald friends will suddenly have hair. That's all I'm saying.@@2NormalHuman
Show me a bald person that doesn't care about hair loss and I'll show you a morbidly obese person that doesn't care about being fat or a paralyzed person that doesn't care about walking but first we have to find one of these imaginary people. They care. Trust me, they care. @@justinweber4977
Crypto is back in full force. I’m not here to judge anyone but at some point we are 100% going to see a larger Luna and FTX. We continue to see tens of millions hacked weekly and this will soon become billions in the coming months. At what point does the societal cost of unchecked innovation become too big to bear?
“In addition to being one of the biggest fraudsters of all time, Madoff also suffered from male patter baldness” has to be one of the most awkward ad segue ever.
![ตีสิบเดย์ [FULL] | เปิดใจ "อาจารย์ เบียร์ ฅนตื่นธรรม" นักสนทนาธรรมสายดุดัน!](http://i.ytimg.com/vi/vqaBI_mnoDk/mqdefault.jpg)
Thank you to Keeps for sponsoring this video! Head to keeps.com/wallstreetmillennial to get a special offer.
That was such a low blow ads but since you used Madoff it's even funnier
Where are the sources?
The man was convicted and then passed away. Let it go.
@@ariavachier-lagravech.6910hilarious segue ngl
The sponsor transition killed me
craziest thing to me is that only 5 people went to prison along with Madoff. So supposedly he ran the whole scheme with only the help from 5 people, and none of the "feeder fund" folks got in trouble for selling a fraudulent product.
That was always surprising
The time was 2008. The whole american financial system was a fraud.
it is plausible only 5 knew.the inside scheme and the reason it lasted so long. The more people involved the more likely a scam implodes quicker.
Is that really surprising tho? How many people went to jail because of GFC?
Well, it's telling that Madoff's two sons didn't know there was a Ponzi scheme.
Having worked extensively with McKinsey, I would have to disagree with the “smartest in the room” comment. They are far from it.
100% true
This video is a marketing ploy by McKinsey….
They tell management what they want to hear, to give them an excuse to do what they want to do.
Jeff Skilling is proof of that.
sounded more like a reference to Enron
CEOs hire management consultants when they know the answer but they don't want to act on it. The consultants are paid to take the blame.
Step 1: there is no problem.
Step 2: there is a problem but nothing should be done.
Step 3: something should be done but what?
Step 4: something should have been done but it's too late now.
Legendary segue into the ad spot
The bald can never be trusted. They can’t even keep hair on their heads.
🥶☠️
Bro. Straight fire 🔥
… like the head my little sister will provide to you. Her done is fire 🔥 too. My little sister? She’s a professional peenuz twister.
No be lie!
Crazy that Veritasium just did a video featuring Edward Thorp and his equations, and now here I am again on that subject!
Almost like that dude paid for astroturfing.....
What a coincidence
@@Klatchan or TH-camrs copying each other's ideas
@@tomlxyzWhen a McKinsey dude starts getting good press I get suspicious. That's how we got Secretary Mayor Pete.
@@tomlxyz Yes, but it is Synchronicity for him!
Great ad placement lol😂
That was out of pocket lol
Hate the ad, I’m dealing with my own hair recession so don’t need to be reminded.
Theres a great book called When McKinsey comes to town, which deals with the actual ramifications of engaging these supposed galaxy brains.
Thorp quietly told his friend to withdraw their money quietly and fast as they can. The client had issues with SEC themselves ao, they didn't blow the whistle on Madoff. In hindsight, they should have let SEC know anonymously.
"It was proven that the trades they claimed were not happening as described."
Tether: "Is that a bad thing?"
That sponsor segue was too smooth :D
I had never heard this part of the Madoff saga before! I don't even know how I found your channel, I'm roo broke to invest and I had no prior interest in or knowledge of the world of finance, but I am fascinated by frauds, conmen, and the psychological and sociological aspects of wealth and capitalism.
Your videos are always so interesting, and easy to follow for a layperson. Thank you!
Not 1 single customer verified the trades. And the 2 people who looked at them realized there was nothing there.
Everyone is happy when they think they are making %10 gains every single year. =/
You have to consider that when he started the scheme he was a well respected person with a legitimate history, not some random person starting a scam.
@@tomlxyzregardless please should always verify things. Even a billionaire has to prove his net worth to a bank before they lend him money.
did anyone actually lose money after picard distributions?
Madoff knew the people will have him and his families 6ft under, that is why he gave himself up and say that confess to his sons, that is a lie, his sons and families both know, that is why one of them is gone and the other one is in jail. When he messed with the big money they can hire people to take him out, so he has to confess to go to jail, the biggest investor was the new york mets owner, they had to sell the mets to another no good guy that own it now.
I don't know if your entire comment is a lie, but without even looking it up... One of Madoff's sons killed himself in 2010. The other is dead from cancer. Neither is in jail. Madoff reportedly did confess his fraud to his sons, and they turned him thru their attorney. There is no law enforcement organization that disagrees with this.
That sponsor transition was crazy
Bernie sure Madeoff with all the money.
Where we have heard that one before?
@@samsonsoturian6013 Idk man, I'm sure tons of people though the same thing.
Shit will always happen when lawyers are heading S.E.C.
It is technically law enforcement
@@samsonsoturian6013
It's civil regulatory
FBI is law enforcement
The ad is crazy 😭
hahahaha I loved the way you introduced the sponsor
🤯 I was expecting a re-packaged Harry Markopolos video; I should have known better. This is Wall Street Millennial after all. 💯
I have seen this many times in my career. Everyone knows or suspects the emperor has no clothes, but nobody wants the money train to stop, so they just go along to get along and help to get anyone who speaks out.
2:00 He hit the nail right on the head with that add transition.
I heard he had a secret floor of employees that created the fake account statements. But what did the rest of the employees do all day? They sure weren't trading stocks.
Didn't he also run his regular & legitimate company at the same time?
@@snooganslestat2030 It did say in the video he was running that market making company which was legitimate but the rest of his business was a fraud.
It was part of the same company that did legitimate business so all those others did actually trade stock all day (a big part of the company was being a market maker)
@@tomlxyz what does market maker mean? And what do they do? And how do they make money
What a smooth add transition 🤣🤣🤣🤣🤣🤣🤣
Lol I liked it I can't lie 😂
Whatever room Dr. Thorp is in, you can be pretty sure he's the smartest guy in it. It also should be mentioned that Markopolos' star is not shining so brightly. His August, 2019 call on GE has not come to fruition. It was at around $55/share when he called it "a bigger fraud than Enron." It closed today at $158.65.
"It closed today at $158.65" Yeah? So? That does not mean GE is not a bigger fraud than Enron.
You really are stupid if you think a stock market price says anything about TRUTH.
He was (allegedly) paid by some hedge fund for the GE scam report
@@ProfAzimov that's the sensible explanation. no one, and I mean no one, would actually say GE will go to zero, or even 10, with such velocity.
Dr Thorp isn't that smart. He should have realized nobody is interested in the truth and not wasted his time on it. It was an obvious scam. People wanted to believe in it.
@vanesslifeygo keep in mind it's been decades since GE was a normal business and at any given time it has different goals/strategies, few of those relating to production of goods. So we have little way of telling if or why they stay stable.
Ed Thorp was a very high level academic. He coauthored some papers with the legendary Claude Shannon.
Crazy how blatent it was yet people just ignored it since they were "making money" greed is not good
Sure grid is good. It was greed that was what made him get caught
As long as individuals/institutions are benefiting from a crime, there will be willful ignorance.
I'm guessing from the title this is about Harry Markopolos.
EDIT: Oh, Edward Thorp, the math genius who wrote about how to gamble and actually win at casinos.
Harry Markopolos exposed Madoff in 2000, there's someone else who exposed him all the way back in 1991
@@wallstreetmillennialYeah, Thorp, who was the author of those gambling books using math.
@@jonahfalcon1970You wonder if Thorp and Harry got the last laugh.
@@theodorehsu5023 I wonder even more if both of them had consulted with each other in the first place.
@crimcrusader8459 No. Thorp was only advising investors. He was not doing it to whistle-blow to the SEC. Markopolis did use Thorp as additional evidence, tho.
Madoff never got caught. The SEC Ignored the accusations and it was Madoff who turned himself in to his sons who in turn turned their dad in.
omg! Parleys the biggest ponzi scheme ever to hawk baldness cream. Nice work. I love ya for it! Kudos.
Markopolis wrote a great book on his findings. Worth the read.
Did Madoff's sons really turn him in, or did Madoff plan years in advance to make himself the fall guy for the family racket?
Only someone who has done ZERO research would ask such a question. Watch some documentaries on him.
@lerm4676 you clearly haven't. You really think his kids turned him in?
Ed Thorp the GOAT
If I could be Bernie Madof and live his life I 100% absolutely would. Rich people problems are like a fantasy…
Right. I heard some people think he was scamming even back in 1980 or earlier. LOL A good 28 year run. I bet he would have lasted another 10 years if 2008 crash wasn't so bad.
Edward O Thorpe wrote an absolutely legendary book on blackjack.
I always wonder why SEC could not catch him?
They could have if they weren't so lazy.
@@althunder4269shut up. Get drafted
IDK, they get a lot of complaints from people blaming brokers for their own terrible trades. They file hundreds of lawsuits a year, that's all we know
a) They chose not to look.
b) Madoff aggressively ingratiated himself with the rich and powerful, both by taking money from them and making generous charitable donations. Being seen to scrutinise Madoff in any way was career suicide in the late 90s and early 00s.
The ad intro lmaaaaao
I also suffer from male pattern baldness
I suffer from male moral baldness, just like Madoff.
Greed is always the magic ingredient.
Less add breaks on cable news lol
So cable news has 0 ads breaks, then?
@@noahthenormal Predictive ads I suppose sir, but I got 3 in first 5 mins not including the built in ad lol.....not Millennial's fault was just pointing it out !!
More then anything else I'll remember he suffered from male pattern baldness 👌😂
Most unhinged sponsorship segway😂😂😂😂 love it
I just finished Edward Thorp’s book “A Man For All Markets” it is excellent there is so much in it explained so clearly by such an honest clever man.
The moral of the story is that none of this would have happened had Maddoff addressed his pattern baldness earlier. Billions would have been saved.
More than likely he wasn't alone someone was helping and got very good money for Madeoffs protection
Respect the ad read lol
Finance world boasts about Genius mathematicians, fin wizards but not one mf realized that his last name is literally "made off". That should've been a red flag from the get go
Some people want to believe and add in a Big pile of greed
13:24 17 years and then another 8 years from exposed to end= people definitely knew and were slowly pulling out
F*ck it comes with a 'baldness cure' as a sponsor. Surprised Bernie didn't get into that racket.
awesome video this reminds me of linus. keep it up
that ad was too well placed🤣
Not only was he operating a black box, it was a double secret black box.
The American financial system is a casino in which the house (0.1%) always win
Oh man!!!! Completely SHAMELESS!!!! Legend indeed. Why doesnt he give investment advice while he's at it??
Madoff, Musk, Milton... there will be more.
I signed up for the website and paid. How do i join the paid discord?
If the regulators are able to turn such a blind eye to someone stealing from the rich, imagine what they allow when the victims are the poor...
Whenever you do a D. Trump video, endorse a tanning bed company 👍 better yet, an orange juice company 🔥🔥
many companies listed on the stock market lose money, is that considered a scam, or the way of doing business?
After Madoff, they also discovered how Jack Welch ruined GE.
17 years ...that standard everyone is a guru
Do tune in for more "wise after the event" commentary folks.
We all know why Madoff was able to do what he did as long as he did, he had that plot armor. You know the one.
Can we not do the keeps ads?
Why? You feel bad about balding? Lol its ok bro
You still buying upstart?
Money is the root of all evil. He lost everything with this perpetual lie. Family included. One of his sons committed suicide because of this. An absolute embarrassment to anyone who knew him.
Bernie Madoff with your money 😂
Guess you need gambler to expose the gambler.
Wasn’t this firm exposed on Oliver show?! 😂
The message of this video is that you can be a swindler but not a bald man
What a segway to the Keeps ad!!
"In addition to being one of the biggest fraudsters of all time, Bernie Madoff also suffered from male pattern baldness." 🤣🤣🤣
So you expose a scam and then advertise for a scam? If there was a product that kept your hair from falling out then why are there bald people in the world? Duh, it's obviously a scam.
Duh obviously not everyone uses it. Not everyone has heard of it. Not everyone has access to it. Not everyone wants to use it.
Well, we cant ignore the likelihood that some people also probably dont care that they're losing hair and are not doing anything to try and prevent it.
Im not saying this works as advertised, but am pointing out that "then why are there bald people?" Isn't much in the way of evidence.
Also, if its a chemical process, not everyone will respond to it the same way or even respond at all.
I think it is not a scam, if you look closely at the product it says "thickening shampoo" and "thickening conditioner". This is no different from your regular shampoo brands like Head & Shoulders and Dove, they have the same product line. So you can buy this product from them, or you can order it from the advertised company - Keeps. The results will likely be the same
If that's the case then I'll withdraw the "scam" comment but it's still misleading. The first person to actually patent a cure to baldness will have more money than Elon Musk and all of my bald friends will suddenly have hair. That's all I'm saying.@@2NormalHuman
Show me a bald person that doesn't care about hair loss and I'll show you a morbidly obese person that doesn't care about being fat or a paralyzed person that doesn't care about walking but first we have to find one of these imaginary people. They care. Trust me, they care. @@justinweber4977
MY GRANDPA DIED 15 YEARS AGO, NOBODY GAVE A SHIT
I turned it off at the male pattern baldness. That was a pathetic set up.
Crypto is back in full force. I’m not here to judge anyone but at some point we are 100% going to see a larger Luna and FTX. We continue to see tens of millions hacked weekly and this will soon become billions in the coming months.
At what point does the societal cost of unchecked innovation become too big to bear?
Slow day at the office?
“In addition to being one of the biggest fraudsters of all time, Madoff also suffered from male patter baldness” has to be one of the most awkward ad segue ever.
Evil.
RIP Bernie
Treating your pathetic hair line insecurity has never been easier than with Keeps.
Bernie Bernie Bernie Vote for Bernie Madoff for president of the prisoner gang 🤣
Feeder funds. 🤡
he was a crook
It was easy for a lot of ppl to stay ignorant cuz they were making boatloads of cash. ,
Notification Squaaaaad
You're 17 years to late ....
No english?😮
❤👍👌👏😮😮😮🤩😁😅
😂 this channel is dead
Here first
First
That baldness segue was so suave linus tech tips are envious