The Madoff Tapes

http://nymag.com/news/features/berniemadoff-2011-3/ ^

[CutePuppy]

Excerpt from Madoff to NY Magazine: Government a Ponzi Scheme - AP, by Larry Neumeister, 2011 February 27

Wall Street swindler Bernard Madoff said in a magazine interview published Sunday that new regulatory reform enacted after the recent national financial crisis is laughable and that the federal government is a Ponzi scheme. "The whole new regulatory reform is a joke," Madoff said during a telephone interview with New York magazine in which he discussed his disdain for the financial industry and for its regulators. ..... < snip >

..... He said in the New York magazine interview the Securities and Exchange Commission "looks terrible in this thing," and he said the "whole government is a Ponzi scheme."

A Ponzi, or pyramid, scheme is a scam in which people are persuaded to invest through promises of unusually high returns, with early investors paid their returns out of money put in by later investors. ..... < snip >

It takes a thief... It takes one to know one...

This con man knows whereof he speaks - he is not the biggest pyramid scheme artist in the history of the United States...

[CutePuppy]

And, he continues to use the “everyone else was doing it” defense.

Worse than that, he is blaming everyone else for their "greed" and for "not figuring out and stopping his scheme."

Excerpt from - NYP, by Josh Kosman, 2011 February 28

Convicted Ponzi king Bernie Madoff persuaded his son Andrew not to leave his securities firm in 2005, although he himself desperately wanted to escape what had become a massive scheme, according to a new report. ..... < snip>

..... Madoff said his epic $65 billion Ponzi scheme started in "earnest" in the early 1990s by borrowing from his investors' capital to maintain high returns, and blames his largest clients for not figuring it out.

"The chairman of Banco Santander came down to see me, the chairman of Credit Suisse came down, chairman of UBS came down. I wouldn't give them any facts, like how much volume I was doing. I was not willing to have them come up and do the due diligence they wanted. I absolutely refused to do it. I said, 'You don't like it, take your money out,' which, of course, they never did."

He further casted blame onto the victims by saying "everyone was greedy." ..... < snip >

A real soul-searching sweetheart...

[CutePuppy]

LInk to article - Madoff: Son tried to get out - NYP, by Josh Kosman, 2011 February 28