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re: Did Madoff's wife and kids know about the scheme
Posted on 1/16/23 at 3:04 pm to SoonerK
Posted on 1/16/23 at 3:04 pm to SoonerK
quote:
For almost the entirety of the fraud (decades), Madoff never traded a single security. It was 100% a Ponzi scheme that only imploded because of the 2008 market crash where he could no longer cover his withdrawal requests.
"Almost the entirety" is debatable. People were giving him money to invest from at least the early 1970s until 2009. Bernie says he gave up on actually trading with this money in the early 1990s.
In any case, I never said what Madoff did wasn't a Ponzi scheme. Of course it was. I do think the popular understanding of what he actually did is a little bit off. Seems to me he was a big talker and shite just snowballed on him.
1
Posted on 1/16/23 at 3:13 pm to USMEagles
quote:
Bernie says he gave up on actually trading with this money in the early 1990s.
He should have started a Real Estate Investment Trust with all that money. He could have rode that wave from the 1990s to 2008. At least when the financial crisis hits in 2008 he could have walked away clean albeit with a lot of losses. Heck, he may even qualified for a bailout.
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