Bernie Madoff Quotes

In a world full of lies, the most dangerous ones are those we tell ourselves.

Anyone else find it funny that Bernie Madoff's last name is a homophone of 'made-off'?

Markopolos

Bernie Madoff had confessed to his two sons that his multibillion-dollar investment firm was a complete fraud. There were no investments, he had told them; there never had been.

When people tell you that this venerable firm or private investor invested X millions of dollars in that entity and that it is a good investment, be skeptical and stay open to the option of running as far as you can in the opposite direction. We have all seen the biggest names on Wall Street along with the largest sovereign wealth funds on the planet make the dumbest investments ever made. Do your due diligence; ask the right questions, and most important, check out the character of the people involved unless you want to end up being prey to another master of the universe à la Bernie Madoff.

The fact that there was something strange going on with Bernie Madoff’s ’s operation was not a secret on Wall Street. As soon as I started asking questions, I discovered that people had been questioning Madoff’s claims for a long time; but even those people who had questioned his strategy had accepted his nonsensical explanations-as long as the returns kept rolling in. The

Leo Koretz, the Bernie Madoff of the Roaring Twenties, operated his swindle for far longer and with more panache than his contemporary, Charles Ponzi. He was a better actor, a more adept liar, a shrewder salesman. He kept his scam alive – and his investors none the wiser – for almost two decades …. In terms of the scale of their frauds, staying power and sheer audacity, Leo Koretz and Bernie Madoff stand apart in the pantheon of pyramid-building swindlers.

The deceptions of Ana Montes and Bernie Madoff, the confusion over Amanda Knox, the plights of Graham Spanier and Emily Doe are all evidence of the underlying problem we have in making sense of people we do not know. Default to truth is a crucially important strategy that occasionally and unavoidably leads us astray. Transparency is a seemingly commonsense assumption that turns out to be an illusion. Both, however, raise the same question: once we accept our shortcomings, what should we do?

November 2, 1984 was an especially tragic day in the Chronic Fatigue Syndrome/AIDS epidemic. That was the day Anthony Fauci became the Director of the National Institutes of Allergy and Infectious Diseases. (NIAID). (Good Intentions p.128) It was the day a thin-skinned, physically ultra-diminutive man with a legendary Napoleonic attitude was positioned by destiny to become the de facto AIDS Czar. In the fog of culpability that constitutes what could be called "Holocaust II" one thing is clear: the buck, on its way to the very top of the government, at least pauses at the megalomaniac desk of Anthony Fauci.

What went wrong was their rejection of basic bedrock principles of investing—that high returns are leg-shackled to high risks; that you should never put all your eggs in one basket; that you should never invest in something you cannot understand. They failed to see that no one should hand all their money over to anyone simply because they trust him, or because someone they admire trusts him.

Madoff was not inhumanly monstrous. He was monstrously human. He was greedy for money and praise, arrogantly sure of his own capacity to pull it off, smugly dismissive of skeptics—just like anyone who mortgaged the house to invest in tech stocks, or tapped the off-limits college fund to gamble on a new business, or put all the retirement savings into a hedge fund they didn’t understand, or cheated a little on the tax return or the expense account or the spouse.

Time and again, people caught Madoff in an obvious lie and gave him the benefit of the doubt. They didn’t do this because he seemed so different from them, but because he seemed so much like them, only better: smarter, more experienced, more confident, more in control. Because he was fundamentally human and seemed to live in the same world they did, they could believe that somehow it would all work out, that they could ignore unpleasant realities without incurring unpleasant consequences.

When trying to understand why people acted in a certain way, you might use a short checklist to guide your probing: their knowledge, beliefs and experience, motivation and competing priorities, and their constraints. •​Knowledge. Did the person know something, some fact, that others didn’t? Or was the person missing some knowledge you would take for granted? Devorah was puzzled by the elderly gentleman’s resistance until she discovered that he didn’t know how many books could be stored on an e-book reader. Mitchell knew that his client wasn’t attuned to narcissistic personality disorders and was therefore at a loss to explain her cousin’s actions. Walter Reed’s colleagues relied on the information that mosquitoes needed a two- to three-week incubation period before they could infect people with yellow fever. •​Beliefs and experience. Can you explain the behavior in terms of the person’s beliefs or perceptual skills or the patterns the person used, or judgments of typicality? These are kinds of tacit knowledge—knowledge that hasn’t been reduced to instructions or facts. Mike Riley relied on the patterns he’d seen and his sense of the typical first appearance of a radar blip, so he noticed the anomalous blip that first appeared far off the coastline. Harry Markopolos looked at the trends of Bernie Madoff’s trades and knew they were highly atypical. •​Motivation and competing priorities. Cheryl Cain used our greed for chocolate kisses to get us to fill in our time cards. Dennis wanted the page job more than he needed to prove he was right. My Procter & Gamble sponsors weren’t aware of the way the homemakers juggled the needs for saving money with their concern for keeping their clothes clean and their families happy. •​Constraints. Daniel Boone knew how to ambush the kidnappers because he knew where they would have to cross the river. He knew the constraints they were operating under. Ginger expected the compliance officer to release her from the noncompete clause she’d signed because his company would never release a client list to an outsider.

The German losses are still being toted up, but at last count they stand at $21 billion in the Icelandic banks, $100 billion in Irish banks, $60 billion in various U.S. subprime-backed bonds, and some yet to be determined amount in Greek bonds. The only financial disaster in the last decade German bankers appear to have missed was investing with Bernie Madoff

twenty-to-sixty-four-year-olds) will rise from 28 percent to 58 percent—and that is assuming that the EU lets in more than a million young immigrants a year.9 Across the Atlantic, America continues to tax itself like a small-government country and spend like a big-government one while hiding its true liabilities by using tactics that would have made Bernie Madoff blush. With the baby boomers aging, the Congressional Budget Office reckons the bill for medical benefits alone will rise by 60 percent over the next decade—its deficit may be manageable now, but the United States faces a choice: Rein in those entitlements, raise taxes to extraordinary levels, or stagger from crisis to crisis. Every

willingness of the scientists to abandon the traditional rules of evidence known as Koch’s postulates. Instead, AIDS researchers, including the ones at the amfAR forum, were willing to “revise Koch’s in a more permissive direction: it would no longer be necessary to find the microbe in all cases of the disease. Mere correlations between microbial antibodies and the progression of the disease would be sufficient. HIV could be proved ‘epidemiologically’ to be the cause of AIDS.” (PBP p.145)

Haseltine was angry and flustered by the charge and had to ask Dr. Robert Redfield, an AIDS researcher from the military, how the slide was prepared. At the forum Redfield said, “different measurements were used,” but later that night at a post-forum party, according to Lauritsen’s report, Redfield told Duesberg and other people at the gathering that “the graph

Science had been supplanted by totalitarian petulance.

He laid out the draconian media policy that he would maintain for the nearly thirty years he ran the totalitarian HIV/AIDS empire in a brief piece he wrote for the AAAS Observer on September 1, 1989.

When new retroviruses were found in Chronic Fatigue Syndrome patients by scientists Elaine DeFreitas and Judy Mikovits, the work was not discredited just because the retroviruses would show that CFS is real. The truth is that it was undermined because the work

Even powerful politicians, like New York Senator Chuck Schumer (much more later on this) were not enough to protect Mr. Madoff when the news about his fraud became a “national event.” Although Bernie contributed money to the New York Congressmen and Senators, he made relatively few contributions (payoffs) to national

When railway companies faltered in the late 1840s, struggling to return 10 per cent on investments, many began to fiddle their books. For example, they treated costs as capital investments rather than as expenses, thereby inflating their profits; and used fresh investments instead of profits to pay out dividends (a strategy now known as a Ponzi scheme, made infamous most recently by Bernie Madoff in 2009).

his five-decade dictatorial control of the FBI to transform the agency into a vehicle for shielding organized crime, fortifying his corrupt political partners, oppressing Black Americans, surveilling his political enemies, suppressing free speech and dissent, and as a platform for building a cult of personality around his own inflated ego. More recently, Dr. Fauci’s perennial biographer, Charles Ortleb, analogized Dr. Fauci’s career and pathological mendacity to the sociopathic con men Bernie Madoff and Charles Ponzi.37 Another critic, author J. B. Handley, labeled Dr. Fauci “a snake oil salesman” and a “bigger medical charlatan than Rasputin.”38 Economist and author Peter Navarro, former Director of Trade and Manufacturing Policy, observed during a national network television interview in April 2021 that “Fauci is a sociopath and a liar.”39 His white lab coat, his official title, and his groaning bookshelves crowded with awards from his medical cartel collaborators allow Dr. Fauci to masquerade as a neutral, disinterested scientist and selfless public servant driven by a relentless commitment to public health. But Dr. Fauci doesn’t really do public health. By every metric, his fifty-year regime has been a catastrophe for American health. But as a businessman, his success has been boundless. In 2010, Dr. Fauci told adoring New Yorker writer Michael Specter that his go-to political playbook is Mario Puzo’s novel The Godfather.40 He spontaneously recited his favorite line from Puzo’s epic: “It’s nothing personal, it’s strictly business.

Trick #1 for Farming Humans is the ability to invisibly commit crime. Chapter 1, Page 9, Ring of Gyges Trick #2 for Farming Humans is to allow professionals to create rigged systems or self serving social constructs. Chapter 4, page 28 (Lawyers who serve corporate interests are often incentivized to assist in harming the society to increase their own security. SEC, Bernie Madoff, Corporations as invisible friends, Money laundering assistance) Trick #3 in Farming Humans is making it legal for insider manipulation of public markets for private gain. (Boeing CEO) page 32 Trick #4 for Farming Humans is Justice prefers to look only down…rarely up towards power. Chapter 5, page 33. Trick #5 for Farming Humans is “let us create the nation’s money”. What could go wrong? Found in Chapter 7 on page 38. Trick # 6 in the game of Farming Humans, to create something which gives a few men an elevated status above the rest. Southern Pacific Railroad taxes, to Pacific Gas and Electric deadly California fires, to Boeing aircraft casualties. Paper “persons” cannot be arrested or jailed. Trick #7 for Farming Humans is a private game of money creation which secretly “borrowed” on the credit backing of the public. Chapter 9, page 51. Federal Reserve. Trick #8 for Farming Humans is seen in the removal of the gold backing of US dollars for global trading partners, a second default of the promises behind the dollar. (1971) Chapter 15, page 81 Trick #9 for Farming Humans is being able to sell out the public trust, over and over again. Supreme Court rules that money equals speech. Chapter 16, page 91. Trick #10 for Farming Humans is Clinton repeals Glass Steagall, letting banks gamble America into yet another financial collapse. Chapter 17, page 93. Trick #11 for Farming Humans is when money is allowed to buy politics. Citizens United, super PAC’s can spend unlimited money during campaigns. Chapter 18, page 97. Trick #12 for Farming Humans is the Derivative Revolution. Making it up with lawyers and papers in a continual game of “lets pretend”. Chapter 19, page 105. Trick #13 for Farming Humans is allowing dis-information to infect society. Chapter 20, page 109. Trick #14 for Farming Humans is substitution of an “advisor”, for what investors think is an “adviser”. Confused yet? The clever “vowel movement” adds billions in profits, while farming investors. Trick #15 for Farming Humans is when privately-hired rental-cops are allowed to lawfully regulate an industry, the public gets abused. Investments, SEC, FDA, FAA etc. Chapter 15, page 122 Trick #16 for Farming Humans is the layer of industry “self regulators”, your second army of people paid to “gaslight” the public into thinking they are protected.

A Slowlane guru preaches that a $10,000 investment grown at 15% will be worth over $2.5 million dollars in 40 years!!! Hooray!!! What don’t they tell you? They don’t tell you that a 15% return year-after-year is impossible unless you invest with Bernie Madoff or Charles Ponzi. They don’t tell you that in 40 years you’ll be dead, and if you’re not, you’ll be close. They don’t tell you that in 40 years, your $2.5 million will likely be worth $250,000 in today’s dollars and that a pack of gum will cost $6.00. They don’t tell you that this method of wealth acceleration is NOT what they use. They don’t tell you plenty, and yet you’re supposed to believe it without question.

Although employers aren’t trying to entice employees to quit, their goal is similar in arriving at a compensation package to get the prospect to accept the offer and stay in the job. They must balance offering attractive pay and benefits with going too far and impairing their ability to make a profit. Employers also want employees to be loyal, and work long, productive hours, and maintain morale. An employer might or might not offer on-premises child care. That could encourage someone to work more hours . . . or scare off a prospective employee because it implies they may be expected to sacrifice aspects of their non-work lives. Offering paid vacation leave makes a job more attractive but, unlike offering free dining and exercise facilities, encourages them to spend time away from work. Hiring an employee, like offering a bet, is not a riskless choice. Betting on hiring the wrong person can have a huge cost (as the CEO who fired his president can attest). Recruitment costs can be substantial, and every job offer has an associated opportunity cost. This is the only person you can offer this opportunity. You might have dodged the cost of hiring Bernie Madoff, but you might have lost the benefit of hiring Bill Gates.

Bernie Madoff’s firm did not use an independent custodian. Enough said. 4. Are your clients similar to me? If your adviser’s typical client is worth $1 million or more, and you aren’t rich, think twice. Your adviser may lean toward advice more suited to his or her richest clients. 5. What services do you provide? If the adviser’s primary service is investment advice, and you want a complete financial plan, this adviser is unlikely to be a good match. 6. Do you act in a fiduciary capacity toward your clients? Leave fast if the adviser doesn’t say yes.

Criminals are the handful of Americans who have made a conscious decision that preying on other people will be their profession, their way of life. No, they don’t want a job. They don’t want to start a legitimate business. They have decided to abuse other people to get rich. I’m talking about everybody from serious drug traffickers and professional robbers to people like Bernie Madoff, who stole billions from hardworking Americans in a Ponzi scheme, to the people who ripped off billions in taxpayer money from Paycheck Protection Plan loans during the pandemic.

This part of the Obama formula is the most troubling, and least thought out. This judgment emerges from my own biography. I am the product of black parents who encouraged me to read, of black teachers who felt my work ethic did not match my potential, of black college professors who taught me intellectual rigor. And they did this in a world that every day insulted their humanity. It was not so much that the black layabouts and deadbeats Obama invoked in his speeches were unrecognizable. I had seen those people too. But I’d also seen the same among white people. If black men were overrepresented among drug dealers and absentee dads of the world, it was directly related to their being underrepresented among the Bernie Madoffs and Kenneth Lays of the world. Power was what mattered, and what characterized the differences between black and white America was not a difference in work ethic, but a system engineered to place one on top of the other.

Madoff received so many death threats that he started wearing a bulletproof vest to his court appearances. Protestors sometimes gathered outside his apartment building, including an angry Wall Street trader who arrived on January 14 with a huge sign reading, “Bernie, it’s not too late to do the right thing: JUMP!

The youthful SEC staffers were so dazzled to be at Madoff headquarters that they occasionally inquired about job openings at the company. “They would say, ‘Can we get jobs—can we give you our résumés?’” Solomon said. “We’d say, ‘Send them through to our offices.’ A couple of them dropped résumés off.” The secretary was appalled. “No wonder they never found anything,” she said.

René-Thierry Magon de la Villehuchet,

Imagine how many instances of crime could be averted, how many Bernie Madoff’s could be thwarted if we simply listened to that still, small voice speaking to us softly saying “something isn’t right.

They had encountered fraud cases, even Ponzi schemes, before. But they had never faced anything on this scale. The tally of customer losses was staggering, and the victims were spread around the globe.

At his initial hearing before Judge Douglas Eaton the previous Thursday, Madoff’s lawyers had agreed with prosecutors on a recognizance bond of $10 million, to be cosigned by four “financially responsible people.” Now, nearly a week later, Madoff could not get four people to sign a surety bond to secure his bail; only his wife and brother were willing. His sons would not consider it. Even if they had not been silenced by their fury and grief, their lawyer would not let them speak to their parents, determined to protect them from any suspicion that they might be colluding with their father after the fact.

DiPascali, a small terrier-like man with the unpolished speech of his native Queens, came through for Madoff. Using self-taught computer skills and the historical stock and options prices available to any brokerage firm, he created a convincing paper trail covering several years of complex trading activity that almost certainly had never occurred.

The one thing he has no intention of doing, however, is investing the $10 million check so that it can generate money to cover hardworking union members’ pensions in the years to come. He pours it into the river of cash that nourishes his fraud and benefits his family, as he has done so many times before.

Judge Chin found no mitigating factors. “In a white-collar fraud case such as this, I would expect to see letters from family and friends and colleagues. But not a single letter has been submitted attesting to Mr. Madoff’s good deeds or good character or civic or charitable activities. The absence of such support is telling.” Given Madoff’s age, Judge Chin acknowledged that any sentence above twenty years was effectively a life sentence.

Then came Black Monday, October 19, 1987, when the bottom simply fell out. A record-cracking 600 million shares were traded on the Big Board that day, as the Dow Jones Industrial Average plummeted 508 points—a 22.6 percent fall, more than twice the damage inflicted on the worst day of the historic 1929 crash. The S&P 500 dropped almost as far, just as fast.

On “matched” senders, the seasoned interrogators were perfect. You or I would probably come in at 70 or 75 percent on that set of tapes. But everyone in Levine’s group of highly experienced experts got every matched sender right. On mismatched senders, however, their performance was abysmal: they got 20 percent right. And on the subcategory of sincere-acting liars, they came in at 14 percent—a score so low that it ought to give chills to anyone who ever gets hauled into an interrogation room with an FBI agent. When they are confronted with Blushing Sally—the easy case—they are flawless. But when it comes to the Amanda Knoxes and Bernie Madoffs of the world, they are hapless.