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I find it completely unbelievable at this point that one man could execute a fraud on this scale for some 15 years or more. Just producing the paperwork that w
by patrickg-zill 18y ago
I find it completely unbelievable at this point that one man could execute a fraud on this scale for some 15 years or more.
Just producing the paperwork that was sent to each investor on a monthly basis would be more than a full time job. Add to that the lengthy SEC filings, etc.
And he was not working full time - he spent a lot of time schmoozing either in NYC or Palm Beach.
- defen 18y agoI know someone who works for a ~1 billion dollar fund, and he says that mailing out (legit) quarterly reports on time is a 10-person job. So there's no way Madoff falsified a 65-billion dollar fund by himself.
- tlb 18y agoSending out legit reports must take manpower to collect all the data. But fake reports might be easy to generate semi-automatically. I'm sure you're right, though: a lot of people must have been in on it, and he's covering for them.
- jhancock 18y agoyep...another reason against "secret" banking. Privacy is good, but should be limited to within the bounds of non-criminal behavior. In his "confession" he talks about the vast amounts of money sitting in Chase Manhattan Bank. Noone can park billions in a bank without the bank CEO knowing about it and closely monitoring what the depositor is doing (or not doing).