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Monday, 24 February 18:06 (GMT -05:00)

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Confession of Bernard Madoff: what did the USA’s major swindler say to shock the entire financial world?

Bernard Madoff


The greatest financial swindler of modern times Bernard Madoff gave New York Magazine another phone interview from his comfortable prison cell in North Carolina. The world media instantly spread around numerous quotes about the US government and their efforts to curb the crisis phenomena in the country.
According to the media, Bernard Madoff called the US government a financial pyramid while the efforts of Washington and the Federal Reserves were called ridiculous. The decisions made by the SEC are terrible while the new US regulatory reform is an anecdote.
Of course, the US authorities have given no comments on the matter so far. And they are not going to do it. So, only time will prove or disprove his worlds.
Previously Madoff reiterated that he wouldn’t have built his financial pyramid but for the help of top-level financial officials.
What did Madoff reveal to the world community to shock it?


In another interview given to The New York Times, Bernard Madoff noted that without the loyalty of numerous banks and hedge funds (i.e. their complicity) he wouldn’t have been able to carry out his fraud for 20 years.
According to him, the bankers preferred to ignore the obvious falsity of the data he provided and avoided asking compromising questions. Even when Madoff’s transactions were obviously unlawful, the bankers suddenly “turned temporarily blind”.
Analysts for the US Association of Trader and Investors under Masterforex-V Academy note that Madoff’s statements cannot be called unsubstantiated as there are some facts confirming it:
During Madoff’s trial the prosecutors voiced some internal documents of JPMorgan Chase, 2nd biggest US bank. According to these documents 18 months before Madoff’s arrest the bank’s management started suspecting him of fraud.
Irving Picard, appointed trustee of assets seized by the court from Bernard Madoff, last year made a claim of $6.4B against JPMorgan Chase as an accomplice.
Irving Picard also filed a claim of $2B against the biggest Swiss bank UBS for the same reason. According to Picard, UBS and its “daughters” earned over $80B from cooperating with Madoff’s financial pyramid.
Among the deceived investors are not only famous politicians, actors and sportsmen, but also big-scale financial tycoons and the world’s biggest banks like HSBC, Royal Bank of Scotland, BNP Paribas, Credit Agricole, Societe Generale, UniCredit, Nomura, Natixis and many others.
Without any doubt, Bernard Madoff is a financial genius. But how did one person manage to deceive the entire global financial system for 20years?!
Money was Madoff’s major fraud tool.
In the late 1980s Bernard Madoff, the founder (and the former head) of Nasdaq, started attracting the funds of wealthy companies and individuals to his own investment fund called Bernard L Madoff Investment Securities. The main bait for the trusty investors was extremely high yield – up to 46% per annum.
As in any classic financial pyramid the dividends were paid at the expense of new investors. By the time Madoff was arrested (December 2009). According to the official statistics, 4.800 accounts of the company’s investors contained $64.8B. However, in reality the trustee managed to find only $1B.
Madoff completely admitted his guilt. He agreed that he had purposefully deceived his investors. Madoff was sentenced to 150 Years in Prison and was ordered to forfeit over $170 billion. His property was sold to cover the debt. However the former investors got only the leavings.
Shortly after Madoff got into prison, his term was reduced by 20 years. The swindler confessed to his co-prisoners that before the arrest he gave $8B to the trustees and never pitied the victims of his fraud. Many people in the US believe that in a couple of years Bernard Madoff will get a ticket of leave for good behavior.

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Text: Alexander Dynnichenko
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