Bernie Madoff Working Class Hero?

[tabs]

Bernie didn't do it for the money, power or glory, he had all of that with his legit stock trading business. That legit business made him rich and the President of NASDQ. Bernie started out small and built the best and longest PONZI scheme business ever seen. He did it all one dollar at a time. It was because of this very fact of starting small and working his way up to billions of USD's that enabled him to learn the ropes that greed and hubris are powerful tools and avoid scrutiny because his longevity gave him credibility.

Now one has to come to the rational of why Bernie would do such a thing. It is really simple Bernie is a Jewish boy from the neighborhood. Who growing up could only look on to see the wealthy, privileged....beautiful people of the world. Those people would not give Bernie the time of day nor even acknowledge his existence. Bernie learned early in his career that greed and hubris of the rich make them susceptible to fall for schemes that are just too good to be true. For when you have money you begin to believe that it presents opportunities for profits that mere mortals just are not privy to. They forget that fortunes are built on one dollar at a time and that high flying schemes are fraught with risk comeserate with the rate of return. So Bernie played up their greed and hubris to get them to invest their monies with him. Bernie had the satisfaction of knowing he was putting one over on those wealthy, privileged...beautiful people of the world. He gave them something they will never forget him for, he hit them where it hurts the most, in their pocket book and pride. It is a point of satisfaction for Bernie the Jewish boy from the neighborhood to know that he made fools out of the wealthy and privileged.

[Zeke]

NO one that is that driven by insecurity is any kind of hero. More of a freak.

That's like saying movie stars are working class heroes.

[URY914]

I still don't know how he could do this on his own. He had to have a accountants and lawyers that had to have known something.

[The Gaijin]

Originally Posted by tabs

Bernie didn't do it for the money, power or glory, he had all of that with his legit stock trading business. That legit business made him rich and the President of NASDQ...

Now one has to come to the rational of why Bernie would do such a thing. It is really simple Bernie is a Jewish boy from the neighborhood. Who growing up could only look on to see the wealthy, privileged....beautiful people of the world. Those people would not give Bernie the time of day nor even acknowledge his existence..

He ran an investment house and turned to crime as things took a downturn. A thief. And you are right - his longevity gave him the edge. He was not cold calling his marks from the prison pay phone.

He may have started with a grudge against the "wealthy, privileged..beautiful people.." But most of those he stole from were people just like him, from the same neighborhood. But they made money the old fashioned way - they earned it.

[Mo_Gearhead]

Large article in the last issue of Fortune Magazine ( I already tossed it ) but
if I recall correctly;

Madoff's father was into some kind of stock 'trickery' at some point, he (father) put everything into his wife's (Bernie's mom) name to hide it.

So perhaps, we can chalk it up to bad genes or ...like-father-like-son?

__________________

Quote: "He ran an investment house and turned to crime as things took a downturn"
______________-

Not true. Read the Fortune (well researched) article. Bernie was a
long-time thief!

[pwd72s]

Tabby, you toched on something here...I never really understood the term "hate crime". I mean, why in the hell should the motivation behind the crime matter a whit?

[tabs]

Originally Posted by The Gaijin

He ran an investment house and turned to crime as things took a downturn.

Not quiet he had been doing this since the 1980's...in the begining the people who invested wiith him were working types with little money but as time went on it was the rich and privledeged that put in the bulk of the money. Billions...from Europe, South America, Florida and the North East (CT).

Take a look at Madoffs face as he works his way through the media types..It tell it all...I PUT ONE OVER ON YOU...I got you....

[Mo_Gearhead]

Wish I had kept the magazine now. This is from memory so...

Madoff's 'right-hand-man' (backroom) was a guy that never finished high school. He sometimes accompanied Madoff to meetings with investors, who were baffled at his lack of intelligence. Late in the scam the 'man' was so overwhelmed he begged Bernie ..." no more accounts!"

Employees on the floors that housed the 'legit' firm were not allowed ANY access to the other (backroom) floor.

As technology changed, the 'backroom' kept its old IBM Model 400(?) computer. Bernie was afraid to have anyone see the workings/programs during any 'upgrade'.

He was possessed with the color Black. Even to the point that all push-pins used in all bulletin boards, in all cubicles had to be ...Black. All the window blinds had to be exactly at the same level. All the computer monitors had to be turned at the same angle, on every desk.

..a very interesting read.

[carnutzzz]

Why do people get so disgusted with him when our government does this every day? Do you think it will end differently for the American people whose dollars are funding Social Security?

[The Gaijin]

Originally Posted by tabs

Not quiet he had been doing this since the 1980's.......

That is what I read - I mean given his age, he was working since the 1960s. At some point his investments tanked - but he wanted to keep his clients happy. So he started the scam.

[Mo_Gearhead]

Quote: "...how he could do this on his own."
_____________

He didn't.

At one point his 'legit' business had cash flow problems. His 'backroom' operation had an account in Europe, so ...he transfered several million $ from Europe to the legit business side, to help prop it up. Now his sons (supposedly) ran the legit side, but even they had to question how that money from other Madoff investor's conveniently found its way to them? More shoes to fall, no doubt.

Apparently all the legit employees always wondered what events happened on the 'forbidden' floor? Must have been like an aircraft mfg. ...wondering what was really taking place at the companies 'skunk works'?

Near the end, Madoff even asked his wife for $15 Million from her PERSONAL account (something he had never done). With the market dropping and some investors bailing ...he was desperate by then to keep the charade alive. Too late.


(I think the Fortune article may have been from a forthcoming book on the entire matter.)

[Mo_Gearhead]

Quote: " ...when our government does this every day?"
________________________

The government TAKES our money ...no choice.

People RAN to GIVE money to Madoff.

(greed)