Investment manager Bernard Madoff was in a bathrobe when two FBI agents arrived at his door unannounced at 8:30 a.m. on Dec. 11.
He invited them in, then confessed after being asked “if there’s an innocent explanation,” the complaint said.
And Madoff said: “There is no innocent explanation.”
He was one of the “most sophisticated investors” on Wall Street.
Another “Master of the Universe” who at the end of the day was just a buffoon.
Madoff’s scheme shows how poor our media’s financial coverage is.
Watchdog journalism is needed here more than ever.
I laughed at what the FT reported this weekend:
“It was a measure of Mr. Madoff’s appeal that when news of his arrest hit well-heeled Palm Beach, Florida, one of his investors – a retiree from New York who had put $20m in Mr. Madoff’s hands – sought treatment from his cardiologist rather than advice from a financial professional, according to one of his relatives.”
FT reports today that Banco Santander could have lost €2.33 billion.
Just try opening a savings account at any branch of what is considered to be the best Spanish bank.
You will be presented with dozens and dozens of forms to sign, with hundreds of provisions, exceptions and conditions.
It seems, though, that they only make people like you and me go through this, and that they go quite informally with all these (poor) rich people!
Yes, a very smart bank.
Run by buffoons, too.
So, let’s see if we can find out the names of all these smart, sophisticated investors around the world.