Bernie Madoff caught on tape in 2005

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Bernie Madoff caught on tape in 2005

Edward Harrison | 10 September 2009 13:47

Bernie Madoff, the man who orchestrated the biggest Ponzi scheme in history, is heard on tape in 2005 talking to executives at Fairfield Greenwich about how to get around the SEC. Ron Geffner, a former SEC enforcement attorney, discusses the tape with CNBC’s Scott Cohn.

Self-regulation in action. Note that this tape was uncovered due to a subpoena by the State of Massachusetts, not by the SEC.

Question: How did Fairfield Greenwich escape with an $8 million settlement?

(Embedded video below)

About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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1 Comment

doctorx says:

11 September 2009 at 04:16

1. Great question. I suspect corruption at the SEC (can’t provide evidence, of course). What happened to the billions of dollars that are missing?

2. Of course, re your comment regarding the largest Ponzi scheme in history, presumably you are excluding such governmental Ponzi schemes such as Social Security.