Tuesday, January 27, 2009

2007 Madoff Says 'Impossible To Violate Rules'

Bernard Madoff has been charged with perpetrating what might be the largest investment fraud ever committed. Investors may have lost up to $50 billion in the now outed ponzi scheme previously known as Bernard L. Madoff Investment Securities LLC. But in 2007, Madoff made the following comments, which are shocking in retrospect:

Considering the regulators appear to have missed quite a bit when it came to this firm, for Madoff to say that it is impossible to violate the rules is truly astounding! As more information about this case becomes available, it will be interesting to see what exactly went wrong with respect to oversight. For those interested in seeing some of the firm's red flags, Wikipedia has a terrific article detailing the findings to date.

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