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Why We Should Not Believe Bernie Madoff!

According to the Yahoo article “Madoff to NY newspaper: Banks ‘complicit’ in fraud”, Bernie claims that the Banks were complicit to what Bernie was doing.

First, why should we believe Bernie?  He’s proven himself to be not trustworthy (and that’s being nice)!  He ripped off thousand of investors that thought he was legit.

Perhaps he thinks that he can testify against the banks in some way and that somehow the banks really made him create his Ponzi scheme, maybe he thinks he can even get a reduced sentence?  Perhaps he believe that he can redirect the blame or cause as much damage to society as possible by stripping away the confidence in the banking system?  Who knows…

Here’s a guy that had an incredible history with the financial system.  Shoot, he was chairman of the NASDAQ stock market!  Why would you think that he had a ponzi scheme going on, if I were a bank employee, I would think that he’s legit too.  Perhaps this is why the government didn’t investigate this man either!

I don’t think the bank executives are naive enough to get involved in a Ponzi scheme, and for Madoff to say, that the banks were aware of what was going I’m sure is inaccurate.  What bank executive/employee, in their right mind would help fuel a Ponzi scheme if they knew about it.

I think he’s a man that’s beat and will spend the rest of his life in prison.  So why not try and mess with business/people.  I’m just disappointed in the journalist that picked up this story like it’s real news…  come, this guy has no credibility whatsoever!

I know that a lot of boomers move a lot of their money into high yield savings account like the American Express Savings account after Bernie stole the money from so many other boomers.

Please, please don’t believe anything Bernie Madoff says!  And shame on the media for picking this story up and acting like it’s legit!

-MR

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19 Responses to Why We Should Not Believe Bernie Madoff!

  1. I agree.

    Some banks (and others) may or may not have known or had grounds for suspicion, but there’s no way I would take Madoff’s word for it. For all we know he’s trying to divert attention from family and friends (who may or may not have participated or known about his fraud).

    And I certainly wouldn’t stroke his ego by interviewing him and publishing such a story.

  2. Part of the problem with Bernie was everyone was a sleep at the wheel. The SEC, banks, and some pretty sophisticated investors and money managers. It makes you think you can not rely on anybody!

    • I think even if they did think that his performance was too good to be true, that they knew that he had such a strong reputation that they wouldn’t dare question him.

      I have to admit, I can’t believe that he did what he did considering his prestigious history with the financial markets…

    • I’m more disappointed with the media treating his comments like they have some validity.

      I mean, do they really think we would believe him? Why would they believe him?

      It’s almost an insult to the average joe out there!

  3. […] Why We Should Not Believe Bernie Madoff A personal favorite of mine because it takes a punch at Bernie Madoff, a man who still believes he is the master of IB. […]

  4. Well I donno… he lately said that the banks had to know.. and I have to believe him that his main banker had to know too. It’s impossible not to know what that much money at stake no?