Madoff's math never made sense, his performance charts were clearly deceiving, and his return stream never resembled any known financial instrument or strategy... to believe in Madoff was to believe in the impossible. The biggest, most glaring tip-off that this had to be a fraud was that Madoff only reported three down months out of 87 months whereas the S&P 500 was down 28 months during that time period. No money manager is only down 3.4% of the time. That would be equivalent to a major league baseball player batting .966, and no one suspecting that this player was cheating.
~ Harry Markopolis testimony to Congress, Bloomberg, February 4, 2009
Showing posts with label people - Madoff; Bernard. Show all posts
Showing posts with label people - Madoff; Bernard. Show all posts
Feb 5, 2009
Jan 19, 2009
Bernard Madoff on financial safeguards
In today's regulatory environment, it's virtually impossible to violate rules.
~ Bernard Madoff, money manager, October 20, 2007
(About a year later, Madoff—who once headed the Nasdaq Stock Market—told investigators he had cost his investors $50 billion in an alleged Ponzi scheme.)
~ Bernard Madoff, money manager, October 20, 2007
(About a year later, Madoff—who once headed the Nasdaq Stock Market—told investigators he had cost his investors $50 billion in an alleged Ponzi scheme.)
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