Tuesday, December 16, 2008

Bernie Madoff

A Houstonian loses big.
In 1999, Greenberg returned to work as a stock broker and received special permission to stay with Madoff even though the firm usually forbade its brokers from having outside accounts. But when the firm contacted Madoff to ask for documents related to Greenberg's account, with the aim of preventing conflicts of interest, Madoff called Greenberg, she recalled. He was angry and told her she must resign because he would not manage accounts for other brokers. She refused; he terminated her account.

After retiring, Greenberg said she did "something stupid" and reinvested her money with Madoff. In hindsight, his insistence on secrecy should have raised red flags, she said.
Ya think? And didn't Bernie's investment returns seem more than a bit suspicious? So sorry you lost your money.

2 comments:

tesla said...

You really need to take a step back to digest how large a fraud this is. It's Enron scale.

It is interesting how so many "sophisticated" investors got royally hosed on this.

Madoff's error: he was supposed to have jetted off to his private fortress island with his pile of gold as his empire of fraud was crashing.

Anonymous said...

Hey, 16% a year with no risk, and even %10 returns in this market.

Why would anyone be suspicious?

Actually, the question is why would anyone be confident?