"Mr Madoff also blamed institutional clients for failing to ask the right questions and regulators for failing to spot the fraud"So, it's not really HIS fault that investors were defrauded. They have themselves to blame... The man is total nuts.
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A collection of information and opinions on the economy, alernative investments and investment banking as seen by a long-time foreign resident in Tokyo
Mar 1, 2011
Madoff really is mad. And off
One passage in this article (Madoff claims Ponzi scheme’s roots legal) in FT sent me laughing out loud:
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1 comments:
actually he is not far from being right.
It's like the Furikome fraud, so widely spread here, in Japan. The point is that nobody forces the innocent people to send their money without even trying to confirm to whom they are sending it.
And so in the Madoff case: he didn't pursue the clients to bring their money. Clients probably loved the idea that there was a place where they could make much more money regardless the market conditions. And they couldn't be bothered to think whether it's possible or not after all.
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