Madoff on the banks and his Ponzi scheme: ‘they had to know’

He’s obviously a very good liar, but on this subject, he sounds very believable. What is unbelievable is that the GOP wants to reduce the SEC oversight during these times. To them, it’s as if the Wall Street crisis never happened. Patrolling Wall Street is difficult enough when there are surely others like Madoff looking for a new scam, so ignoring that possibility is foolish, not to mention dangerous.

In many ways, however, Mr. Madoff seemed unchanged. He spoke with great intensity and fluency about his dealings with various banks and hedge funds, pointing to their “willful blindness” and their failure to examine discrepancies between his regulatory filings and other information available to them.

“They had to know,” Mr. Madoff said. “But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.’ ”


An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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