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Madoff: "It Is Virtually Impossible To Violate Rules"

Bernard Madoff may be accused of running a "$50 billion ponzi scheme", but he certainly professed to have a high regard for the system of regulation that he allegedly beat for so long.

At a roundtable discussion on "the future of Wall Street" held last year, he noted at one point:

In today's regulatory environment it is virtually impossible to violate rules ... It's impossible for a violation to go undetected, certainly not for a considerable period of time.

He also said, later in the same discussion, that by using computers instead of humans, he had helped his firm to avoid violating the law. Although, he added, laughing, "I guess you could also program your computer to violate regulation, we haven't got there yet."

Watch the video:


5 Comments

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I recommend one re-reads David Mamet's "The voysey Inheritance". It will explain why beneficiaries of Madoff's corruption were reticent.

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Does he say $1T/year trades, and 300,000 trades per day?

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Now THAT is a rock-solid recommendation, "The Voysey Inheritance." Perfect. A chapeau to you, sir!

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Look at the people behind and next to him. All their gestures indicate shame.

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He got away with it because investors were greedy and people in power who knew about him let him get away with it! The typical con man who was good at his craft. Why isn't his effigy burned on light posts throughout the country? Where is the outrage!

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