Reply #101: A year ago Madoff gave a lecture on regs saying "It's virtually impossible to violate rules"

[Robbien]

At a conference in October of 2007, Bernard Madoff discusses regulation and algorithmic trading where he ironically states, "It's virtually impossible to violate rules in today's regulatory environment." Here is an excerpt from the interview where he talks about the Chinese walls—separating proprietary trading from trading for investors—that are carefully enforced. He also talks about how the general public thinks everyone is violating rules, but he contends the infractions are very small compared to the volumes of trades the market. This was well before it was uncovered that his firm, Bernard Madoff Investment Securities, was charged with fraud for creating a giant Ponzi scheme that allegedly lost $50 billion in investors' money.

http://www.advancedtrading.com/regulations/showArticle....

There is a video of Madoff's lecture at the link.