Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

First Madoff Interview: Can't Believe I Got Away with It

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
 
sabra Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-29-09 10:41 AM
Original message
First Madoff Interview: Can't Believe I Got Away with It
Source: ABC News

Bernie Opens Up in Prison to Talk With Lawyers Suing His Family

In his first prison interview, a buff-looking Bernie Madoff said he couldn't believe he got away with his massive Ponzi scheme for so long.

"There were several times that I met with the SEC and thought 'they got me,'" Madoff told Joseph Cotchett, a San Francisco lawyer threatening to sue his wife, sons and brother on behalf of a group of victims.

Cotchett said he and his partner, Nancy Fineman, met with Madoff for four and a half hours Tuesday afternoon at the federal prison in Butner, NC, where Madoff is serving his 150-year sentence.

"He looked pretty good and seems to be working out," said Cotchett. "He looked a lot better than he has in some months since I've seen photographs of him."

Cotchett said Madoff was "very articulate, very direct" and did not appear to hold back anything. "He talked about how he pulled it off, how many years he got away with it," the lawyer said.

"I was surprised at how candid he was," Cotchett told ABCNews.com after the session, the first time Madoff has talked with outside lawyers. Madoff refused to cooperate with the FBI after his initial, largely untruthful confession last December.



Read more: http://abcnews.go.com/Blotter/Madoff/story?id=8195963&p...
Printer Friendly | Permalink |  | Top
Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-29-09 10:48 AM
Response to Original message
1. The SEC had the whole thing dumped into their laps
and refused to do anything about it. Holder needs to get Cox's butt into a witness chair and find out why.

My guess is that the SEC was ordered to file paperwork and that's it. They were defanged and declawed during the miserable previous administration and rendered utterly useless except when investigating municipal funds.

We just need to know where the orders were coming from. Too many people and organizations were hurt, especially in the last few years of the scam when feeder funds were pouring money into it.

Cox has some serious explaining to do, the sooner the better.
Printer Friendly | Permalink |  | Top
 
high density Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-29-09 11:12 AM
Response to Reply #1
2. It makes me wonder...
...what else the SEC has been ignoring for the past decade.
Printer Friendly | Permalink |  | Top
 
martinknight Donating Member (2 posts) Send PM | Profile | Ignore Wed Jul-29-09 11:21 AM
Response to Reply #1
3. Cox Was Incompetent
Besides completely missing Maddoff, Cox was supposed to regulate the investment banks. We all know how that turned out...
Then there were those short selling rules Cox thought were unimportant...

maui oceanfront condo
Printer Friendly | Permalink |  | Top
 
24601 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-29-09 06:13 PM
Response to Reply #3
4. Cox was Chairman only 3 1/2 years. Arthur Levitt was Chairman
July 1993 until February 2001 - during the plurality of Madoff's scam.

More importantly, Levitt was in charge when Financial analyst and whistleblower Harry Markopolos complained to the SEC's Boston office in May 1999, telling the SEC staff they should investigate Madoff because it was impossible to legally make the profits Madoff claimed using the investment strategies that he claimed to use.

http://en.wikipedia.org/wiki/U.S._Securities_and_Exchan...
Printer Friendly | Permalink |  | Top
 
rollingrock Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-29-09 06:25 PM
Response to Original message
5. The Wall Street banks got away with it too
but instead of being punished for running a massive real estate Ponzi scheme for the last 10-15 years, the banksters are rewarded with massive amounts of bailouts, compliments of the US taxpayer. Who says crime doesn't pay?
Printer Friendly | Permalink |  | Top
 
Amonester Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-29-09 09:10 PM
Response to Reply #5
6. Maybe ALL bankers threatened to pull the plugs on ALL ATMs
at once? :shrug:

(Including their '$$$$$$$$$$ecret' ATMs For ALL Congress critters too, of course.)
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Thu Aug 28th 2014, 01:32 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC