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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (33584)	2/21/2009 1:11:11 PM
From: Spekulatius	Read Replies (1) of 78752

OT re Madoff - I am sure that some folks (employees) helped with the fraud. others did not help but did probably know about it. I am not sure about the traders. Besides his Ponzi investment operation he did run a legit(?) market making operation and the traders were probably working in the latter. Even though , those traders must have known about the investment operation and may have wondered why Madoff never did any trades for his clients? My guess is that most of the folks working there knew something was wrong (also not the extend of the fraught) but were paid to not ask any questions. Other folks must have helped him to keep the fake books, sent out fake statement to clients etc. there must have been a fake accounting system, customer service, computer programs calculating the fakes returns for clients etc. etc. It was an "industrial size" fraud operation -he cannot possibly done it all by himself.

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