The Pre-Publication Story Of Bernard Madoff
Posted by Timothy Sykes on Sun 21st of Dec, 2008 02:30:59 PM
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When I see a monster articlelike THIS one from the NYTimes, I know the writers did it not only because its the top story–no, they want book deals.
Within the next 2-3 years–the publishing industry is slow, see Leveraged Sellout’s laughable bomb of a book–there’ll be several books with unclever titles like “The Made-Off King” on the topic and we’ll know everything there is to know about Bernie…for now, listen to PK and enjoy this mammoth article with passages like this that’ll wet your taste buds:
In the mid-1970s, he had spent over $250,000 to upgrade the computer equipment at the Cincinnati Stock Exchange, where he began offering to buy and sell stocks that were listed on the Big Board. The exchange, in effect, was transformed into the first all-electronic computerized stock exchange.
“He was one of the early innovators,” said Michael Ocrant, a journalist who has been a longtime skeptic about Mr. Madoff’s investing success. “He was known to promote the idea that trading would be going electronic — and that turned out to be true.”
Cool, foreshadowing as to how he’d innovate the world of frauds later on…
Dozens of now-outraged Madoff investors recall that special lure — the sense that they were being allowed into an inner circle, one that was not available to just anyone. A lawyer would call a client, saying: “I’m setting up a fund for Bernie Madoff. Do you want in?” Or an accountant at a golf club might tell his partner for the day: “I can make an introduction. Let me know.” Deals were struck in steakhouses and at charity events, sometimes by Mr. Madoff himself, but with increasing frequency by friends acting on his behalf.
“In a social setting — that’s where it always happened,” said Jerry Reisman, a lawyer from Garden City, N.Y., who knew Mr. Madoff socially. “Country clubs, golf courses, locker rooms. Recommendations, word of mouth. That’s how it was done.”
At exclusive retreats like the Palm steakhouse in East Hampton, Mr. Madoff would work the tables or receive friends at his own, building a following that came to include lawyers, doctors, real estate developers and accountants. Tomas Romano, a manager at the Palm, recalled that “people always came to talk with him” at the restaurant. “He was very well known.”
At his golf clubs — the Atlantic in Bridgehampton and the Palm Beach Country Club in Florida, for example — he frequently shot in the 80s, but often seemed far more interested in his fellow members, many of whom became investors, than in the game itself.
With his wife, Ruth, a nutritionist and cookbook editor, they were considered affable and charming people. “They stood out,” Mr. Reisman said. “Success, philanthropy, esteem — and, if you were lucky enough to be with him as an investor, money.”
He added: “That was the most important thing; he was looked on as someone who could make you money. Really make you money.”
Good lesson, country clubs and social settings are fake! Financial experts will smile as they steal from you…ear to ear baby….
…instead methinks you should put your trust in those who have transparent businesses, those who won’t sugarcoat the ugly truth about how corrupt and tough this business is, who doesn’t have to worry about being polite to sell instructional DVDs because the material speaks for itself…each and every day…people who respond to just about every email and comment, dumb, ignorant, full of assumptions they may be…not dressed in stylish Zegna or uncomfortable Prada but LL Bean-comfortable bathrobes!
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