28 February 2011

Steve Fishman : The Madoff Tapes

Interview with Bernie Madoff. From nymag.com.

“When you deal with people’s money, as I did for all my life,” he continues, “you realize how strange they are; it’s all like, ‘What have you done for me lately?’ If you made money for me, I was smart because I gave you the money and I went there, and if you lose money, then it’s all your fault. So you become somewhat callous about people lying.” [That's why T4L is best, if one can succeed; even if it means making less]

Through the nineties, Madoff dreamed of climbing out of the hole he’d dug. “I kept telling myself that some miracle was going to happen or that I was going to be able to work my way out of it. I just didn’t know when that was.” By around 2002, he realized this was a fantasy. “By then, the number was so astronomical I didn’t know what I was hoping for, quite frankly.”  [The danger of not following Rule #9 Never Add to Losers. Different context here though, but same result = bad]

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