Podcast
Swindled
The author describes how the interview with Bernie Madoff unfolded, noting that Bernie Madoff dismissed the idea that there was missing volume and responded directly to questions, though not always with answers that made perfect sense.
He just dismissed the idea that somehow the volume was missing. He responded directly to every one of my questions, not always with an answer that made perfect sense, but in many instances they had a...
— Episode: 69. The Scheme (Bernie Madoff)
Episode: 69. The Scheme (Bernie Madoff)
The author describes how the interview with Bernie Madoff unfolded, noting that Bernie Madoff dismissed the idea that there was missing volume and responded directly to questions, though not always with answers that made perfect sense.
He just dismissed the idea that somehow the volume was missing. He responded directly to every one of my questions, not always with an answer that made perfect sense, but in many instances they had a degree of plausibility.
The apparent lack of volatility in the performance of the fund, Madoff told him, is an illusion based on a review of monthly and annual returns. On an intraday, intraweek, and intramonth basis, he said, The volatility is all over the place with the fund down as much as 1%. Those who believe there's something more to it and are seeking an answer beyond that, are wasting their time.