Bernie Madoff Court Statement – No video, But Madoff Court Statement Said He Invested Fund with Chase Manhattan…
Ah, if only there were a YouTube video of Bernie Madoff’s court statement today — but alas we must rely upon Fox News and other reports and court sketchings that tell us what happened when Bernie Madoff read his court statement today.
Fox News is reading from Bernie Madoff’s statement (and I’m sure the full Madoff court statement will be online soon), which says that Madoff said in court that he’s glad that he’s finally had the chance to speak out.
To the best of my recollection, Madoff claimed, the fraud began in the early ’90s, the country was in a recession — I received funds from institutional clients who expected to see a higher rate.
Split Strike Conversion Strategy?
Madoff: I promised the clients that client funds would be invested in a basket of S&P 500 stocks that could closely mimick and be out of the fund intermittently. I would hedge the investments I made in a basket of common stocks, limiting unpredictable stock changes.
I never made these investments.
I want to emphasize today that my investment business that were profitable — those businesses were run by my brother and two son.
Fox News is reading more of this incredible, chutzpah-filled scheme that involved not even investing the monies in stocks or mutual funds at all, but in Chase Manhattan!
Madoff paid out people who wanted withdrawals from other people’s money.
Ay yi yi — what can you say?
And not everyone was rich with lots of money who Madoff scammed. Some were charities.
How could he sleep at night?