AP: Did Bernard Madoff act alone? Investors doubt it

[high density]

Did Bernard Madoff act alone? Investors doubt it

NEW YORK – Bernard Madoff's contention that he pulled off one of the biggest financial frauds in history without any help is being met with disbelief by his investors and experts in the securities industry. It normally takes a team of accountants, stock brokers, lawyers and more to operate the kind of multibillion-dollar investment fund that Madoff ran from the 17th floor of his Manhattan headquarters.

The firm had clients around the globe. Simply generating the detailed financial statements investors got in the mail every month would have been a monumental effort for just one person, observers said, even if those reports were pure fantasy.

"Someone had to create them. Someone had to create the appearance that there were returns," said attorney Harry Susman, who represents several Madoff investors.

"The guy was 70 years old. Could he have done it himself? The computer systems would have needed to be extensive. Supposedly, he's selling puts, buying puts, selling calls, buying stocks. Somebody had to sit there and buy stocks. Where are these people?"

Continued: http://news.yahoo.com/s/ap/20081219/ap_on_bi_ge/madoff_scandal

[Warpy]

1. ......and how many of them were former Enron whiz kids?

My guess is that it was a lot of them.

My guess is also that this garbage is ongoing at most funds.

[spanone]

2. when there is 'lazy oversight' people will cheat...'katrina economy'

[sam sarrha]

3. well the SEC inspector was literally "in bed" with the Madoff Family >link>>

http://blogs.wsj.com/law/2008/12/17/sec-to-probe-relationship-between-madoffs-niece-and-ex-sec-lawyer/
"The SEC’s review of its own oversight (or lack thereof) of Bernie Madoff’s securities-trading and investment-management firm will cast a spotlight on two lawyers who apparently began dating in 2006, fell in love and married last year."

[camera obscura]

4. I wish Obama had brought in someone new for SEC... Spitzer woulda been perfect but, you know.

Obama doesn't wanna deal with the hullabaloo that would follow.

Still... he needs a reformer who's not chummy with Wall Street...

[exboyfil]

5. My guess is that the sons who supposedly turned him in

are involved as well.

The man should be in jail right now. $10M for stealing $50B is ridiculous. His bail should have been at least $100M.

I bet he does not serve a day in jail. They will kick the can down the road at least three years before we even have a trial, and he will probably be dead before the trial ends (kind of like Ken Lay).