20/20 Doing Story on Bernie Madoff

[erpowers]

20/20 is doing a story on Bernie Madoff and the scam he ran. In the first segment there were some people who claimed that they were able to discover Madoff's scam just minutes after meeting Madoff. Does anyone believe those individuals. I do not believe them. If they were able to figure out that Madoff was running a scam why did they not tell anyone? Even if they did not want to get the government involved they could have told some of Madoff's clients.

[Warpy]

1. The SEC had everything dropped into their laps

and still said they failed to find any wrongdoing, 8 times in 10 years.

When the government agency responsible for policing such funds is in open collusion with them, what's the point?

It's unlikely any of the people Madoff charmed out of their funds would have believed them.

[NJCher]

2. ratz

sorry I missed this. I love Bernie Madoff stories.

As far as whether some individuals could have smoked out Madoff within minutes, absolutely. Some people have very keen communication skills and there was much about Madoff that didn't add up.

Personally, I think I could have figured him out.

Cher

[Holly_Hobby]

3. Why isn't he in jail? That's what I want to know. nt

[erpowers]

4. Bail Issues

From what I have heard the deciding factor in whether a person gets bail is not whether they committed a horrible crime. It is instead if it can be assured that the person will show up in court. Madoff was willing to give up his passport and, I think, agree to some other restrictions. As a result, he was allowed to get bail.