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Friday, March 20, 2009
News Madoff employee's insider perspective
Posted By Rhiannon Fionn-Bowman on Fri, Mar 20, 2009 at 10:44 AM
It is amazing this scheme was allowed to continue, amazing people didn't pay attention to the warning signs.
Read the last sentence of this article: "'But now, I keep thinking about the 90 year old man who lost even his house and is bagging groceries. Then I think of the fact that I may have gotten paid with his money.'"
Blinding greed. Pathetic.
An employee who worked in Madoff’s legitimate brokerage operations, described by the fraudster in his plea agreement as being “successful and profitable,” has told The Daily Beast that they were in fact money losers that acted as a front for his Ponzi scheme.He said that the legitimate businesses, the proprietary and market making arms on the eighteenth and nineteenth floors of Madoff Securities were designed to lure investors in, especially highly-placed figures in society, and to fool the SEC into thinking that he had a large and impressive galaxy of businesses.
But behind the façade, these so-called legitimate businesses were a shambles. They were excessively staffed with grossly overpaid people, and run with marked inefficiency, he said.
Read the rest of this Daily Beast article here.
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