Is Madoff ‘Head Tripping’?

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(Telegraph) Bernard Madoff says running world’s biggest ponzi scheme was a ‘head trip’

Bernard Madoff has admitted that running the biggest financial fraud in history was a “head trip” as some of the world’s biggest banks threw money at him to manage.

“The chairman of Banco Santander came to see me, the chairman of Credit Suisse came down, chairman of UBS came down,” Mr Madoff told the New York Magazine in an interview. “It feeds your ego. All of a sudden, these banks which wouldn’t give you the time of day, they’re willing to give you a billion dollars.”

In an in-depth interview conducted over 12 telephone calls from his prison in North Carolina, Madoff painted himself as someone who was constantly battling a feeling that he did not belong in the higher echelons on Wall Street. The 72-year old, who was given a 150-year prison sentence in 2009, also said that it should have been obvious to investors, regulators and banks as early as the mid-to-late Nineties that his business was a fraud.

While again shielding his family from any blame for the $65bn (£40bn) Ponzi scheme, Madoff offered little sympathy for some of those who invested with him. Speaking about his early investors, he said: “Now if you listen to [them], they’re living out of dumpsters and they don’t have any money, and I’m sure it’s a traumatic experience to some, but I made a lot of money for people.”

(See the original article here)

Also see Are You Insane If You Don’t Own Gold?, The Risk Gene: Can You Become a City Banker?, HSBC Doubles Salaries to Beat Clampdown on Big Bonuses and Did HSBC Help Madoff?

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