Madoff from prison: Banks ‘had to know’

[marmar]

BUTNER, N.C.—Bernard L. Madoff said he never thought the collapse of his Ponzi scheme would cause the sort of destruction that has befallen his family.

In his first interview for publication since his arrest in December 2008, Madoff — looking noticeably thinner and rumpled in khaki prison garb — maintained that family members knew nothing about his crimes.

But during a private two-hour interview in a visitor room here on Tuesday, and in earlier email exchanges, he asserted that unidentified banks and hedge funds were somehow “complicit” in his elaborate fraud, an about-face from earlier claims that he was the only person involved in the fraud.

Madoff, who is serving a 150-year sentence, seemed frail and a bit agitated compared with the stoic calm he maintained before his incarceration in 2009, perhaps burdened by sadness over the suicide of his son Mark in December. .................(more)

The complete piece is at: http://www.moneyville.ca/article/939613--madoff-from-prison-banks-had-to-know?bn=1

[Mnemosyne]

1. What's that saying again? Oh, I remember - No shit Sherlock. K&R n/t

[gratuitous]

3. File this under "No duh, Ralph"

Madoff got too close to the action. The real pros kept him between themselves and the law-breaking, making sure that if judgment day ever came, it would be Bernie and Bernie alone who took the fall. Such individual sacrifices have to be made from time to time, but the actual machinery of the massive transfer of wealth from the workers who create it to the parasites who suck it up just keeps rolling along.

Oh, and they need another cut in their tax rate.

[Mnemosyne]

4. I cry myself to sleep worrying over whether the "elite" can get another cut. They need...

I better just shut my mouth now before it gets me banned. :)

:hi:

[The Backlash Cometh]

2. I've thought about this for a while.

They all think they're in it together. And they probably are. But someone's going down and whoever that is better be prepared to take it on the chin. They were all gambling with time.