Madoff employee breaks silence

This is a great read. From The Daily Beast, Lucinda Franks wrote about her interview with an unidentified former Madoff employee and provide us a glimpse into the biggest Ponzi scheme in history. Some notable segments of the article consist of:

An employee of Bernard Madoff’s legitmate brokerage operations… has told The Daily Beast that they were in fact money-losers that acted as a front for his Ponzi scheme.

The three managers who ran parts of the businesses were getting $500,000 to $750,000 a year and they didn’t even know anything about modern computerized trading.  They would have been unemployable on the outside.

“The sons were not around a lot,” he continued, “but when they were, they were nice guys, good to their staff.”

Nobody left because they could never get another job that paid as well as this one.

He learned that those who staffed the 17th floor were less than knowledgeable, often uneducated, often appeared incompetent.

Read the story for more revelations HERE.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s