Madoff: Wall Street Is 'So Corrupt and Stacked Against the Typical Investor'

More

Bernie Madoff said it was never his intention to steal people's money and the financial services industry is thoroughly corrupt, in a new report from Ponzi schemer's federal penitentiary in North Carolina.

Key quotes:

1) "I made a terrible mistake with the help of others but the fact that these other complicit parties were complicit does not excuse me for allowing myself to be trapped into the greed of others. The only reason my LARGE investors continued to give me money was they all believed that I was front running (illegally trading ahead of customers) like everyone else and they felt this explained my consistent performance."

2) "If it was my intention to steal people's money as is being depicted, I would have taken the 5 billion in cash and financial instruments that was in my Chase and BNY bank accounts and disappeared. I certainly had the time and Banking connections to accomplish this once I realized that I could not dig out of my hole."

3) "It is unfortunate, to say the least, that the financial services industry is so corrupt and stacked against the typical investor."

Read the full story at The Atlantic Wire.


Jump to comments
Presented by

The Atlantic Wire is your authoritative guide to the news and ideas that matter most right now.

Get Today's Top Stories in Your Inbox (preview)

Where the Wildest Things Are

A government facility outside of Denver houses more than a million products of the illegal wildlife trade, from tigers and bears to bald eagles.


Elsewhere on the web

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

Where the Wild Things Go

A government facility outside of Denver houses more than a million products of the illegal wildlife trade, from tigers and bears to bald eagles.

Video

Adults Need Playtime Too

When was the last time you played your favorite childhood game?

Video

Is Wine Healthy?

James Hamblin prepares to impress his date with knowledge about the health benefits of wine.

Video

The World's Largest Balloon Festival

Nine days, more than 700 balloons, and a whole lot of hot air

Writers

Up
Down

More in Business

Just In