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

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.


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