Also in this playlist...
This transcript is automatically generated
So -- -- talking about fraud and Ponzi schemes the big Ponzi schemer himself Bernie Madoff is this year is because scammer.
He lands on the Fox Business list of the top five stories -- 09.
I -- look back at this year through the eyes of his victims.
Was the year Madoff.
Became a household name.
The con man's Ponzi scheme wiped out tens of thousands of investors and billions of dollars.
Are still trying to recover.
-- -- in my life has been demolished.
And it's not about the rich and famous.
It's about the life work of many people.
People who say the year of schemes scams and fraud not only stole money.
Fitness ball are more than they.
And the -- of money but there -- Volvo a tremendous violation.
Trust in the very institutions that were designed to protect American investors.
-- -- -- -- -- Absolutely -- -- -- Pacific.
Absolutely not they've proven themselves because silence can I trust the SEC.
Absolutely nothing proven themselves to be in Wall Street's hands they're like an agency that's directly working for Wall Street can -- trust funeral.
-- -- -- -- -- -- and is a securities lawyer representing more than 250.
She is suing the Securities Investor Protection Corp.
Because she says.
It is trying to change the rules and attempting to deny victims their money.
There was a history of people in congress writing to the SEC in traffic saying -- -- because grossly underfunded.
That it won't be able to handle -- major liquidation.
And even though congress has now green lighted millions of dollars for the SEC.
Many Americans as well as Madoff victims are critical.
I don't think they have any sense of responsibility that they have to the taxpayers an opinion -- And on that then we wanna go to an instant on it on all of this wanna start Scott Martin managing director at -- -- -- has Bernie Madoff finally -- -- the rest of them you know Marc Dreier Allen Stanford.
At the guy's name is escaping -- -- it down in.
350 million dollar Ponzi scheme hasn't made the life of men and women like what you do more difficult with the clients.
Agree question -- and there's actually got in Indianapolis that did the same thing and then jumped on the plane in Alabama like his dad and get away.
And you know and it's great question because it has you wouldn't believe it investors you know we ticket.
Above personal and -- individual investor money and also institutional.
And on the ended individual investor side when I get a phone call from a show like this and people -- just in talking to me.
One of the first questions is do you guys know Bernie Madoff or are you guys not Bernie Madoff -- its amazing how.
Fearful people are and I think.
The one thing that was -- kind of this whole Bernie Madoff thing -- is that they were sending money to Bernie Madoff securities -- thank yet his own company that was the custodian of the assets right -- -- control -- -- he can do whatever he wanted about with the assets and just you know I think shortly.
-- not only that but here's something in this this is a continuing -- it seems through Bernie Madoff as well as if you look at what happened with this this guy tried to blow up in the Delta Airlines plane.
Government -- a sense you know the regulators or the and that the agencies designed to detect these things have a sense something's out.
But they don't act and I don't know if it's because of human nature it's easy to beat up on -- and god knows that with the SEC that deserves to be some some beaten.
You know what at what point when you're confronted with the fact that the guy is -- we've made off not only was he you know self clearing.
But he was moving money I mean -- clear sign of money laundering he's moving money from his own accounts overnight to London and then back to New York.
Mean what -- do you mean.
You -- that no wires should have been you know blowing up on that on that movement.
Adam I think it's just about layers I mean like you mentioned with the Delta Airlines thing I mean it just seems like there's so many layers of security.
And just red tape with regards to processing this information that just really slows down.
The issue and the problem is with that is that these are very fluid ideas are very fluid movements.
With regards the terrorism with regards to securities fraud and by the time.
You get to point B if you well through all these layers of security.
They have the problem is already grown -- is something that could be disastrous and I think that's what happened with Bernie Madoff I mean.
You know through the SE -- SEC through Federer whoever was by the time they processed all this stuff -- confident.
And result look where we are where we're at the worst fraud and in in history.
In your industry has been now -- I don't wanna get in trouble and no favorite tends to lash out -- people I found out about angst about my elicited today they might be listening and I do know for a fact that they -- the last -- people say bad things about the behind the scenes.
But do you think thin red does that make sense to have -- -- I mean why do we have this kind of quasi private regulator wanted to give it all the the SEC.
It's not as if -- -- did anything wonderful to protect anybody they blew it big time to.
Well you know what I'll say that is I love when yes the ability to question to Richardson and she said oh my god that -- you know as -- -- -- that that was hilarious the you know the SEC and -- though Adam do you have a purpose and I do think they're getting better and believe me my firm asked her is audited by the SEC every couple years and they committed to a pretty good job means SpinRite is still there efforts for investors as far as.
Complaints against brokers other financial advisors but the other issue is Adam I think especially after the blow up in the market in 07 and 08.
Is there probably inundated with complaints I mean not only Bernie Madoff but there's a lot of other investments that become illiquid or bankrupted that people are very upset about and so.
They've got a lot on their -- essentially and so the issue is is that hopefully they can work through.
All that work and then eventually get to a point where things settle down a little bit that we can kind of clean out you know the -- SEC debate.
Well I don't which on the -- that's -- saying look the Pontiac Aztec had a purpose too just like Sandra.
And it was the biggest mistake GM ever made so maybe it's time take a look at them down and in regards to the -- -- -- Big ugly and let let me just say is that correct finreg could be the Pontiac Aztec their regular up who -- to be a lot better than being yet so wouldn't it.
-- -- Well you've -- the you can.
By a little freedom didn't -- love that from a Communist country when you talk about it I've got another got to leave it there we're gonna talks more about all these issues but right now head back over to --
Filter by section