It is a fascinating report. Yes, it seems like Madoff was able to able to convince his investors based on the implications that he made his money with insider trading,
The classic approach of con-man is to attract the mark with the promise of ill-gotten gains.
The report shows everything we've seen in the news and more. Remember, the report's scenario is for a Madoff scheme collapse in 2005. One would have to assume that in three years, the money hole has gotten bigger while market conditions have gotten far worse.
One point of the report is that most reputable funds managers avoided Madoff but didn't actually help bust him. So we have not seen large US banks or pension plans hit by this, just small but wealthy individuals and European private banks. But as the report says, the hit these folks will take can affect everyone else.
The classic approach of con-man is to attract the mark with the promise of ill-gotten gains.
The report shows everything we've seen in the news and more. Remember, the report's scenario is for a Madoff scheme collapse in 2005. One would have to assume that in three years, the money hole has gotten bigger while market conditions have gotten far worse.
One point of the report is that most reputable funds managers avoided Madoff but didn't actually help bust him. So we have not seen large US banks or pension plans hit by this, just small but wealthy individuals and European private banks. But as the report says, the hit these folks will take can affect everyone else.