Bernie Madoff: Don’t let Wall Street scam you, like I did

[marmar]

NEW YORK (MarketWatch) — Securities regulators are grossly underequipped to police financial markets, hedge funds are a danger to the market, and criminals have been scamming investors since the beginning of time and are not going to stop anytime soon.

Those are just a few of the observations made by Bernard Madoff in a recent interview about whether the financial markets are fair and how retail investors can protect themselves from fraudsters like him. In the interview, he described decades of dodging scrutiny from toothless regulators and gullible customers and said retail investors are the least well-informed market participants.

After all those years of racing to remain a step ahead of the authorities, Madoff has a few ideas about how the market can be made more fair for retail investors. Among them: The Securities and Exchange Commission should be beefed up, hedge funds need to be registered and brokerages should have independent custodians.

Madoff, serving 150 years for orchestrating the biggest Ponzi scheme in history, bilked his clients of billions of dollars and fooled regulators for decades before he was caught, tried and sent to prison. ......................(more)

The complete piece is at: http://www.marketwatch.com/story/madoff-dont-let-wall-street-scam-you-like-i-did-2013-06-05

[chervilant]

1. I wonder if ol' Bernie

is gonna pull a Frank Abagnale and tell all those hapless investors how to avoid the likely consequences of their rampant hedonism.

[customerserviceguy]

2. I'd listen to him

If he had even a shred of credibility. At this point, it's just the media exploiting his name for a cheap story, the way Barbara Walters did when she interviewed that chunk of vomit who assassinated John Lennon.

[KG]

3. didn't fool regualtors. there was a guy onto him the whole time, nobody that mattered would listen

[In_The_Wind]

4. Excuse me Bernie: Do you care how much your wife's cousin is suffering.

Thanks for making life for him worse than it should have been. The insurance money he was awarded for his head injury was supposed to help take care of him in his old age. What do we do now? Hmm Bernie? How do I take care of him living below poverty level?

[xchrom]

5. du rec.