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                                                                                                                                                                                                                                              "I'd rather entrust the government of the United States to the first 400 people in the Boston

 telephone directory than to the faculty of Harvard University."     - William F. Buckley, Jr.

 

2009/2/17

Madoff Blames Ponzi Scheme on Youth, Immaturity

@ 06:44 PM (9 months, 8 days ago)

 

Disgraced financier Bernie Madoff offered a partial mea culpa for his massive Ponzi scheme today, telling reporters that he blamed his "youth and immaturity" for his poor judgment in the matter.  "You have to understand, when this scheme really got out of hand I was only a lad in my sixties," Mr. Madoff said.  Reflecting on his role in the fraud, which wound up bilking $50 billion from unwitting investors, Mr. Madoff said, "I think I felt under pressure to become the biggest scumbag of all time."

But Mr. Madoff pleaded for understanding, explaining, "You do all kinds of crazy things when you're at an impressionable age like 60 or 61."  In the interest of "giving something back," Mr. Madoff said he hoped to make a tour of investment houses and warn brokers in their forties and fifties against starting Ponzi schemes of their own: "I want to get to them while they're still kids."

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Comment(s) »

  1. I don't reckon there will be any bailout for mr madoff

    Comment by Elmers Brother— 2009/02/18 @ 08:24 PM — (Reply)

  2. Maybe they should give a "bailout" from his penthouse sans parachute.

    Comment by Burns— 2009/02/21 @ 07:03 PM — (Reply)

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