Madoff's Son

Actually I did hear he was in trading and that unit was on the up and up.

So yes, I think a billionaire Dad could easily keep it from a spoiled rich kid. He kept it from thousands of financial professionals that are paid to catch him for decades.
Sorry that the son was raised as such a pussy to be that put off by a loser Dad.
 
Superfreak said:
They were both at the firm for 20 plus years, they both held senior positions in the firm. If I remember correctly Mark ran the trading desk. The odds of him not knowing are somewhere between slim and none and slim just dropped 100 of his 101 pounds. The only way he didn't know was if he was extremely challenged mentally. given his position in the firm that would seem to negate that possibility.
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Well it's really a WAG at this point, and as long as we're WAG-ing, then it might be fair to assume they were drawing in closer to discovering he knew more than he said he did.

I can't imagine any good reason to subject a child to seeing their parent hanging dead.
 
Onceler said:
Didn't realize that, and it certainly doesn't look good. I really have to plead some ignorance on the whole Ponzi thing, though; wouldn't a firm run some legit trading as a cover for a lot of the fudged #'s, or is that not a part of it?

I guess I'd love to think that he kept his kids out of it somehow. He's already one of the worst people alive; the idea that he'd have no issues dragging his son into this is really hard to comprehend...
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First, you are assuming he dragged them into it. Given their tenure at the firm and their lavish lifestyles, somehow I doubt they were feeling too guilty prior to being caught.

Second, yes, they should have been running some legit trades, but when you are running $50b in assets you are going to have a pretty good idea of the where all of that money is. While it might have been possible to run some of it out of sight, Madoff lost the bulk of the assets. There was little left.

Third, this is just from memory, but if I recall correctly, when the story broke, it came out that there were no legit trades in the previous 5 (or 10) years. That Madoff was simply funneling new money to people requesting redemptions.
 
Topspin said:
Actually I did hear he was in trading and that unit was on the up and up.

So yes, I think a billionaire Dad could easily keep it from a spoiled rich kid. He kept it from thousands of financial professionals that are paid to catch him for decades.
Sorry that the son was raised as such a pussy to be that put off by a loser Dad.
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If the trading unit was on the up and up.... how exactly did the money disappear?
 
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