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Motley Fool Hidden Gems Investing

Bernie Madoff’s Gift

Motley Fool Hidden Gems Investing

The Motley Fool

Business, Investing

4.33.1K Ratings

🗓️ 19 May 2020

⏱️ 2 minutes

🧾️ Download transcript

Summary

How did Bernie Madoff pull off the biggest Ponzi scheme in history? Diana Henriques, journalist and author of the bestseller The Wizard of Lies: Bernie Madoff and the Death of Trust, reveals that Madoff had an unusual gift for someone orchestrating fraud. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

With the monthly full money extra, I'm Chris Hill.

0:09.3

Bernie Madoff pulled off the largest Ponzi scheme in the history of the world.

0:14.6

During his trial, prosecutors estimated Madoff's fraud to be worth nearly $65 billion.

0:21.6

So how did he do it?

0:23.4

Diana Enriquez is an award-winning journalist and author of the best-selling book The Wizard

0:28.4

of Lies.

0:29.4

Bernie Madoff and the death of trust.

0:32.5

She interviewed Madoff in prison, and that's when she learned how he was able to seduce

0:37.7

his clients.

0:39.7

You've interviewed Bernie Madoff twice in prison.

0:44.1

Yes.

0:45.1

What does he like?

0:46.1

He's a very pleasant, harmless, seeming man.

0:49.1

And I say that understanding how chilling it is.

0:52.9

If I had met him without any baggage, I would have said, you know, interesting, very

0:58.3

knowledgeable about the market, fun to talk to, low-key, not trying to impress you.

1:04.0

Madoff is a very unusual Ponzi scheme, or Chris.

1:07.7

He's never the most charming man in the room.

1:10.6

He makes you feel like you're the most charming person in the room.

1:14.1

He made me think I was, he acted as if I were the most interesting, most professional reporter

1:18.6

he'd ever met.

1:19.6

He has this gift of showing back to you your very best self, making you feel like you're

...

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