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Fresh Air

Inside The Biggest Ponzi Scheme In American History

Fresh Air

NPR

Tv & Film, Arts, Society & Culture, Books

4.434.4K Ratings

🗓️ 10 July 2024

⏱️ 48 minutes

🧾️ Download transcript

Summary

Disgraced financier Bernie Madoff scammed investors out of approximately $68 billion. Investigative journalist Richard Behar spoke to Madoff in prison more than 50 times in researching his new book. Behar also conducted interviews with Wall Street insiders, prosecutors, FBI agents, and people who lost most or all of their money investing through Madoff's company.

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Transcript

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0:00.0

Support for this podcast and the following message come from Dignity Memorial.

0:04.6

When your celebration of life is prepaid today, your family is protected tomorrow.

0:09.6

Planning ahead is truly one of the best gifts you can give your family.

0:13.6

For additional information, visit dignity memorial.com.

0:17.8

This is fresh air. I'm Terry Gross.

0:20.6

You have a Global Tail link, correct call from Bernard Madoff.

0:27.0

An inmate at a federal prison.

0:29.4

This call is being recorded and is subject to monitoring. To hear the cost of this call

0:34.3

press 8 now. To accept this call, press 5 now. In case you didn't catch the

0:41.1

name, that was Bernie Madoff, the biggest financial swindler in American history.

0:46.0

This was one of about 50 phone calls Madoff made to my guest Financial Investigative

0:51.0

journalist Richard Behar,

0:52.8

while Madoff was in prison.

0:54.7

He was serving a 150-year sentence

0:57.6

for 11 felony charges, including securities

1:00.8

and investment fraud, filing false statements to the Securities and Exchange Commission, and perjury.

1:06.0

Madh have also sent Behar hundreds of emails and dozens of handwritten letters.

1:11.0

We'll hear recorded excerpts of some of the interviews Behar conducted with

1:14.7

Madoff. You can't trust a fraudster and pathological liar to tell you the truth, and Behar

1:21.0

didn't. His new book, Madoff, the final word, is largely based on the interviews he conducted with Wall Street insiders, prosecutors, FBI agents, and people who lost most or all of their money investing through Madoff's company,

1:34.6

Bernard L Madoff Investment Securities or BLMIS.

1:39.4

The company had a legit side, but the other side was a Ponzi scheme involving fake stock

...

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