Madoff:Closet Indexer

[clifp]

- Bernard Madoff, who sent his clients thousands of receipts purporting to document their trades, has left no trace of buying any securities for customers for as much as 13 years, the trustee liquidating his securities firm said. “We have found no evidence to indicate that securities were purchased for customers’ accounts” for “perhaps as much as 13 years,” said Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC. It was “cash in and cash out,” he said.

The rest is here

I guess the good news is Bernie didn't try and beat the market.

You really have to wonder where was the SEC during this time, unbelievable.

 

[Leonidas]

According to his confession, Bernie wasn't an indexer, he just stuck all the money in a savings account. Incredible.

 

[mickeyd]

According to his confession, Bernie wasn't an indexer, he just stuck all the money in a savings account. Incredible.

According to this, he did not even put it in a savings account~

It was “cash in and cash out,” he said.

Ahh, I love a good Madoff tale in the springtime....

 

[Orchidflower]

Well, guess that means he spent it all having a good time. Considering he's in the can now for life--and been beaten up at least once that hit the papers--wonder if he feels his "good times" were worth it now? Wish I knew someone who knew him to find out.