“That’s fine, Bernie, it reduces our paperwork”

Bernie Madoff made exactly zero trades, ever, through Madoff Investments. He probably made no trades at all through anyone, investigators think. I  don’t think this revelation helps brother Peter or sons Andrew and Mark – they knew Bernie was doing something involving trading and surely, in 30 years, they must have sneaked a peek at at least one client’s monthly statement and thus been aware of the volume of the supposed trading activity yet they never questioned why no trades went through their branch of the family firm? Never? When there were huge fees to be made from such trading? That makes no sense and certainly doesn’t pass the smell test.

Hoops, if you’re reading this, I’m free for coffee anytime, at your convenience. Let’s talk – the ice will be out of the upper Delaware in just a couple of months.

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One response to ““That’s fine, Bernie, it reduces our paperwork”

  1. Inagua

    Spoiled rich kids, especially ones with near full time hobbies like fly fishing, can be pretty incurious. It is just possible that these two wastrels regarded their boring jobs at the order processing side of the business as little more than continuation of their childhood allowances. Don Bernie might not have wanted this for his sons, who are just a couple of Fredos.