Bernie did not act alone. The others got away when Bernie handed himself in. And those others, are still active on Wall St today.
Excellent work as per usual my man.
I love these origin stories, ‘he started with 5000 from a lifeguard job, and 50k from his father in law, that’s 450k in today money’. So the dude had a rich family with money to spare 🙄
In 1960 the average family income for a full year was $5,600. Making $5,000 for a summer of lifeguarding makes zero sense.
“We had terrible phone calls, hate mail, it was awful!” Cried the thieves who brought it all upon themselves.
You’re an excellent story teller mate.
One of the plastic surgeons I used to work with had less than a year to retire when all this went down & he lost all of that money. He couldn’t retire & he had to keep working well into old age, even when his hands were shaky… He was a brilliant surgeon but you have to stop after a certain point & it’s just absolutely shameful that after a long & successful career he had no choice but to continue working…
“… and another 50,000 from his father-in-law” Ahh, yes. This must be the renowned bootstraps i’ve heard so much about lol
Are we going to sit here and accept that Bernie did this all by himself? Lol
All of your videos are so well researched. Helped me pass an exam also lol. Thanks bro.
“We had terrible phone calls, hatemail…terrible depression” no shit lady
My biggest takeaway from this video was that he earned the equivalent of $43,470 working as a lifeguard over the summer. How???
It was good to be reminded of this stupendous fraud and to learn of the tragic aftermath for his family. I didn’t realise what happened to both of Madoff’s sons – or that his wife wasn’t speaking to him any more. I understand that at least four other people committed suicide because of this fraud.
imagine how pissed those office workers were when they found out the could of gotten a 200mill bonus divided among them, but his son turned him in. LMFAOOO
Biggest turn was at the end when it showed that both the sons have passed away. Damn.
Don’t forget that those investors who exited in time made a profit. Not everybody lost on the scheme.
I guess greed isn’t good. Remember, Smith Barney said, “we make our money the old fashioned way, we earn it.” Simple rule to live by. It shocked me how many people were willing to give Bernie millions of dollars with a guarantee of high returns consistently. No market works that way. A few financial experts called out Bernie and said he had to be running a Ponzi scheme.
Kinda strange, I really didn’t want Bernie and his wife to die and was relieved when they didn’t. Almost dropped a tear when hearing what happened to his sons. Cold Fusion is an artist.
Can’t believe I just stumbled on your channel. So informative.
Imagine losing your life’s saving to this scam
I just stumbled across your videos, I love your channel! The way you go out of your way to locate appropriate footage and photographs instead of just, like, using stock footage of a guy counting cash or whatever – it’s a cut above!
The moral of the story is if you’re going to rip someone off and hope to get away with it, make sure it’s not the wealthy you target.
“There was no hard proof so nobody started an investigation”. … 🙂 ? Isn’t that the point of an investigation?
I am loving this new series involving market frauds.Good work Dagogo
That 65 Billion number is gravely underestimated. On a side note; let me write of my local knowledge of the event. Bernie managed to talk a certain grocery monopoly out of 20++ Billion; both company money and also (rather well off) private owners money. The entire grocery chain came as close as it can get to going under, Before this entire event transpired they had a fairly good portion of their properties paid for in full. They had to “go back” begging and crawling to the banks to obtain new mortgages on property that was paid for decades ago. It still haunts the grocery company to this date, and they are still very much paying for it – today. The even issued a type of informal contract against Bernie, and Bernie was well aware of it. This contract is probably one of the main reasons he turned himself in.
“If you steal from a Greek we come after you” lmao what is this the wire
Even officials at the US Federal Reserve thought that Madoff was a brilliant financier. He fooled everyone — except Harry Markopolos, who determined that Madoff’s success was impossible.
The sheer magnitude of human greed is unimaginable
Thank you for another great video !. Both educating and entertaining.
I wonder what his incarceration looks like compared to the guy sent down for stealing 65 dollars to feed his family? I can’t help but think the latter has it tougher.
Hooray for Harry Markopolos! He should be given a medal for what he did and the fact that he kept at it for so long when no one wanted to listen.
Video title should be: “The Man Who Madoff With $65 Billion Dollars”
DUDE, your videos continue to impress me. Thank you for the delivery of the simple truth in such a professional presentation!
You keep doing an amazing work…congrats for keeping up with the excellent content for so many years now👏💪🙏
Good to see that at least their kids had the backbone to turn their dad in
Question: What life guard on what planet could earn $5000 in 3 months in the 1960 economy? Whatever the ultimate scapegoat was doing then for money had nothing to do with being a life guard.
For what it’s worth (at least from how this video frames it, I might do more research on proceedings later), once it all fell apart, after all the lies he told, all the lives he ruined, in the end it seems like the drugs failing to kill him gave him at least some resolve to face the consequences. How this video tells it, he didn’t run, he didn’t make excuses. He knew his fantasy was over, and it was time to pay the devil’s due. He at least retained some dignity at the end, which is more than you can say about a lot of frauds that this channel covers.
I don’t believe people like him, the One Coin lady, or the Theranos creep are so charismatic that no one questions them, especially fellow business people. Game knows game.
this man is so inspiring
An amazing story, as always exceptional research.
My heartaches for the regular people ripped off by him, and his sons, they must have felt like their lives had been all a lie, esp the one who took his own life.
Good video. It’d be good know as well what happened to the other main characters of this scheme: David Friehling, the accountant; Shana Madoff the niece and attorney; Frank Dipascali; Jeff Picower; Irving Picard. There needs to be a video about them because the also took a bite of that bittersweet cake.
There’s no way that one man single handedly fooled the whole financial industry
well i do respect him for keeping it going for that long and i do love a good scam story. my apologies to anybody who was affected by this
wow… the generations of our grandparents and parents went through a LOT more than us by seeing all these things on the news.
Man I love your work, your research is impressive and the presentation 😙👌🏻 The scandal stories are enthralling, but I need to hear about companies doing positive work, some economic giants who are trying to improve the situation for everyone or looking out for the little guy. Granted, it’s probably not as prolific as greed and corruption, but that’s why I need to hear about it. And in your tone an presentation is the ideal way to learn about them. Keep it up mate, good on ya.
Well, that’s one really crazy story. I just read the Wikipedia page and it’s really unbelievable how much damage this guy has caused. It just doesn’t end.
At times when I look at the financial literacy in this country…I just think to myself. He’s my hero
lol, never fails to amaze me… “5000 of his own money… and 50,000 from a wealthy relative, just a small loan!”
ColdFusion has given me so much knowledge about the world and he keeps on doing it. I appreciate Dagogo dedication to the way he finds out the truth. True teacher for me
I would not characterize it as money he “stole”, I would say he used their greed to get money from them, most of which he paid back to them in interest payments. Putting too much trust in educated elites is a dangerous game. I have lost money due to my greed and I don’t consider it stolen. I consider it lost to ignorance.
Now do a video on the Hedge Fund owners who stole $5T of the Baby Boomers’ life savings in 2008; and not a single one went to jail.
Sad that Bernies decisions (I believe) assisted in his sons dying early.
RIP Mark and Andrew and thank you for turning in your father. You did the right thing. Bernie will rot in prison.
Not a single ounce of remorse for that family other than for the two sons. Rest In Peace to those two, and god knows how many other major corporations/top 1%ers continue to do this to this day.
As usual, awesome documentary my friend. You deserve the best! Keep on rocking 😊
Amazing how people can be fooled into giving thieves their money…. Love these videos on Big companies and and their history…Good and bad. Can you please do a video on Crowd1 , lots of people are talking about it in my country and it just seems like a scam to me
This guy and his family lived amazing lives of luxury, kids probably had an amazing childhood, but good ole Karma never fails.
Another great episode. Keep up the great work.
How can someone say he was the best trader? He never traded anything
My first thought when I saw how much money he stole and lost was “This is larger than Croatia’s GDP” and then I saw you put the same comparison on the end of the video 😀 Thanks for another great one!
You guys missed two GIANT points. First off, you don’t even mention the efforts of Frank Casey, who provided Markopolous with the details needed to go after Madoff, and did so over several years, on his own tab. Look up the documentary “Chasing Madoff” (among other films) & you’ll find him. Second, the main reason why Bernie turned himself in wasn’t because of the complaints from his victims; it was because at the point of the 2008 crash, he had essentially run out of “legitimate” investors, and the bulk of the money coming in was coming from organized crime, most especially the Russian mafia. Bernie knew that if he stayed on the outside, he was a dead man. Thus, he went to prison to stay alive, and it worked beautifully, from his perspective.
I think the fact that Madoff started with $55000 but 90% of that was from his dad, showed how even with a scam, he probably couldn’t have gotten nearly as far as he did without generational wealth. For honest investors as well, that’s a fact of life that contributes arguably more to success than just their intellect and drive.
Another awesome video Dagogo – keep up the great work!
The huge issue we see from these videos is that we never learn. The State involvement in economy and in citizens’ businesses has to be minimal, but regulated. The State should be a referee and economic actors should play how they want, but with respect to laws and rules. This never happens and I doubt it will ever happen. We are going the opposite side. The State is more and more involved in everything, but strangely, it turns a blind eye to all the big schemes that are happening. Moreover, the citizens don’t learn anything from history. Most of us don’t even know such things happened. “Those who don’t learn their history are doomed to repeat it”
Wow…..What a video…The super high-quality content and the dept of storytelling is so superb….its as good as it can get…superb work!!! Super thanks!!!
Great job Dagogo! Been following this channel for over a year now and every upload is well executed! Never had interest in stuff like this but that has completely changed thanks to cold fusion! Keep up the great work! Much love from NYC!
Coldfusion TV is one of the best channels I ever subscribed. Thanks for such an informative videos bro. #UnderratedYoutubeChannel
You guys are incredible. Have been glancing through dozens of Youtube channels during the pandemic and the quality of your productions is just incredible. Content, structure, wording, voice, pace, editing, the selection of topics and even the music is just phenomenal. My big respect for what you are doing and believe it or not this is my first ever comment on a Youtube video. But I hat to write all this. Thank you for the passion.
Good quality content,thanks Dagogo!
My condolences to him and his wife losing their sons , that’s so sad
“For what profits a man if he gains the whole world but loses his own soul”
Coldfusion is such a beautifully made channel
I am going to sit firmly in the camp that believes the two sons knew about the scheme the entire time and came up with the “He told us what was going on, so we turned him in” story with Bernie at the end to make sure 100% of the blame was stuck to one person. Bernie was screwed either way, so he protected his sons.
He wanted to be forever known one of the most legendary scam artist in history!!
Wow Dagogo how do you manage to make each video better than the last? I’m always looking forward to your next video. Tell me this: Bernie or Emron, which was worse?
the man didn’t just steal 65 billion dollars, he lived the hell out of it! lmao
Can we all hold on for just one second here. The man made $5k as a lifeguard in the 1960s. Thats $40k in todays inflation.
So I’ve been watching your stuff for a while now, and I have to say, I really like your style. It’s what brought me to your channel and its what is keeping me! Thank you!
People like him are everywhere.
The fridge reports give “cold case files” a whole new meaning.
“Good people do not need laws to tell them to act responsibly while bad people will find a way around the laws” Plato
It definitely started simple and he would have thought, boy this is easy, no worrying about the market or anything, let me keep this going. But then it turned so big even he could not control and there was no going back. I have watched couple of similar videos from Coldfusion and what hurts me most is that people’s pension fund also invested in these scams and old people lost their savings.
It’s amazing that one man can cause such huge dammage. It must have been the uncontrolled system that allowed him to keep going. What did they learn?
Binging this content so hard, thank you for all these videos!
“Steal from the rich, you get thrown in prison. Still from the poor, you get called a financial hero.”
The SEC should be held financially liable for all losses to the victims.
The fact that I lived through the crash of 2008 but don’t remember it freaks me out for some reason
Very brilliant. He could have made it legally but he used his brilliance to fool many people.
Another quality ColdFusion TV vid. I could watch these all day. I’ve already watched a few videos on WeWork but know yours will be the best.
Bernie Maddoff Steals 65bn$ Meanwhile Elon Musk: Hold my twitter account
We all want money to have the good life we all dream about. But if it’s gonna destroy our lives then it defies that purpose.
“In today’s environment, it’s virtually impossible to violate rules” You would know, Bernie.
Great video ! Keep up the good work !
There will always be someone who wants to take your money off you beware ,love the channel
I’m sad to hear about what happened to his sons smh
65 billion? Impressive… but he could learn a thing or two with Ricardo Salgado, the portuguese banker who stole over 200 billion and walks free in the streets. Oh and he managed to make us pay for the whole thing and he even received bonus for good management. Now that’s something worth of a movie. Damn, even a whole series about it
When I was 15 I was at the home of her good friend when while I was there I found 25 cents I found it then put it in my pocket. My Mother was extremely angry and said to me I don’t care if it was one penny you don’t take things that don’t belong to you. I remember the shame I felt. God forgive me when I say that I hate this guy! He is evil! He destroyed many peoples lives. Honest people who saved or invested their money only to have it stolen. Ugh! what a disgusting vile excuse of a man !
Such as soothing voice, I could listen to him all day
you know whenever i’m having a bad day i just tell myself at least i’m not in jail like Bernie Madoff
Very nicely done man love following your videos
Technology and future is nice and cool but I believe you should do more on financials. People must learn and understand how the world REALLY works.
He was the smart one, he realised it is almost impossible to sustain regular profit through trading, so he took the easy way out 🤣
The one question I have from this is how the hell he made $5,000 in a couple of months as a lifeguard in freaking 1960?
“The only ponzi Schemer better than me is the Government.” -Bernie Madolf” -Peter Schiff” -Me
Your videos are always exciting. Keep it going.
I’ve always been curious about madoff’s ponzi scheme and imagine my excitement at seeing a Cold Fusion video about it! This channel always makes my day with new videos. Keep up the good work!
This guy even got my grandpa for 40k.
I have no pity for the man. He could have settled for a great life making millions but greed took him out when it wasn’t enough. He had to have billions. What a greedy person.
We should rename “Ponzi Scheme” to “Madoff Scheme” Way better new phrase
Spoiler alert: He robs someone on the street carrying 65 Billion dollars in coins
He knew exactly what he was doing and enjoyed every minute of it. Only in America. This country truly has its own reality.
Can you make a video on the 1992 Harshad Mehta stock market scam? I find it a lot more intriguing because it involves multiple different financial crimes.
I like to think of it as poetic Justice, Bernie Madoff made a fortune, but lost the things money can’t buy. Poetic Justice at its finest.
“We had terrible phone calls, hate mail, it was awful!” Cried the thieves who brought it all upon themselves.
If there is to ever be a biopic about this man, they better have Stanley Tucci cast as the lead.
Madoff was his middle name. His full name was was “Bernie Madoff with the Money”
Brilliant video – none of what you showed was easy to listen to but great job putting all this together. Very crisp and clear. Thanks
You’re the Best Channel on YouTube. For years I have been following you. Appreciated
“We had terrible phone calls, hate mail, it was awful!” Cried the thieves who brought it all upon themselves.
What a great episode Dagogo. Can’t wait for next week already.
How somebody could watch this and still be perfectly fine with magic money I will never understand lol
Dagogo, fantastic work mate as always. 👍👍👍
I don’t have anything against anyone who steal from millionaires. I only feel bad for the people who lost their hard earned money.
Man, it broke my heart when I heard that one of his sons committed suicide after all this. Imagine getting so much hate for your fathers actions that you are driven to suicide
While what he did was disgusting and he does deserve his 150 years of prison, I truly hope this man comes to find forgiveness in his heart to not die empty and miserably.
Even though the man is a crook you can’t help but feel sorry for the way things ended up for him.
And Today 14 april 2021 he died at the age of 82 (IN The end he didn’t fight he admitted his crime ,he offered his remorse but offered no Excuses)
I was in college when the financial crisis happened and I can’t say I knew too much about the political and financial landscape at the time but I do remember a lot of news about the Madoff scandal, I remember hearing news stories of people committing suicide because of losing all of their life savings to him, or maybe that could have been due to the financial crisis in general but from my memory Madoff was linked to people committing suicides, correct me if I’m wrong
As bad as it was what he did, it’s respectable that he pleaded guilty and didn’t give any excuses for what he did. Just living with the consequences of his actions. Generally people don’t own up to it.
You know it’s going down when you hear, “HOOIII, welcome to another cold fusion video.”
Great videos ! Love this channel .
Ravi Kulkarni
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