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Madoff’s Client List Revealed
By JLP | February 5, 2009
From the Wall Street Journal: Madoff Client List is Disclosed in Filing:
Some notable names appear on the list, including Fred Wilpon, owner of the New York Mets baseball team. It isn’t clear how many of the clients listed had money at the firm at the time of Mr. Madoff’s arrest on Dec. 11.
Other high-profile names on the list include former Dodgers pitcher Sandy Koufax, actor John Malkovich, talk-show host Larry King and New Jersey Sen. Frank Lautenberg. A number of estates or entities associated with deceased people were listed, and those, too, had some famous names, including John Denver Concerts Inc. Charities, museums and pension funds also show up.
Lots of wealthy (and supposedly smart) people got burned by Madoff.
Not surprisingly, Warren Buffett’s name isn’t on the list.
What I want to know is WHY did Madoff do it? Greed? He was already a wealthy man. Why did he feel the need to run a Ponzi scheme? Was it something that he didn’t start out to do but somehow got out of hand? These are the questions I’d like answered.
As far as preventing something like this from happening in the future, I think the thing to remember is NOBODY can give you a 1% return every month with little or no risk. That should have been the first clue right there.
Topics: Business News | 3 Comments »
February 5th, 2009 at 5:17 pm
why the snide remarks?
…”Lots of wealthy (and supposedly smart) people got burned by Madoff.”
These “supposedly” smart people are more than likely, much better of than you or I financially.
And majority of them did it through building businesses and investing.
So ease of the snark …
February 5th, 2009 at 11:21 pm
Still not the biggest Ponzi scheme in US history. That record belongs to Social Security and we are all getting duped.
February 12th, 2009 at 11:04 am
I do not want to know who lost money to Bernie Madoff I want to know who made a killing and got out unscathed.