I read with wry smile firmly fixed in position last week, of an interview given by Bernie Madoff, to the New York Times, presumably from his prison cell.
Madoff is currently serving 150 years in US prison for fraud amounting to around £40bn.
He asserts in the Times article that others “had to have known” what was happening with his Ponzi scheme. (This type of scheme relies on the input of new funds to meet the demand for pay out to existing investors instead of on profits, as in the Madoff case, when a significant number of investors want to withdraw their funds the pot is revealed as empty).
He talks of the alleged “wilful blindness” of banks and hedge funds, of the failure to examine closely discrepancies between his regulatory filings and other information (Click link).