NEW YORK (Reuters) -Bernard Madoff, who was convicted for running the largest known Ponzi scheme in history, died on Wednesday in prison where he was serving a 150-year sentence, the Federal Bureau of Prisons said. He was 82.
Madoff for decades presented himself as a successful and trusted Wall Street kingpin while secretly engaging in investment fraud, prompting his sentencing judge to condemn his crimes as “extraordinarily evil.”
PETER KENNY, FOUNDER, KENNY’S COMMENTARY LLC AND STRATEGIC BOARD SOLUTIONS LLC, DENVER
“His passing is the end of an era but it is not the end of the story. Some industries happen to attract people who have really the worst human characteristics of greed, selfishness, self-centeredness, a lack of humility. Some industries just seem to attract more than their fair share of those sorts of very unattractive human traits, financial markets just happens to be one of them.
“There are wonderful people in financial services, more than I can shake a stick at. But the bottom line is Bernie Madoff in so many respects … is the poster boy of what many people think of as people in financial markets. It is not true but he certainly was the man of the hour if not the man of the century in terms of his just blatant, outright deception. I don’t think that anybody who was alive when he was arrested and who is still around today will ever forget just the bold nature of what he did and the amount of work it took to do it.”
“This guy, his commitment to fraud was simply stunning. He fooled some very, very smart people. And what makes it even more perverse is that he had the chutzpah to make managing money by him a privilege. The gall of this individual. It is literally difficult to believe. He wouldn’t take anybody’s money, you had to have his personal stamp of approval, he was very selective. What I think is even more revolting is that many of his clients, much of the money was people of his own faith, people who he was very selective about, and he took them to the cleaners purely on their trust of him. It’s evil. It was absolutely evil. I don’t think anybody is crying for his having passed to the next world.”
PAUL NOLTE, PORTFOLIO MANAGER, KINGSVIEW INVESTMENT MANAGEMENT, CHICAGO
“Judging by the stuff going on today around spacs and recent hedge fund blow up, greed is still with us and will be a part of the markets as long as there are markets.”
RICK MECKLER, PARTNER, CHERRY LANE INVESTMENTS, NEW VERNON, NEW JERSEY
“It’s a tragic story. I think at the end of the day, it’s just a lesson that people need to be more vigilant about their investments and understand the nature of where the returns are coming from.
“The lesson is more on the investment side, that people need to do due diligence. They can’t just be happy they’re getting a return; they need to understand why they’re getting a return to avoid things like this.”
RYAN DETRICK, SENIOR MARKET STRATEGIST, LPL FINANCIAL, CHARLOTTE, NORTH CAROLINA
“It’s a harsh reminder of where we’ve been, from the depths of the financial crisis, how bad things got, and the terrible Madoff scandal that hurt so many people.
“It’s interesting it happened the day we had extremely strong financial and bank earnings, which justify this current economic recovery and stock market valuations.”
Source: Read Full Article