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Would you like to inspect the original subtitles? These are the user uploaded subtitles that are being translated: 1 00:00:00,140 --> 00:00:02,150 You know how I look at you? How? 2 00:00:02,150 --> 00:00:04,010 As a guy who doubled my money in six years. 3 00:00:04,010 --> 00:00:06,220 $388,693,119. 4 00:00:06,220 --> 00:00:08,210 Total of cash accounts as of 9:00 a.m. this morning. 5 00:00:10,000 --> 00:00:11,200 Irving trusted you. 6 00:00:12,130 --> 00:00:13,150 Sheryl Weinstein. 7 00:00:13,150 --> 00:00:15,090 I know you don't take on just anybody. 8 00:00:15,090 --> 00:00:17,220 Why don't you call my office, and we'll set something up? 9 00:00:17,220 --> 00:00:19,220 -Surprise! -Surprise! 10 00:00:19,220 --> 00:00:21,120 Chairman of NASDAQ. 11 00:00:21,120 --> 00:00:23,200 I'd never have to sell myself again. 12 00:00:23,200 --> 00:00:25,180 Dad, why won't you just let us in? 13 00:00:25,180 --> 00:00:27,150 I'll know when you're ready. 14 00:00:27,150 --> 00:00:28,220 Harry, have you ever heard of Bernie Madoff? 15 00:00:28,220 --> 00:00:30,000 Private fund, right? 16 00:00:30,000 --> 00:00:30,030 Private fund, right? 17 00:00:30,030 --> 00:00:32,050 Strong, consistent returns year in, year out. 18 00:00:32,050 --> 00:00:33,130 We need to do what he's doing. 19 00:00:33,130 --> 00:00:35,070 It's a simple business plan. 20 00:00:35,070 --> 00:00:38,040 People give me their money, and I make them richer than God. 21 00:00:38,040 --> 00:00:40,010 You want to know how he does it? Yes. 22 00:00:40,010 --> 00:00:41,140 He doesn't. 23 00:00:41,140 --> 00:00:42,130 It's a fraud. 24 00:00:42,130 --> 00:00:43,220 We got a problem, Bernie. 25 00:00:45,040 --> 00:00:48,080 Bank stocks were pummeled again today. 26 00:00:53,170 --> 00:00:55,040 The president, at a news conference, 27 00:00:55,040 --> 00:00:56,120 - tried today to... - Nightmare on Wall Street. 28 00:01:06,140 --> 00:01:09,100 There's a cancer gene in the Madoff line. 29 00:01:09,100 --> 00:01:11,160 Cousins, uncles, grandparents. 30 00:01:11,160 --> 00:01:14,120 Leukemia, lymphoma, sarcoma. 31 00:01:14,120 --> 00:01:18,200 A poisoned heirloom passed down for generations. 32 00:01:18,200 --> 00:01:21,040 Maybe we could extend out further. 33 00:01:21,040 --> 00:01:23,060 We always hear that growth is a good thing. 34 00:01:23,060 --> 00:01:24,150 As much as of -- of a window. 35 00:01:24,150 --> 00:01:26,040 We'll see if we like it. 36 00:01:26,040 --> 00:01:28,160 It shows the world you don't want to settle for good enough. 37 00:01:28,160 --> 00:01:30,000 How -- How deep is this? 38 00:01:30,000 --> 00:01:31,210 How -- How deep is this? 39 00:01:31,210 --> 00:01:34,000 No? Yeah? Yeah. 40 00:01:34,000 --> 00:01:37,000 By the time Bush Jr. was in the White House, 41 00:01:37,000 --> 00:01:39,030 I had taken my investment business 42 00:01:39,030 --> 00:01:44,040 and turned it into a business spanning the globe. 43 00:01:44,040 --> 00:01:46,200 So, is growth a good thing? 44 00:01:46,200 --> 00:01:48,070 Sure. 45 00:01:48,070 --> 00:01:50,080 Unless it's cancer. 46 00:01:50,080 --> 00:01:51,200 And then it can kill you. 47 00:02:00,080 --> 00:02:02,040 Harry. Hey. 48 00:02:02,040 --> 00:02:04,020 I'm sorry. I got held up in Charlestown. 49 00:02:04,020 --> 00:02:05,020 How you doing? 50 00:02:05,020 --> 00:02:06,080 Thanks for coming, Ed. 51 00:02:06,080 --> 00:02:07,080 What's on your mind? 52 00:02:07,080 --> 00:02:08,120 Maryann... 53 00:02:08,120 --> 00:02:10,230 could I get a, uh -- I'll have a draft, please. 54 00:02:10,230 --> 00:02:13,130 Maybe we should grab a booth in the back -- 55 00:02:13,130 --> 00:02:14,210 something a little more private. 56 00:02:14,210 --> 00:02:16,010 A booth? 57 00:02:16,010 --> 00:02:17,070 Harry, what is this -- a date? 58 00:02:17,070 --> 00:02:19,040 Come on. We play softball together. 59 00:02:19,040 --> 00:02:20,200 I'm with the SEC, not the CIA. 60 00:02:20,200 --> 00:02:21,210 What's going on? 61 00:02:21,210 --> 00:02:24,080 You like baseball, right, Ed? 62 00:02:24,080 --> 00:02:26,160 Sure, yeah. 63 00:02:26,160 --> 00:02:30,000 What if I told you there was a player in the major leagues 64 00:02:30,000 --> 00:02:30,180 What if I told you there was a player in the major leagues 65 00:02:30,180 --> 00:02:33,160 who was batting .960? 66 00:02:33,160 --> 00:02:35,070 I'd want him on my team. 67 00:02:36,080 --> 00:02:37,110 That's right. 68 00:02:37,110 --> 00:02:38,150 I'd say he was cheating. 69 00:02:38,150 --> 00:02:40,080 Yeah. 70 00:02:41,220 --> 00:02:44,090 Have you ever heard of Bernard L. Madoff? 71 00:02:44,090 --> 00:02:45,180 Bernie Madoff? 72 00:02:45,180 --> 00:02:47,140 Yeah, sure. He's got a good reputation. 73 00:02:49,120 --> 00:02:51,010 I'll say he does. 74 00:02:51,010 --> 00:02:53,200 Bernard L. Madoff is batting .960. 75 00:02:53,200 --> 00:02:55,200 Come on, Harry. What are you talking about? 76 00:02:55,200 --> 00:02:57,030 In his investment fund, 77 00:02:57,030 --> 00:02:59,050 only 4% of his months are down months. 78 00:02:59,050 --> 00:03:00,000 If his performance statistics are true, 79 00:03:00,000 --> 00:03:01,120 If his performance statistics are true, 80 00:03:01,120 --> 00:03:02,180 he would have to buy more options 81 00:03:02,180 --> 00:03:05,220 on the Chicago Options Exchange than actually exist. 82 00:03:05,220 --> 00:03:09,040 Now, I spoke to my options guy in Chicago. 83 00:03:09,040 --> 00:03:13,040 No one remembers ever doing a trade with Bernard L. Madoff. 84 00:03:13,040 --> 00:03:14,080 What are you saying? 85 00:03:14,080 --> 00:03:16,160 Are you -- you saying he's insider trading? 86 00:03:20,010 --> 00:03:22,170 I'm accusing him of running a Ponzi scheme. 87 00:03:22,170 --> 00:03:24,000 Bernie Madoff? 88 00:03:24,000 --> 00:03:27,010 The same guy that sat on the NASDAQ chair for three years? 89 00:03:27,010 --> 00:03:28,180 That's him. And you want to speak to my boss? 90 00:03:28,180 --> 00:03:30,000 I do. 91 00:03:30,000 --> 00:03:30,020 I do. 92 00:03:30,020 --> 00:03:31,220 Ed, I've run the numbers on this. 93 00:03:31,220 --> 00:03:33,000 And you know me, Ed. 94 00:03:33,000 --> 00:03:34,220 I am precise. 95 00:03:34,220 --> 00:03:36,000 He's a fraud. 96 00:03:36,000 --> 00:03:38,060 Madoff is a fraud. Capital "F." 97 00:03:38,060 --> 00:03:39,220 You know what this sounds like to me, Harry? 98 00:03:39,220 --> 00:03:41,170 It sounds like you've got some kind of personal issue 99 00:03:41,170 --> 00:03:43,000 going on here. 100 00:03:43,000 --> 00:03:45,140 I mean, you've got a guy that's not playing by the rules, 101 00:03:45,140 --> 00:03:47,130 and you want to get him off the field. 102 00:03:47,130 --> 00:03:49,030 When this thing goes down, 103 00:03:49,030 --> 00:03:52,010 people are going to be destroyed. 104 00:03:52,010 --> 00:03:54,120 Lives are going to be destroyed with this thing. 105 00:03:54,120 --> 00:03:56,050 And not just rich people. 106 00:03:56,050 --> 00:03:59,010 Little old ladies who thought they were investing 107 00:03:59,010 --> 00:04:00,000 in their future, their retirements. 108 00:04:00,000 --> 00:04:00,160 in their future, their retirements. 109 00:04:00,160 --> 00:04:01,190 They're gonna lose it. 110 00:04:01,190 --> 00:04:03,030 Charities! 111 00:04:03,030 --> 00:04:04,160 People who didn't even know 112 00:04:04,160 --> 00:04:06,000 that they were investing in this guy -- 113 00:04:06,000 --> 00:04:07,040 They're gonna lose everything. 114 00:04:07,040 --> 00:04:09,180 You're sure? I am sure. 115 00:04:11,150 --> 00:04:14,170 All right, if I can get you a meeting with Grant Ward, 116 00:04:14,170 --> 00:04:18,020 you got to make a very clear, very convincing case, 117 00:04:18,020 --> 00:04:19,210 and it's got to be done very quickly. Yes. 118 00:04:19,210 --> 00:04:21,040 He's not a numbers guy. I know. 119 00:04:21,040 --> 00:04:22,150 So don't go in there with equations... Ed -- 120 00:04:22,150 --> 00:04:23,200 ...and all kinds of theorems and... 121 00:04:23,200 --> 00:04:25,090 Listen to me. 122 00:04:25,090 --> 00:04:27,120 I can handle this. 123 00:04:29,130 --> 00:04:30,000 So, I met someone. 124 00:04:30,000 --> 00:04:31,210 So, I met someone. 125 00:04:31,210 --> 00:04:33,050 Her name's Catherine. 126 00:04:33,050 --> 00:04:35,110 How'd you manage that without me as your wingman? 127 00:04:35,110 --> 00:04:36,160 Yeah, don't be an ass. 128 00:04:36,160 --> 00:04:38,060 I walked into her store. 129 00:04:38,060 --> 00:04:41,040 She owns that fly-fishing outfitters store downtown -- 130 00:04:41,040 --> 00:04:43,050 Urban Angler. So, are you serious about her or what? 131 00:04:43,050 --> 00:04:45,070 Yeah. I think it's real. 132 00:04:45,070 --> 00:04:48,040 And I was thinking about inviting her to Shana's wedding. 133 00:04:48,040 --> 00:04:50,010 That's great, man. You should do that. Yeah? 134 00:04:50,010 --> 00:04:52,110 Just be ready. Mom's gonna give her the look. 135 00:04:52,110 --> 00:04:54,040 Which look? You know the look. 136 00:04:54,040 --> 00:04:56,040 Oh, the look, the look. The look. 137 00:04:56,040 --> 00:04:59,170 They're such paradoxes, Mom and Dad. 138 00:04:59,170 --> 00:05:00,000 You know, one minute, they're up in every aspect of our lives. 139 00:05:00,000 --> 00:05:03,040 You know, one minute, they're up in every aspect of our lives. 140 00:05:03,040 --> 00:05:06,120 And the next, especially Dad... 141 00:05:06,120 --> 00:05:09,100 they just freeze you out. 142 00:05:09,100 --> 00:05:11,100 You see the new business card? 143 00:05:11,100 --> 00:05:12,150 Yeah, that's pretty much the same 144 00:05:12,150 --> 00:05:13,170 as the old ones, aren't they? 145 00:05:13,170 --> 00:05:16,050 Yeah. Pretty much exactly the same. 146 00:05:16,050 --> 00:05:17,160 And it pisses me off. 147 00:05:17,160 --> 00:05:20,220 Pisses me off even more for Uncle Peter. Mark, come on. 148 00:05:20,220 --> 00:05:22,130 You got to let go of the whole name-change thing. 149 00:05:22,130 --> 00:05:23,230 Listen to me. 150 00:05:23,230 --> 00:05:25,110 Dad's never gonna let it go. 151 00:05:25,110 --> 00:05:26,170 Why won't he? 152 00:05:26,170 --> 00:05:29,130 It should just be "Madoff Investment Securities." 153 00:05:29,130 --> 00:05:30,000 All he ever talks about is, 154 00:05:30,000 --> 00:05:30,160 All he ever talks about is, 155 00:05:30,160 --> 00:05:32,200 "Oh, we're just a small family business." 156 00:05:32,200 --> 00:05:35,060 Make no mistake -- It's the "Bernie Show." 157 00:05:39,000 --> 00:05:40,180 Why don't you string one up for me? 158 00:05:40,180 --> 00:05:44,000 You don't even like surf fishing. 159 00:05:44,000 --> 00:05:46,180 Oh, my boys. 160 00:05:46,180 --> 00:05:49,160 It's a beautiful day, a sunny beach. 161 00:05:49,160 --> 00:05:51,170 It's not about the fish. 162 00:05:57,160 --> 00:05:59,190 I know that I don't have the administrative experience, 163 00:05:59,190 --> 00:06:00,000 but I'm a hard worker and a quick learner. 164 00:06:00,000 --> 00:06:02,120 but I'm a hard worker and a quick learner. 165 00:06:02,120 --> 00:06:04,160 I spent six years in retail. 166 00:06:04,160 --> 00:06:06,090 I managed the fundraisers for the PTA -- 167 00:06:06,090 --> 00:06:10,040 When you were growing up, what was it that you wanted to do? 168 00:06:10,040 --> 00:06:11,130 I'm sorry. 169 00:06:11,130 --> 00:06:12,190 I don't -- I don't understand. 170 00:06:12,190 --> 00:06:15,040 When you were growing up, you... 171 00:06:15,040 --> 00:06:18,200 you didn't have the ambition to be a secretary. 172 00:06:18,200 --> 00:06:20,030 Did you? 173 00:06:22,010 --> 00:06:23,180 Sounds like a trick question. 174 00:06:23,180 --> 00:06:26,090 It isn't. 175 00:06:26,090 --> 00:06:27,120 Okay. 176 00:06:27,120 --> 00:06:30,000 I wanted to be a nurse. 177 00:06:30,000 --> 00:06:31,030 I wanted to be a nurse. 178 00:06:31,030 --> 00:06:32,100 You know, something useful. You know? 179 00:06:32,100 --> 00:06:34,140 Something to help people. 180 00:06:34,140 --> 00:06:36,120 But... 181 00:06:36,120 --> 00:06:37,180 life gets in the way. 182 00:06:37,180 --> 00:06:40,170 I understand, I understand. 183 00:06:40,170 --> 00:06:42,000 Now you got two kids. 184 00:06:42,000 --> 00:06:46,120 So you're gonna get a job that pays well, 185 00:06:46,120 --> 00:06:48,160 and you can support your children. 186 00:06:50,150 --> 00:06:52,200 Yeah. 187 00:06:52,200 --> 00:06:54,220 Yes, sir. 188 00:06:56,180 --> 00:06:58,150 Eleanor... 189 00:06:58,150 --> 00:07:00,000 I've run this company for 40 years, 190 00:07:00,000 --> 00:07:01,170 I've run this company for 40 years, 191 00:07:01,170 --> 00:07:05,000 and I have never hired anybody 192 00:07:05,000 --> 00:07:07,200 who didn't answer that question honestly. 193 00:07:11,050 --> 00:07:17,030 Now, the thing that I prize more than anything is loyalty. 194 00:07:17,030 --> 00:07:20,040 You won't meet a more loyal person than me, Mr. Madoff. 195 00:07:20,040 --> 00:07:22,230 If I hire you, Eleanor... 196 00:07:22,230 --> 00:07:27,090 you have to be loyal to me. 197 00:07:27,090 --> 00:07:29,130 Not the company. 198 00:07:29,130 --> 00:07:30,000 To me. 199 00:07:30,000 --> 00:07:33,090 To me. 200 00:07:34,210 --> 00:07:36,190 You understand that? 201 00:07:39,150 --> 00:07:41,160 Yes. 202 00:07:41,160 --> 00:07:43,160 I do understand. 203 00:07:46,090 --> 00:07:49,130 I know it's not a big deal to you. 204 00:07:49,130 --> 00:07:51,220 We're just a client, and not a very big one, 205 00:07:51,220 --> 00:07:55,170 but it is a huge thing for the organization. 206 00:07:55,170 --> 00:07:58,190 So, what do you think? 207 00:07:58,190 --> 00:08:00,000 Should we do it? 208 00:08:00,000 --> 00:08:00,080 Should we do it? 209 00:08:00,080 --> 00:08:01,080 Do what? 210 00:08:01,080 --> 00:08:02,130 Order champagne? Oh. 211 00:08:05,120 --> 00:08:08,000 Yes, of course, if you'd like some. 212 00:08:08,000 --> 00:08:10,040 I don't -- I don't drink, so... 213 00:08:10,040 --> 00:08:11,080 Never? 214 00:08:11,080 --> 00:08:12,130 Rarely. 215 00:08:12,130 --> 00:08:17,000 Occasional glass of wine with dinner, but, really, no. 216 00:08:17,000 --> 00:08:19,000 Are you afraid you'll spill all your secrets 217 00:08:19,000 --> 00:08:20,000 if you get a little tipsy? 218 00:08:22,000 --> 00:08:24,090 Or you'll lose control? 219 00:08:24,090 --> 00:08:27,160 Well, we should have had this meeting at my office, 220 00:08:27,160 --> 00:08:30,000 but you insisted on -- on having lunch. 221 00:08:30,000 --> 00:08:31,230 but you insisted on -- on having lunch. 222 00:08:31,230 --> 00:08:33,100 Well... 223 00:08:33,100 --> 00:08:37,020 we could have had lunch at any restaurant in the city, 224 00:08:37,020 --> 00:08:40,230 but you suggested a restaurant in a hotel. 225 00:08:50,160 --> 00:08:52,170 Check, please. 226 00:09:01,000 --> 00:09:03,160 So, plainly and simply put, 227 00:09:03,160 --> 00:09:07,050 one OTC at-the-money put would have a delta of 0.5, 228 00:09:07,050 --> 00:09:10,130 meaning that any drop in the OEX 229 00:09:10,130 --> 00:09:14,000 larger than a mere, oh, 1.1%... 230 00:09:14,000 --> 00:09:16,100 well, Madoff would have to buy options 231 00:09:16,100 --> 00:09:19,020 with high enough gamma to protect second derivatives 232 00:09:19,020 --> 00:09:20,030 against a drop in the first, 233 00:09:20,030 --> 00:09:22,190 which, as we all know, is absurd. 234 00:09:23,210 --> 00:09:26,119 Now, let's talk about mega-tronic analysis 235 00:09:26,119 --> 00:09:27,000 Now, let's talk about mega-tronic analysis 236 00:09:27,000 --> 00:09:30,130 of financial consortiums, which when compounded with -- 237 00:09:30,130 --> 00:09:32,230 Thank you, Mr. Markopolos. 238 00:09:32,230 --> 00:09:36,220 I'll refer your findings to the appropriate person. 239 00:09:36,220 --> 00:09:40,130 Maybe they'll be able to understand your theories. 240 00:09:40,130 --> 00:09:42,090 Thank you for your time, Grant. Ah. 241 00:09:42,090 --> 00:09:43,120 It was great to see you. 242 00:09:43,120 --> 00:09:45,000 Sorry to interrupt your schedule today. 243 00:09:45,000 --> 00:09:47,040 I'm an Army man, Mr. Ward. 244 00:09:47,040 --> 00:09:48,230 Good to know. 245 00:09:48,230 --> 00:09:50,090 I swore an oath 246 00:09:50,090 --> 00:09:53,190 to protect this country against all enemies, 247 00:09:53,190 --> 00:09:55,150 foreign and domestic. 248 00:09:55,150 --> 00:09:56,119 And Bernard Madoff is a domestic enemy. 249 00:09:56,119 --> 00:10:00,010 And Bernard Madoff is a domestic enemy. 250 00:10:00,010 --> 00:10:02,120 This is about duty. 251 00:10:05,210 --> 00:10:07,210 Thanks, Grant. 252 00:10:07,210 --> 00:10:09,200 20,000 shares? 253 00:10:12,000 --> 00:10:16,010 This is me putting my whole life in your hands. 254 00:10:18,040 --> 00:10:19,160 Take it. 255 00:10:19,160 --> 00:10:21,230 Eleanor... 256 00:10:21,230 --> 00:10:25,170 if the world ends, these are the numbers I need. 257 00:10:25,170 --> 00:10:26,119 I want you to make a copy of this book 258 00:10:26,119 --> 00:10:28,100 I want you to make a copy of this book 259 00:10:28,100 --> 00:10:30,030 and put it in your computer. 260 00:10:30,030 --> 00:10:33,050 I want to have a separate password for you and me. 261 00:10:33,050 --> 00:10:36,030 Okay. 262 00:10:36,030 --> 00:10:38,040 The Lowell Hotel called. 263 00:10:38,040 --> 00:10:39,160 They want to confirm a reservation 264 00:10:39,160 --> 00:10:41,010 for lunch and a room. 265 00:10:41,010 --> 00:10:43,110 Yes. That's correct. 266 00:10:46,150 --> 00:10:48,140 Well, then you're all set. 267 00:10:48,140 --> 00:10:51,090 Mr. Ward, this is Harry Markopolos. 268 00:10:51,090 --> 00:10:55,080 Um, I have run some additional numbers, 269 00:10:55,080 --> 00:10:56,119 and I think you'll find them very interesting. 270 00:10:56,119 --> 00:11:00,180 and I think you'll find them very interesting. 271 00:11:00,180 --> 00:11:04,000 If you could give me a call back at your earliest convenience. 272 00:11:04,000 --> 00:11:05,160 Thank you. 273 00:11:09,040 --> 00:11:11,090 Hello. 274 00:11:11,090 --> 00:11:13,050 Hi. 275 00:11:13,050 --> 00:11:15,050 I'm Eleanor, Bernie's new secretary. 276 00:11:15,050 --> 00:11:16,060 You must be Ruth. 277 00:11:16,060 --> 00:11:18,200 I mean Mrs. Madoff. 278 00:11:18,200 --> 00:11:19,210 It's nice to meet you. 279 00:11:19,210 --> 00:11:21,070 Uh-huh. Nice to meet you, too. 280 00:11:21,070 --> 00:11:23,120 So, where is he? 281 00:11:23,120 --> 00:11:25,090 I just got back from Florida with my sister. 282 00:11:25,090 --> 00:11:26,119 He was supposed to have lunch with us. 283 00:11:26,119 --> 00:11:26,150 He was supposed to have lunch with us. 284 00:11:26,150 --> 00:11:27,220 He's not picking up his phone. 285 00:11:27,220 --> 00:11:31,220 Um, Mr. Berman needed him up at his offices. 286 00:11:31,220 --> 00:11:34,200 He's gonna be in meetings all afternoon. 287 00:11:34,200 --> 00:11:36,050 What's your name again? 288 00:11:36,050 --> 00:11:37,120 Eleanor. 289 00:11:37,120 --> 00:11:39,000 Eleanor Squillari. 290 00:11:43,100 --> 00:11:44,230 Oh, good girl. 291 00:11:46,120 --> 00:11:48,050 One of your other mistresses? 292 00:11:48,050 --> 00:11:50,120 My secretary. 293 00:11:50,120 --> 00:11:52,160 Oh, come on. Tell me there are others. 294 00:11:52,160 --> 00:11:53,160 Make me jealous. 295 00:11:53,160 --> 00:11:55,080 Sorry, kid. 296 00:11:55,080 --> 00:11:56,119 Only you. 297 00:11:56,119 --> 00:11:57,140 Only you. 298 00:11:59,190 --> 00:12:03,070 Uh, hello, Mr. Ward. This is Harry Markopolos. 299 00:12:03,070 --> 00:12:06,010 I am checking with you again 300 00:12:06,010 --> 00:12:10,080 regarding the Madoff materials that I sent to you, 301 00:12:10,080 --> 00:12:14,040 and, um, if you wouldn't mind giving me a call back, 302 00:12:14,040 --> 00:12:16,230 um, you can reach me through Ed Manion. 303 00:12:16,230 --> 00:12:20,160 Do you know what I see everywhere that I look, Ed? 304 00:12:20,160 --> 00:12:22,120 I see red flags. 305 00:12:22,120 --> 00:12:26,080 Red flag number one -- Why aren't the commissions charged 306 00:12:26,080 --> 00:12:26,119 fully disclosed to investors? 307 00:12:26,119 --> 00:12:27,200 fully disclosed to investors? 308 00:12:27,200 --> 00:12:32,030 Red flag number two -- Why would Madoff leave 4% on the table? 309 00:12:32,030 --> 00:12:33,080 I'll tell you why. 310 00:12:33,080 --> 00:12:34,160 It's a con. It's a scheme. 311 00:12:34,160 --> 00:12:36,190 It's to lure them in. It's to make them happy. 312 00:12:36,190 --> 00:12:38,160 That's what that 4% is for. 313 00:12:38,160 --> 00:12:40,060 Yes, hello, Mr. Ward. 314 00:12:40,060 --> 00:12:41,180 This is Harry Markopolos 315 00:12:41,180 --> 00:12:45,070 calling you once again regarding the Madoff materials. 316 00:12:45,070 --> 00:12:48,120 Red flag number 12 -- Madoff goes 100% cash 317 00:12:48,120 --> 00:12:50,050 for every December 31st year-end. 318 00:12:50,050 --> 00:12:52,200 See, that effectively wipes the books clean. 319 00:12:52,200 --> 00:12:55,090 Red flag number 31 -- Some guy in a strip mall 320 00:12:55,090 --> 00:12:56,090 is his independent auditor 321 00:12:56,090 --> 00:12:56,119 verifying the accounting entries. 322 00:12:56,119 --> 00:12:58,040 verifying the accounting entries. 323 00:12:58,040 --> 00:13:00,100 Now, you're -- you're -- you're -- you're -- You're forcing me to conclude 324 00:13:00,100 --> 00:13:03,190 that you are simply unwilling to take on anyone of real power, 325 00:13:03,190 --> 00:13:07,050 or you're simply unable to grasp the magnitude 326 00:13:07,050 --> 00:13:09,030 of what it is that I've shown you, 327 00:13:09,030 --> 00:13:10,220 or you're just too lazy to do anything about it. 328 00:13:12,190 --> 00:13:14,050 This account, Shana? 329 00:13:14,050 --> 00:13:15,050 Are you sure? 330 00:13:15,050 --> 00:13:16,160 Yeah. Try this one. 331 00:13:16,160 --> 00:13:18,070 Euros. 332 00:13:18,070 --> 00:13:20,040 Pesos. Yen. 333 00:13:20,040 --> 00:13:22,120 You set 'em up, and I'll knock 'em down. 334 00:13:22,120 --> 00:13:23,190 Okay. 335 00:13:30,080 --> 00:13:32,070 What's the matter? 336 00:13:32,070 --> 00:13:35,150 It's okay, Bernie. Later. We'll talk. 337 00:13:35,150 --> 00:13:36,150 No, no. No, no, no. 338 00:13:36,150 --> 00:13:38,020 We'll talk -- We'll talk now. 339 00:13:38,020 --> 00:13:39,120 What? 340 00:13:39,120 --> 00:13:41,000 R-Roger. 341 00:13:41,000 --> 00:13:43,210 Oh. 342 00:13:46,040 --> 00:13:48,060 Does it work? Um...yeah. 343 00:13:48,060 --> 00:13:49,080 Hold on. Let me try one more thing. 344 00:13:49,080 --> 00:13:51,020 Okay. 345 00:13:51,020 --> 00:13:52,180 Let me just... 346 00:13:52,180 --> 00:13:54,000 What's going on? 347 00:13:54,000 --> 00:13:56,080 Hmm? 348 00:13:58,120 --> 00:13:59,230 He told him. 349 00:13:59,230 --> 00:14:01,190 Told him what? 350 00:14:01,190 --> 00:14:04,170 Roger's sick. 351 00:14:08,120 --> 00:14:10,120 What kind is it? 352 00:14:10,120 --> 00:14:12,070 Leukemia. 353 00:14:12,070 --> 00:14:14,040 The poisoned heirloom. 354 00:14:14,040 --> 00:14:16,230 The Madoff family curse. 355 00:14:26,200 --> 00:14:28,020 Yeah? 356 00:14:28,020 --> 00:14:30,070 Is this Harry Mark-opolos? 357 00:14:31,080 --> 00:14:33,170 Marko-polos. 358 00:14:33,170 --> 00:14:34,210 Who is this? 359 00:14:34,210 --> 00:14:36,120 Michael Ocrant. 360 00:14:36,120 --> 00:14:38,120 I'm a financial reporter. 361 00:14:38,120 --> 00:14:40,030 I heard that you've been digging around 362 00:14:40,030 --> 00:14:41,180 in the workings of Madoff's fund 363 00:14:41,180 --> 00:14:43,080 and have some concerns. 364 00:14:43,080 --> 00:14:45,070 Wait, wait, wait, wait. Who -- Who -- Who is it? 365 00:14:45,070 --> 00:14:46,220 Michael Ocrant. 366 00:14:46,220 --> 00:14:49,030 I'm a financial-news reporter. 367 00:14:52,040 --> 00:14:55,000 And if I look you up, I'll find your credentials online? 368 00:14:55,000 --> 00:14:56,119 Is a National Press Club Award good enough for you? 369 00:14:56,119 --> 00:14:58,050 Is a National Press Club Award good enough for you? 370 00:14:58,050 --> 00:14:59,160 If I do go ahead and print this, 371 00:14:59,160 --> 00:15:01,080 the whole industry's gonna read it. 372 00:15:01,080 --> 00:15:05,070 You can be sure the mainstream press won't be far behind. 373 00:15:05,070 --> 00:15:07,160 If I told you what I had on Madoff, 374 00:15:07,160 --> 00:15:11,040 you wouldn't have the guts to print it. 375 00:15:11,040 --> 00:15:13,010 Try me, Mr. Markopolos. 376 00:15:18,140 --> 00:15:21,010 The Barron's article followed that industry newsletter. 377 00:15:21,010 --> 00:15:22,040 I know a lot of you have been buzzing 378 00:15:22,040 --> 00:15:23,170 about the Barron's article. 379 00:15:23,170 --> 00:15:27,030 First thing I want you to do is read it. 380 00:15:27,030 --> 00:15:29,080 But read the whole article, not just the headline... 381 00:15:29,080 --> 00:15:32,080 because once you do that, you're gonna find out pretty quick 382 00:15:32,080 --> 00:15:34,030 what they're actually saying 383 00:15:34,030 --> 00:15:36,230 is that Dad's competitors are jealous 384 00:15:36,230 --> 00:15:40,090 because he is outclassing them and they can't figure out how. 385 00:15:40,090 --> 00:15:42,170 Luckily, both reporters called me, 386 00:15:42,170 --> 00:15:44,080 and I fed them a pack of lies. 387 00:15:44,080 --> 00:15:47,130 All they ended up printing was that I was secretive 388 00:15:47,130 --> 00:15:47,291 and had some skeptics 389 00:15:47,291 --> 00:15:48,230 and had some skeptics 390 00:15:48,230 --> 00:15:51,050 questioning my consistent returns. 391 00:15:51,050 --> 00:15:54,110 "One of the top three market-makers in NASDAQ stocks." 392 00:15:54,110 --> 00:15:56,200 You put Mark in charge of damage control. 393 00:15:56,200 --> 00:15:58,000 You sure he's up to it? 394 00:15:58,000 --> 00:15:59,010 Sure he's up to it? 395 00:15:59,010 --> 00:16:00,070 He's brilliant at it. 396 00:16:00,070 --> 00:16:01,100 They love him up there. 397 00:16:01,100 --> 00:16:03,150 And besides, he don't know squat. 398 00:16:03,150 --> 00:16:05,110 It's you I'm more concerned about. 399 00:16:05,110 --> 00:16:07,060 Me? Yeah. You gonna be ready? 400 00:16:07,060 --> 00:16:08,190 When have I not been? Look... 401 00:16:08,190 --> 00:16:12,160 every single one of our clients is gonna read this article. 402 00:16:12,160 --> 00:16:17,030 We can't afford another SEC investigation, Frank. 403 00:16:17,030 --> 00:16:17,291 Don't worry, Bernie. 404 00:16:17,291 --> 00:16:19,020 Don't worry, Bernie. 405 00:16:19,020 --> 00:16:20,180 I'll be ready. 406 00:16:20,180 --> 00:16:22,060 What do you got? 407 00:16:22,060 --> 00:16:25,230 I got ace-king. 408 00:17:06,150 --> 00:17:08,220 My sister called me today. 409 00:17:08,220 --> 00:17:10,040 Yeah? 410 00:17:10,040 --> 00:17:13,020 She and Bob read that Barron's article, 411 00:17:13,020 --> 00:17:16,090 and they had all kinds of questions about how -- 412 00:17:16,090 --> 00:17:17,291 exactly how you handle their money. 413 00:17:17,291 --> 00:17:18,220 exactly how you handle their money. 414 00:17:18,220 --> 00:17:20,060 And what did you tell them? 415 00:17:20,060 --> 00:17:21,230 What -- What do you think I told them? 416 00:17:21,230 --> 00:17:23,160 I told them to call you. 417 00:17:23,160 --> 00:17:26,230 What the hell do I know about it all? 418 00:17:26,230 --> 00:17:28,130 What are you drinking? 419 00:17:28,130 --> 00:17:30,180 This is the '89 Ch๏ฟฝteau Latour 420 00:17:30,180 --> 00:17:32,200 that Carl gave us for our anniversary. 421 00:17:32,200 --> 00:17:34,200 It's so delicious. 422 00:17:34,200 --> 00:17:36,000 Get a glass. 423 00:17:36,000 --> 00:17:38,010 He said that you should only wait 10 years 424 00:17:38,010 --> 00:17:39,120 and then drink it. 425 00:17:39,120 --> 00:17:41,070 So... 426 00:17:41,070 --> 00:17:43,190 is that what you really told them? 427 00:17:43,190 --> 00:17:46,040 To -- To call me? 428 00:17:46,040 --> 00:17:47,100 No. 429 00:17:47,100 --> 00:17:47,291 I told them that if they had any doubts about my husband, 430 00:17:47,291 --> 00:17:51,000 I told them that if they had any doubts about my husband, 431 00:17:51,000 --> 00:17:52,200 they -- they should feel free 432 00:17:52,200 --> 00:17:54,100 to take their money out of the fund 433 00:17:54,100 --> 00:17:56,130 and go back to life before you came along 434 00:17:56,130 --> 00:17:57,160 and made them rich -- 435 00:17:57,160 --> 00:18:01,120 richer than they ever dreamed possible. 436 00:18:10,130 --> 00:18:13,000 You're the best. 437 00:18:13,000 --> 00:18:14,110 No, you are. 438 00:18:19,210 --> 00:18:21,140 Bernie, I'm sorry to impose again. 439 00:18:21,140 --> 00:18:24,070 No, no, no, no. No apology necessary. 440 00:18:24,070 --> 00:18:26,030 If I saw an article like the one in Barron's, 441 00:18:26,030 --> 00:18:27,130 I'd have questions, too. 442 00:18:27,130 --> 00:18:30,210 You do know it's not us who the need the assurance. 443 00:18:30,210 --> 00:18:34,050 It's just a few squeaky-wheel clients... 444 00:18:34,050 --> 00:18:35,160 You might think that the managers 445 00:18:35,160 --> 00:18:37,120 of one of my biggest feeder funds 446 00:18:37,120 --> 00:18:40,220 were here because the Barron's article had people talking. 447 00:18:40,220 --> 00:18:42,180 Of course, you certainly don't need us 448 00:18:42,180 --> 00:18:44,200 to tell you how tricky clients can be. 449 00:18:44,200 --> 00:18:46,070 Maybe it was the article. 450 00:18:46,070 --> 00:18:47,291 Or maybe it was just the little voices in their heads 451 00:18:47,291 --> 00:18:49,090 Or maybe it was just the little voices in their heads 452 00:18:49,090 --> 00:18:53,030 worrying if my returns were too good to be true. 453 00:18:53,030 --> 00:18:55,210 But obviously we put a lot of stake 454 00:18:55,210 --> 00:18:58,090 in our reputation for due diligence. 455 00:18:58,090 --> 00:19:02,150 So we really appreciate you taking the time 456 00:19:02,150 --> 00:19:05,140 to lay it all out for us. 457 00:19:09,060 --> 00:19:11,200 This is Frank DiPascali, 458 00:19:11,200 --> 00:19:15,160 the Vice President of Systems and Technology for our firm. 459 00:19:16,160 --> 00:19:17,291 How was the traffic coming down 95? 460 00:19:17,291 --> 00:19:19,120 How was the traffic coming down 95? 461 00:19:19,120 --> 00:19:21,150 Not bad. Merritt was pretty clear. 462 00:19:21,150 --> 00:19:25,090 Now, I assume the best place to start is a walk-through 463 00:19:25,090 --> 00:19:27,130 of how we execute trades on your behalf. 464 00:19:27,130 --> 00:19:29,160 Translation -- "I know that you want some proof 465 00:19:29,160 --> 00:19:33,200 that the trades listed in those monthly statements are legit." 466 00:19:33,200 --> 00:19:36,100 This software is our direct link 467 00:19:36,100 --> 00:19:38,020 to the European options markets, 468 00:19:38,020 --> 00:19:40,150 where we find most of our counterparties. 469 00:19:40,150 --> 00:19:42,180 Now... 470 00:19:42,180 --> 00:19:46,140 let's buy a hedge option on... 471 00:19:46,140 --> 00:19:47,291 I'll tell you what. You choose it. 472 00:19:47,291 --> 00:19:48,170 I'll tell you what. You choose it. 473 00:19:48,170 --> 00:19:51,050 AOL. 474 00:19:51,050 --> 00:19:53,080 AOL. 475 00:20:00,030 --> 00:20:02,030 And there you go. 476 00:20:02,030 --> 00:20:04,040 This is a call option from Germany. 477 00:20:04,040 --> 00:20:05,170 And if we want to put... 478 00:20:12,200 --> 00:20:14,070 Bingo. 479 00:20:14,070 --> 00:20:16,130 This one's from London. 480 00:20:16,130 --> 00:20:17,291 And there you have it. The split strike is in place. 481 00:20:17,291 --> 00:20:20,040 And there you have it. The split strike is in place. 482 00:20:20,040 --> 00:20:24,000 Now let's go over a few more of your positions. 483 00:20:24,000 --> 00:20:25,150 Oh, I don't know. I think that's, um -- 484 00:20:25,150 --> 00:20:28,000 that's probably sufficient, right? 485 00:20:31,140 --> 00:20:33,020 What about the DTC? 486 00:20:33,020 --> 00:20:34,150 The Depository Trust Company. 487 00:20:34,150 --> 00:20:37,170 Aka the DTC. 488 00:20:37,170 --> 00:20:39,060 This is the clearinghouse 489 00:20:39,060 --> 00:20:42,220 that actually holds the stocks that traders trade. 490 00:20:42,220 --> 00:20:46,120 Problem is, if you're not actually buying a single stock 491 00:20:46,120 --> 00:20:47,160 for your investors... 492 00:20:47,160 --> 00:20:47,291 if you're just taking their money 493 00:20:47,291 --> 00:20:49,150 if you're just taking their money 494 00:20:49,150 --> 00:20:52,120 and putting it into your own Chase Manhattan bank account, 495 00:20:52,120 --> 00:20:56,080 your DTC is the one place that it would show up 496 00:20:56,080 --> 00:20:58,040 like an elephant at a tea party. 497 00:20:58,040 --> 00:21:01,040 Sure. 498 00:21:01,040 --> 00:21:05,130 Jut give me a sec, and I'll pull up the feed to DTC. 499 00:21:16,130 --> 00:21:17,291 And there you go. 500 00:21:17,291 --> 00:21:19,120 And there you go. 501 00:21:19,120 --> 00:21:21,050 Frank, you beautiful man. 502 00:21:21,050 --> 00:21:25,030 You created an entire fake DTC portal. 503 00:21:25,030 --> 00:21:28,180 Well I guess that's a wrap. 504 00:21:28,180 --> 00:21:30,040 - Thank you, Bernie. - Thanks. 505 00:21:30,040 --> 00:21:32,040 -Frank, nice to meet you. -You too. 506 00:21:32,040 --> 00:21:33,090 -Thanks. -Thanks. 507 00:21:33,090 --> 00:21:34,200 -Nice job. -Thanks. 508 00:21:40,040 --> 00:21:42,180 You want to know what the best thing is? 509 00:21:42,180 --> 00:21:46,040 My DTC portal looks more real than the real one. 510 00:21:48,100 --> 00:21:49,130 This... 511 00:21:49,130 --> 00:21:50,200 This is a Rembrandt. 512 00:21:54,220 --> 00:21:57,000 New York... 513 00:21:57,000 --> 00:21:59,200 didn't find it actionable? 514 00:21:59,200 --> 00:22:02,060 How can that be? 515 00:22:02,060 --> 00:22:04,050 It's right there in Barron's! 516 00:22:04,050 --> 00:22:05,160 Are they not able to read? 517 00:22:05,160 --> 00:22:07,080 Harry, you -- you got to understand. 518 00:22:07,080 --> 00:22:10,100 The SEC only has 180 investigative agents. 519 00:22:10,100 --> 00:22:13,040 We're supposed to police $12.7 trillion 520 00:22:13,040 --> 00:22:14,210 trading hands on Wall Street every year. 521 00:22:14,210 --> 00:22:17,120 Yes. I mean, i-it's not a vast conspiracy, Harry. 522 00:22:17,120 --> 00:22:21,000 We're just outgunned. This -- This is Bernard Madoff... 523 00:22:21,000 --> 00:22:23,646 who manages $18 billion to $24 billion. 524 00:22:23,646 --> 00:22:25,150 who manages $18 billion to $24 billion. 525 00:22:25,150 --> 00:22:30,000 Until this article, 175 of your 180 enforcement agents 526 00:22:30,000 --> 00:22:31,040 have never heard of him. 527 00:22:31,040 --> 00:22:34,190 That is not outgunned, Ed. 528 00:22:35,220 --> 00:22:37,230 That is simply inept. 529 00:22:39,000 --> 00:22:40,120 You want to see action on this? 530 00:22:40,120 --> 00:22:42,130 Your only hope is to get Meaghan Cheung 531 00:22:42,130 --> 00:22:45,230 of the SEC in New York to sit up and pay attention. 532 00:22:45,230 --> 00:22:47,200 And the only way you can do that, Harry, 533 00:22:47,200 --> 00:22:49,230 is to avoid shooting yourself in the foot 534 00:22:49,230 --> 00:22:51,210 with all that quantitative analysis. 535 00:22:51,210 --> 00:22:53,030 I mean, you got to make it simple. 536 00:22:53,030 --> 00:22:53,646 You got to make it so simple 537 00:22:53,646 --> 00:22:54,080 You got to make it so simple 538 00:22:54,080 --> 00:22:57,140 that a second-grader can understand it. 539 00:23:01,000 --> 00:23:02,190 Hey, Bernie, you got a sec? 540 00:23:02,190 --> 00:23:04,080 Mm-hmm. 541 00:23:04,080 --> 00:23:06,070 Well, I just noticed that my paycheck 542 00:23:06,070 --> 00:23:08,110 was 25% bigger this pay period. 543 00:23:08,110 --> 00:23:11,080 And you wanted me to knock it down? 544 00:23:11,080 --> 00:23:12,230 No, of course not. I just... 545 00:23:12,230 --> 00:23:15,140 I just thought maybe there was some kind of mistake. 546 00:23:15,140 --> 00:23:17,110 Well, it was a mistake. 547 00:23:17,110 --> 00:23:20,130 I realized that you are raising two children 548 00:23:20,130 --> 00:23:22,070 and I wasn't paying you enough. 549 00:23:22,070 --> 00:23:23,646 So it was my mistake. 550 00:23:23,646 --> 00:23:24,080 So it was my mistake. 551 00:23:24,080 --> 00:23:26,100 Thank you. 552 00:23:26,100 --> 00:23:27,150 Thank you very much. 553 00:23:27,150 --> 00:23:28,220 You're welcome. 554 00:23:28,220 --> 00:23:30,030 I want you to know how proud I am 555 00:23:30,030 --> 00:23:33,040 to work here for someone as kind as you. 556 00:23:33,040 --> 00:23:34,120 Thank you. 557 00:23:36,070 --> 00:23:38,120 Eleanor, could you do me a favor? 558 00:23:38,120 --> 00:23:40,080 Would you mind, um... 559 00:23:40,080 --> 00:23:44,110 saying all those nice things about me again? 560 00:23:46,180 --> 00:23:49,070 All right. 561 00:23:49,070 --> 00:23:52,090 I just want you to know how proud I am 562 00:23:52,090 --> 00:23:53,646 to work for someone so kind, so generous, 563 00:23:53,646 --> 00:23:56,160 to work for someone so kind, so generous, 564 00:23:56,160 --> 00:23:59,050 so sweet... 565 00:23:59,050 --> 00:24:00,160 so handsome... 566 00:24:01,160 --> 00:24:03,050 ...and so funny. 567 00:24:05,130 --> 00:24:07,020 So, thank you. 568 00:24:07,020 --> 00:24:09,040 "I am the original source 569 00:24:09,040 --> 00:24:10,210 for the information presented here 570 00:24:10,210 --> 00:24:13,010 and having first presented my rationale 571 00:24:13,010 --> 00:24:14,120 both verbally and in writing 572 00:24:14,120 --> 00:24:17,230 to the SEC's Boston office in May 1999. 573 00:24:17,230 --> 00:24:19,220 There are two possible scenarios 574 00:24:19,220 --> 00:24:22,140 that involve fraud by Madoff Securities. 575 00:24:22,140 --> 00:24:23,646 Scenario 1, unlikely -- 576 00:24:23,646 --> 00:24:24,080 Scenario 1, unlikely -- 577 00:24:24,080 --> 00:24:26,230 Bernard Madoff is earning those returns by front running, 578 00:24:26,230 --> 00:24:29,040 buying in ahead of his own clients. 579 00:24:29,040 --> 00:24:31,110 Scenario 2, highly likely -- 580 00:24:31,110 --> 00:24:35,160 Madoff Securities is the world's largest Ponzi scheme." 581 00:24:38,120 --> 00:24:39,160 Harry Markopolos. 582 00:24:39,160 --> 00:24:41,160 I had a 10:15 with Meaghan Cheung. 583 00:24:41,160 --> 00:24:42,180 Okay. 584 00:24:42,180 --> 00:24:45,120 I'll let her know you're here. 585 00:24:45,120 --> 00:24:46,180 I'll... 586 00:25:14,190 --> 00:25:16,130 Meaghan Cheung's office. 587 00:25:16,130 --> 00:25:18,020 Yes, ma'am. 588 00:25:18,020 --> 00:25:20,010 I'll let him know. 589 00:25:20,010 --> 00:25:21,110 Mr. Mark-opolos? 590 00:25:21,110 --> 00:25:23,646 Marko-polos. Thank you. I'm sorry. 591 00:25:23,646 --> 00:25:24,010 Marko-polos. Thank you. I'm sorry. 592 00:25:24,010 --> 00:25:25,050 Mrs. Cheung just called to say 593 00:25:25,050 --> 00:25:26,160 that she won't be back in this afternoon. 594 00:25:26,160 --> 00:25:29,120 She'll have to cancel your meeting. 595 00:25:31,160 --> 00:25:34,070 Is there a message I could leave for her? 596 00:25:40,040 --> 00:25:41,190 Just make sure she gets that. 597 00:25:52,100 --> 00:25:53,646 Hey. Bernie. I'm just finishing up here. 598 00:25:53,646 --> 00:25:55,080 Hey. Bernie. I'm just finishing up here. 599 00:25:55,080 --> 00:25:57,040 I'm getting ready to take the boat down to the shore. 600 00:25:57,040 --> 00:26:00,020 You're gonna have to cancel your vacation, Frank. 601 00:26:00,020 --> 00:26:02,000 We're getting audited. 602 00:26:07,140 --> 00:26:10,110 When the SEC audits you, they don't call you in. 603 00:26:10,110 --> 00:26:12,110 They come to you. 604 00:26:14,210 --> 00:26:17,160 They set up shop inside your firm. 605 00:26:17,160 --> 00:26:19,190 For weeks. For months. 606 00:26:19,190 --> 00:26:22,160 As long as they want. 607 00:26:22,160 --> 00:26:24,200 Are those chairs comfortable? 608 00:26:24,200 --> 00:26:26,040 They are. 609 00:26:26,040 --> 00:26:28,050 They look -- They don't look very comfortable. 610 00:26:28,050 --> 00:26:32,010 We have other, uh, ergonomically correct chairs. 611 00:26:33,100 --> 00:26:36,060 Could we bring in those -- those other chairs? 612 00:26:36,060 --> 00:26:36,231 One second. 613 00:26:36,231 --> 00:26:37,120 One second. 614 00:26:40,000 --> 00:26:42,030 So, my plan was simple -- 615 00:26:42,030 --> 00:26:44,040 keep them isolated... 616 00:26:44,040 --> 00:26:47,090 keep them captive. 617 00:26:47,090 --> 00:26:50,210 Let Frank bury them in fake paperwork. 618 00:26:50,210 --> 00:26:52,180 I'm sorry. 619 00:26:52,180 --> 00:26:54,010 I-I thought they were bringing in 620 00:26:54,010 --> 00:26:55,090 something to eat for you guys. 621 00:26:55,090 --> 00:26:57,150 Make the captivity pleasant. 622 00:26:57,150 --> 00:26:59,050 These are great, by the way. 623 00:26:59,050 --> 00:27:01,140 They're the only doughnut I ever eat. 624 00:27:02,150 --> 00:27:04,170 There you go. Here's some coffee. 625 00:27:04,170 --> 00:27:06,060 I don't mean to put you out. Do you have any cream? 626 00:27:06,060 --> 00:27:06,231 Yeah. Could we have some cream, please, with the coffee? 627 00:27:06,231 --> 00:27:10,080 Yeah. Could we have some cream, please, with the coffee? 628 00:27:10,080 --> 00:27:12,060 -It's a not huge deal. -No, no, no. 629 00:27:12,060 --> 00:27:14,020 And when they least expect it, 630 00:27:14,020 --> 00:27:17,230 mix in a little good, old-fashioned bullying. 631 00:27:18,210 --> 00:27:21,120 How long are you people gonna be here, huh?! 632 00:27:23,020 --> 00:27:25,140 I need the room! 633 00:27:26,230 --> 00:27:30,010 But that's all just cover for the key ingredient -- 634 00:27:30,010 --> 00:27:31,080 misdirection. 635 00:27:31,080 --> 00:27:32,210 Hey. 636 00:27:32,210 --> 00:27:36,000 You find any of that insider-trading stuff? 637 00:27:43,010 --> 00:27:44,080 Ah. Hey, Eleanor. 638 00:27:44,080 --> 00:27:46,000 I'm gonna need that 1991 filing. 639 00:27:46,000 --> 00:27:47,040 Sure thing. 640 00:27:47,040 --> 00:27:48,140 Thank you. 641 00:27:49,180 --> 00:27:50,220 Hey, Bernie. 642 00:27:50,220 --> 00:27:52,130 They're asking for the 1991 filing. 643 00:27:52,130 --> 00:27:53,140 What should I send her? 644 00:27:53,140 --> 00:27:55,160 I'll take it. 645 00:27:57,200 --> 00:27:59,070 Frank. 646 00:28:02,010 --> 00:28:03,040 All right. How they looking? 647 00:28:03,040 --> 00:28:04,170 I think that looks really good. 648 00:28:04,170 --> 00:28:05,230 Are you stupid, Jodi? 649 00:28:05,230 --> 00:28:06,231 They're supposed to look 15 years old. 650 00:28:06,231 --> 00:28:07,070 They're supposed to look 15 years old. 651 00:28:07,070 --> 00:28:08,080 What's the matter with you? 652 00:28:08,080 --> 00:28:09,090 Danny! 653 00:28:12,120 --> 00:28:14,120 Come on, come on, come on. 654 00:28:19,050 --> 00:28:20,180 That's the way you do it. 655 00:28:25,000 --> 00:28:27,120 Get a little bit of this on here. 656 00:28:27,120 --> 00:28:29,110 Okay. 657 00:28:29,110 --> 00:28:31,110 All right, put it in the box for everything up on 19. 658 00:28:31,110 --> 00:28:33,100 And make sure that Eleanor sees it. 659 00:28:33,100 --> 00:28:34,110 Yeah, absolutely. 660 00:28:41,120 --> 00:28:43,190 Well, looks like all of it. 661 00:28:43,190 --> 00:28:45,050 That should do it for us. 662 00:28:45,050 --> 00:28:46,070 Well... 663 00:28:46,070 --> 00:28:48,010 it's about damn time, too. 664 00:28:48,010 --> 00:28:49,230 That's all right. 665 00:28:49,230 --> 00:28:51,040 You three are okay. 666 00:28:51,040 --> 00:28:53,070 You just got crappy jobs. 667 00:28:53,070 --> 00:28:55,190 Why, thank you very much. 668 00:28:55,190 --> 00:28:57,160 Well, uh, once we turn everything in, 669 00:28:57,160 --> 00:28:59,110 the higher-ups will be in touch about an interview, 670 00:28:59,110 --> 00:29:01,010 and that will be that. 671 00:29:01,010 --> 00:29:02,160 Interview with? 672 00:29:02,160 --> 00:29:05,070 With -- Oh. With our boss, David Green. 673 00:29:05,070 --> 00:29:06,180 It's pretty much just a formality. 674 00:29:06,180 --> 00:29:06,231 Okay. Well, anything they need. 675 00:29:06,231 --> 00:29:10,010 Okay. Well, anything they need. 676 00:29:10,010 --> 00:29:11,230 All right. Get back to your crappy lives. 677 00:29:11,230 --> 00:29:13,070 Why, thank you. 678 00:29:13,070 --> 00:29:16,110 Take care. And if you do need anything, I'll be here. 679 00:29:21,230 --> 00:29:23,120 A formality. 680 00:29:23,120 --> 00:29:28,100 That's what Agent Jamison had called the SEC interview. 681 00:29:28,100 --> 00:29:29,160 No. 682 00:29:29,160 --> 00:29:30,230 This was more than that. 683 00:29:30,230 --> 00:29:33,040 They were asking all kinds of questions. 684 00:29:33,040 --> 00:29:35,070 Was -- Was this common practice at that time? 685 00:29:35,070 --> 00:29:36,231 Ones that I hadn't anticipated. 686 00:29:36,231 --> 00:29:38,010 Ones that I hadn't anticipated. 687 00:29:38,010 --> 00:29:41,210 This was gonna be more than just a formality. 688 00:29:41,210 --> 00:29:45,230 The SEC wasn't gonna let this investigation go so easily. 689 00:29:45,230 --> 00:29:49,050 I know that I am guilty. 690 00:29:49,050 --> 00:29:53,000 And I broke the law. 691 00:29:53,000 --> 00:29:57,000 And I never registered as an investment adviser. 692 00:29:57,000 --> 00:29:59,120 Why don't we do what I came to do today 693 00:29:59,120 --> 00:30:02,010 and finally register as an investment adviser, 694 00:30:02,010 --> 00:30:05,180 and you can name the penalties, and I will pay them? 695 00:30:05,180 --> 00:30:06,231 This was a chance to close the deal. 696 00:30:06,231 --> 00:30:07,210 This was a chance to close the deal. 697 00:30:07,210 --> 00:30:11,110 Throw the SEC the crumb they could use to claim victory. 698 00:30:11,110 --> 00:30:13,180 Surrender a meaningless battle, 699 00:30:13,180 --> 00:30:15,160 and they forget all about the war. 700 00:30:15,160 --> 00:30:17,080 Well, that's a -- a great relief 701 00:30:17,080 --> 00:30:18,160 to hear, Mr. Madoff. 702 00:30:18,160 --> 00:30:20,160 I think we can wrap this up pretty quickly, then, 703 00:30:20,160 --> 00:30:22,120 unless anybody has anything else. 704 00:30:22,120 --> 00:30:26,180 Oh, just one little housekeeping item we never got around to. 705 00:30:26,180 --> 00:30:28,120 Yes, yes. Go ahead, Tom. 706 00:30:28,120 --> 00:30:30,180 Your DTC account number? 707 00:30:30,180 --> 00:30:32,110 Crap! 708 00:30:32,110 --> 00:30:34,130 Frank's fake computer programs 709 00:30:34,130 --> 00:30:36,231 could fool the hedge funds, but not the SEC. 710 00:30:36,231 --> 00:30:37,120 could fool the hedge funds, but not the SEC. 711 00:30:37,120 --> 00:30:40,210 They could just call up DTC and ask for a statement, 712 00:30:40,210 --> 00:30:42,210 and if I made up a fake account number, 713 00:30:42,210 --> 00:30:44,130 they'd find out the moment they called. 714 00:30:44,130 --> 00:30:47,030 My DTC account. Yes, of course. 715 00:30:47,030 --> 00:30:49,010 Um... 716 00:30:49,010 --> 00:30:51,220 I, uh 717 00:30:51,220 --> 00:30:54,050 That's not something I carry around in my head. 718 00:30:54,050 --> 00:30:56,120 Uh, DTC. 719 00:30:56,120 --> 00:30:59,100 6594. 720 00:31:01,080 --> 00:31:03,090 And with those four numbers, 721 00:31:03,090 --> 00:31:05,120 I'd given them the doomsday code. 722 00:31:05,120 --> 00:31:06,231 One call. Okay. 723 00:31:06,231 --> 00:31:07,110 One call. Okay. 724 00:31:07,110 --> 00:31:10,090 And I am dead. 725 00:31:10,090 --> 00:31:11,130 Thank you. 726 00:31:14,060 --> 00:31:16,170 40 years of keeping the music playing, 727 00:31:16,170 --> 00:31:20,180 and on Monday morning, the SEC was gonna call the DTC 728 00:31:20,180 --> 00:31:23,130 and discover there wasn't a single stock 729 00:31:23,130 --> 00:31:26,110 for a single investor in the Madoff account. 730 00:31:26,110 --> 00:31:28,210 Bern, coffee. 731 00:31:28,210 --> 00:31:30,080 Bernie? 732 00:31:30,080 --> 00:31:31,160 Hey, Bern! 733 00:31:32,210 --> 00:31:35,000 You change your name and forget to tell me? 734 00:31:36,030 --> 00:31:39,220 Every day, I waited for the ax to fall. 735 00:31:43,150 --> 00:31:47,040 Two days, three days, four days, five days. 736 00:31:47,040 --> 00:31:49,150 A full week since the SEC 737 00:31:49,150 --> 00:31:53,150 had asked for my DTC account number. 738 00:31:53,150 --> 00:31:55,000 What's the matter? 739 00:31:55,000 --> 00:31:57,180 Nothing. 740 00:31:57,180 --> 00:31:59,140 Nothing. 741 00:32:02,130 --> 00:32:06,030 Were they preparing to arrest me in full view of the world? 742 00:32:06,030 --> 00:32:07,120 Show up at the office 743 00:32:07,120 --> 00:32:10,080 and make me do the perp walk in front of the cameras? 744 00:32:10,080 --> 00:32:12,230 Where the hell were they? 745 00:32:14,120 --> 00:32:15,170 Hey, Dad. You have a minute? 746 00:32:18,110 --> 00:32:21,160 So, I, uh... 747 00:32:21,160 --> 00:32:24,080 I wanted to tell you this first because, um... 748 00:32:24,080 --> 00:32:28,120 because I'm not exactly sure how -- how Mom's gonna react. 749 00:32:28,120 --> 00:32:30,040 Okay. 750 00:32:30,040 --> 00:32:31,220 I'm gonna ask Steph to marry me. 751 00:32:34,090 --> 00:32:37,000 Don't -- Don't rush to say "mazel tov" or anything. 752 00:32:37,000 --> 00:32:38,150 No. 753 00:32:38,150 --> 00:32:40,020 Oh, Mark. I'm sorry, I'm sorry. 754 00:32:40,020 --> 00:32:41,180 My head was -- I'm really sorry. 755 00:32:41,180 --> 00:32:42,954 Um, she's a fabulous girl. 756 00:32:42,954 --> 00:32:44,000 Um, she's a fabulous girl. 757 00:32:44,000 --> 00:32:45,170 She is. Yeah. Really. 758 00:32:45,170 --> 00:32:47,090 It's gonna be great to have her finally 759 00:32:47,090 --> 00:32:49,010 as part of the family. 760 00:32:49,010 --> 00:32:50,040 Absolutely. 761 00:32:50,040 --> 00:32:53,130 And I will welcome her with open arms. 762 00:32:53,130 --> 00:32:55,130 Great. 763 00:32:57,050 --> 00:32:58,200 Look, while I have you here, 764 00:32:58,200 --> 00:33:01,000 can we talk business for a minute? 765 00:33:01,000 --> 00:33:02,160 Yeah. What's on your mind? 766 00:33:15,050 --> 00:33:19,000 Look. 767 00:33:19,000 --> 00:33:21,050 You built this. 768 00:33:21,050 --> 00:33:23,150 No one disputes that. 769 00:33:23,150 --> 00:33:27,140 It's your hard work and stature that made this place. 770 00:33:27,140 --> 00:33:29,070 But? 771 00:33:29,070 --> 00:33:31,180 But we all run it together now. 772 00:33:31,180 --> 00:33:33,180 As a family. 773 00:33:33,180 --> 00:33:37,090 Now, if you're not gonna involve me and Andy 774 00:33:37,090 --> 00:33:39,170 in the money-management side of things. 775 00:33:39,170 --> 00:33:40,220 Yet, yet. That's fine. 776 00:33:40,220 --> 00:33:42,954 But Uncle Peter and Andy and I -- 777 00:33:42,954 --> 00:33:43,140 But Uncle Peter and Andy and I -- 778 00:33:43,140 --> 00:33:46,000 We run the other half of the business. 779 00:33:46,000 --> 00:33:49,080 Your point being? 780 00:33:49,080 --> 00:33:52,080 I think we should change the name. 781 00:33:52,080 --> 00:33:54,140 It should be Madoff Investment Securities. 782 00:33:54,140 --> 00:33:56,230 Wait. 783 00:33:56,230 --> 00:34:00,150 You want me to take my name off the company that I built? 784 00:34:00,150 --> 00:34:02,200 No. I want you to include ours. 785 00:34:02,200 --> 00:34:05,010 Where did you get this? Huh? 786 00:34:05,010 --> 00:34:06,170 From her? Huh? Are you kidding? 787 00:34:06,170 --> 00:34:08,220 I just want to know. I think -- Are you kidding? 788 00:34:08,220 --> 00:34:10,120 Because you better get a strong pre-nup. 789 00:34:10,120 --> 00:34:12,060 Go to hell, you son of a bitch! 790 00:34:14,000 --> 00:34:15,000 You will never, 791 00:34:15,000 --> 00:34:17,190 ever be old enough 792 00:34:17,190 --> 00:34:19,130 to say "go to hell" to your father. 793 00:34:19,130 --> 00:34:22,100 Never. 794 00:34:24,060 --> 00:34:28,030 Do you have any idea of the weight that I carry 795 00:34:28,030 --> 00:34:30,060 to keep all of this afloat, huh? 796 00:34:30,060 --> 00:34:32,040 Did -- Did it ever occur to you 797 00:34:32,040 --> 00:34:33,230 that -- that -- that what I'm doing here 798 00:34:33,230 --> 00:34:35,030 is -- is to protect you? 799 00:34:35,030 --> 00:34:36,200 I don't need you to protect me. 800 00:34:36,200 --> 00:34:39,120 I need you to let me be my own man. 801 00:34:39,120 --> 00:34:41,180 In time, you'll understand! 802 00:34:50,050 --> 00:34:52,200 In time... 803 00:34:52,200 --> 00:34:55,040 you'll understand. 804 00:35:42,090 --> 00:35:42,954 Hey. 805 00:35:42,954 --> 00:35:45,020 Hey. 806 00:35:45,020 --> 00:35:46,050 Sweetheart. 807 00:35:46,050 --> 00:35:48,180 What? What's going on? 808 00:35:51,020 --> 00:35:52,120 What is it? 809 00:35:59,050 --> 00:36:01,000 You're sick, aren't you? 810 00:36:01,000 --> 00:36:03,170 Mantle cell lymphoma. Oh! 811 00:36:03,170 --> 00:36:04,230 It's okay. No. 812 00:36:04,230 --> 00:36:06,090 I-I feel completely fine. 813 00:36:06,090 --> 00:36:08,040 What does that mean? It's in the blood. 814 00:36:08,040 --> 00:36:10,040 Oh, God. But we caught it early, 815 00:36:10,040 --> 00:36:11,170 so I'm better off than most. 816 00:36:11,170 --> 00:36:12,954 What are the survival rates? 817 00:36:12,954 --> 00:36:13,040 What are the survival rates? 818 00:36:13,040 --> 00:36:14,160 Oh, you would have to ask -- Oh. 819 00:36:14,160 --> 00:36:15,110 Oh, stop it! 820 00:36:17,060 --> 00:36:19,050 It's 50-50, roughly. 821 00:36:19,050 --> 00:36:21,070 There hasn't been much research on it. 822 00:36:21,070 --> 00:36:22,160 Well, we can change that. 823 00:36:22,160 --> 00:36:24,180 Every hospital, 824 00:36:24,180 --> 00:36:28,170 every organization, every study -- 825 00:36:28,170 --> 00:36:30,140 I'll fund that. 826 00:36:43,000 --> 00:36:45,000 Ruth. 827 00:36:45,000 --> 00:36:46,180 Ruth... 828 00:36:46,180 --> 00:36:49,030 I need you to pull it together. 829 00:36:49,030 --> 00:36:51,040 Oh, you do, do you? Yes. 830 00:36:51,040 --> 00:36:52,080 And why is that? 831 00:36:52,080 --> 00:36:53,230 You don't want to be happy, okay. 832 00:36:53,230 --> 00:36:55,200 But at least, for crying out loud, 833 00:36:55,200 --> 00:36:57,200 put on a good face, will you? 834 00:36:57,200 --> 00:36:59,020 What we're going through with Andy -- 835 00:36:59,020 --> 00:37:00,150 what I'm going through -- 836 00:37:00,150 --> 00:37:02,220 I'm entitled to take a day off 837 00:37:02,220 --> 00:37:05,080 from the bubbly socialite crap. 838 00:37:05,080 --> 00:37:07,050 You know, this is not about Andy. 839 00:37:07,050 --> 00:37:09,210 This is Shana's wedding night. 840 00:37:09,210 --> 00:37:12,060 And Andy's getting the best treatment money can buy. 841 00:37:12,060 --> 00:37:12,954 Money?! 842 00:37:12,954 --> 00:37:13,070 Money?! 843 00:37:13,070 --> 00:37:15,200 You can't throw money at this! 844 00:37:15,200 --> 00:37:18,160 What he needs is his father's love for a change, 845 00:37:18,160 --> 00:37:20,080 not his checkbook. 846 00:37:20,080 --> 00:37:23,120 It's his turn to be the center of attention. 847 00:37:23,120 --> 00:37:25,090 You know, this is your guilt. 848 00:37:25,090 --> 00:37:26,150 It isn't mine. 849 00:37:26,150 --> 00:37:28,180 I treat both my boys equally. 850 00:37:28,180 --> 00:37:30,170 How dare you? 851 00:37:30,170 --> 00:37:32,150 You think that it's -- it's Mark 852 00:37:32,150 --> 00:37:34,030 that's taken all my attention? 853 00:37:34,030 --> 00:37:35,070 Neither of the boys 854 00:37:35,070 --> 00:37:37,170 have taken half as much out of me as you! 855 00:37:37,170 --> 00:37:41,040 I'm just telling you -- 856 00:37:41,040 --> 00:37:42,954 You better go easy on the open bar tonight. 857 00:37:42,954 --> 00:37:43,050 You better go easy on the open bar tonight. 858 00:37:43,050 --> 00:37:45,110 Yeah, yeah, well, I'll just do damn well 859 00:37:45,110 --> 00:37:49,020 whatever I please, okay? 860 00:37:49,020 --> 00:37:52,150 d Hava nagila d 861 00:37:52,150 --> 00:37:55,020 d Hava nagila d 862 00:37:55,020 --> 00:37:58,230 d Hava nagila ve-nis'mecha d 863 00:37:58,230 --> 00:38:00,160 d Hava nagila d 864 00:38:00,160 --> 00:38:02,210 d Hava nagila d 865 00:38:02,210 --> 00:38:05,040 Shana's wedding was gonna be strange 866 00:38:05,040 --> 00:38:06,180 no matter how you cut it. 867 00:38:06,180 --> 00:38:08,040 Father of the bride... I'm so proud of you. 868 00:38:08,040 --> 00:38:10,030 ...too consumed with care of his sick son. 869 00:38:10,030 --> 00:38:12,954 Not just today, but on all days. 870 00:38:12,954 --> 00:38:13,100 Not just today, but on all days. 871 00:38:13,100 --> 00:38:17,220 Mark parading around a fianc๏ฟฝe who looked like a Barbie doll. 872 00:38:17,220 --> 00:38:20,150 Andrew with his brand-new shiksa goddess, 873 00:38:20,150 --> 00:38:22,160 acting like cancer was the best thing 874 00:38:22,160 --> 00:38:24,130 that ever happened to him. 875 00:38:24,130 --> 00:38:26,060 And then there was Ruth -- 876 00:38:26,060 --> 00:38:29,020 furious with the world about Andrew's cancer 877 00:38:29,020 --> 00:38:31,020 and taking it out on me. 878 00:38:31,020 --> 00:38:35,120 Like I said, Shana's wedding was already gonna be strange. 879 00:38:35,120 --> 00:38:39,000 But when you factor in who she was marrying -- 880 00:38:39,000 --> 00:38:41,150 one of the very same SEC lawyers 881 00:38:41,150 --> 00:38:42,954 who'd been involved with investigating me -- 882 00:38:42,954 --> 00:38:45,150 who'd been involved with investigating me -- 883 00:38:45,150 --> 00:38:48,080 it was like welcoming the executioners 884 00:38:48,080 --> 00:38:51,230 with the ax over my head as guests in my home. 885 00:38:51,230 --> 00:38:53,160 d Hava nagila d 886 00:38:53,160 --> 00:38:56,020 d Hava nagila d 887 00:38:56,020 --> 00:38:59,190 d Hava nagila ve-nis'mecha d 888 00:38:59,190 --> 00:39:01,150 d Hava nagila d 889 00:39:01,150 --> 00:39:02,150 d Hava nagila d 890 00:39:02,150 --> 00:39:04,040 And that's when it hit me. 891 00:39:04,040 --> 00:39:08,090 This was the moment the SEC had been waiting for. 892 00:39:08,090 --> 00:39:11,030 The most dramatic and humiliating moment 893 00:39:11,030 --> 00:39:12,954 they could choose to take me down -- 894 00:39:12,954 --> 00:39:15,090 they could choose to take me down -- 895 00:39:15,090 --> 00:39:17,200 at my own niece's wedding. 896 00:39:17,200 --> 00:39:19,190 d Hava neranena venis'mecha d 897 00:39:19,190 --> 00:39:23,050 d Uru, uru, uru achim d 898 00:39:23,050 --> 00:39:24,200 d Uru achim belev same'ach d 899 00:39:24,200 --> 00:39:26,100 d Uru achim belev same'ach d 900 00:39:26,100 --> 00:39:28,040 d Uru achim belev same'ach d 901 00:39:28,040 --> 00:39:29,230 d Uru achim belev same'ach d 902 00:39:29,230 --> 00:39:32,020 d Uru achim d 903 00:39:32,020 --> 00:39:33,160 Mr. Madoff? 904 00:39:33,160 --> 00:39:35,170 Mr. Madoff. Yeah. Yeah, yeah. 905 00:39:35,170 --> 00:39:37,110 David Green. Yeah. 906 00:39:37,110 --> 00:39:40,070 The SEC lawyer. 907 00:39:40,070 --> 00:39:42,020 So, how's life? 908 00:39:42,020 --> 00:39:42,954 How do you mean? 909 00:39:42,954 --> 00:39:43,100 How do you mean? 910 00:39:43,100 --> 00:39:44,230 Life, um... 911 00:39:44,230 --> 00:39:48,120 Well, I think life's a pretty funny business. 912 00:39:48,120 --> 00:39:51,060 I mean, how things come together. 913 00:39:51,060 --> 00:39:54,170 You know -- people, timing... 914 00:39:54,170 --> 00:39:56,230 where and how things work. 915 00:40:03,210 --> 00:40:05,030 Okay. 916 00:40:05,030 --> 00:40:07,040 Look, uh... 917 00:40:09,010 --> 00:40:11,020 ...I'm gonna go get my wife. 918 00:40:11,020 --> 00:40:12,954 Unless you have something else to tell me? 919 00:40:12,954 --> 00:40:16,010 Unless you have something else to tell me? 920 00:40:25,000 --> 00:40:27,190 Actually, I do. 921 00:40:32,020 --> 00:40:34,070 And that is? 922 00:40:37,070 --> 00:40:41,070 Preuzeto sa www.titlovi.com 66464

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