All language subtitles for Madoff.S01E01.Part.1.720p.HULU.WEBRip.AAC2.0.H.264-NTb.en

You want to know how to get people

to trust you with their money?

I'll tell you right now.

You present it as an exclusive thing.

Look, what can I tell you?

It's a closed fund.

An elite club for the chosen few.

It's not a question of credentials.

Right now, it's a closed fund.

Of course, that's just the hook.

Nothing on earth makes
people want something more

than telling them they can't have it.

You play hard to get.

You make them sweat.

And then...

I'm gonna make an exception.

And once they're in,
you make them feel safe.

You give them consistent returns,

around 10%, 12% a year, year after year.

If anybody asks you,

"how do you do this? What's your secret?"

You say to them...

That's proprietary.

And if the questions keep coming...

You don't like the way
I do it, come up here,

I'll write you a check for all of it,

and you're out of the fund.

Now, the truth is, of course,

that's the one thing you
can't afford to have...

Money going out.

As long as deposits outpace withdrawals,

you can live like a king.

It's a simple business plan.

People give me their money, and
I make them richer than god.

You might say I'm a magician.

And as they say,

a good magician never reveals his secrets.

[Bell dinging]

Synced by VitoSilans - corrected
by chamallow - www.addic7ed.com -

_

♪

There's Andrew.

There. She's down...

Finally.

Let's keep our fingers crossed

that she sleeps at least an hour.

Woman: Okay.

You know, that kid of yours is incredible.

You can tell she's,
like, out of this world.

Uh-huh.

So how long have you and
Bernie known each other?

Oh, my gosh.

I do not want to do the math, but...

A long time ago.

Well, I was 13 years old when
I... when I first saw Bernie.

He was a 16-year-old lifeguard.

- Lifeguard?
- [Scoffs]

Mm. Didn't have a belly then.

- Yeah.
- [Laughter]

- Oh! And I knew it.
- Now, now. Give the guy a break.

I knew right away this
was the love of my life...

The man who would take care of me forever.

Man: Yeah.

Being 13, you know, doesn't...

It's not as weird as it sounds now.

Oh, it sounds weird. It
sounds a little perverted.

Come on, now, Mark.

Don't be silly. I didn't
even know what sex was.

O-o-okay.

Well, listen to me.
Neither did your father.

Took him quite a long time to...

- Mom! Oh, I don't want to know.
- Too long.

I don't want to know. Eww.

I'm gonna go to the restroom.

Yeah, yeah.

- Darling, have some more fruit.
- Mm.

Give me your plate. Who wants more fruit?

She's nice.

She's nice, huh, Shana?

- Yeah, but it's not serious, right?
- Thank you, thank you.

Uh, it might

- it's a little early to tell.
- Oh. Oh, honey.

A... a wife? I don't think so.

No, you know what? I like her, though.

I really do. I really like her.

But she's no Susan.

You didn't like Susan
until we were divorced.

Well, that's because I see less of her now.

- [Laughter]
- Unbelievable.

- Actually, I've always liked her.
- Yeah, thanks.

- [Cell phone rings]
- Aw. Pity.

- Pity.
- Excuse me, Mark.

Mark: Mm-hmm.

- Thank you. [Scoffs]
- Yeah?

Frank: Bernie, it's Frank.
Got that thing I sent you?

Yeah, the, uh... The King Arthur fund.

Yeah. It might look
like some two-bit fund,

but it's turning into a major problem.

What am I looking at?

The King Arthur idiot put
it right there in writing...

Guaranteed 12% to 15% rate of return.

Of course it got the SEC's attention.

Guaranteed 15%?

That would certainly get my attention.

The problem is, Avellino and Bienes

allowed this guy to invest,
and now we're exposed.

You connected with them yet?

They haven't gotten back to us yet.

I've been trying all weekend.

You know how this works, Bernie.

The SEC ain't gonna stop
at Avellino and Bienes.

They'll follow it right up the line to us.

I want them in my office
at 7:30 Monday morning.

You understand what I'm saying?

- Okay?
- I hear you, Bernie.

I'm not kidding.

They've been living off the
fat of the land for 23 years.

I'm not gonna have it end up on myoop♪♪♪.

Yeah, yeah, yeah. I hear you, Bernie.

- I'm on it.
- Okay.

All right. Bye.

[Children laugh]

[Laughs]

- [Glass clinking]
- Ruth: I couldn't imagine.

- Quiet down, please.
- [Laughter]

I would like to propose
a toast to my dad...

Mm.

For kicking prostate
cancer where it counts...

In the butt.

- [Laughter]
- Oh. That's my son.

Of course, we're all so thrilled
that you've beaten this thing,

but I'm pretty sure no one's
more relieved than Uncle Bernie,

since we all know he has no idea

how to turn on those computers
at the firm without your help.

- [Laughter]
- Yeah, that's actually true.

That's a good point.

First of all, first of all...

Roger can't make it from
the east side of Manhattan

to the west side without a map, okay?

- Yeah, but, Dad, seriously...
- Bernie: Bern... hey.

Bernie speaking.

Peter...

We're thrilled that you're here.

And we're thrilled that you're staying.

You're the best father

that Roger and Shana could possibly have.

And you're the best brother,

whose devotion and loyalty
is never questioned.

- Cheers.
- Cheers.

- Cheers.
- Cheers.

- Cheers.
- Cheers.

- Oh!
- [Glasses clinking]

Beautiful toast.

You're not going anywhere for a long time,

and I know that.

You got to rest.

You got to relax.

Remember that trip that you took to France?

You went to Provence,

and there was a villa... Bonne Chance?

- Bonne Chance.
- Bonne Chance.

- That's right.
- Okay.

And you said it was like
heaven on earth, right?

Yes. It was beautiful.

Well, I, uh...

I got you a little bit of heaven on earth.

Seriously.

I bought you that villa.

You bought me that house?

- Yeah.
- Oh, my god.

Really, Bern?

What?

No, come on.

No. [Chuckles]

You accept it because you deserve it, okay?

You're crazy. You know that?

[Chuckles]

♪

Is everything all right?

Yeah, you know, you...
You were on the phone

much more than usual this weekend.

I'm fine, I'm fine.

- I just had to put out a fire.
- Mm. Mm.

I've decided we're gonna do it.

- Do what?
- The addition to the house.

Okay? Okay.

It's a... a great big
indoor-outdoor rec room

right... right off of the living room.

And the patio... you know,
it's just sitting there.

Nobody's using it.

[Laughing] Why do we
have to build an addition?

You want a bigger house.
We'll buy a bigger house.

No, no, no. Unh-unh.

No.

I am never saying goodbye to this house.

No, I love it.

It's our first real splurge...

From Roslyn Heights to Montauk.

Yeah.

♪

_

Man: There's no limit.

[Indistinct conversations]

- [Telephone rings]
- Man #2: Judy, Judy!

Take this freaking call, will you?

Trades that used to take a day and a half,

now you can do in a millisecond.

- New offices look terrific.
- Thank you.

How long have you been here?

About a year.

Here's, uh, my two boys... Mark and Andrew.

- Say hello to Nathan.
- Huh?

They're growing up.

And, uh, in here should be...

Yes.

Peter, my brother,

and this is his daughter, Shana,

who's our new in-house counsel.

- Hi, there.
- How are you?

Peter was the one who thought

about all that computer
stuff long before I did.

I was still using an abacus.

- [Chuckles]
- That's amazing.

- We have something for you.
- Yeah.

I suppose there are two ways
now to look at this place...

As a high-tech financial-services outfit

that helped create Nasdaq,

or, as I like to see it,

a very closely knit family business.

- You know how I look at you?
- How?

As a guy who doubled my money in six years.

That's for his college fund.

[Telephone rings]

Hello?

Frank: Avellino and
Bienes just landed at JFK.

They're on their way.

I'll be there in five.

Nathan, got to cut it short.

It's good seeing you again, Bernie.

Good seeing you.

Bernard L. Madoff
Investment Securities.

I built this firm from nothing

into one of the premier
market-making firms

on Wall Street.

What's market making?

Don't worry. You don't need to know.

It's not the sexiest corner
of the finance world,

but it's 100% legit.

The only thing is, it
doesn't have a thing to do

with managing my investors' money.

The exclusive fund with the
amazingly consistent returns?

That's a whole other business

that I run from down
here on the 17th floor.

Nobody, but nobody, comes down
here without my permission.

[Beep, lock disengages]

But it's not the kind of
thing you can do alone.

Meet Annette Bongiorno.

Bernie.

When I hired her, she looked
like Elizabeth Taylor.

Annette makes sure the
detailed account statements

go out to our clients every month.

[Telephone ringing]

Jodi Crupi.

Oh, hey, Bernie.

Annette's best friend's
cousin's lesbian girlfriend.

Her one and only job... knowing
the daily balance of the fund.

Finally, the man behind the wheel

down here on the 17th floor.

He walked in my door at age
19 with nothing but chutzpah.

Now he's as essential as my right hand.

Frank DiPascali.

We got a problem, Bernie.

Well, let's get down to business.

How much is in the Avellino
and Bienes account right now?

Uh, about $400 million.

About $400 million.

I don't care about "about."

I want to know exactly.

Okay. Let me get Annette.

Annette, get in here.

Bring the Avellino and Bienes account.

Annette: How about you get off
your butt and come get them?

Hey, hey.

Bring it in to Bernie, okay?

[Scoffs] I swear.

She gets to be more of
a pain the ass every day.

Watch out.

She's the one who brought you in.

Yeah, 17 years, two husbands,

and about 1,500 eggplant parms ago.

- [Laughs]
- [Door opens]

I'm sorry, Bernie.

I didn't know I was talking
to anybody but Mussolini here.

Annette, just give me
the accounts, will you?

Yeah, the account.

Jodi.

$388,693,119.

Total of cash accounts as
of 9:00 A.M. this morning.

Excellent.

Yeah, fine. Okay.

- Thank you.
- No, thank you.

Get out of here, will you?

Go chase a car.

[Door closes]

Okay, so, we're only
about $14 million short.

I mean, if worse came to worse
and we had to pay it all back...

Well, we have to pay everybody
back to the last dime,

or else we're gonna be
facing an SEC inquiry.

Does Avellino and Bienes know that?

In about an hour.

♪

Frank Avellino and Michael Bienes.

These two suckers are under the illusion

that their investors in my fund

have a collective net worth
of... yep, that's right...

$402 million...

That I now have to repay in full.

- There he is.
- Bernie.

Hey. Hey.

Bernie, you look great. You look great.

Thanks a lot.

- And the boys...
- Grown men!

Oh. Yeah.

Three grandkids now, am I right?

Yeah, beautiful grandkids...

- Beautiful.
- Beautiful kids, beautiful... wife.

Shut up and sit down.

[Scoffs]

It's over.

What do you mean, "it's over"?

I mean, it's over.

I'm shutting you down.

- Bernie.
- Come on.

- Hear us out, Bernie.
- We never...

How many millions of dollars

have I made you guys over
the last 20 years, huh?

Huh?

You're buying art.

You got a yacht.

I understand you're actually
doing some philanthropy, right?

[Chuckles]

So if I was you, the
question I would be asking is,

how much is this
lifestyle worth to keep it?

Now...

here's what you're gonna do.

You're gonna do everything
my lawyer tells you to do.

You're gonna pay any fines or penalties

that are levied against you.

And you're gonna tell your
partner, this King Arthur guy,

that his little pamphlet

put the two of you out of business, okay?

Whatever you say, Bernie.

Is that clear?

Yeah, but, um...

Just so you know, this King Arthur guy...

- We told him the rules.
- We did.

- He knew the rules.
- It wasn't us.

You know, it may be exactly as you say.

But here we are.

Those for Ruth?

Yeah.

I'm gonna do you a favor.

Ruth hates irises.

[Chuckles]

So pick a secretary and give it to her.

Get out, get out. Get out.

Hey, Shana.

Do you have any idea what
they're talking about in there?

Who knows, Mark?

Maybe they're picking horses.

The problem is gonna be
getting another $400 million

before another client
asks for a big redemption.

Why not hit up one of the big fish?

Carl? Or Picower?

- No, no.
- Or Levy.

I mean, those guys got
plenty more they could put in.

Two decades, these
people have been with me,

and they've been making straight money.

Carl even longer.

I ask for a handout from
them, and they lose confidence.

No, no, no, no, no.

Big fish.

Big fish are out, and so are their friends.

Well, that takes care

of just about every Jewish
businessman in New York City.

Okay.

All right. Enough.

Enough for today.

You know, the SEC

is still gonna want to
see records, you know?

So give them some records.

What, for 3,000 clients?

Yeah. So?

Some of those accounts
go back to the 1960s.

Well, I guess you'll just have

to earn your paycheck, won't you?

Bernie: Oh. Oh, yeah.

Mm. Oh, yeah.

Oh. Yeah.

Oh. Where the arch is.

Get... get... get in there.

- You... mm!
- Aah!

How's your back? You've
got a lot of tension.

- Everywhere.
- Oh, wait.

- Even up here.
- Stop!

It's the business. It's the business.

What, honey? What do you mean?

We're not expanding.

We've got to keep expanding.

- Or else...
- Oh.

Or else you're going
backwards. Yeah, I know.

So, what do... what do
you want to do about it?

I want to get bigger.

I want to get bigger investors.

I want more.

You mean like that Jeremy Billings

we met in Florida last year with his wife?

- You remember?
- Who?

His partner's Blake North.

They've got this big,
very fancy hedge fund,

and he's got five daughters.

And if that isn't a kick,
they all look like models, too.

Where did... how do you know all this?

I can read.

[Laughs]

Look at this. Gorgeous, huh?

Well...

I doubt they have any Jewish friends.

They look like a Polo ad, huh?

Why... why don't you invite him to lunch?

No.

Why don't you invite her to lunch

and tell her we don't
accept any new investors?

You are a vice president
of the company, after all.

All right.

If you want me to earn my
salary, you insist, okay.

[Laughs]

Greenwich, Connecticut.

Home of Blake North.

If I could reel him in, the
money I needed to pay out

would be pocket change.

Blake: Legacy.

Heritage. Tradition.

Those were the big words in my family.

So you can imagine the uproar

when I off and married this
exotic "mujer from the barrio."

He's wearing a pink jacket.

Don't laugh.

With his money, he can wear
whatever the hell he wants.

I grew up in Rio, but went
to school in Switzerland.

We sent all our girls there, too.

All five of them? Right?

- Oh, my god.
- Mm-hmm.

I saw a picture of them in East End living.

- So beautiful.
- Mm-hmm.

- Yeah.
- Well, you must

have had your hands full

when they were teenagers, huh?

Why do you think we
sent them to Switzerland?

[Laughter]

And where did your boys go for school?

Well, for high school, Roslyn High,

home of the Warriors.

[Laughs]

And then Mark went to
Michigan and Andy went to Penn.

How about your girls? Where
did they go to college?

- Oh...
- Honey, why don't you

show Ruth the stables?

They, uh, they were feeding
the Arabians there earlier.

Magnificent creatures if
you've never seen them up close.

I guess you know the code
for "time for business"...

- Yes.
- As well as you do, I'm sure.

- Ah.
- [Chuckles]

This way.

Okay.

So, where did you send
your girls to college?

Harvard, Brown...

Princeton, Brown, Princeton.

♪

He's waiting for me to pitch him.

I don't pitch.

Right now, only one thing counts.

Whoever talks first, loses.

So, I'm glad our lawyers put us together.

I remember now that Irving gave me $50,000

at a time when that
was quite a bit of money

for someone in his position.

And it has reached a point,
absolutely and certainly,

your granddaughter will
have no trouble at all

in making tuition at
any school of her choice.

[Chuckles] So, what can I do for you?

On the one hand, I would
really like to take the money

and put it in a savings account,

and on the other hand, I mean,

Irving spoke so highly of
you, and... and he trusted you.

Um, I'm going to write you a check

for the complete amount of your account,

and if you change your mind
and want to put it back with me,

I will gladly accept it.

Here is that check.

Yeah, the check's no good.

But look at her eyes.

She trusts me.

[Sighs]

Well, Irving trusted you.

Trust... the basis of any
long-term relationship.

I had $3,000 in my bank
account on my wedding day...

Just the money I saved from summer jobs.

Bernie: Now, there's no guarantees in life,

but this is as close to
it as you're gonna get.

It's money in your pocket,

and I want to get you
in on the ground floor

because this is a home-run deal, all right?

The ball is sailing over the wall

at Yankee Stadium as we speak,

and I want to get you in
there before some schmuck...

Dialing for dollars, pushing
penny stocks, I was doing fine.

Now, look, I understand
why you'd be apprehensive.

I get it.

But it is 100 shares for $10.

What do you have to lose?

Man: Okay, put me down
for 100 shares, Bernie.

I thought you'd see it my way.

But it was my father-in-law, Saul...

who set the big balls in motion

by believing in his new son-in-law enough

to pitch to him his best clients.

Bernie, I want you to meet Jerry Samuels.

My son-in-law, Bernard L. Madoff.

Jerry Samuels.

Saul tells me you're
ready to make some money.

Steven Hirsch.

My son-in-law, Bernard L. Madoff.

Steven Hirsch.

It's a pleasure to meet you.

Saul says you're ready to make some money.

Samuel Scheinbaum.

My son-in-law, Bernard L. Madoff.

Samuel Scheinbaum. It's
a pleasure to meet you.

Saul says you're ready to make some money.

Within a year of Saul funneling me clients

from his accounting business,
I was $25,000 in the black.

Then it all fell off a cliff.

The penny stocks I had
my clients in got killed.

That's when it hit me.

All I needed was someone to
cover my clients' losses...

Someone whose cash I could use

and make it look like
they'd weathered the storm,

like I'd kept them safe.

It would take every
penny I earned to do it,

but I could make them whole.

You can call it cheating if you want,

but are you really doing anything wrong

if the Peter you're
robbing to pay Paul is you?

$72... that's all I'd have left.

But it was a small price to
pay for what I was buying...

Admiration, trust, respect.

Sam. Bernie Madoff.

Hey. Slow down, slow down, slow down.

That... That... that...
That's why I'm calling, Sam.

You're okay.

I saw this whole thing coming a week ago.

I moved your entire
portfolio into treasuries.

Everything is aces.

Like I said...

[Chuckles] No.

I'm not a genius.

I just know how to ride the market.

The basis of any long-term relationship.

♪

You promoted Frank.

Yeah, to VP.

So what?

You won't let us in
the Investment business,

and you promote Frank.

I've worked here for seven years, Dad.

I earned that promotion.

[Chuckles]

You know, boychick, you remind me of me.

I love you.

Listen, Frank's been here 20 years.

Seven years is barely out of the minors.

The minors?

I reorganized the workflow
between traders and management.

Andy developed our entire
strategy for emerging markets.

We manage hundreds of millions
of dollars every year here on 19.

We're good at what we do, Dad.

So...

Look, why won't you just let us in?

We can help with
investment management on 17

just like we do with trading up here.

Marky, I'll know when you're ready.

I built this whole thing
by listening to my gut.

So when my gut tells me you're
ready, you're in like Flynn.

And until then, you've
got financial security,

you're seasoned.

Come on.

A little Patience, pal.

- Yeah, come on, Marky.
- Don't call me Marky.

- [Golf club clacks]
- [Scoffs]

You know, just...

Just so I'm clear,

you're saying that Frank
is qualified and I'm not?

Marky...

Why don't you take it like this?

If he screws up, I can fire him.

If you screw up, I can't fire you.

You're blood.

So until I know, we do it my way.

And now we're done.

You know what you need to do, brother?

You need to breathe, relax,
and trust Dad a little more.

Okay?

You're getting what you want.

Just be a little more patient,

and eventually, you
will be a very happy man.

So just relax.

But if you want to keep pushing him,

he's just gonna fight you.

I'm really glad we had this talk.

♪

[Elevator bell dings]

[Elevator door opens]

Are you, uh...

I mean, do you have your own passcard?

Jodi...

Don't be ridiculous.

[Sighs]

[Beep, lock disengages]

[Door closes]

Um, Mark, is there something
that I can do for you?

Jodi, I'm fine.

[Door opens]

Frank: Can I help you with something?

Mark...

Can I help you?

No, you can't help me.

I just wanted to say...

Congratulations, Frank.

Thank you.

The SEC is here?

Now? Today?

Bernie: Don't worry, Frank.
There's nothing to worry about.

I mean, you could have
at least told me, huh?

The records... they
aren't even close to ready.

Take a breath. Take a breath, Frank.

I don't have signatures.

I'm waiting for the files
to be... take a breath.

We don't have to show
them any records today.

All we got to do is make them believe

that we're gonna make their lives easy.

Now, very slowly,

I want you to turn and look at them.

Go ahead.

Now, you're gonna tell me

that Frank DiPascali is afraid of that?

[Chuckles]

It's the personal level

that's the most embarrassing for me.

30 years I've been doing business

with Bienes and Avellino,

and then to find out they're
selling securities improperly

makes me feel like an idiot.

I spoke to your boss.

I already told him

to just say the hows and
the wheres and the whens,

and we'll make sure that all the investors

have all their money back.

I can't even imagine how
terrible the anxiety is

these people are feeling.

So, what happens next?

Brass tacks.

Well, it's pretty simply, really.

Basically, we just need the records

from the Avellino and Bienes accounts

dating back to when you started
doing business with them.

30 years of fake documents?

Frank could take care of it.

And the SEC wasn't the real problem.

The real problem was,

how was I gonna replace that $400 million?

♪

When Carl Shapiro first
put money with me,

it was like king Solomon
himself had vouched for me.

The money I needed...

Carl could have written me a
check for that in his sleep.

The thing is, the main reason
he put so much money with me

over all those years is
that I never asked for it.

Ozzie Kraus.

We started out together
in the garment district.

He said I was crazy to make
nice dresses out of cotton,

that women wanted silk.

I said, "well, working women
like nice dresses, too."

That was 1946.

By 1951, I made my first $10 million.

- He was still selling suits.
- Mm.

Looks like he's doing pretty good, though.

Eh.

Might be worth $15 million, $20 million,

but when you spread it
across all those years,

it's not a hell of a lot of growth.

He didn't have the drive like you do.

Like I do.

Millions?

For Schleppers.

You got to go for billions.

Bob: You know, they say
tennis is the sport of kings,

but golf is the sport of deal-making.

I... [chuckling] That's...
That's why I quit tennis.

"The son I never had"...

That's what Carl's been
calling me for 30 years.

Ellen: That's the only thing.

See the Blumenthals over there?

Talked my ear off all afternoon.

"Can I please make an introduction?

I'm just dying to get into Bernie's fund."

They're probably stalking you right now.

His only daughter had married
a man named Bob Jaffe.

All I'm saying is that
they're not the only members

who would give their right
hand to get into the fund.

You know, we come down here
to get away from business, Bob,

not to drum it up.

This is not a place to discuss business.

It's in the club charter.

We don't talk business here.

Bob: Of course.

That said, if you were to want to expand,

I'd be more than willing to help.

Eat.

Ellen: Uh-oh.

Frank: You think letting Bob Jaffe

comb Palm Beach for clients

will get you $400 million overnight?

Well, maybe yes and maybe no, Frank, but...

A few million here and a few million there,

it can buy us some time, right?

Blake: Hi, Bernie. Blake North.

Listen, I've been doing
my best with Jeremy,

but it's just... he still
feels he needs more to go on

for us to consider coming on board.

So if we can facilitate a meeting,

I think it would go a long
way to settling his concerns.

So, uh, give me a call.

Hey.

Hey!

Hey!

- Surprise!
- Surprise!

♪ What a man, what a man, what a man ♪

- ♪ what a mighty good man ♪
- Sweetheart.

♪ Yes, he is ♪

♪ what a man, what a man, what a man ♪

- ♪ what a mighty good man ♪
- What is that?

Chairman of Nasdaq.

What is that?

- How could I be chairman?
- I never heard of...

We found out yesterday. We
wanted to keep it a surprise.

Maybe have a party. Got it all together.

- Congratulations.
- Congratulations, Dad.

- Oh, man.
- Confetti all over the place.

Bernie: This is great.

I'm so proud of you, sweetheart.

God, I always knew. I
knew this was your destiny.

- Mm.
- Mm.

♪ I got a good man ♪

♪ what a man, what a man, what a man ♪

♪ what a mighty good man ♪

♪ uh, a mighty, mighty good man ♪

♪ what a man, what a man, what a man ♪

♪ what a mighty good man ♪

♪ yes, he is ♪

♪ what a man, what a man, what a man ♪

♪ what a mighty good man ♪

♪ what a mighty good man ♪

♪ ooh, what a man,
what a man, what a man ♪

♪ what a mighty good man ♪

♪ he's a mighty,
mighty good man, y'all ♪

♪ unh ♪

♪ what a mighty,
mighty good man, y'all ♪

♪ yeah ♪

♪ what a mighty good man ♪

♪ ooh ♪

♪ yeah ♪

From a back room in my
father-in-law's office

to chairman of Nasdaq,

the second-largest exchange in the world.

A high watermark. You better believe it.

A position like that?

I'd never have to sell myself again.

The title would do it for me.

Bernie: Yeah.

- No, no. No.
- Bernie?

I got to go.

One more thing about closing a deal...

Always save your best play for last.

Well...

Everything we've looked at looks good.

But there's no mention in
here about the 2 in 20 split.

There's no... no mention about
the management fee at all.

That's right.

Well, what do you mean,
"that's right"? [Chuckles]

Even if you want to go 50-50,
it needs to be in writing.

[Chuckles] No. No.

We're not gonna go 50-50.

[Exhales sharply]

Well, then, uh, we need to go
back to the negotiating table,

get the lawyers to draw
up entirely new contracts,

start from scratch.

You know, I don't think you
really want to do that, Jeremy.

[Chuckles]

Oh, yeah?

Tell me... why's that?

Because we don't take any fees.

We make our money on the trades.

The management fees are all yours.

I thought you understood that.

[Laughs]

So, uh...

I suppose we should talk
about the initial buy-in.

The gold standard in seduction...

The moment your client

starts to think he's the
one getting one over on you.

- Did he really just...
- Yes.

- But why wouldn't he...
- Jeremy.

The best thing that will ever happen to us

in our whole lives just happened.

Do you really want to ruin it?

After that, you couldn't stop them

from giving you their money if you tried.

Once word got out that Bernie Madoff

would deliver your hedge-fund returns

without taking a penny
of fees for himself...

My name is Rene-Thierry
Magon de la Villehuchet,

and I have been looking
forward very much to this day.

Thank you so much.

And we will be in touch, and we will visit.

[Speaks french]

- Thank you. Ah. Ah.
- Adieu.

Greg Perkins. Great to meet you, Bernie.

You're not gonna regret this.

Neither am I.

Vera Zweig.

A great pleasure to meet you, Mr. Madoff.

Excellent.

Ja.

$10,006,442,853.64.

Total cash in hand as of
9:00 A.M. this morning.

$10 billion.

Not bad for a poor Jewish kid from Queens.

Frank: Oh, come on.

[Laughs]

_

Alan: Got a minute?

No, I do not.

You're a math guy.

A math guy?

How much of a math guy?

I have a pretty thorough
grounding in calculus,

from integral to differential,

plus linear algebra and statistics...

Both normal and non-normal.

Yes, I suppose you
could call me a math guy.

Take a look at this.

- What is that?
- A prospectus.

- Don't ask me where I got it.
- Where did you get it?

Harry, have you ever
heard of Bernie Madoff?

Private fund, right?

Consistent returns year in, year out.

We need to do what he's doing.

I need you to reverse...

Reverse-engineer his trading strategy.

See if we get his results.

That's right, Harry.

And have a good night.

♪

[Breathes deeply]

You're holding in your
hands an exact replica

of a 1965 Aston Martin Volante.

Only 37 of them ever made.

Two remain in the United States.

Hmm. It's beautiful.

Roger gave it to me for Father's Day.

I'd been hoping for a big one.

[Laughs]

I was happy to have the model.

Hey.

I need you to sign some things.

[Door closes]

Hello, to you, too, Frank.

It's not a good time.

It'll just take you five minutes.

Just a set of filings

for some accounts that
didn't get processed right.

Okay, Frank.

I'll, uh...

I'll look them over,
and I'll get back to you.

There's no time for that.

I just need your chief
compliance officer rubber stamp.

He said he'll get back to you, Frank.

So...

Okay, Mark.

Vroom, vroom.

Very nice.

I was now moving in the
highest class of people.

Like Elie Wiesel... holocaust
survivor, Nobel laureate.

It is the twinge we feel

when we go against our conscience.

This is a gift given to most of us...

The knowledge of wrong.

And perhaps merely listening
to those feelings of guilt

is the secret to living an ethical life.

Perhaps, in the end, it's as easy as that.

[Light laughter, crowd murmuring]

[Applause]

Thank you.

For me, it's the market volatility

that always scares me off.

Ruth: Well, of course.

You don't know how the system works,

and then you're going to entrust
everything you've worked for

- to it?
- Exactly.

I'll tell you the truth, Elie.

The fact is that if you're
in the market for real,

you don't have to look at it
on a daily basis, you know?

It goes up 300, it goes down 300.

It really doesn't matter.

What you got to think about is,

are you in, and do you trust the
general health of the markets?

Then you'll be fine.

You're gonna do okay.

It... it would certainly be an honor

to help you in any way we could.

Our whole family would be so honored.

Absolutely.

Elie Wiesel, virtuous humanitarian.

Didn't stop me for a second
from taking his money.

It's not as though I'm gonna sit here

and tell you that you
can't live without me.

You know, you've done very
well with the guy you're with,

so maybe you just want to stay put.

[Chuckles]

Well, imagine if I lost your money.

I wouldn't be invited to any bar mitzvah

in the city of New York.

You are Bernie Madoff.

Yes, I am.

Sheryl Weinstein.

C.F.O. of Hadassah, the
Women's Organization.

I am familiar with Hadassah.

Good.

Probably looks like I'm stalking you...

Waiting for you outside
the bathroom like this.

Well, actually, until you said that,

I would have just thought

that you were waiting for the bathroom.

Damn.

I just blew my own cover, right?

Listen...

I'm glad you have Hadassah as a client.

I, uh... I know you don't
take on just anybody.

But I would love a chance to
talk to you about our goals.

Well, Sheryl, um...

I have an idea about charities.

It's not about the size.

It's about the people behind them.

So, uh...

Why don't you call my office,
and we'll set something up?

Ruth: Oh, here you are.

Ira's looking for you.

He wants to introduce you to...
To some big cosmetics C.E.O.

Ruth, this is, uh... Sherry? Sheryl.

Sheryl Weinstein.

- Sheryl Weinstein from Hadassah.
- [Gasps]

Oh! Wonderful.

You... you ladies do such good work.

[Laughs] Thank you.

Bern, back in the saddle.

Yeah.

♪

[Applause]

Bernie: Good evening, and welcome

to the fourth annual Madoff
Family Foundation fund-raiser.

As chairman of Nasdaq, I am
grateful for you to be here.

Those of you who are here tonight

know already that you are the recipients

of an enormous, almost miraculous, growth

in personal wealth.

Technology and innovation have allowed us

to receive an amount of wealth

that our parents could not
possibly even have dreamt of.

But there are still far too many

who have not been the
recipients of such wealth.

They have neither the
money nor the benefits

that wealth can bring.

So, why do we give?

Because we believe in this system

that is perfected by the act of giving.

Why do we give?

Do you know how he does it?

You figured it out in one night?

Because it feels good.

Madoff. You want to know how he does it?

Yes.

Why do we give?

He doesn't.

Because we care.

It's a fraud.

There's a cancer gene in the Madoff line.

Cousins, uncles, grandparents.

Leukemia, lymphoma, sarcoma.

A poisoned heirloom passed
down for generations.

Maybe we could extend out further.

You always hear that
growth is a good thing.

As much as of... of a window.

We'll see if we like it.

It shows the world you don't
want to settle for good enough.

How... how deep is this?

- No? Yeah?
- Yeah.

By the time Bush Jr.
Was in the White House,

I had taken my Investment business

and turned it into a
business spanning the globe.

So, is growth a good thing?

Sure.

Unless it's cancer.

And then it can kill you.

[Rock music plays]

- Ed: Harry.
- Hey.

I'm sorry. I got held up in Charlestown.

How you doing?

Thanks for coming, Ed.

What's on your mind?

Maryann...

Could I get a, uh...
I'll have a draft, please.

Maybe we should grab a booth in the back...

Something a little more private.

A booth?

Harry, what is this... a date?

Come on. We play softball together.

I'm with the SEC, not the CIA.

What's going on?

You like baseball, right, Ed?

Sure, yeah.

What if I told you there was
a player in the major leagues

who was batting .960?

I'd want him on my team.

[Both laugh]

That's right.

I'd say he was cheating.

[Chuckles] Yeah.

[Breathes deeply]

Have you ever heard of Bernard L. Madoff?

Bernie Madoff?

Yeah, sure. He's got a good reputation.

[Chuckles]

I'll say he does.

Bernard L. Madoff is batting .960.

[Scoffs] Come on, Harry.
What are you talking about?

In his investment fund,

only 4% of his months are down months.

If his performance statistics are true,

he would have to buy more options

on the Chicago Options
Exchange than actually exist.

Now, I spoke to my options guy in Chicago.

No one remembers ever doing a
trade with Bernard L. Madoff.

What are you saying?

Are you... you saying he's insider trading?

I'm accusing him of running a Ponzi scheme.

[Glass thuds]

Bernie Madoff?

The same guy that sat on the
Nasdaq chair for three years?

- That's him.
- And you want to speak to my boss?

I do.

Ed, I've run the numbers on this.

And you know me, Ed.

I am precise.

He's a fraud.

Madoff is a fraud. Capital "F."

You know what this
sounds like to me, Harry?

It sounds like you've got
some kind of personal issue

going on here.

I mean, you've got a guy
that's not playing by the rules,

and you want to get him off the field.

When this thing goes down,

people are going to be destroyed.

Lives are going to be
destroyed with this thing.

And not just rich people.

Little old ladies who
thought they were investing

in their future, their retirements.

They're gonna lose it.

Charities!

People who didn't even know

that they were investing in this guy...

they're gonna lose everything.

- You're sure?
- I am sure.

All right, if I can get you
a meeting with Grant Ward,

you got to make a very
clear, very convincing case,

- and it's got to be done very quickly.
- Yes.

- He's not a numbers guy.
- I know.

- So don't go in there with equations...
- Ed...

and all kinds of theorems and...

Listen to me.

I can handle this.

So, I met someone.

Her name's Catherine.

How'd you manage that
without me as your wingman?

Yeah, don't be an ass.

I walked into her store.

She owns that fly-fishing
outfitters store downtown...

- urban angler.
- So, are you

serious about her or what?

Yeah. I think it's real.

And I was thinking about
inviting her to Shana's Wedding.

That's great, man. You
should do that. Yeah?

Just be ready. Mom's
gonna give her the look.

- Which look?
- You know the look.

- Oh, the look, the look.
- The look.

They're such paradoxes, Mom and Dad.

You know, one minute, they're
up in every aspect of our lives.

And the next, especially Dad...

They just freeze you out.

You see the new business card?

Yeah, that's pretty much the same

as the old ones, aren't they?

Yeah. Pretty much exactly the same.

And it pisses me off.

Pisses me off even more for Uncle Peter.

Mark, come on.

You got to let go of the
whole name-change thing.

Listen to me.

Dad's never gonna let it go.

Why won't he?

It should just be "Madoff
Investment Securities."

All he ever talks about is,

"Oh, we're just a small family business."

Make no mistake... it's the "Bernie Show."

Why don't you string one up for me?

You don't even like surf fishing.

[Chuckles] Oh, my boys.

It's a beautiful day, a sunny beach.

It's not about the fish.

[Horns honking]

Eleanor: I know that I don't have
the administrative experience,

but I'm a hard worker and a quick learner.

I spent six years in retail.

I managed the fundraisers for the PTA...

When you were growing up, what
was it that you wanted to do?

[Laughs] I'm sorry.

I don't... I don't understand.

When you were growing up, you...

You didn't have the
ambition to be a secretary.

Did you?

[Laughs]

Sounds like a trick question.

It isn't.

Okay.

I wanted to be a nurse.

You know, something useful. You know?

Something to help people.

But...

Life gets in the way.

I understand, I understand.

Now you got two kids.

So you're gonna get a job that pays well,

and you can support your children.

Yeah.

Yes, sir.

Eleanor...

I've run this company for 40 years,

and I have never hired anybody

who didn't answer that question honestly.

Now, the thing that I prize
more than anything is loyalty.

You won't meet a more loyal
person than me, Mr. Madoff.

If I hire you, Eleanor...

You have to be loyal to me.

Not the company.

To me.

You understand that?

Yes.

I do understand.

Sheryl: I know it's not a big deal to you.

We're just a client,
and not a very big one,

but it is a huge thing
for the organization.

So, what do you think?

Should we do it?

Do what?

- Order champagne?
- Oh.

[Both laugh]

Yes, of course, if you'd like some.

I don't... I don't drink, so...

Never?

Rarely.

Occasional glass of wine
with dinner, but, really, no.

Are you afraid you'll
spill all your secrets

if you get a little tipsy?

[Chuckles]

Or you'll lose control?

Well, we should have had
this meeting at my office,

but you insisted on... on having lunch.

Well...

We could have had lunch at
any restaurant in the city,

but you suggested a restaurant in a hotel.

♪

Check, please.

_

Harry: So, plainly and simply put,

one OTC at-the-money put
would have a delta of 0.5,

meaning that any drop in the OEX

larger than a mere, oh, 1.1%...

Well, Madoff would have to buy options

with high enough gamma to
protect second derivatives

against a drop in the first,

which, as we all know, is absurd.

[Chuckles]

Now, let's talk about mega-tronic analysis

of financial consortiums,
which when compounded with...

Grant: Thank you, Mr. Markopolos.

I'll refer your findings
to the appropriate person.

Maybe they'll be able to
understand your theories.

- Thank you for your time, Grant.
- Ah.

It was great to see you.

Sorry to interrupt your schedule today.

I'm an army man, Mr. Ward.

[Breathes deeply] Good to know.

I swore an oath

to protect this country
against all enemies,

foreign and domestic.

And Bernard Madoff is a domestic enemy.

This is about duty.

Thanks, Grant.

Man: 20,000 shares?

This is me putting my
whole life in your hands.

Take it.

Eleanor...

If the world ends, these
are the numbers I need.

I want you to make a copy of this book

and put it in your computer.

I want to have a separate
password for you and me.

Okay.

The Lowell Hotel called.

They want to confirm a reservation

for lunch and a room.

Yes. That's correct.

Well, then you're all set.

Mr. Ward, this is Harry Markopolos.

Um, I have run some additional numbers,

and I think you'll find
them very interesting.

If you could give me a call back
at your earliest convenience.

Thank you.

[Keyboard clacking]

Hello.

[Gasps] Hi.

I'm Eleanor, Bernie's new secretary.

You must be Ruth.

I mean Mrs. Madoff.

It's nice to meet you.

Uh-huh. Nice to meet you, too.

So, where is he?

I just got back from
Florida with my sister.

He was supposed to have lunch with us.

He's not picking up his phone.

Um, Mr. Berman needed
him up at his offices.

He's gonna be in meetings all afternoon.

What's your name again?

Eleanor.

Eleanor Squillari.

[Cellphone chimes]

Oh, good girl.

One of your other mistresses?

[Laught] My secretary.

Oh, come on. Tell me there are others.

Make me jealous.

Sorry, kid.

Only you.

♪

Uh, hello, Mr. Ward.
This is Harry Markopolos.

I am checking with you again

regarding the Madoff
materials that I sent to you,

and, um, if you wouldn't
mind giving me a call back,

um, you can reach me through Ed Manion.

Do you know what I see
everywhere that I look, Ed?

I see red flags.

Red flag number one... why
aren't the commissions charged

fully disclosed to investors?

Red flag number two... why would
Madoff leave 4% on the table?

I'll tell you why.

It's a con. It's a scheme.

It's to lure them in.
It's to make them happy.

That's what that 4% is for.

Yes, hello, Mr. Ward.

This is Harry Markopolos

calling you once again
regarding the Madoff materials.

Red flag number 12... Madoff goes 100% cash

for every December 31st year-end.

See, that effectively
wipes the books clean.

Red flag number 31...
some guy in a strip mall

is his independent auditor

verifying the accounting entries.

Now, you're... you're...
you're... you're...

you're forcing me to conclude

that you are simply unwilling
to take on anyone of real power,

or you're simply unable
to grasp the magnitude

of what it is that I've shown you,

or you're just too lazy
to do anything about it.

♪

Andrew: This account, Shana?

Are you sure?

Yeah. Try this one.

Bernie: Euros.

Pesos. Yen. [Laughs]

You set 'em up, and I'll knock 'em down.

Okay.

What's the matter?

It's okay, Bernie. Later. We'll talk.

No, no. No, no, no.

We'll talk... we'll talk now.

What?

R-Roger.

- Oh.
- [Crying]

[Keyboard clacking]

- Does it work?
- Um... Yeah.

Hold on. Let me try one more thing.

Okay.

Let me just...

What's going on?

Hmm?

He told him.

Told him what?

Roger's sick.

What kind is it?

Leukemia.

The poisoned heirloom.

The Madoff family curse.

[Telephone rings]

Yeah?

Man: Is this Harry Mark-Opolos?

[Sighs]

Marko-Polos.

Who is this?

Michael Ocrant.

I'm a financial reporter.

I heard that you've been digging around

in the workings of Madoff's fund

and have some concerns.

Wait, wait, wait, wait.
Who... who... who is it?

Michael Ocrant.

I'm a financial-news reporter.

And if I look you up, I'll
find your credentials online?

Is a national press club
award good enough for you?

If I do go ahead and print this,

the whole industry's gonna read it.

You can be sure the mainstream
press won't be far behind.

If I told you what I had on Madoff,

you wouldn't have the guts to print it.

Try me, Mr. Markopolos.

The Barron's article followed
that industry newsletter.

I know a lot of you have been buzzing

about the Barron's article.

First thing I want you to do is read it.

But read the whole article,
not just the headline...

Because once you do that, you're
gonna find out pretty quick

what they're actually saying

is that Dad's competitors are jealous

because he is outclassing them
and they can't figure out how.

Luckily, both reporters called me,

and I fed them a pack of lies.

All they ended up printing
was that I was secretive

and had some skeptics

questioning my consistent returns.

"One of the top three market
markers in Nasdaq stocks."

You put Mark in charge of damage control.

You sure he's up to it?

Sure he's up to it?

He's brilliant at it.

They love him up there.

And besides, he don't know squat.

It's you I'm more concerned about.

- Me?
- Yeah. You gonna be ready?

- When have I not been?
- Look...

Every single one of our clients
is gonna read this article.

We can't afford another
SEC investigation, Frank.

Don't worry, Bernie.

I'll be ready.

What do you got?

I got ace-king.

♪

♪

Ruth: My sister called me today.

Yeah?

She and Bob read that Barron's article,

and they had all kinds
of questions about how...

exactly how you handle their money.

And what did you tell them?

What... what do you think I told them?

I told them to call you.

What the hell do I know about it all?

What are you drinking?

This is the '89 Château Latour

that Carl gave us for our anniversary.

It's so delicious.

Get a glass.

He said that you should only wait 10 years

and then drink it.

[Sighs] So...

Is that what you really told them?

To... to call me?

No.

I told them that if they had
any doubts about my husband,

they... they should feel free

to take their money out of the fund

and go back to life before you came along

and made them rich...

richer than they ever dreamed possible.

You're the best.

No, you are.

Bernie, I'm sorry to impose again.

No, no, no, no. No apology necessary.

If I saw an article
like the one in Barron's,

I'd have questions, too.

You do know it's not us
who the need the assurance.

It's just a few squeaky-wheel clients...

You might think that the managers

of one of my biggest feeder funds

were here because the Barron's
article had people talking.

Of course, you certainly don't need us

to tell you how tricky clients can be.

Maybe it was the article.

Or maybe it was just the
little voices in their heads

worrying if my returns
were too good to be true.

But obviously we put a lot of stake

in our reputation for due diligence.

So we really appreciate you taking the time

to lay it all out for us. [Chuckles]

This is Frank DiPascali,

the vice president of systems
and technology for our firm.

How was the traffic coming down 95?

- Not bad.
- Merritt was pretty clear.

Now, I assume the best place
to start is a walk-through

of how we execute trades on your behalf.

Translation... "I know
that you want some proof

that the trades listed in those
monthly statements are legit."

This software is our direct link

to the European options markets,

where we find most of our counterparties.

Now...

Let's buy a hedge option on...

I'll tell you what. You choose it.

AOL.

- AOL.
- [Keyboard clacking]

And there you go.

This is a call option from Germany.

And if we want a put...

Bingo.

This one's from London.

And there you have it. The
split strike is in place.

Now let's go over a few
more of your positions.

Oh, I don't know. I think that's, um...

that's probably sufficient, right?

What about the DTC?

The Depository Trust Company.

Aka the DTC.

This is the clearinghouse

that actually holds the
stocks that traders trade.

Problem is, if you're not
actually buying a single stock

for your investors...

If you're just taking their money

and putting it into your own
chase Manhattan bank account,

your DTC is the one place
that it would show up

like an elephant at a tea party.

Sure.

Jut give me a SEC, and I'll
pull up the feed to DTC.

[Keyboard clacking]

And there you go.

Frank, you beautiful man.

You created an entire fake DTC portal.

Well [Sighs] I guess that's a wrap.

- Thank you, Bernie.
- Bernie: Thanks.

- Frank, nice to meet you.
- You too.

- Thanks.
- Thanks.

- Nice job.
- Thanks.

You want to know what the best thing is?

My DTC portal looks more
real than the real one.

[Both laugh]

This...

This is a Rembrandt.

[Laughs]

New York...

Didn't find it actionable?

How can that be?

It's right there in Barron's!

Are they not able to read?

Harry, you... you got to understand.

The SEC only has 180 investigative agents.

We're supposed to police $12.7 trillion

trading hands on Wall Street every year.

- Yes.
- I mean, i... it's not a

vast conspiracy, Harry.

- We're just outgunned.
- This...

this is Bernard Madoff...

Who manages $18 billion to $24 billion.

Until this article, 175 of
your 180 enforcement agents

have never heard of him.

[Laughing] That is not outgunned, Ed.

That is simply inept.

[Sighs]

You want to see action on this?

Your only hope is to get Meaghan Cheung

of the SEC in New York to
sit up and pay attention.

And the only way you can do that, Harry,

is to avoid shooting yourself in the foot

with all that quantitative analysis.

I mean, you got to make it simple.

You got to make it so simple

that a second-grader can understand it.

[Knock on door]

Hey, Bernie, you got a sec?

Mm-hmm.

Well, I just noticed that my paycheck

was 25% bigger this pay period.

And you wanted me to knock it down?

No, of course not. I just...

I just thought maybe there
was some kind of mistake.

Well, it was a mistake.

I realized that you
are raising two children

and I wasn't paying you enough.

So it was my mistake.

Thank you.

Thank you very much.

You're welcome.

I want you to know how proud I am

to work here for someone as kind as you.

Thank you.

Eleanor, could you do me a favor?

Would you mind, um...

Saying all those nice
things about me again?

All right.

I just want you to know how proud I am

to work for someone so kind, so generous,

so sweet...

So handsome...

[Chuckles]

and so funny.

[Laughs]

So, thank you.

Harry: "I am the original source

for the information presented here

and having first presented my rationale

both verbally and in writing

to the SEC's Boston office in May 1999.

There are two possible scenarios

that involve fraud by Madoff Securities.

Scenario 1, unlikely...

Bernard Madoff is earning
those returns by front running,

buying in ahead of his own clients.

Scenario 2, highly likely...

Madoff Securities is the
world's largest Ponzi scheme."

_

Harry Markopolos.

I had a 10:15 with Meaghan Cheung.

Okay.

I'll let her know you're here.

I'll...

[Telephone rings]

♪

[Telephone rings]

Meaghan Cheung's office.

Yes, ma'am.

I'll let him know.

Mr. Mark-Opolos?

- Marko-Polos. Thank you.
- I'm sorry.

Mrs. Cheung just called to say

that she won't be back in this afternoon.

She'll have to cancel your meeting.

[Sighs]

Is there a message I could leave for her?

Just make sure she gets that.

[Keyboard clacking, telephone rings]

Hey. Bernie. I'm just finishing up here.

I'm getting ready to take
the boat down to the shore.

Bernie: You're gonna have to
cancel your vacation, Frank.

We're getting audited.

When the SEC audits you,
they don't call you in.

They come to you.

They set up shop inside your firm.

For weeks. For months.

As long as they want.

Are those chairs comfortable?

They are.

They look... they don't
look very comfortable.

We have other, uh,
ergonomically correct chairs.

Could we bring in those...
those other chairs?

One second.

[Indistinct conversation]

So, my plan was simple...

keep them isolated...

Keep them captive.

Let Frank bury them in fake paperwork.

Bernie: I'm sorry.

I... I thought they were bringing in

something to eat for you guys.

Make the captivity pleasant.

These are great, by the way.

They're the only doughnut I ever eat.

There you go. Here's some coffee.

Man: I don't mean to put you
out. Do you have any cream?

Yeah. Could we have some
cream, please, with the coffee?

- It's a not huge deal.
- No, no, no.

And when they least expect it,

mix in a little good,
old-fashioned bullying.

How long are you people
gonna be here, huh?!

I need the room!

But that's all just cover
for the key ingredient...

misdirection.

Hey.

You find any of that
insider-trading stuff?

[Laughs]

♪

Ah. Hey, Eleanor.

I'm gonna need that 1991 filing.

Sure thing.

Thank you.

Hey, Bernie.

They're asking for the 1991 filing.

What should I send her?

I'll take it.

[Dialing]

Frank.

♪

All right. How they looking?

I think that looks really good.

Are you stupid, Jodi?

They're supposed to look 15 years old.

What's the matter with you?

- Danny!
- [Sighs]

Come on, come on, come on.

That's the way you do it.

Get a little bit of this on here.

Okay.

All right, put it in the
box for everything up on 19.

And make sure that Eleanor sees it.

Yeah, absolutely.

Well, looks like all of it.

That should do it for us.

Well...

It's about damn time, too.

- [Laughs mockingly]
- That's all right.

You three are okay.

You just got crappy jobs.

- Why, thank you very much.
- [Laughs]

Well, uh, once we turn everything in,

the higher-ups will be in
touch about an interview,

and that will be that.

Interview with?

With... oh. With our boss, David Green.

It's pretty much just a formality.

Okay. Well, anything they need.

- All right.
- Get back to your crappy lives.

- [Laughs]
- Why, thank you.

- Take care.
- And if you do

need anything, I'll be here.

_

A formality.

That's what Agent Jamison
had called the SEC interview.

No.

This was more than that.

They were asking all kinds of questions.

Was... was this common
practice at that time?

Ones that I hadn't anticipated.

This was gonna be more
than just a formality.

The SEC wasn't gonna let this
investigation go so easily.

I know that I am guilty.

And I broke the law.

And I never registered
as an investment adviser.

Why don't we do what I came to do today

and finally register as
an investment adviser,

and you can name the
penalties, and I will pay them?

This was a chance to close the deal.

Throw the SEC the crumb they
could use to claim victory.

Surrender a meaningless battle,

and they forget all about the war.

Green: Well, that's a... a great relief

to hear, Mr. Madoff.

I think we can wrap this
up pretty quickly, then,

unless anybody has anything else.

Oh, just one little housekeeping
item we never got around to.

Yes, yes. Go ahead, Tom.

Your DTC account number?

Crap!

Frank's fake computer programs

could fool the hedge
funds, but not the SEC.

They could just call up DTC
and ask for a statement,

and if I made up a
fake account number,

they'd find out the moment they called.

My DTC account. Yes, of course.

Um...

I, uh [Chuckles]

That's not something I
carry around in my head.

Uh, DTC.

6594.

And with those four numbers,

I'd given them the doomsday code.

One call. Okay.

And I am dead.

Thank you.

40 years of keeping the music playing,

and on Monday morning, the
SEC was gonna call the DTC

and discover there
wasn't a single stock

for a single investor
in the Madoff account.

Ruth: Bern, coffee.

Bernie?

Hey, Bern!

You change your name and forget to tell me?

Every day, I waited for the ax to fall.

Two days, three days, four days, five days.

A full week since the SEC

had asked for my DTC account number.

What's the matter?

[Breathes deeply] Nothing.

Nothing.

Were they preparing to arrest
me in full view of the world?

Show up at the office

and make me do the perp walk
in front of the cameras?

Where the hell were they?

[Knock on door]

Hey, Dad. You have a minute?

[Door closes]

So, I, uh...

I wanted to tell you
this first because, um...

Because I'm not exactly sure
how... how Mom's gonna react.

Okay.

I'm gonna ask Steph to marry me.

Don't... don't rush to say
"Mazel Tov" or anything.

No. [Laughs]

Oh, Mark. I'm sorry, I'm sorry.

My head was... I'm really sorry.

Um, she's a fabulous girl.

She is. Yeah. Really.

It's gonna be great to have her finally

as part of the family.

Absolutely.

And I will welcome her with open arms.

- Great.
- [Chuckles]

Look, while I have you here,

can we talk business for a minute?

Yeah. What's on your mind?

[Sighs]

Look. [Chuckles]

You built this.

No one disputes that.

It's your hard work and
stature that made this place.

But?

But we all run it together now.

As a family.

Now, you're not gonna involve me and Andy

in the money-management side of things.

- Yet, yet.
- That's fine.

But uncle Peter and Andy and I...

we run the other half of the business.

Your point being?

I think we should change the name.

It should be Madoff Investment Securities.

Wait.

You want me to take my name
off the company that I built?

No. I want you to include ours.

Where did you get this? Huh?

- From her? Huh?
- Are you kidding?

I just want to know. I
think... are you kidding?

Because you better get a strong pre-nup.

Go to hell, you son of a bitch!

You will never,

ever be old enough

to say "Go to hell" to your father.

Never.

Do you have any idea of
the weight that I carry

to keep all of this afloat, huh?

Did... did it ever occur to you

that... that... that what I'm doing here

is... is to protect you?

I don't need you to protect me.

I need you to let me be my own man.

In time, you'll understand!

[Scoffs]

In time...

You'll understand.

[Sighs]

♪

[Door opens]

[Door closes]

♪

Hey.

Ruth: Sweetheart.

What? What's going on?

What is it?

You're sick, aren't you?

- Mantle cell lymphoma.
- Oh!

- It's okay.
- No.

I-I feel completely fine.

- What does that mean?
- It's in the blood.

- Oh, god.
- But we caught it early,

so I'm better off than most.

What are the survival rates?

- Oh, you would have to ask...
- Oh.

Oh, stop it!

[Sighs]

It's 50-50, roughly.

There hasn't been much research on it.

Well, we can change that.

Every hospital,

every organization, every study...

I'll fund that.

[Clears throat]

Ruth.

Ruth...

I need you to pull it together.

- Oh, you do, do you?
- Yes.

And why is that?

You don't want to be happy, okay.

But at least, for crying out loud,

put on a good face, will you?

What we're going through with Andy...

what I'm going through...

I'm entitled to take a day off

from the bubbly socialite crap.

You know, this is not about Andy.

This is Shana's wedding night.

And Andy's getting the best
treatment money can buy.

Money?!

You can't throw money at this!

What he needs is his
father's love for a change,

not his checkbook.

It's his turn to be
the center of attention.

You know, this is your guilt.

It isn't mine.

I treat both my boys equally.

How dare you?

You think that it's... it's Mark

that's taken all my attention?

Neither of the boys

have taken half as much out of me as you!

I'm just telling you...

you better go easy on the open bar tonight.

Yeah, yeah, well, I'll just do damn well

whatever I please, okay?

♪ Hava nagila ♪

♪ hava nagila ♪

♪ hava nagila ve-nis'mecha ♪

♪ hava nagila ♪

♪ hava nagila ♪

Shana's wedding was gonna be strange

no matter how you cut it.

- Father of the bride...
- I'm so proud of you.

Too consumed with care of his sick son.

Not just today, but on all days.

Mark parading around a fiancée
who looked like a Barbie doll.

Andrew with this brand-new shiksa goddess,

acting like cancer was the best thing

that ever happened to him.

And then there was Ruth...

furious with the world
about Andrew's cancer

and taking it out on me.

Like I said, Shana's wedding
was already gonna be strange.

But when you factor in
who she was marrying...

one of the very same SEC lawyers

who'd been involved
with investigating me...

it was like welcoming the executioners

with the ax over my head
as guests in my home.

♪ Hava nagila ♪

♪ hava nagila ♪

♪ hava nagila ve-nis'mecha ♪

♪ hava nagila ♪

♪ hava nagila ♪

And that's when it hit me.

This was the moment the
SEC had been waiting for.

The most dramatic and
humiliating moment

they could choose to take me down...

at my own niece's wedding.

♪ Hava neranena venis'mecha ♪

♪ uru, uru, uru achim ♪

♪ uru achim belev same'ach ♪

♪ uru achim belev same'ach ♪

♪ uru achim belev same'ach ♪

♪ uru achim belev same'ach ♪

♪ uru achim ♪

Mr. Madoff?

- Mr. Madoff.
- Yeah. Yeah, yeah.

- David Green.
- Yeah.

The SEC lawyer.

So, how's life?