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1
00:00:01,835 --> 00:00:03,202
You want to know
how to get people
2
00:00:03,304 --> 00:00:04,971
To trust you with their money?
3
00:00:05,073 --> 00:00:07,306
I'll tell you right now.
4
00:00:07,375 --> 00:00:09,942
You present itas an exclusive thing.
5
00:00:10,044 --> 00:00:12,245
Look, what can i tell you?
6
00:00:12,313 --> 00:00:13,546
It's a closed fund.
7
00:00:13,615 --> 00:00:16,148
An elite clubfor the chosen few.
8
00:00:16,251 --> 00:00:18,351
It's not a question
of credentials.
9
00:00:18,453 --> 00:00:19,819
Right now,
it's a closed fund.
10
00:00:19,921 --> 00:00:21,487
Of course,that's just the hook.
11
00:00:21,589 --> 00:00:24,156
Nothing on earth makes peoplewant something more
12
00:00:24,259 --> 00:00:25,758
Than telling themthey can't have it.
13
00:00:25,860 --> 00:00:27,059
You play hard to get.
14
00:00:27,161 --> 00:00:28,794
You make them sweat.
15
00:00:28,897 --> 00:00:29,795
And then...
16
00:00:29,898 --> 00:00:31,130
I'm gonna make
an exception.
17
00:00:31,232 --> 00:00:33,332
And once they're in,you make them feel safe.
18
00:00:33,434 --> 00:00:35,534
You give themconsistent returns,
19
00:00:35,637 --> 00:00:39,305
Around 10%, 12% a year,year after year.
20
00:00:39,407 --> 00:00:40,773
If anybody asks you,
21
00:00:40,875 --> 00:00:43,242
"how do you do this?What's your secret?"
22
00:00:43,344 --> 00:00:44,243
You say to them...
23
00:00:44,345 --> 00:00:46,045
That's proprietary.
24
00:00:46,147 --> 00:00:48,180
And if the questionskeep coming...
25
00:00:48,283 --> 00:00:51,083
You don't like the way i do it,
come up here,
26
00:00:51,152 --> 00:00:52,885
I'll write you a check
for all of it,
27
00:00:52,987 --> 00:00:54,053
And you're out of the fund.
28
00:00:54,155 --> 00:00:55,554
Now, the truth is, of course,
29
00:00:55,657 --> 00:00:57,657
That's the one thingyou can't afford to have --
30
00:00:57,759 --> 00:00:58,958
Money going out.
31
00:00:59,060 --> 00:01:02,094
As long as depositsoutpace withdrawals,
32
00:01:02,196 --> 00:01:03,863
You can live like a king.
33
00:01:03,965 --> 00:01:06,065
It's a simple business plan.
34
00:01:06,167 --> 00:01:10,202
People give me their money, andi make them richer than god.
35
00:01:10,305 --> 00:01:14,573
You might say i'm a magician.
36
00:01:14,676 --> 00:01:16,509
And as they say,
37
00:01:16,611 --> 00:01:21,480
A good magiciannever reveals his secrets.
38
00:01:43,204 --> 00:01:44,503
There's andrew.
39
00:01:44,605 --> 00:01:47,106
There.
She's down --
40
00:01:47,208 --> 00:01:48,708
Finally.
41
00:01:48,810 --> 00:01:50,076
Let's keep
our fingers crossed
42
00:01:50,178 --> 00:01:51,444
That she sleeps
at least an hour.
43
00:01:51,546 --> 00:01:52,611
Okay.
44
00:01:52,714 --> 00:01:54,747
You know, that kid of yours
is incredible.
45
00:01:54,849 --> 00:01:57,183
You can tell she's, like,
out of this world.
46
00:01:57,285 --> 00:01:58,551
Uh-huh.
47
00:01:58,653 --> 00:02:01,153
So how long have you and bernie
known each other?
48
00:02:01,255 --> 00:02:02,455
Oh, my gosh.
49
00:02:02,557 --> 00:02:04,223
I do not want to do the math,
but --
50
00:02:04,325 --> 00:02:05,691
A long time ago.
51
00:02:05,827 --> 00:02:09,061
Well, i was 13 years old when
i -- when i first saw bernie.
52
00:02:09,163 --> 00:02:11,597
He was
a 16-year-old lifeguard.
53
00:02:11,699 --> 00:02:12,631
Lifeguard?
54
00:02:12,734 --> 00:02:13,666
Mm.
Didn't have a belly then.
55
00:02:13,768 --> 00:02:16,168
Yeah.
56
00:02:16,270 --> 00:02:18,471
Oh! And i knew it.
Now, now.
Give the guy a break.
57
00:02:18,573 --> 00:02:20,272
I knew right away
this was the love of my life --
58
00:02:20,375 --> 00:02:22,041
The man who would take care
of me forever.
59
00:02:22,143 --> 00:02:23,075
Yeah.
60
00:02:23,177 --> 00:02:25,077
Being 13, you know,
doesn't --
61
00:02:25,179 --> 00:02:27,146
It's not as weird
as it sounds now.
62
00:02:27,248 --> 00:02:29,148
Oh, it sounds weird.
It sounds a little perverted.
63
00:02:29,250 --> 00:02:30,983
Come on, now, mark.
64
00:02:31,085 --> 00:02:33,786
Don't be silly.
I didn't even know what sex was.
65
00:02:33,888 --> 00:02:35,054
O-o-okay.
66
00:02:35,123 --> 00:02:36,989
Well, listen to me.
Neither did your father.
67
00:02:37,091 --> 00:02:38,190
Took him
quite a long time to --
68
00:02:38,292 --> 00:02:39,525
Mom!
Oh, i don't want to know.
Too long.
69
00:02:39,627 --> 00:02:41,093
I don't want to know.
Eww.
70
00:02:41,195 --> 00:02:42,495
I'm gonna go
to the restroom.
71
00:02:42,597 --> 00:02:44,663
Yeah, yeah.
72
00:02:44,766 --> 00:02:46,232
Darling, have
some more fruit.
Mm.
73
00:02:46,334 --> 00:02:48,367
Give me your plate.
Who wants more fruit?
74
00:02:48,469 --> 00:02:49,568
She's nice.
75
00:02:49,670 --> 00:02:51,037
She's nice, huh, shana?
76
00:02:51,139 --> 00:02:53,139
Yeah, but it's not serious,
right?
Thank you, thank you.
77
00:02:53,241 --> 00:02:54,607
Uh, it might be.
78
00:02:54,675 --> 00:02:55,975
It's a little early
to tell.
Oh. Oh, honey.
79
00:02:56,077 --> 00:02:58,010
A -- a wife?
I don't think so.
80
00:02:58,112 --> 00:02:59,345
No, you know what?
I like her, though.
81
00:02:59,447 --> 00:03:00,980
I really do.
I really like her.
82
00:03:01,082 --> 00:03:02,214
But she's no susan.
83
00:03:02,316 --> 00:03:06,485
You didn't like susan
until we were divorced.
84
00:03:06,587 --> 00:03:08,687
Well, that's because
i see less of her now.
85
00:03:08,790 --> 00:03:10,523
unbelievable.
86
00:03:10,625 --> 00:03:12,858
Actually,
i've always liked her.
Yeah, thanks.
87
00:03:12,960 --> 00:03:15,127
aw. Pity.
88
00:03:15,229 --> 00:03:16,695
Pity.
Excuse me, mark.
89
00:03:16,798 --> 00:03:17,963
Mm-hmm.
90
00:03:18,066 --> 00:03:20,166
Thank you.
yeah?
91
00:03:20,268 --> 00:03:22,635
Bernie, it's frank.
Got that thing i sent you?
92
00:03:22,737 --> 00:03:25,504
Yeah, the, uh --
the king arthur fund.
93
00:03:25,606 --> 00:03:27,606
Yeah. It might look like
some two-bit fund,
94
00:03:27,708 --> 00:03:29,375
But it's turning
into a major problem.
95
00:03:29,477 --> 00:03:30,676
What am i looking at?
96
00:03:30,778 --> 00:03:32,745
The king arthur idiot put it
right there in writing --
97
00:03:32,847 --> 00:03:35,614
Guaranteed
12% to 15% rate of return.
98
00:03:35,716 --> 00:03:37,516
Of course
it got the sec's attention.
99
00:03:37,618 --> 00:03:38,684
Guaranteed 15%?
100
00:03:38,786 --> 00:03:40,686
That would certainly get
my attention.
101
00:03:40,788 --> 00:03:42,288
The problem is,
avellino and bienes
102
00:03:42,390 --> 00:03:44,690
Allowed this guy to invest,
and now we're exposed.
103
00:03:44,792 --> 00:03:46,692
You connected with them yet?
104
00:03:46,794 --> 00:03:48,027
They haven't
gotten back to us yet.
105
00:03:48,129 --> 00:03:49,995
I've been trying
all weekend.
106
00:03:50,098 --> 00:03:51,263
You know how this works,
bernie.
107
00:03:51,365 --> 00:03:53,732
The sec ain't gonna stop
at avellino and bienes.
108
00:03:53,835 --> 00:03:55,468
They'll follow it
right up the line to us.
109
00:03:55,570 --> 00:03:58,337
I want them in my office
at 7:30 monday morning.
110
00:03:58,439 --> 00:03:59,738
You understand
what i'm saying?
111
00:03:59,841 --> 00:04:00,806
Okay?
I hear you, bernie.
112
00:04:00,908 --> 00:04:02,108
I'm not kidding.
113
00:04:02,210 --> 00:04:05,744
They've been living off the fat
of the land for 23 years.
114
00:04:05,813 --> 00:04:07,947
I'm not gonna have it
end up on my doorstep.
115
00:04:08,049 --> 00:04:09,815
Yeah, yeah, yeah.
I hear you, bernie.
116
00:04:09,917 --> 00:04:11,617
I'm on it.
Okay.
117
00:04:11,719 --> 00:04:13,219
All right. Bye.
118
00:04:18,226 --> 00:04:19,758
I couldn't imagine.
119
00:04:19,861 --> 00:04:21,961
Quiet down, please.
120
00:04:22,029 --> 00:04:25,464
I would like
to propose a toast to my dad...
Mm.
121
00:04:25,566 --> 00:04:28,567
...For kicking prostate cancer
where it counts --
122
00:04:28,636 --> 00:04:30,102
In the butt.
123
00:04:30,204 --> 00:04:32,071
oh. That's my son.
124
00:04:32,140 --> 00:04:35,908
Of course, we're all so thrilled
that you've beaten this thing,
125
00:04:36,010 --> 00:04:38,577
But i'm pretty sure no one's
more relieved than uncle bernie,
126
00:04:38,679 --> 00:04:40,713
Since we all know he has no idea
127
00:04:40,815 --> 00:04:43,649
How to turn on those computers
at the firm without your help.
128
00:04:43,751 --> 00:04:44,817
yeah,
that's actually true.
129
00:04:44,919 --> 00:04:45,818
That's a good point.
130
00:04:45,920 --> 00:04:47,553
First of all, first of all...
131
00:04:47,655 --> 00:04:49,555
Roger can't make it
from the east side of manhattan
132
00:04:49,657 --> 00:04:51,924
To the west side without a map,
okay?
133
00:04:52,026 --> 00:04:54,126
Yeah, but, dad, seriously --
Bern-- hey.
134
00:04:54,228 --> 00:04:55,394
Bernie speaking.
135
00:04:55,496 --> 00:04:57,163
Peter...
136
00:04:57,265 --> 00:04:59,732
We're thrilled
that you're here.
137
00:04:59,834 --> 00:05:03,002
And we're thrilled
that you're staying.
138
00:05:03,104 --> 00:05:04,937
You're the best father
139
00:05:05,039 --> 00:05:08,240
That roger and shana
could possibly have.
140
00:05:08,342 --> 00:05:10,142
And you're the best brother,
141
00:05:10,211 --> 00:05:15,414
Whose devotion and loyalty
is never questioned.
142
00:05:16,751 --> 00:05:17,683
Cheers.
Cheers.
143
00:05:17,785 --> 00:05:18,684
Cheers.
Cheers.
144
00:05:18,786 --> 00:05:19,852
Cheers.
Cheers.
145
00:05:19,954 --> 00:05:20,853
Oh!
146
00:05:20,955 --> 00:05:22,988
Beautiful toast.
147
00:05:23,090 --> 00:05:25,658
You're not going anywhere
for a long time,
148
00:05:25,760 --> 00:05:27,193
And i know that.
149
00:05:27,295 --> 00:05:28,460
You got to rest.
150
00:05:28,563 --> 00:05:29,662
You got to relax.
151
00:05:29,764 --> 00:05:32,498
Remember that trip
that you took to france?
152
00:05:32,600 --> 00:05:33,799
You went to provence,
153
00:05:33,901 --> 00:05:37,736
And there was a villa --
bonne chance?
154
00:05:37,838 --> 00:05:38,938
Bonne chance.
Bonne chance.
155
00:05:39,040 --> 00:05:40,306
That's right.
Okay.
156
00:05:40,408 --> 00:05:42,074
And you said it was
like heaven on earth, right?
157
00:05:42,176 --> 00:05:44,843
Yes.
It was beautiful.
158
00:05:44,946 --> 00:05:46,779
Well, i, uh...
159
00:05:46,881 --> 00:05:49,315
I got you a little bit
of heaven on earth.
160
00:05:53,087 --> 00:05:55,487
Seriously.
161
00:05:55,590 --> 00:05:58,624
I bought you that villa.
162
00:05:58,726 --> 00:06:00,492
You bought me that house?
163
00:06:00,595 --> 00:06:01,694
Yeah.
Oh, my god.
164
00:06:01,796 --> 00:06:03,629
Really, bern?
165
00:06:03,731 --> 00:06:04,630
What?
166
00:06:04,732 --> 00:06:05,698
No, come on.
167
00:06:05,800 --> 00:06:07,233
No.
168
00:06:07,335 --> 00:06:10,869
You accept it
because you deserve it, okay?
169
00:06:15,009 --> 00:06:17,109
You're crazy.
You know that?
170
00:06:47,041 --> 00:06:48,207
Is everything all right?
171
00:06:48,309 --> 00:06:50,075
Yeah, you know,
you -- you were on the phone
172
00:06:50,177 --> 00:06:51,210
Much more than usual
this weekend.
173
00:06:51,312 --> 00:06:52,411
I'm fine, i'm fine.
174
00:06:52,513 --> 00:06:54,880
I just had
to put out a fire.
Mm. Mm.
175
00:06:54,982 --> 00:06:58,050
I've decided
we're gonna do it.
176
00:06:58,152 --> 00:07:00,853
Do what?
The addition to the house.
177
00:07:00,955 --> 00:07:02,955
Okay? Okay.
178
00:07:03,057 --> 00:07:06,759
It's a -- a great big
indoor-outdoor rec room
179
00:07:06,861 --> 00:07:09,428
Right -- right off
of the living room.
180
00:07:09,530 --> 00:07:11,430
And the patio -- you know,
it's just sitting there.
181
00:07:11,532 --> 00:07:12,731
Nobody's using it.
182
00:07:12,833 --> 00:07:15,367
why do we have
to build an addition?
183
00:07:15,469 --> 00:07:17,936
You want a bigger house.
We'll buy a bigger house.
184
00:07:18,039 --> 00:07:19,305
No, no, no.
Unh-unh.
185
00:07:19,407 --> 00:07:20,506
No.
186
00:07:20,608 --> 00:07:22,975
I am never saying goodbye
to this house.
187
00:07:23,077 --> 00:07:24,443
No, i love it.
188
00:07:24,545 --> 00:07:27,546
It's our first
real splurge --
189
00:07:27,648 --> 00:07:30,482
From roslyn heights
to montauk.
190
00:07:30,584 --> 00:07:32,651
Yeah.
191
00:07:41,162 --> 00:07:42,428
There's no limit.
192
00:07:48,069 --> 00:07:49,301
man #2: Judy, judy!
193
00:07:49,370 --> 00:07:50,769
Take this freaking call,
will you?
194
00:07:50,871 --> 00:07:52,805
Trades that used to take
a day and a half,
195
00:07:52,907 --> 00:07:54,807
Now you can do
in a millisecond.
196
00:07:54,909 --> 00:07:56,342
New offices look terrific.
Thank you.
197
00:07:56,444 --> 00:07:57,409
How long
have you been here?
198
00:07:57,511 --> 00:07:58,711
About a year.
199
00:07:58,813 --> 00:08:01,947
Here's, uh, my two boys --
mark and andrew.
200
00:08:02,049 --> 00:08:04,049
Say hello to nathan.
Huh?
201
00:08:04,151 --> 00:08:05,184
They're growing up.
202
00:08:05,319 --> 00:08:08,387
And, uh,
in here should be...
203
00:08:08,489 --> 00:08:09,621
Yes.
204
00:08:09,724 --> 00:08:11,657
Peter, my brother,
205
00:08:11,759 --> 00:08:13,292
And this is his daughter,
shana,
206
00:08:13,361 --> 00:08:14,526
Who's
our new in-house counsel.
207
00:08:14,628 --> 00:08:15,527
Hi, there.
How are you?
208
00:08:15,629 --> 00:08:16,729
Peter was the one
who thought
209
00:08:16,831 --> 00:08:19,732
About all that computer stuff
long before i did.
210
00:08:19,834 --> 00:08:21,400
I was still using
an abacus.
211
00:08:21,502 --> 00:08:22,768
that's amazing.
212
00:08:22,870 --> 00:08:24,503
We have something
for you.
Yeah.
213
00:08:24,605 --> 00:08:27,172
I suppose there are two ways
now to look at this place --
214
00:08:27,274 --> 00:08:31,143
As a high-tech
financial-services outfit
215
00:08:31,245 --> 00:08:33,078
That helped create nasdaq,
216
00:08:33,180 --> 00:08:34,947
Or, as i like to see it,
217
00:08:35,049 --> 00:08:38,984
A very closely knit
family business.
218
00:08:39,086 --> 00:08:41,320
You know
how i look at you?
How?
219
00:08:41,389 --> 00:08:43,288
As a guy who doubled my money
in six years.
220
00:08:45,693 --> 00:08:47,393
That's for
his college fund.
221
00:08:50,164 --> 00:08:51,363
Hello?
222
00:08:51,465 --> 00:08:54,099
Avellino and bienes
just landed at jfk.
223
00:08:54,201 --> 00:08:55,300
They're on their way.
224
00:08:55,369 --> 00:08:57,002
I'll be there in five.
225
00:08:57,104 --> 00:08:58,670
Nathan,
got to cut it short.
226
00:08:58,773 --> 00:09:00,839
It's good seeing you again,
bernie.
227
00:09:00,941 --> 00:09:02,107
Good seeing you.
228
00:09:02,209 --> 00:09:05,010
Bernard l. Madoffinvestment securities.
229
00:09:05,079 --> 00:09:07,212
I built this firm from nothing
230
00:09:07,314 --> 00:09:09,548
Into one ofthe premier market-making firms
231
00:09:09,650 --> 00:09:10,883
On wall street.
232
00:09:10,985 --> 00:09:12,084
What's market making?
233
00:09:12,186 --> 00:09:13,952
Don't worry.You don't need to know.
234
00:09:14,054 --> 00:09:16,989
It's not the sexiest cornerof the finance world,
235
00:09:17,091 --> 00:09:19,558
But it's 100% legit.
236
00:09:19,660 --> 00:09:22,261
The only thing is,it doesn't have a thing to do
237
00:09:22,363 --> 00:09:24,863
With managingmy investors' money.
238
00:09:24,965 --> 00:09:29,535
The exclusive fund with theamazingly consistent returns?
239
00:09:29,637 --> 00:09:30,936
That's a whole other business
240
00:09:31,038 --> 00:09:36,241
That i run from down hereon the 17th floor.
241
00:09:36,343 --> 00:09:40,446
Nobody, but nobody, comes downhere without my permission.
242
00:09:44,518 --> 00:09:47,586
But it's not the kind of thingyou can do alone.
243
00:09:47,688 --> 00:09:49,121
Meet annette bongiorno.
244
00:09:49,223 --> 00:09:50,589
Bernie.
245
00:09:50,691 --> 00:09:53,892
When i hired her, she lookedlike elizabeth taylor.
246
00:09:53,994 --> 00:09:56,595
Annette makes surethe detailed account statements
247
00:09:56,697 --> 00:09:58,730
Go out to our clientsevery month.
248
00:10:02,436 --> 00:10:03,368
Jodi crupi.
249
00:10:03,471 --> 00:10:04,770
Oh, hey, bernie.
250
00:10:04,872 --> 00:10:08,674
Annette's best friend'scousin's lesbian girlfriend.
251
00:10:08,776 --> 00:10:12,744
Her one and only job -- knowingthe daily balance of the fund.
252
00:10:12,847 --> 00:10:16,148
Finally,the man behind the wheel
253
00:10:16,250 --> 00:10:18,584
Down here on the 17th floor.
254
00:10:18,686 --> 00:10:22,721
He walked in my door at age 19with nothing but chutzpah.
255
00:10:22,823 --> 00:10:25,824
Now he's as essentialas my right hand.
256
00:10:25,926 --> 00:10:28,594
Frank dipascali.
257
00:10:28,696 --> 00:10:31,096
We got a problem, bernie.
258
00:10:34,843 --> 00:10:36,777
Well, let's get down
to business.
259
00:10:36,879 --> 00:10:39,046
How much is in the avellino
and bienes account right now?
260
00:10:39,148 --> 00:10:42,416
Uh, about $400 million.
261
00:10:42,518 --> 00:10:44,051
About $400 million.
262
00:10:44,153 --> 00:10:45,686
I don't care
about "about."
263
00:10:45,788 --> 00:10:47,321
I want to know exactly.
264
00:10:47,423 --> 00:10:49,590
Okay.
Let me get annette.
265
00:10:49,692 --> 00:10:51,425
Annette, get in here.
266
00:10:51,527 --> 00:10:53,094
Bring the avellino
and bienes account.
267
00:10:53,196 --> 00:10:55,763
How about you get off
your butt and come get them?
268
00:10:55,865 --> 00:10:57,398
Hey, hey.
269
00:10:57,500 --> 00:10:59,767
Bring it in to bernie,
okay?
270
00:10:59,869 --> 00:11:01,001
i swear.
271
00:11:01,104 --> 00:11:03,437
She gets to be more
of a pain the ass every day.
272
00:11:03,539 --> 00:11:04,505
Watch out.
273
00:11:04,607 --> 00:11:05,773
She's the one
who brought you in.
274
00:11:05,875 --> 00:11:07,741
Yeah,
17 years, two husbands,
275
00:11:07,844 --> 00:11:09,944
And about
1,500 eggplant parms ago.
276
00:11:11,581 --> 00:11:12,980
I'm sorry, bernie.
277
00:11:13,082 --> 00:11:15,483
I didn't know i was talking
to anybody but mussolini here.
278
00:11:15,551 --> 00:11:17,885
Annette, just give me
the accounts, will you?
Yeah, the account.
279
00:11:17,987 --> 00:11:19,253
Jodi.
280
00:11:19,355 --> 00:11:22,490
$388,693,119.
281
00:11:22,592 --> 00:11:24,425
Total of cash accounts
as of 9:00 a.M. This morning.
282
00:11:24,527 --> 00:11:25,826
Excellent.
283
00:11:25,928 --> 00:11:27,128
Yeah, fine. Okay.
284
00:11:27,230 --> 00:11:29,029
Thank you.
No, thank you.
285
00:11:29,132 --> 00:11:30,498
Get out of here, will you?
286
00:11:30,600 --> 00:11:32,833
Go chase a car.
287
00:11:34,237 --> 00:11:37,705
Okay, so, we're only
about $14 million short.
288
00:11:37,807 --> 00:11:40,241
I mean, if worse came to worse
and we had to pay it all back...
289
00:11:40,343 --> 00:11:42,977
Well, we have to pay everybody
back to the last dime,
290
00:11:43,079 --> 00:11:45,813
Or else we're gonna be
facing an sec inquiry.
291
00:11:45,882 --> 00:11:47,982
Does avellino and bienes
know that?
292
00:11:48,084 --> 00:11:49,884
In about an hour.
293
00:11:51,654 --> 00:11:54,588
Frank avellinoand michael bienes.
294
00:11:54,690 --> 00:11:57,024
These two suckersare under the illusion
295
00:11:57,126 --> 00:11:59,426
That their investors in my fund
296
00:11:59,529 --> 00:12:04,165
Have a collective net worthof -- yep, that's right --
297
00:12:04,267 --> 00:12:07,168
$402 million...
298
00:12:07,270 --> 00:12:10,371
That i now have to repayin full.
299
00:12:10,473 --> 00:12:11,939
There he is.
Bernie.
300
00:12:12,041 --> 00:12:13,674
Hey. Hey.
301
00:12:13,776 --> 00:12:16,010
Bernie, you look great.
You look great.
Thanks a lot.
302
00:12:16,112 --> 00:12:17,144
And the boys...
Grown men!
303
00:12:17,246 --> 00:12:18,145
Oh. Yeah.
304
00:12:18,247 --> 00:12:19,713
Three grandkids now,
am i right?
305
00:12:19,815 --> 00:12:21,148
Yeah,
beautiful grandkids...
306
00:12:21,250 --> 00:12:23,517
Beautiful.
...Beautiful kids,
beautiful...Wife.
307
00:12:23,586 --> 00:12:24,919
Shut up and sit down.
308
00:12:30,793 --> 00:12:32,326
It's over.
309
00:12:32,428 --> 00:12:33,994
What do you mean,
"it's over"?
310
00:12:34,096 --> 00:12:35,229
I mean, it's over.
311
00:12:35,331 --> 00:12:36,964
I'm shutting you down.
312
00:12:37,033 --> 00:12:38,332
Bernie.
Come on.
313
00:12:38,434 --> 00:12:39,500
Hear us out, bernie.
We never --
314
00:12:39,602 --> 00:12:40,968
How many millions
of dollars
315
00:12:41,070 --> 00:12:43,904
Have i made you guys
over the last 20 years, huh?
316
00:12:44,006 --> 00:12:45,139
Huh?
317
00:12:45,241 --> 00:12:46,774
You're buying art.
318
00:12:46,876 --> 00:12:48,108
You got a yacht.
319
00:12:48,211 --> 00:12:51,045
I understand you're actually
doing some philanthropy, right?
320
00:12:52,348 --> 00:12:56,517
So if i was you, the question
i would be asking is,
321
00:12:56,619 --> 00:13:00,821
How much is this lifestyle
worth to keep it?
322
00:13:07,296 --> 00:13:08,896
Now...
323
00:13:10,032 --> 00:13:12,032
...Here's what
you're gonna do.
324
00:13:12,134 --> 00:13:15,402
You're gonna do everything
my lawyer tells you to do.
325
00:13:15,504 --> 00:13:17,805
You're gonna pay
any fines or penalties
326
00:13:17,873 --> 00:13:19,206
That are levied
against you.
327
00:13:19,308 --> 00:13:22,710
And you're gonna tell your
partner, this king arthur guy,
328
00:13:22,812 --> 00:13:24,078
That his little pamphlet
329
00:13:24,180 --> 00:13:26,614
Put the two of you
out of business, okay?
330
00:13:26,716 --> 00:13:27,615
Whatever you say, bernie.
331
00:13:27,717 --> 00:13:28,782
Is that clear?
332
00:13:28,884 --> 00:13:31,151
Yeah, but, um...
333
00:13:31,254 --> 00:13:33,020
Just so you know,
this king arthur guy --
334
00:13:33,122 --> 00:13:34,388
We told him the rules.
We did.
335
00:13:34,490 --> 00:13:35,556
He knew the rules.
It wasn't us.
336
00:13:35,658 --> 00:13:38,292
You know, it may be
exactly as you say.
337
00:13:38,394 --> 00:13:41,128
But here we are.
338
00:13:43,232 --> 00:13:46,300
Those for ruth?
339
00:13:46,402 --> 00:13:47,301
Yeah.
340
00:13:47,403 --> 00:13:50,304
I'm gonna do you
a favor.
341
00:13:52,108 --> 00:13:53,707
Ruth hates irises.
342
00:13:55,244 --> 00:13:57,278
So pick a secretary
and give it to her.
343
00:13:57,380 --> 00:13:58,979
Get out, get out.
Get out.
344
00:14:02,685 --> 00:14:05,452
Hey, shana.
345
00:14:05,521 --> 00:14:07,321
Do you have any idea what
they're talking about in there?
346
00:14:07,423 --> 00:14:08,789
Who knows, mark?
347
00:14:08,891 --> 00:14:10,858
Maybe they're
picking horses.
348
00:14:15,531 --> 00:14:18,699
The problem is gonna be
getting another $400 million
349
00:14:18,801 --> 00:14:21,268
Before another client
asks for a big redemption.
350
00:14:21,370 --> 00:14:23,203
Why not hit up
one of the big fish?
351
00:14:23,306 --> 00:14:24,838
Carl? Or picower?
352
00:14:24,940 --> 00:14:26,173
No, no.
Or levy.
353
00:14:26,275 --> 00:14:27,941
I mean, those guys got
plenty more they could put in.
354
00:14:28,044 --> 00:14:29,977
Two decades, these people
have been with me,
355
00:14:30,079 --> 00:14:31,645
And they've been
making straight money.
356
00:14:31,747 --> 00:14:32,913
Carl even longer.
357
00:14:33,015 --> 00:14:35,849
I ask for a handout from them,
and they lose confidence.
358
00:14:35,951 --> 00:14:37,751
No, no, no, no, no.
359
00:14:37,853 --> 00:14:39,019
Big fish.
360
00:14:39,121 --> 00:14:41,722
Big fish are out,
and so are their friends.
361
00:14:41,824 --> 00:14:43,123
Well, that takes care
362
00:14:43,225 --> 00:14:45,859
Of just about every jewish
businessman in new york city.
363
00:14:45,961 --> 00:14:46,960
Okay.
364
00:14:47,063 --> 00:14:48,195
All right. Enough.
365
00:14:48,297 --> 00:14:49,463
Enough for today.
366
00:14:52,134 --> 00:14:53,634
You know, the sec
367
00:14:53,736 --> 00:14:55,536
Is still gonna want
to see records, you know?
368
00:14:55,638 --> 00:14:57,004
So give them some records.
369
00:14:57,106 --> 00:14:58,405
What, for 3,000 clients?
370
00:14:58,507 --> 00:15:00,040
Yeah. So?
371
00:15:00,142 --> 00:15:02,476
Some of those accounts
go back to the 1960s.
372
00:15:02,578 --> 00:15:03,877
Well, i guess
you'll just have
373
00:15:03,979 --> 00:15:05,512
To earn your paycheck,
won't you?
374
00:15:06,615 --> 00:15:08,215
Oh.
Oh, yeah.
375
00:15:08,317 --> 00:15:10,150
Mm. Oh, yeah.
376
00:15:10,252 --> 00:15:11,285
Oh.
Yeah.
377
00:15:11,354 --> 00:15:12,720
Oh.
Where the arch is.
378
00:15:12,822 --> 00:15:13,887
Get -- get --
get in there.
379
00:15:13,989 --> 00:15:15,255
You -- mm!
Aah!
380
00:15:15,358 --> 00:15:17,725
How's your back?
You've got a lot of tension.
381
00:15:17,827 --> 00:15:19,059
Everywhere.
Oh, wait.
382
00:15:19,161 --> 00:15:20,127
Even up here.
Stop!
383
00:15:20,229 --> 00:15:22,029
It's the business.
It's the business.
384
00:15:22,131 --> 00:15:23,630
What, honey?
What do you mean?
385
00:15:23,733 --> 00:15:25,432
We're not expanding.
386
00:15:25,534 --> 00:15:27,234
We've got
to keep expanding.
387
00:15:27,336 --> 00:15:28,335
Or else...
Oh.
388
00:15:28,437 --> 00:15:30,437
Or else you're going backwards.
Yeah, i know.
389
00:15:30,539 --> 00:15:32,172
So, what do -- what do
you want to do about it?
390
00:15:32,274 --> 00:15:34,241
I want to get bigger.
391
00:15:34,343 --> 00:15:35,843
I want to get
bigger investors.
392
00:15:35,945 --> 00:15:37,678
I want more.
393
00:15:37,780 --> 00:15:39,780
You mean like
that jeremy billings
394
00:15:39,882 --> 00:15:42,516
We met in florida last year
with his wife?
395
00:15:42,618 --> 00:15:43,817
You remember?
Who?
396
00:15:43,919 --> 00:15:45,519
His partner's blake north.
397
00:15:45,621 --> 00:15:49,423
They've got this big,
very fancy hedge fund,
398
00:15:49,525 --> 00:15:51,792
And he's got
five daughters.
399
00:15:51,894 --> 00:15:54,995
And if that isn't a kick,
they all look like models, too.
400
00:15:55,097 --> 00:15:56,897
Where did --
how do you know all this?
401
00:15:56,999 --> 00:15:59,133
I can read.
402
00:16:00,536 --> 00:16:02,536
Look at this.
Gorgeous, huh?
403
00:16:04,039 --> 00:16:05,272
Well...
404
00:16:05,374 --> 00:16:07,975
I doubt they have
any jewish friends.
405
00:16:08,077 --> 00:16:10,310
They look like a polo ad,
huh?
406
00:16:10,413 --> 00:16:12,813
Why -- why don't you
invite him to lunch?
407
00:16:12,915 --> 00:16:14,114
No.
408
00:16:14,216 --> 00:16:16,316
Why don't you invite her
to lunch
409
00:16:16,419 --> 00:16:20,220
And tell her we don't accept
any new investors?
410
00:16:20,322 --> 00:16:23,590
You are a vice president
of the company, after all.
411
00:16:23,692 --> 00:16:24,825
All right.
412
00:16:24,927 --> 00:16:30,864
If you want me to earn
my salary, you insist, okay.
413
00:16:33,903 --> 00:16:35,936
Greenwich, connecticut.
414
00:16:36,038 --> 00:16:37,438
Home of blake north.
415
00:16:37,540 --> 00:16:41,141
If i could reel him in,the money i needed to pay out
416
00:16:41,243 --> 00:16:42,676
Would be pocket change.
417
00:16:42,778 --> 00:16:44,478
Legacy.
418
00:16:44,580 --> 00:16:46,046
Heritage. Tradition.
419
00:16:46,148 --> 00:16:48,081
Those were the big words
in my family.
420
00:16:48,184 --> 00:16:50,150
So you can imagine the uproar
421
00:16:50,252 --> 00:16:53,854
When i off and married this
exotic "mujer from the barrio."
422
00:16:53,956 --> 00:16:56,657
He's wearing a pink jacket.
423
00:16:56,759 --> 00:16:58,292
Don't laugh.
424
00:16:58,394 --> 00:17:00,427
With his money, he can wearwhatever the hell he wants.
425
00:17:00,529 --> 00:17:02,529
I grew up in rio, but went
to school in switzerland.
426
00:17:02,631 --> 00:17:04,865
We sent
all our girls there, too.
427
00:17:04,967 --> 00:17:07,034
All five of them?
Right?
428
00:17:07,136 --> 00:17:08,268
Oh, my god.
Mm-hmm.
429
00:17:08,370 --> 00:17:11,038
I saw a picture of them
in east end living.
430
00:17:11,140 --> 00:17:13,507
So beautiful.
Mm-hmm.
431
00:17:13,609 --> 00:17:15,008
Yeah.
Well, you must have had
your hands full
432
00:17:15,110 --> 00:17:16,643
When they were teenagers,
huh?
433
00:17:16,745 --> 00:17:18,545
Why do you think
we sent them to switzerland?
434
00:17:20,749 --> 00:17:22,683
And where did your boys
go for school?
435
00:17:22,785 --> 00:17:25,152
Well, for high school,
roslyn high,
436
00:17:25,221 --> 00:17:26,186
Home of the warriors.
437
00:17:27,623 --> 00:17:31,458
And then mark went to michigan
and andy went to penn.
438
00:17:31,560 --> 00:17:33,794
How about your girls?
Where did they go to college?
439
00:17:33,896 --> 00:17:37,364
Oh --
honey, why don't
you show ruth the stables?
440
00:17:37,466 --> 00:17:40,434
They, uh, they were feeding
the arabians there earlier.
441
00:17:40,536 --> 00:17:42,970
Magnificent creatures if you've
never seen them up close.
442
00:17:43,072 --> 00:17:46,240
I guess you know the code
for "time for business"...
443
00:17:46,342 --> 00:17:49,743
Yes.
...As well as you do,
i'm sure.
444
00:17:49,845 --> 00:17:51,712
Ah.
445
00:17:51,847 --> 00:17:54,314
This way.
446
00:17:54,416 --> 00:17:56,650
Okay.
447
00:17:56,752 --> 00:17:58,986
So, where did you send
your girls to college?
448
00:17:59,088 --> 00:18:03,323
Harvard, brown...
449
00:18:03,392 --> 00:18:06,860
Princeton, brown,
princeton.
450
00:18:14,503 --> 00:18:17,671
He's waiting for meto pitch him.
451
00:18:20,576 --> 00:18:22,976
I don't pitch.
452
00:18:24,980 --> 00:18:28,682
Right now,only one thing counts.
453
00:18:28,784 --> 00:18:31,952
Whoever talks first, loses.
454
00:18:39,828 --> 00:18:43,530
So, i'm glad
our lawyers put us together.
455
00:18:48,919 --> 00:18:53,022
I remember now
that irving gave me $50,000
456
00:18:53,124 --> 00:18:56,559
At a time when that was
quite a bit of money
457
00:18:56,661 --> 00:18:58,661
For someone
in his position.
458
00:18:58,763 --> 00:19:03,499
And it has reached a point,
absolutely and certainly,
459
00:19:03,601 --> 00:19:05,802
Your granddaughter
will have no trouble at all
460
00:19:05,904 --> 00:19:08,805
In making tuition
at any school of her choice.
461
00:19:08,907 --> 00:19:11,841
so, what can i do for you?
462
00:19:11,943 --> 00:19:14,577
On the one hand, i would
really like to take the money
463
00:19:14,679 --> 00:19:16,379
And put it
in a savings account,
464
00:19:16,481 --> 00:19:18,181
And on the other hand,
i mean,
465
00:19:18,283 --> 00:19:21,317
Irving spoke so highly of you,
and -- and he trusted you.
466
00:19:21,386 --> 00:19:24,153
Um, i'm going to write you
a check
467
00:19:24,255 --> 00:19:26,989
For the complete amount
of your account,
468
00:19:27,091 --> 00:19:31,828
And if you change your mind
and want to put it back with me,
469
00:19:31,930 --> 00:19:35,164
I will gladly accept it.
470
00:19:35,266 --> 00:19:38,801
Here is that check.
471
00:19:38,870 --> 00:19:40,603
Yeah, the check's no good.
472
00:19:40,705 --> 00:19:42,138
But look at her eyes.
473
00:19:42,240 --> 00:19:44,507
She trusts me.
474
00:19:50,048 --> 00:19:52,482
Well, irving trusted you.
475
00:19:52,584 --> 00:19:57,119
Trust -- the basisof any long-term relationship.
476
00:19:57,222 --> 00:20:01,257
I had $3,000 in my bank accounton my wedding day --
477
00:20:01,359 --> 00:20:03,726
Just the moneyi saved from summer jobs.
478
00:20:03,828 --> 00:20:05,361
Now, there's
no guarantees in life,
479
00:20:05,463 --> 00:20:07,230
But this is as close to it
as you're gonna get.
480
00:20:07,332 --> 00:20:08,364
It's money in your pocket,
481
00:20:08,466 --> 00:20:10,166
And i want to get you in
on the ground floor
482
00:20:10,268 --> 00:20:12,802
Because this is a home-run deal,
all right?
483
00:20:12,904 --> 00:20:15,171
The ball
is sailing over the wall
484
00:20:15,306 --> 00:20:17,139
At yankee stadium as we speak,
485
00:20:17,242 --> 00:20:18,941
And i want to get you in there
before some schmuck...
486
00:20:19,010 --> 00:20:22,512
Dialing for dollars, pushingpenny stocks, i was doing fine.
487
00:20:22,614 --> 00:20:24,180
Now, look, i understand
why you'd be apprehensive.
488
00:20:24,282 --> 00:20:25,948
I get it.
489
00:20:26,050 --> 00:20:30,920
But it is 100 shares for $10.
490
00:20:31,022 --> 00:20:33,589
What do you have to lose?
491
00:20:33,691 --> 00:20:36,158
Okay, put me down
for 100 shares, bernie.
492
00:20:36,261 --> 00:20:37,593
I thought you'd see it my way.
493
00:20:37,695 --> 00:20:39,629
But it wasmy father-in-law, saul...
All right.
494
00:20:39,731 --> 00:20:41,797
...Who set the big ballsin motion
495
00:20:41,900 --> 00:20:44,333
By believingin his new son-in-law enough
496
00:20:44,435 --> 00:20:46,536
To pitch to himhis best clients.
497
00:20:46,638 --> 00:20:50,873
Bernie, i want you
to meet jerry samuels.
498
00:20:50,975 --> 00:20:53,376
My son-in-law,
bernard l. Madoff.
499
00:20:53,478 --> 00:20:55,077
Jerry samuels.
500
00:20:55,179 --> 00:20:56,612
Saul tells me you're ready
to make some money.
501
00:20:56,714 --> 00:20:57,813
Steven hirsch.
502
00:20:57,916 --> 00:21:00,516
My son-in-law,
bernard l. Madoff.
503
00:21:00,618 --> 00:21:02,285
Steven hirsch.
504
00:21:02,387 --> 00:21:03,452
It's a pleasure
to meet you.
505
00:21:03,555 --> 00:21:04,754
Saul says you're ready
to make some money.
506
00:21:04,856 --> 00:21:06,122
Samuel scheinbaum.
507
00:21:06,224 --> 00:21:08,357
My son-in-law,
bernard l. Madoff.
508
00:21:08,426 --> 00:21:11,227
Samuel scheinbaum.
It's a pleasure to meet you.
509
00:21:11,329 --> 00:21:12,795
Saul says you're ready
to make some money.
510
00:21:12,897 --> 00:21:16,065
Within a year of saulfunneling me clients
511
00:21:16,167 --> 00:21:20,736
From his accounting business,i was $25,000 in the black.
512
00:21:23,408 --> 00:21:26,042
Then it all fell off a cliff.
513
00:21:26,144 --> 00:21:29,979
The penny stocksi had my clients in got killed.
514
00:21:32,617 --> 00:21:34,183
That's when it hit me.
515
00:21:34,285 --> 00:21:39,188
All i needed was someoneto cover my clients' losses...
516
00:21:39,290 --> 00:21:41,223
Someone whose cash i could use
517
00:21:41,326 --> 00:21:43,726
And make it look likethey'd weathered the storm,
518
00:21:43,828 --> 00:21:45,761
Like i'd kept them safe.
519
00:21:45,863 --> 00:21:48,230
It would takeevery penny i earned to do it,
520
00:21:48,333 --> 00:21:50,700
But i could make them whole.
521
00:21:50,802 --> 00:21:52,635
You can call it cheatingif you want,
522
00:21:52,737 --> 00:21:54,704
But are you reallydoing anything wrong
523
00:21:54,772 --> 00:21:58,841
If the peter you're robbingto pay paul is you?
524
00:21:58,943 --> 00:22:01,043
$72 --that's all i'd have left.
525
00:22:01,112 --> 00:22:04,880
But it was a small price to payfor what i was buying --
526
00:22:04,983 --> 00:22:08,584
Admiration, trust, respect.
527
00:22:08,686 --> 00:22:11,187
Sam.
Bernie madoff.
528
00:22:11,289 --> 00:22:12,822
Hey.
Slow down, slow down, slow down.
529
00:22:12,924 --> 00:22:14,557
That -- that -- that --
that's why i'm calling, sam.
530
00:22:14,659 --> 00:22:15,992
You're okay.
531
00:22:16,094 --> 00:22:17,727
I saw this whole thing
coming a week ago.
532
00:22:17,829 --> 00:22:19,662
I moved your entire portfolio
into treasuries.
533
00:22:19,764 --> 00:22:21,297
Everything is aces.
534
00:22:21,399 --> 00:22:22,431
Like i said...
535
00:22:22,533 --> 00:22:24,300
no.
536
00:22:24,402 --> 00:22:25,401
I'm not a genius.
537
00:22:25,503 --> 00:22:26,702
I just know
how to ride the market.
538
00:22:26,804 --> 00:22:29,939
...The basis ofany long-term relationship.
539
00:22:35,913 --> 00:22:37,413
You promoted frank.
540
00:22:37,515 --> 00:22:41,417
Yeah, to vp.
541
00:22:41,519 --> 00:22:43,085
So what?
542
00:22:43,187 --> 00:22:44,920
You won't let us
in the investment business,
543
00:22:45,023 --> 00:22:46,288
And you promote frank.
544
00:22:46,391 --> 00:22:48,824
I've worked here
for seven years, dad.
545
00:22:48,926 --> 00:22:50,192
I earned that promotion.
546
00:22:51,729 --> 00:22:55,531
You know, boychick,
you remind me of me.
547
00:22:55,600 --> 00:22:56,632
I love you.
548
00:22:56,734 --> 00:23:00,036
Listen,
frank's been here 20 years.
549
00:23:00,138 --> 00:23:03,439
Seven years
is barely out of the minors.
550
00:23:03,541 --> 00:23:05,541
The minors?
551
00:23:05,643 --> 00:23:08,577
I reorganized the workflow
between traders and management.
552
00:23:08,680 --> 00:23:11,447
Andy developed our entire
strategy for emerging markets.
553
00:23:11,549 --> 00:23:15,117
We manage hundreds of millions
of dollars every year
554
00:23:15,219 --> 00:23:16,152
Here on 19.
555
00:23:16,254 --> 00:23:18,888
We're good at what we do,
dad.
556
00:23:18,990 --> 00:23:21,724
So...
557
00:23:21,826 --> 00:23:24,060
Look, why won't you
just let us in?
558
00:23:24,162 --> 00:23:26,128
We can help with
investment management on 17
559
00:23:26,230 --> 00:23:27,930
Just like we do
with trading up here.
560
00:23:28,032 --> 00:23:31,901
Marky, i'll know
when you're ready.
561
00:23:32,003 --> 00:23:35,638
I built this whole thing
by listening to my gut.
562
00:23:35,740 --> 00:23:38,574
So when my gut tells me you're
ready, you're in like flynn.
563
00:23:38,676 --> 00:23:41,343
And until then, you've got
financial security,
564
00:23:41,446 --> 00:23:42,478
You're seasoned.
565
00:23:42,580 --> 00:23:43,913
Come on.
566
00:23:44,015 --> 00:23:45,781
A little patience, pal.
567
00:23:45,850 --> 00:23:48,317
Yeah, come on, marky.
Don't call me marky.
568
00:23:52,623 --> 00:23:53,889
You know, just...
569
00:23:53,991 --> 00:23:55,558
Just so i'm clear,
570
00:23:55,660 --> 00:23:58,694
You're saying that frank
is qualified and i'm not?
571
00:23:58,796 --> 00:24:00,162
Marky...
572
00:24:00,264 --> 00:24:02,598
Why don't you take it
like this?
573
00:24:02,700 --> 00:24:06,168
If he screws up,
i can fire him.
574
00:24:06,270 --> 00:24:09,171
If you screw up,
i can't fire you.
575
00:24:09,273 --> 00:24:10,740
You're blood.
576
00:24:10,808 --> 00:24:15,544
So until i know,
we do it my way.
577
00:24:15,646 --> 00:24:17,546
And now we're done.
578
00:24:17,648 --> 00:24:21,083
You know what you need to do,
brother?
579
00:24:21,185 --> 00:24:25,588
You need to breathe, relax,
and trust dad a little more.
580
00:24:25,690 --> 00:24:26,822
Okay?
581
00:24:26,924 --> 00:24:28,624
You're getting
what you want.
582
00:24:28,726 --> 00:24:30,159
Just be
a little more patient,
583
00:24:30,261 --> 00:24:33,496
And eventually, you will be
a very happy man.
584
00:24:33,598 --> 00:24:34,630
So just relax.
585
00:24:34,732 --> 00:24:37,399
But if you want
to keep pushing him,
586
00:24:37,502 --> 00:24:39,235
He's just gonna fight you.
587
00:24:39,337 --> 00:24:41,337
I'm really glad
we had this talk.
588
00:24:59,490 --> 00:25:01,791
Are you, uh...
589
00:25:01,893 --> 00:25:03,826
I mean, do you have
your own passcard?
590
00:25:03,928 --> 00:25:05,060
Jodi...
591
00:25:05,163 --> 00:25:06,529
Don't be ridiculous.
592
00:25:15,907 --> 00:25:17,339
Um, mark, is there
something that i can do for you?
593
00:25:17,441 --> 00:25:18,774
Jodi, i'm fine.
594
00:25:38,763 --> 00:25:40,963
Can i help you
with something?
595
00:25:48,706 --> 00:25:50,973
Mark...
596
00:25:51,075 --> 00:25:52,174
Can i help you?
597
00:25:54,378 --> 00:25:56,679
No, you can't help me.
598
00:26:00,785 --> 00:26:02,985
I just wanted to say...
599
00:26:03,087 --> 00:26:06,622
Congratulations, frank.
600
00:26:08,993 --> 00:26:10,092
Thank you.
601
00:26:14,198 --> 00:26:15,432
The sec is here?
602
00:26:15,534 --> 00:26:16,900
Now? Today?
603
00:26:17,002 --> 00:26:18,935
Don't worry, frank.
There's nothing to worry about.
604
00:26:19,037 --> 00:26:20,437
I mean, you could have
at least told me, huh?
605
00:26:20,539 --> 00:26:22,005
The records -- they aren't
even close to ready.
606
00:26:22,107 --> 00:26:23,874
Take a breath.
Take a breath, frank.
I don't have signatures.
607
00:26:23,976 --> 00:26:26,243
I'm waiting
for the files to be --
take a breath.
608
00:26:26,345 --> 00:26:29,479
We don't have to show them
any records today.
609
00:26:29,581 --> 00:26:32,616
All we got to do
is make them believe
610
00:26:32,718 --> 00:26:35,452
That we're gonna make
their lives easy.
611
00:26:35,554 --> 00:26:39,022
Now, very slowly,
612
00:26:39,124 --> 00:26:42,759
I want you to turn
and look at them.
613
00:26:42,861 --> 00:26:44,628
Go ahead.
614
00:26:52,404 --> 00:26:53,970
Now, you're gonna tell me
615
00:26:54,072 --> 00:26:57,407
That frank dipascali
is afraid of that?
616
00:27:01,179 --> 00:27:02,579
It's the personal level
617
00:27:02,681 --> 00:27:04,981
That's the most embarrassing
for me.
618
00:27:05,083 --> 00:27:06,516
30 years
i've been doing business
619
00:27:06,618 --> 00:27:09,319
With bienes and avellino,
620
00:27:09,421 --> 00:27:12,822
And then to find out they're
selling securities improperly
621
00:27:12,925 --> 00:27:14,591
Makes me
feel like an idiot.
622
00:27:14,693 --> 00:27:16,259
I spoke to your boss.
623
00:27:16,361 --> 00:27:17,561
I already told him
624
00:27:17,663 --> 00:27:20,664
To just say the hows
and the wheres and the whens,
625
00:27:20,766 --> 00:27:22,732
And we'll make sure
that all the investors
626
00:27:22,834 --> 00:27:24,234
Have all their money back.
627
00:27:24,336 --> 00:27:27,470
I can't even imagine
how terrible the anxiety is
628
00:27:27,539 --> 00:27:28,872
These people are feeling.
629
00:27:30,409 --> 00:27:33,109
So, what happens next?
630
00:27:33,211 --> 00:27:34,511
Brass tacks.
631
00:27:34,613 --> 00:27:37,247
Well, it's pretty simply,
really.
632
00:27:37,349 --> 00:27:39,015
Basically,
we just need the records
633
00:27:39,117 --> 00:27:40,884
From the avellino and bienes
accounts
634
00:27:40,986 --> 00:27:43,987
Dating back to when you started
doing business with them.
635
00:27:44,089 --> 00:27:46,056
30 years of fake documents?
636
00:27:46,158 --> 00:27:48,058
Frank could take care of it.
637
00:27:48,160 --> 00:27:50,760
And the secwasn't the real problem.
638
00:27:50,862 --> 00:27:52,729
The real problem was,
639
00:27:52,831 --> 00:27:55,565
How was i gonna replacethat $400 million?
640
00:27:58,203 --> 00:28:00,870
When carl shapirofirst put money with me,
641
00:28:00,973 --> 00:28:04,374
It was like king solomonhimself had vouched for me.
642
00:28:04,476 --> 00:28:05,909
The money i needed --
643
00:28:06,011 --> 00:28:09,312
Carl could have written mea check for that in his sleep.
644
00:28:09,414 --> 00:28:13,249
The thing is, the main reasonhe put so much money with me
645
00:28:13,352 --> 00:28:17,087
Over all those yearsis that i never asked for it.
646
00:28:17,189 --> 00:28:18,288
Ozzie kraus.
647
00:28:18,390 --> 00:28:20,690
We started out together
in the garment district.
648
00:28:20,792 --> 00:28:23,960
He said i was crazy to make
nice dresses out of cotton,
649
00:28:24,062 --> 00:28:25,328
That women wanted silk.
650
00:28:25,430 --> 00:28:28,064
I said, "well, working women
like nice dresses, too."
651
00:28:28,166 --> 00:28:29,599
That was 1946.
652
00:28:29,701 --> 00:28:32,235
By 1951,
i made my first $10 million.
653
00:28:32,337 --> 00:28:34,804
He was still selling suits.
Mm.
654
00:28:36,875 --> 00:28:39,409
Looks like he's doing
pretty good, though.
Eh.
655
00:28:39,511 --> 00:28:41,177
Might be worth
$15 million, $20 million,
656
00:28:41,279 --> 00:28:43,146
But when you spread it
across all those years,
657
00:28:43,248 --> 00:28:44,948
It's not a hell
of a lot of growth.
658
00:28:45,050 --> 00:28:47,884
He didn't have the drive
like you do.
659
00:28:47,986 --> 00:28:49,119
Like i do.
660
00:28:49,221 --> 00:28:50,286
Millions?
661
00:28:50,389 --> 00:28:51,521
For schleppers.
662
00:28:51,623 --> 00:28:53,957
You got to go for billions.
663
00:28:54,059 --> 00:28:56,826
You know, they say tennis
is the sport of kings,
664
00:28:56,928 --> 00:28:59,462
But golf is the sport
of deal-making.
665
00:28:59,531 --> 00:29:02,065
I -- that's --
that's why i quit tennis.
666
00:29:02,167 --> 00:29:04,401
"the son i never had" --
667
00:29:04,503 --> 00:29:07,337
That's what carl'sbeen calling me for 30 years.
668
00:29:07,439 --> 00:29:08,371
That's the only thing.
669
00:29:08,473 --> 00:29:09,706
See the blumenthals
over there?
670
00:29:09,808 --> 00:29:12,175
Talked my ear off
all afternoon.
671
00:29:12,277 --> 00:29:13,977
"can i please make
an introduction?
672
00:29:14,079 --> 00:29:15,612
I'm just dying to get
into bernie's fund."
673
00:29:15,714 --> 00:29:17,647
They're probably
stalking you right now.
674
00:29:17,783 --> 00:29:20,684
His only daughter had marrieda man named bob jaffe.
675
00:29:20,786 --> 00:29:23,953
All i'm saying is that
they're not the only members
676
00:29:24,056 --> 00:29:26,489
Who would give their right hand
to get into the fund.
677
00:29:26,591 --> 00:29:30,060
You know, we come down here
to get away from business, bob,
678
00:29:30,128 --> 00:29:31,761
Not to drum it up.
679
00:29:31,863 --> 00:29:34,064
This is not a place
to discuss business.
680
00:29:34,166 --> 00:29:35,265
It's in the club charter.
681
00:29:35,367 --> 00:29:37,834
We don't talk business here.
682
00:29:37,936 --> 00:29:39,069
Of course.
683
00:29:39,171 --> 00:29:42,272
That said,
if you were to want to expand,
684
00:29:42,374 --> 00:29:44,841
I'd be more than willing
to help.
685
00:29:44,943 --> 00:29:45,942
Eat.
686
00:29:46,044 --> 00:29:47,077
Uh-oh.
687
00:29:47,179 --> 00:29:48,812
You think letting bob jaffe
688
00:29:48,914 --> 00:29:50,346
Comb palm beach for clients
689
00:29:50,449 --> 00:29:52,382
Will get you
$400 million overnight?
690
00:29:52,484 --> 00:29:56,486
Well, maybe yes
and maybe no, frank, but...
691
00:29:56,588 --> 00:29:59,789
A few million here
and a few million there,
692
00:29:59,891 --> 00:30:02,425
It can buy us
some time, right?
693
00:30:05,063 --> 00:30:07,931
Hi, bernie.
Blake north.
694
00:30:08,033 --> 00:30:10,033
Listen, i've been doing
my best with jeremy,
695
00:30:10,135 --> 00:30:13,169
But it's just -- he still
feels he needs more to go on
696
00:30:13,271 --> 00:30:15,405
For us to consider
coming on board.
697
00:30:15,507 --> 00:30:18,074
So if we can facilitate
a meeting,
698
00:30:18,176 --> 00:30:22,579
I think it would go a long way
to settling his concerns.
699
00:30:22,681 --> 00:30:24,881
So, uh, give me a call.
700
00:30:29,054 --> 00:30:30,553
Hey.
701
00:30:30,655 --> 00:30:32,622
Hey!
702
00:30:34,993 --> 00:30:36,459
Hey!
703
00:30:42,100 --> 00:30:44,901
Surprise!
Surprise!
704
00:30:47,439 --> 00:30:49,239
sweetheart.
705
00:30:52,744 --> 00:30:54,844
what is that?
706
00:30:54,946 --> 00:30:56,212
Chairman of nasdaq.
707
00:30:56,314 --> 00:30:57,347
What is that?
708
00:30:57,449 --> 00:30:59,682
How could i be chairman?
I never heard of --
709
00:30:59,785 --> 00:31:01,451
We found out yesterday.
We wanted to keep it a surprise.
710
00:31:01,553 --> 00:31:03,686
Maybe have a party.
Got it all together.
711
00:31:03,789 --> 00:31:06,222
Congratulations.
Congratulations, dad.
712
00:31:06,324 --> 00:31:08,258
Oh, man.
Confetti all over the place.
713
00:31:08,360 --> 00:31:09,425
This is great.
714
00:31:09,528 --> 00:31:11,094
I'm so proud of you,
sweetheart.
715
00:31:11,196 --> 00:31:13,429
God, i always knew.
I knew this was your destiny.
716
00:31:13,532 --> 00:31:15,832
Mm.
Mm.
717
00:31:54,206 --> 00:31:57,073
From a back roomin my father-in-law's office
718
00:31:57,175 --> 00:31:59,075
To chairman of nasdaq,
719
00:31:59,177 --> 00:32:02,946
The second-largest exchangein the world.
720
00:32:03,048 --> 00:32:05,381
A high watermark.You better believe it.
721
00:32:05,483 --> 00:32:07,650
A position like that?
722
00:32:07,752 --> 00:32:10,253
I'd never haveto sell myself again.
723
00:32:10,322 --> 00:32:12,889
The title would do it for me.
724
00:32:13,825 --> 00:32:14,891
Yeah.
725
00:32:18,096 --> 00:32:20,163
No, no. No.
Bernie?
726
00:32:20,265 --> 00:32:21,598
I got to go.
727
00:32:21,666 --> 00:32:24,100
One more thingabout closing a deal --
728
00:32:24,202 --> 00:32:26,669
Always save your best playfor last.
729
00:32:26,771 --> 00:32:27,937
Well...
730
00:32:28,039 --> 00:32:30,573
Everything we've looked at
looks good.
731
00:32:30,675 --> 00:32:34,410
But there's no mention in here
about the 2 in 20 split.
732
00:32:34,512 --> 00:32:37,714
There's no -- no mention
about the management fee at all.
733
00:32:37,816 --> 00:32:39,749
That's right.
734
00:32:39,851 --> 00:32:41,918
Well, what do you mean,
"that's right"?
735
00:32:42,020 --> 00:32:45,288
Even if you want to go 50-50,
it needs to be in writing.
736
00:32:45,390 --> 00:32:47,557
no.
No.
737
00:32:47,659 --> 00:32:50,260
We're not gonna go 50-50.
738
00:32:52,964 --> 00:32:55,531
Well, then, uh, we need to go
back to the negotiating table,
739
00:32:55,634 --> 00:32:57,634
Get the lawyers to draw up
entirely new contracts,
740
00:32:57,736 --> 00:32:59,102
Start from scratch.
741
00:32:59,204 --> 00:33:02,405
You know, i don't think you
really want to do that, jeremy.
742
00:33:03,608 --> 00:33:05,008
Oh, yeah?
743
00:33:05,110 --> 00:33:06,709
Tell me -- why's that?
744
00:33:06,811 --> 00:33:09,612
Because we don't take
any fees.
745
00:33:09,714 --> 00:33:12,048
We make our money
on the trades.
746
00:33:12,150 --> 00:33:14,083
The management fees
are all yours.
747
00:33:14,185 --> 00:33:16,052
I thought
you understood that.
748
00:33:25,397 --> 00:33:28,264
So, uh...
749
00:33:28,366 --> 00:33:31,634
I suppose we should talk
about the initial buy-in.
750
00:33:31,736 --> 00:33:33,903
The gold standardin seduction --
751
00:33:34,005 --> 00:33:35,305
The moment your client
752
00:33:35,407 --> 00:33:38,574
Starts to think he's the onegetting one over on you.
753
00:33:38,677 --> 00:33:41,177
Did he really just...
Yes.
754
00:33:41,279 --> 00:33:43,413
But why wouldn't he...
Jeremy.
755
00:33:43,515 --> 00:33:45,148
The best thing
that will ever happen to us
756
00:33:45,216 --> 00:33:47,650
In our whole lives
just happened.
757
00:33:47,752 --> 00:33:49,852
Do you really want
to ruin it?
758
00:33:49,955 --> 00:33:52,355
After that,you couldn't stop them
759
00:33:52,457 --> 00:33:54,724
From giving you their moneyif you tried.
760
00:33:54,826 --> 00:33:57,393
Once word got outthat bernie madoff
761
00:33:57,495 --> 00:33:59,662
Would deliveryour hedge-fund returns
762
00:33:59,764 --> 00:34:02,665
Without taking a penny of feesfor himself...
763
00:34:02,767 --> 00:34:05,468
My name is rene-thierry magon
de la villehuchet,
764
00:34:05,570 --> 00:34:08,171
And i have been looking forward
very much to this day.
765
00:34:08,273 --> 00:34:09,605
Thank you so much.
766
00:34:09,708 --> 00:34:12,909
And we will be in touch,
and we will visit.
767
00:34:14,312 --> 00:34:16,045
Thank you.
Ah. Ah.
Adieu.
768
00:34:16,147 --> 00:34:18,581
Greg perkins.
Great to meet you, bernie.
769
00:34:24,456 --> 00:34:26,289
You're not gonna
regret this.
770
00:34:26,391 --> 00:34:28,358
Neither am i.
771
00:34:29,728 --> 00:34:31,327
Vera zweig.
772
00:34:31,429 --> 00:34:33,963
A great pleasure to meet you,
mr. Madoff.
773
00:34:35,433 --> 00:34:39,002
Excellent.
774
00:34:39,070 --> 00:34:40,436
Ja.
775
00:34:42,540 --> 00:34:48,611
$10,006,442,853.64.
776
00:34:48,713 --> 00:34:51,414
Total cash in hand
as of 9:00 a.M. This morning.
777
00:34:53,952 --> 00:34:55,885
$10 billion.
778
00:34:57,956 --> 00:35:02,091
Not bad for a poor jewish kidfrom queens.
779
00:35:02,193 --> 00:35:03,326
Oh, come on.
780
00:35:16,364 --> 00:35:17,263
Got a minute?
781
00:35:17,365 --> 00:35:18,597
No, i do not.
782
00:35:18,700 --> 00:35:20,099
You're a math guy.
783
00:35:20,201 --> 00:35:22,134
A math guy?
784
00:35:22,236 --> 00:35:23,569
How much of a math guy?
785
00:35:23,671 --> 00:35:29,141
I have a pretty thorough
grounding in calculus,
786
00:35:29,243 --> 00:35:32,078
From integral
to differential,
787
00:35:32,180 --> 00:35:35,715
Plus linear algebra
and statistics --
788
00:35:35,817 --> 00:35:37,683
Both normal and non-normal.
789
00:35:37,819 --> 00:35:40,119
Yes, i suppose
you could call me a math guy.
790
00:35:40,221 --> 00:35:41,987
Take a look at this.
791
00:35:42,090 --> 00:35:44,256
What is that?
A prospectus.
792
00:35:44,358 --> 00:35:45,991
Don't ask me where i got it.
Where did you get it?
793
00:35:46,094 --> 00:35:47,593
Harry, have you ever heard
of bernie madoff?
794
00:35:47,729 --> 00:35:49,261
Private fund, right?
795
00:35:49,363 --> 00:35:51,697
Consistent returns
year in, year out.
796
00:35:51,766 --> 00:35:53,299
We need to do
what he's doing.
797
00:35:53,401 --> 00:35:54,333
I need you to reverse --
798
00:35:54,435 --> 00:35:56,135
Reverse-engineer
his trading strategy.
799
00:35:56,237 --> 00:35:58,304
See if we get his results.
800
00:35:58,406 --> 00:35:59,905
That's right, harry.
801
00:36:00,007 --> 00:36:01,474
And have a good night.
802
00:36:17,391 --> 00:36:20,960
You're holding in your hands
an exact replica
803
00:36:21,062 --> 00:36:25,064
Of a 1965
aston martin volante.
804
00:36:25,133 --> 00:36:26,866
Only 37 of them
ever made.
805
00:36:26,968 --> 00:36:28,534
Two remain
in the united states.
806
00:36:28,636 --> 00:36:29,635
Hmm.
It's beautiful.
807
00:36:29,737 --> 00:36:31,303
Roger gave it to me
for father's day.
808
00:36:31,405 --> 00:36:33,272
I'd been hoping
for a big one.
809
00:36:34,442 --> 00:36:35,674
I was happy
to have the model.
810
00:36:35,777 --> 00:36:36,909
Hey.
811
00:36:37,011 --> 00:36:38,444
I need you
to sign some things.
812
00:36:40,414 --> 00:36:42,181
Hello, to you, too,
frank.
813
00:36:42,283 --> 00:36:43,349
It's not a good time.
814
00:36:43,451 --> 00:36:45,117
It'll just take you
five minutes.
815
00:36:45,219 --> 00:36:46,385
Just a set of filings
816
00:36:46,487 --> 00:36:48,687
For some accounts
that didn't get processed right.
817
00:36:48,790 --> 00:36:50,422
Okay, frank.
818
00:36:50,525 --> 00:36:51,857
I'll, uh...
819
00:36:51,959 --> 00:36:53,926
I'll look them over,
and i'll get back to you.
820
00:36:54,028 --> 00:36:55,161
There's no time for that.
821
00:36:55,263 --> 00:36:57,830
I just need your chief
compliance officer rubber stamp.
822
00:36:57,932 --> 00:37:00,399
He said
he'll get back to you, frank.
823
00:37:00,501 --> 00:37:02,234
So...
824
00:37:04,572 --> 00:37:06,539
Okay, mark.
825
00:37:07,942 --> 00:37:10,876
Vroom, vroom.
826
00:37:10,978 --> 00:37:13,746
Very nice.
827
00:37:17,585 --> 00:37:20,920
I was now movingin the highest class of people.
828
00:37:21,022 --> 00:37:27,793
Like elie wiesel -- holocaustsurvivor, nobel laureate.
829
00:37:27,895 --> 00:37:29,528
It is the twinge we feel
830
00:37:29,630 --> 00:37:32,464
When we go against
our conscience.
831
00:37:32,567 --> 00:37:35,768
This is a gift
given to most of us --
832
00:37:35,870 --> 00:37:37,636
The knowledge of wrong.
833
00:37:37,738 --> 00:37:41,106
And perhaps merely listening
to those feelings of guilt
834
00:37:41,209 --> 00:37:44,743
Is the secret
to living an ethical life.
835
00:37:44,846 --> 00:37:49,248
Perhaps, in the end,
it's as easy as that.
836
00:37:49,350 --> 00:37:50,950
[ light laughter,
crowd murmuring ]
837
00:37:54,655 --> 00:37:56,255
Thank you.
838
00:37:56,357 --> 00:37:58,791
For me,
it's the market volatility
839
00:37:58,893 --> 00:38:00,593
That always scares me off.
840
00:38:00,695 --> 00:38:01,861
Well, of course.
841
00:38:01,963 --> 00:38:03,963
You don't know
how the system works,
842
00:38:04,065 --> 00:38:06,398
And then you're going to entrust
everything you've worked for
843
00:38:06,500 --> 00:38:08,033
To it?
Exactly.
844
00:38:08,135 --> 00:38:09,468
I'll tell you the truth,
elie.
845
00:38:09,570 --> 00:38:11,637
The fact is that if you're
in the market for real,
846
00:38:11,706 --> 00:38:14,974
You don't have to look at it
on a daily basis, you know?
847
00:38:15,076 --> 00:38:16,809
It goes up 300,
it goes down 300.
848
00:38:16,911 --> 00:38:17,910
It really doesn't matter.
849
00:38:18,012 --> 00:38:19,979
What you got
to think about is,
850
00:38:20,081 --> 00:38:23,682
Are you in, and do you trust the
general health of the markets?
851
00:38:23,784 --> 00:38:25,084
Then you'll be fine.
852
00:38:25,186 --> 00:38:26,218
You're gonna do okay.
853
00:38:26,320 --> 00:38:28,254
It -- it would
certainly be an honor
854
00:38:28,356 --> 00:38:29,955
To help you
in any way we could.
855
00:38:30,057 --> 00:38:31,557
Our whole family
would be so honored.
856
00:38:31,659 --> 00:38:32,725
Absolutely.
857
00:38:32,827 --> 00:38:34,727
Elie wiesel,virtuous humanitarian.
858
00:38:34,829 --> 00:38:37,296
Didn't stop me for a secondfrom taking his money.
859
00:38:37,398 --> 00:38:38,631
It's not as though
i'm gonna sit here
860
00:38:38,699 --> 00:38:40,299
And tell you that you
can't live without me.
861
00:38:40,401 --> 00:38:43,068
You know, you've done very well
with the guy you're with,
862
00:38:43,170 --> 00:38:45,671
So maybe
you just want to stay put.
863
00:38:46,874 --> 00:38:49,675
Well, imagine
if i lost your money.
864
00:38:49,744 --> 00:38:51,477
I wouldn't be invited
to any bar mitzvah
865
00:38:51,579 --> 00:38:52,912
In the city of new york.
866
00:38:55,516 --> 00:38:57,416
You are bernie madoff.
867
00:38:57,518 --> 00:38:58,617
Yes, i am.
868
00:38:58,719 --> 00:39:00,819
Sheryl weinstein.
869
00:39:00,922 --> 00:39:03,622
C.F.O. Of hadassah,
the women's organization.
870
00:39:03,724 --> 00:39:05,658
I am familiar
with hadassah.
871
00:39:05,760 --> 00:39:06,792
Good.
872
00:39:06,894 --> 00:39:08,627
Probably looks like
i'm stalking you --
873
00:39:08,729 --> 00:39:11,263
Waiting for you outside
the bathroom like this.
874
00:39:11,365 --> 00:39:14,099
Well, actually,
until you said that,
875
00:39:14,201 --> 00:39:15,234
I would have just thought
876
00:39:15,336 --> 00:39:17,369
That you were waiting
for the bathroom.
877
00:39:17,471 --> 00:39:19,171
Damn.
878
00:39:19,273 --> 00:39:22,141
I just blew my own cover,
right?
879
00:39:22,209 --> 00:39:23,742
Listen...
880
00:39:23,844 --> 00:39:26,178
I'm glad
you have hadassah as a client.
881
00:39:26,280 --> 00:39:29,982
I, uh -- i know you
don't take on just anybody.
882
00:39:30,084 --> 00:39:33,485
But i would love a chance
to talk to you about our goals.
883
00:39:33,587 --> 00:39:35,754
Well, sheryl, um...
884
00:39:35,856 --> 00:39:37,856
I have
an idea about charities.
885
00:39:37,959 --> 00:39:40,225
It's not about the size.
886
00:39:40,328 --> 00:39:43,095
It's about
the people behind them.
887
00:39:43,197 --> 00:39:45,798
So, uh...
888
00:39:45,900 --> 00:39:48,734
Why don't you call my office,
and we'll set something up?
889
00:39:51,105 --> 00:39:52,371
Oh, here you are.
890
00:39:52,473 --> 00:39:53,706
Ira's looking for you.
891
00:39:53,808 --> 00:39:58,644
He wants to introduce you to --
to some big cosmetics c.E.O.
892
00:39:58,746 --> 00:40:01,246
Ruth, this is, uh...
Sherry? Sheryl.
893
00:40:01,349 --> 00:40:02,681
Sheryl weinstein.
894
00:40:02,750 --> 00:40:04,717
Sheryl weinstein
from hadassah.
895
00:40:04,819 --> 00:40:06,085
Oh! Wonderful.
896
00:40:06,187 --> 00:40:09,254
You -- you ladies
do such good work.
897
00:40:09,357 --> 00:40:10,456
thank you.
898
00:40:10,558 --> 00:40:12,458
Bern,
back in the saddle.
899
00:40:12,560 --> 00:40:13,892
Yeah.
900
00:40:30,845 --> 00:40:33,512
Good evening, and welcome
901
00:40:33,614 --> 00:40:38,450
To the fourth annual madoff
family foundation fund-raiser.
902
00:40:38,552 --> 00:40:43,188
As chairman of nasdaq, i am
grateful for you to be here.
903
00:40:43,290 --> 00:40:45,190
Those of you
who are here tonight
904
00:40:45,292 --> 00:40:48,160
Know already
that you are the recipients
905
00:40:48,262 --> 00:40:51,864
Of an enormous,
almost miraculous, growth
906
00:40:51,966 --> 00:40:53,365
In personal wealth.
907
00:40:53,467 --> 00:40:56,368
Technology and innovation
have allowed us
908
00:40:56,470 --> 00:40:58,837
To receive an amount of wealth
909
00:40:58,939 --> 00:41:03,308
That our parents could not
possibly even have dreamt of.
910
00:41:04,245 --> 00:41:06,912
But there are still far too many
911
00:41:07,014 --> 00:41:10,716
Who have not been
the recipients of such wealth.
912
00:41:10,818 --> 00:41:13,285
They have neither the money
nor the benefits
913
00:41:13,387 --> 00:41:15,120
That wealth can bring.
914
00:41:15,222 --> 00:41:17,322
So, why do we give?
915
00:41:17,425 --> 00:41:19,825
Because we believe
in this system
916
00:41:19,927 --> 00:41:23,162
That is perfected
by the act of giving.
917
00:41:23,264 --> 00:41:24,229
Why do we give?
918
00:41:24,331 --> 00:41:25,397
Do you know
how he does it?
919
00:41:25,499 --> 00:41:26,765
You figured it out
in one night?
920
00:41:26,867 --> 00:41:29,234
Because it feels good.
921
00:41:29,336 --> 00:41:31,236
Madoff. You want
to know how he does it?
922
00:41:31,338 --> 00:41:32,004
Yes.
923
00:41:32,106 --> 00:41:33,505
Why do we give?
924
00:41:33,607 --> 00:41:34,506
He doesn't.
925
00:41:35,209 --> 00:41:37,342
Because we care.
926
00:41:37,445 --> 00:41:39,078
It's a fraud.
927
00:41:43,383 --> 00:41:45,884
There's a cancer genein the madoff line.
928
00:41:45,986 --> 00:41:48,120
Cousins, uncles, grandparents.
929
00:41:48,222 --> 00:41:50,989
Leukemia, lymphoma, sarcoma.
930
00:41:51,092 --> 00:41:55,327
A poisoned heirloompassed down for generations.
931
00:41:55,429 --> 00:41:57,629
Maybe we could
extend out further.
932
00:41:57,731 --> 00:41:59,765
You always hearthat growth is a good thing.
933
00:41:59,834 --> 00:42:01,100
As much as
of -- of a window.
934
00:42:01,202 --> 00:42:02,634
We'll see if we like it.
935
00:42:02,736 --> 00:42:05,170
It shows the world you don'twant to settle for good enough.
936
00:42:05,272 --> 00:42:08,373
How -- how deep is this?
937
00:42:08,476 --> 00:42:10,476
No? Yeah?
Yeah.
938
00:42:10,578 --> 00:42:13,512
By the time bush jr.Was in the white house,
939
00:42:13,614 --> 00:42:15,614
I had takenmy investment business
940
00:42:15,716 --> 00:42:20,686
And turned it intoa business spanning the globe.
941
00:42:20,788 --> 00:42:23,355
So, is growth a good thing?
942
00:42:23,457 --> 00:42:24,790
Sure.
943
00:42:24,892 --> 00:42:26,859
Unless it's cancer.
944
00:42:26,961 --> 00:42:28,427
And then it can kill you.
945
00:42:36,904 --> 00:42:38,570
Harry.
Hey.
946
00:42:38,672 --> 00:42:40,539
I'm sorry.
I got held up in charlestown.
947
00:42:40,641 --> 00:42:41,540
How you doing?
948
00:42:41,642 --> 00:42:42,774
Thanks for coming, ed.
949
00:42:42,877 --> 00:42:43,775
What's on your mind?
950
00:42:43,878 --> 00:42:44,943
Maryann...
951
00:42:45,045 --> 00:42:47,412
Could i get a, uh --
i'll have a draft, please.
952
00:42:47,515 --> 00:42:50,015
Maybe we should grab
a booth in the back --
953
00:42:50,117 --> 00:42:51,350
Something
a little more private.
954
00:42:51,452 --> 00:42:52,518
A booth?
955
00:42:52,620 --> 00:42:53,752
Harry, what is this --
a date?
956
00:42:53,854 --> 00:42:55,654
Come on.
We play softball together.
957
00:42:55,756 --> 00:42:57,289
I'm with the sec,
not the cia.
958
00:42:57,391 --> 00:42:58,357
What's going on?
959
00:42:58,459 --> 00:43:00,792
You like baseball,
right, ed?
960
00:43:00,895 --> 00:43:03,128
Sure, yeah.
961
00:43:03,230 --> 00:43:07,232
What if i told you there was
a player in the major leagues
962
00:43:07,334 --> 00:43:10,169
Who was batting .960?
963
00:43:10,271 --> 00:43:11,770
I'd want him on my team.
964
00:43:12,940 --> 00:43:13,939
That's right.
965
00:43:14,041 --> 00:43:15,107
I'd say he was cheating.
966
00:43:15,209 --> 00:43:16,808
yeah.
967
00:43:18,512 --> 00:43:20,879
Have you ever heard
of bernard l. Madoff?
968
00:43:20,981 --> 00:43:22,247
Bernie madoff?
969
00:43:22,349 --> 00:43:24,082
Yeah, sure.
He's got a good reputation.
970
00:43:26,120 --> 00:43:27,553
I'll say he does.
971
00:43:27,655 --> 00:43:30,355
Bernard l. Madoff
is batting .960.
972
00:43:30,457 --> 00:43:32,324
come on, harry.
What are you talking about?
973
00:43:32,426 --> 00:43:33,625
In his investment fund,
974
00:43:33,727 --> 00:43:35,727
Only 4% of his months
are down months.
975
00:43:35,829 --> 00:43:37,930
If his performance statistics
are true,
976
00:43:38,032 --> 00:43:39,198
He would have to buy
more options
977
00:43:39,300 --> 00:43:42,367
On the chicago options exchange
than actually exist.
978
00:43:42,469 --> 00:43:45,637
Now, i spoke
to my options guy in chicago.
979
00:43:45,739 --> 00:43:49,608
No one remembers ever doing
a trade with bernard l. Madoff.
980
00:43:49,710 --> 00:43:50,776
What are you saying?
981
00:43:50,878 --> 00:43:53,212
Are you -- you saying
he's insider trading?
982
00:43:56,617 --> 00:43:59,151
I'm accusing him
of running a ponzi scheme.
983
00:43:59,253 --> 00:44:00,452
Bernie madoff?
984
00:44:00,554 --> 00:44:03,488
The same guy that sat on the
nasdaq chair for three years?
985
00:44:03,591 --> 00:44:05,190
That's him.
And you want
to speak to my boss?
986
00:44:05,292 --> 00:44:06,525
I do.
987
00:44:06,627 --> 00:44:08,393
Ed, i've run the numbers
on this.
988
00:44:08,495 --> 00:44:09,461
And you know me, ed.
989
00:44:09,563 --> 00:44:11,396
I am precise.
990
00:44:11,498 --> 00:44:12,464
He's a fraud.
991
00:44:12,566 --> 00:44:14,733
Madoff is a fraud.
Capital "f."
992
00:44:14,835 --> 00:44:16,401
You know what this
sounds like to me, harry?
993
00:44:16,503 --> 00:44:18,203
It sounds like you've got
some kind of personal issue
994
00:44:18,305 --> 00:44:19,471
Going on here.
995
00:44:19,573 --> 00:44:22,074
I mean, you've got a guy
that's not playing by the rules,
996
00:44:22,176 --> 00:44:24,042
And you want to get him
off the field.
997
00:44:24,144 --> 00:44:25,644
When this thing goes down,
998
00:44:25,746 --> 00:44:28,547
People are going
to be destroyed.
999
00:44:28,649 --> 00:44:31,016
Lives are going to be
destroyed with this thing.
1000
00:44:31,118 --> 00:44:32,718
And not just rich people.
1001
00:44:32,820 --> 00:44:35,554
Little old ladies
who thought they were investing
1002
00:44:35,656 --> 00:44:37,089
In their future,
their retirements.
1003
00:44:37,191 --> 00:44:38,190
They're gonna lose it.
1004
00:44:38,292 --> 00:44:39,524
Charities!
1005
00:44:39,627 --> 00:44:41,093
People who didn't even know
1006
00:44:41,195 --> 00:44:42,394
That they were investing
in this guy --
1007
00:44:42,496 --> 00:44:43,629
They're gonna lose
everything.
1008
00:44:43,731 --> 00:44:46,298
You're sure?
I am sure.
1009
00:44:48,168 --> 00:44:51,169
All right, if i can get you
a meeting with grant ward,
1010
00:44:51,272 --> 00:44:54,539
You got to make a very clear,
very convincing case,
1011
00:44:54,642 --> 00:44:56,341
And it's got to be done
very quickly.
Yes.
1012
00:44:56,443 --> 00:44:57,643
He's not a numbers guy.
I know.
1013
00:44:57,745 --> 00:44:59,077
So don't go in there
with equations...
Ed --
1014
00:44:59,179 --> 00:45:00,279
...And all kinds
of theorems and...
1015
00:45:00,381 --> 00:45:01,847
Listen to me.
1016
00:45:01,949 --> 00:45:04,082
I can handle this.
1017
00:45:06,120 --> 00:45:08,387
So, i met someone.
1018
00:45:08,489 --> 00:45:09,688
Her name's catherine.
1019
00:45:09,790 --> 00:45:11,890
How'd you manage that
without me as your wingman?
1020
00:45:11,992 --> 00:45:13,125
Yeah, don't be an ass.
1021
00:45:13,227 --> 00:45:14,693
I walked into her store.
1022
00:45:14,795 --> 00:45:17,629
She owns that fly-fishing
outfitters store downtown --
1023
00:45:17,731 --> 00:45:19,698
Urban angler.
So, are you serious
about her or what?
1024
00:45:19,800 --> 00:45:21,767
Yeah.
I think it's real.
1025
00:45:21,869 --> 00:45:24,670
And i was thinking about
inviting her to shana's wedding.
1026
00:45:24,772 --> 00:45:26,538
That's great, man.
You should do that.
Yeah?
1027
00:45:26,640 --> 00:45:28,907
Just be ready.
Mom's gonna give her the look.
1028
00:45:29,009 --> 00:45:30,642
Which look?
You know the look.
1029
00:45:30,744 --> 00:45:32,678
Oh, the look, the look.
The look.
1030
00:45:32,780 --> 00:45:36,214
They're such paradoxes,
mom and dad.
1031
00:45:36,317 --> 00:45:39,584
You know, one minute, they're up
in every aspect of our lives.
1032
00:45:39,687 --> 00:45:42,954
And the next,
especially dad...
1033
00:45:43,057 --> 00:45:45,891
They just freeze you out.
1034
00:45:45,959 --> 00:45:47,859
You see
the new business card?
1035
00:45:47,961 --> 00:45:49,127
Yeah, that's
pretty much the same
1036
00:45:49,229 --> 00:45:50,162
As the old ones,
aren't they?
1037
00:45:50,264 --> 00:45:52,664
Yeah.
Pretty much exactly the same.
1038
00:45:52,766 --> 00:45:54,099
And it pisses me off.
1039
00:45:54,201 --> 00:45:57,369
Pisses me off
even more for uncle peter.
Mark, come on.
1040
00:45:57,471 --> 00:45:59,004
You got to let go
of the whole name-change thing.
1041
00:45:59,106 --> 00:46:00,405
Listen to me.
1042
00:46:00,507 --> 00:46:01,907
Dad's never
gonna let it go.
1043
00:46:02,009 --> 00:46:03,175
Why won't he?
1044
00:46:03,277 --> 00:46:06,011
It should just be "madoff
investment securities."
1045
00:46:06,113 --> 00:46:07,112
All he ever talks about is,
1046
00:46:07,214 --> 00:46:09,281
"oh, we're just
a small family business."
1047
00:46:09,383 --> 00:46:11,817
Make no mistake --
it's the "bernie show."
1048
00:46:15,556 --> 00:46:17,222
Why don't you
string one up for me?
1049
00:46:17,324 --> 00:46:20,492
You don't even like
surf fishing.
1050
00:46:20,561 --> 00:46:23,195
oh, my boys.
1051
00:46:23,297 --> 00:46:26,098
It's a beautiful day,
a sunny beach.
1052
00:46:26,200 --> 00:46:28,266
It's not about the fish.
1053
00:46:34,241 --> 00:46:36,274
I know
that i don't have the
administrative experience,
1054
00:46:36,377 --> 00:46:38,977
But i'm a hard worker
and a quick learner.
1055
00:46:39,046 --> 00:46:41,113
I spent
six years in retail.
1056
00:46:41,215 --> 00:46:42,814
I managed the fundraisers
for the pta --
1057
00:46:42,916 --> 00:46:46,618
When you were growing up, what
was it that you wanted to do?
1058
00:46:46,720 --> 00:46:47,986
i'm sorry.
1059
00:46:48,088 --> 00:46:49,221
I don't --
i don't understand.
1060
00:46:49,323 --> 00:46:51,590
When you were growing up,
you...
1061
00:46:51,692 --> 00:46:55,293
You didn't have the ambition
to be a secretary.
1062
00:46:55,396 --> 00:46:56,561
Did you?
1063
00:46:58,599 --> 00:47:00,165
Sounds like
a trick question.
1064
00:47:00,267 --> 00:47:02,801
It isn't.
1065
00:47:02,903 --> 00:47:03,969
Okay.
1066
00:47:04,071 --> 00:47:07,572
I wanted to be a nurse.
1067
00:47:07,674 --> 00:47:08,840
You know, something useful.
You know?
1068
00:47:08,942 --> 00:47:11,009
Something to help people.
1069
00:47:11,111 --> 00:47:12,978
But...
1070
00:47:13,080 --> 00:47:14,179
Life gets in the way.
1071
00:47:14,281 --> 00:47:17,149
I understand, i understand.
1072
00:47:17,251 --> 00:47:18,483
Now you got two kids.
1073
00:47:18,585 --> 00:47:22,954
So you're gonna get a job
that pays well,
1074
00:47:23,056 --> 00:47:25,223
And you can support
your children.
1075
00:47:27,194 --> 00:47:29,327
Yeah.
1076
00:47:29,430 --> 00:47:31,530
Yes, sir.
1077
00:47:33,333 --> 00:47:35,100
Eleanor...
1078
00:47:35,202 --> 00:47:38,170
I've run this company
for 40 years,
1079
00:47:38,238 --> 00:47:41,406
And i have
never hired anybody
1080
00:47:41,508 --> 00:47:44,376
Who didn't answer
that question honestly.
1081
00:47:47,748 --> 00:47:53,618
Now, the thing that i prize
more than anything is loyalty.
1082
00:47:53,720 --> 00:47:56,621
You won't meet a more loyal
person than me, mr. Madoff.
1083
00:47:56,723 --> 00:47:59,391
If i hire you, eleanor...
1084
00:47:59,493 --> 00:48:03,829
You have to be loyal to me.
1085
00:48:03,931 --> 00:48:05,997
Not the company.
1086
00:48:06,099 --> 00:48:09,935
To me.
1087
00:48:11,438 --> 00:48:13,338
You understand that?
1088
00:48:16,176 --> 00:48:18,143
Yes.
1089
00:48:18,245 --> 00:48:20,245
I do understand.
1090
00:48:22,950 --> 00:48:26,017
I know
it's not a big deal to you.
1091
00:48:26,119 --> 00:48:28,420
We're just a client,
and not a very big one,
1092
00:48:28,489 --> 00:48:32,190
But it is a huge thing
for the organization.
1093
00:48:32,292 --> 00:48:35,293
So, what do you think?
1094
00:48:35,395 --> 00:48:36,728
Should we do it?
1095
00:48:36,830 --> 00:48:37,729
Do what?
1096
00:48:37,831 --> 00:48:38,964
Order champagne?
Oh.
1097
00:48:42,035 --> 00:48:44,402
Yes, of course,
if you'd like some.
1098
00:48:44,505 --> 00:48:46,605
I don't --
i don't drink, so...
1099
00:48:46,707 --> 00:48:47,739
Never?
1100
00:48:47,841 --> 00:48:48,974
Rarely.
1101
00:48:49,076 --> 00:48:53,411
Occasional glass of wine
with dinner, but, really, no.
1102
00:48:53,514 --> 00:48:55,413
Are you afraid
you'll spill all your secrets
1103
00:48:55,516 --> 00:48:56,414
If you get a little tipsy?
1104
00:48:58,519 --> 00:49:00,785
Or you'll lose control?
1105
00:49:00,888 --> 00:49:04,089
Well, we should have had
this meeting at my office,
1106
00:49:04,191 --> 00:49:08,360
But you insisted on --
on having lunch.
1107
00:49:08,462 --> 00:49:09,861
Well...
1108
00:49:09,997 --> 00:49:13,532
We could have had lunch
at any restaurant in the city,
1109
00:49:13,634 --> 00:49:17,502
But you suggested
a restaurant in a hotel.
1110
00:49:27,214 --> 00:49:29,180
Check, please.
1111
00:49:38,058 --> 00:49:40,659
So, plainly and simply put,
1112
00:49:40,761 --> 00:49:44,196
One otc at-the-money put
would have a delta of 0.5,
1113
00:49:44,298 --> 00:49:47,532
Meaning that any drop
in the oex
1114
00:49:47,635 --> 00:49:51,003
Larger than a mere,
oh, 1.1%...
1115
00:49:51,105 --> 00:49:53,405
Well, madoff would have
to buy options
1116
00:49:53,507 --> 00:49:56,074
With high enough gamma
to protect second derivatives
1117
00:49:56,176 --> 00:49:57,109
Against a drop
in the first,
1118
00:49:57,211 --> 00:49:59,811
Which, as we all know,
is absurd.
1119
00:50:01,015 --> 00:50:03,982
Now, let's talk about
mega-tronic analysis
1120
00:50:04,084 --> 00:50:07,552
Of financial consortiums,
which when compounded with --
1121
00:50:07,655 --> 00:50:09,921
Thank you, mr. Markopolos.
1122
00:50:10,024 --> 00:50:13,925
I'll refer your findings
to the appropriate person.
1123
00:50:14,028 --> 00:50:17,562
Maybe they'll be able
to understand your theories.
1124
00:50:17,665 --> 00:50:19,398
Thank you for your time,
grant.
Ah.
1125
00:50:19,500 --> 00:50:20,499
It was great to see you.
1126
00:50:20,601 --> 00:50:21,967
Sorry to interrupt
your schedule today.
1127
00:50:22,069 --> 00:50:24,202
I'm an army man, mr. Ward.
1128
00:50:24,304 --> 00:50:25,971
good to know.
1129
00:50:26,073 --> 00:50:27,406
I swore an oath
1130
00:50:27,508 --> 00:50:30,776
To protect this country
against all enemies,
1131
00:50:30,878 --> 00:50:32,611
Foreign and domestic.
1132
00:50:32,713 --> 00:50:37,049
And bernard madoff
is a domestic enemy.
1133
00:50:37,151 --> 00:50:39,651
This is about duty.
1134
00:50:43,023 --> 00:50:44,923
Thanks, grant.
1135
00:50:45,025 --> 00:50:46,992
20,000 shares?
1136
00:50:49,163 --> 00:50:53,198
This is me putting
my whole life in your hands.
1137
00:50:55,335 --> 00:50:56,735
Take it.
1138
00:50:56,837 --> 00:50:58,970
Eleanor...
1139
00:50:59,073 --> 00:51:02,774
If the world ends,
these are the numbers i need.
1140
00:51:02,876 --> 00:51:05,477
I want you to make
a copy of this book
1141
00:51:05,579 --> 00:51:07,145
And put it
in your computer.
1142
00:51:07,247 --> 00:51:10,282
I want to have a separate
password for you and me.
1143
00:51:10,384 --> 00:51:13,185
Okay.
1144
00:51:13,287 --> 00:51:15,253
The lowell hotel called.
1145
00:51:15,355 --> 00:51:16,722
They want to confirm
a reservation
1146
00:51:16,824 --> 00:51:18,156
For lunch and a room.
1147
00:51:18,225 --> 00:51:20,625
Yes.
That's correct.
1148
00:51:23,831 --> 00:51:25,664
Well,
then you're all set.
1149
00:51:25,766 --> 00:51:28,467
Mr. Ward,
this is harry markopolos.
1150
00:51:28,569 --> 00:51:32,404
Um, i have run
some additional numbers,
1151
00:51:32,506 --> 00:51:37,776
And i think you'll find them
very interesting.
1152
00:51:37,878 --> 00:51:41,046
If you could give me a call back
at your earliest convenience.
1153
00:51:41,148 --> 00:51:42,681
Thank you.
1154
00:51:46,253 --> 00:51:48,420
Hello.
1155
00:51:48,522 --> 00:51:50,255
hi.
1156
00:51:50,357 --> 00:51:52,257
I'm eleanor,
bernie's new secretary.
1157
00:51:52,359 --> 00:51:53,291
You must be ruth.
1158
00:51:53,393 --> 00:51:55,894
I mean mrs. Madoff.
1159
00:51:55,996 --> 00:51:56,928
It's nice to meet you.
1160
00:51:57,030 --> 00:51:58,330
Uh-huh.
Nice to meet you, too.
1161
00:51:58,432 --> 00:52:00,532
So, where is he?
1162
00:52:00,634 --> 00:52:02,434
I just got back from florida
with my sister.
1163
00:52:02,536 --> 00:52:03,702
He was supposed
to have lunch with us.
1164
00:52:03,804 --> 00:52:05,003
He's not picking up
his phone.
1165
00:52:05,105 --> 00:52:08,974
Um, mr. Berman needed him
up at his offices.
1166
00:52:09,076 --> 00:52:11,877
He's gonna be in meetings
all afternoon.
1167
00:52:11,979 --> 00:52:13,278
What's your name again?
1168
00:52:13,380 --> 00:52:14,546
Eleanor.
1169
00:52:14,648 --> 00:52:16,047
Eleanor squillari.
1170
00:52:20,554 --> 00:52:22,087
Oh, good girl.
1171
00:52:23,624 --> 00:52:25,257
One of
your other mistresses?
1172
00:52:25,359 --> 00:52:27,559
my secretary.
1173
00:52:27,661 --> 00:52:29,728
Oh, come on.
Tell me there are others.
1174
00:52:29,830 --> 00:52:30,729
Make me jealous.
1175
00:52:30,831 --> 00:52:32,364
Sorry, kid.
1176
00:52:32,466 --> 00:52:34,666
Only you.
1177
00:52:36,970 --> 00:52:40,305
Uh, hello, mr. Ward.
This is harry markopolos.
1178
00:52:40,407 --> 00:52:43,074
I am checking with you again
1179
00:52:43,177 --> 00:52:47,379
Regarding the madoff materials
that i sent to you,
1180
00:52:47,481 --> 00:52:51,183
And, um, if you wouldn't mind
giving me a call back,
1181
00:52:51,285 --> 00:52:53,985
Um, you can reach me
through ed manion.
1182
00:52:54,087 --> 00:52:57,722
Do you know what i see
everywhere that i look, ed?
1183
00:52:57,825 --> 00:52:59,524
I see red flags.
1184
00:52:59,626 --> 00:53:03,361
Red flag number one -- why
aren't the commissions charged
1185
00:53:03,463 --> 00:53:04,896
Fully disclosed to investors?
1186
00:53:04,998 --> 00:53:09,167
Red flag number two -- why would
madoff leave 4% on the table?
1187
00:53:09,269 --> 00:53:10,368
I'll tell you why.
1188
00:53:10,470 --> 00:53:11,736
It's a con.
It's a scheme.
1189
00:53:11,839 --> 00:53:13,839
It's to lure them in.
It's to make them happy.
1190
00:53:13,941 --> 00:53:15,740
That's what that 4% is for.
1191
00:53:15,843 --> 00:53:17,309
Yes, hello, mr. Ward.
1192
00:53:17,411 --> 00:53:18,810
This is harry markopolos
1193
00:53:18,912 --> 00:53:22,347
Calling you once again
regarding the madoff materials.
1194
00:53:22,449 --> 00:53:25,584
Red flag number 12 --
madoff goes 100% cash
1195
00:53:25,686 --> 00:53:27,319
For every
december 31st year-end.
1196
00:53:27,421 --> 00:53:29,888
See, that effectively
wipes the books clean.
1197
00:53:29,990 --> 00:53:32,457
Red flag number 31 --
some guy in a strip mall
1198
00:53:32,559 --> 00:53:33,458
Is his independent auditor
1199
00:53:33,560 --> 00:53:35,260
Verifying
the accounting entries.
1200
00:53:35,362 --> 00:53:37,429
Now, you're -- you're --
you're -- you're -- you're
forcing me to conclude
1201
00:53:37,531 --> 00:53:40,799
That you are simply unwilling
to take on anyone of real power,
1202
00:53:40,901 --> 00:53:44,236
Or you're simply unable
to grasp the magnitude
1203
00:53:44,338 --> 00:53:46,137
Of what it is
that i've shown you,
1204
00:53:46,240 --> 00:53:47,939
Or you're just too lazy
to do anything about it.
1205
00:53:49,910 --> 00:53:51,243
This account, shana?
1206
00:53:51,345 --> 00:53:52,244
Are you sure?
1207
00:53:52,346 --> 00:53:53,712
Yeah.
Try this one.
1208
00:53:53,814 --> 00:53:55,313
Euros.
1209
00:53:55,415 --> 00:53:57,215
Pesos. Yen.
1210
00:53:57,317 --> 00:53:59,551
You set 'em up,
and i'll knock 'em down.
1211
00:53:59,653 --> 00:54:00,919
Okay.
1212
00:54:07,494 --> 00:54:09,394
What's the matter?
1213
00:54:09,496 --> 00:54:12,664
It's okay, bernie.
Later. We'll talk.
1214
00:54:12,766 --> 00:54:13,665
No, no.
No, no, no.
1215
00:54:13,767 --> 00:54:15,133
We'll talk --
we'll talk now.
1216
00:54:15,235 --> 00:54:16,568
What?
1217
00:54:16,670 --> 00:54:18,069
R-roger.
1218
00:54:18,171 --> 00:54:20,939
Oh.
1219
00:54:23,277 --> 00:54:25,277
Does it work?
Um...Yeah.
1220
00:54:25,379 --> 00:54:26,344
Hold on.
Let me try one more thing.
1221
00:54:26,446 --> 00:54:28,146
Okay.
1222
00:54:28,248 --> 00:54:29,814
Let me just...
1223
00:54:29,917 --> 00:54:31,116
What's going on?
1224
00:54:31,184 --> 00:54:33,518
Hmm?
1225
00:54:35,622 --> 00:54:36,988
He told him.
1226
00:54:37,090 --> 00:54:38,790
Told him what?
1227
00:54:38,892 --> 00:54:41,826
Roger's sick.
1228
00:54:45,632 --> 00:54:47,499
What kind is it?
1229
00:54:47,601 --> 00:54:49,334
Leukemia.
1230
00:54:49,436 --> 00:54:51,236
The poisoned heirloom.
1231
00:54:51,338 --> 00:54:54,072
The madoff family curse.
1232
00:55:03,951 --> 00:55:05,116
Yeah?
1233
00:55:05,218 --> 00:55:07,319
Is this harry mark-opolos?
1234
00:55:08,488 --> 00:55:10,755
Marko-polos.
1235
00:55:10,857 --> 00:55:11,890
Who is this?
1236
00:55:11,992 --> 00:55:13,525
Michael ocrant.
1237
00:55:13,627 --> 00:55:15,493
I'm a financial reporter.
1238
00:55:15,595 --> 00:55:17,128
I heard that you've
been digging around
1239
00:55:17,230 --> 00:55:18,763
In the workings
of madoff's fund
1240
00:55:18,865 --> 00:55:20,365
And have some concerns.
1241
00:55:20,467 --> 00:55:22,334
Wait, wait, wait, wait.
Who -- who -- who is it?
1242
00:55:22,436 --> 00:55:23,969
Michael ocrant.
1243
00:55:24,071 --> 00:55:26,271
I'm a financial-news
reporter.
1244
00:55:29,309 --> 00:55:32,110
And if i look you up, i'll
find your credentials online?
1245
00:55:32,212 --> 00:55:35,280
Is a national press club award
good enough for you?
1246
00:55:35,382 --> 00:55:36,715
If i do go ahead
and print this,
1247
00:55:36,817 --> 00:55:38,350
The whole industry's
gonna read it.
1248
00:55:38,452 --> 00:55:42,287
You can be sure the mainstream
press won't be far behind.
1249
00:55:42,389 --> 00:55:44,689
If i told you
what i had on madoff,
1250
00:55:44,791 --> 00:55:48,159
You wouldn't have the guts
to print it.
1251
00:55:48,261 --> 00:55:50,128
Try me, mr. Markopolos.
1252
00:55:55,185 --> 00:55:57,453
The barron's article followedthat industry newsletter.
1253
00:55:57,555 --> 00:55:58,554
I know a lot of you
have been buzzing
1254
00:55:58,656 --> 00:56:00,122
About the barron's article.
1255
00:56:00,224 --> 00:56:03,526
First thing i want you to do
is read it.
1256
00:56:03,628 --> 00:56:05,795
But read the whole article,
not just the headline...
1257
00:56:05,897 --> 00:56:08,798
Because once you do that, you're
gonna find out pretty quick
1258
00:56:08,900 --> 00:56:10,566
What they're actually saying
1259
00:56:10,668 --> 00:56:13,469
Is that dad's competitors
are jealous
1260
00:56:13,571 --> 00:56:16,839
Because he is outclassing them
and they can't figure out how.
1261
00:56:16,941 --> 00:56:19,175
Luckily, both reporterscalled me,
1262
00:56:19,277 --> 00:56:20,776
And i fed them a pack of lies.
1263
00:56:20,878 --> 00:56:24,013
All they ended up printingwas that i was secretive
1264
00:56:24,115 --> 00:56:25,381
And had some skeptics
1265
00:56:25,483 --> 00:56:27,650
Questioningmy consistent returns.
1266
00:56:27,752 --> 00:56:30,886
"one of the top three market
markers in nasdaq stocks."
1267
00:56:30,988 --> 00:56:33,255
You put mark
in charge of damage control.
1268
00:56:33,357 --> 00:56:34,457
You sure he's up to it?
1269
00:56:34,559 --> 00:56:35,524
Sure he's up to it?
1270
00:56:35,626 --> 00:56:36,692
He's brilliant at it.
1271
00:56:36,794 --> 00:56:37,827
They love him up there.
1272
00:56:37,929 --> 00:56:40,029
And besides,
he don't know squat.
1273
00:56:40,131 --> 00:56:41,897
It's you
i'm more concerned about.
1274
00:56:41,966 --> 00:56:43,666
Me?
Yeah.
You gonna be ready?
1275
00:56:43,735 --> 00:56:45,201
When have i not been?
Look...
1276
00:56:45,303 --> 00:56:49,071
Every single one of our clients
is gonna read this article.
1277
00:56:49,173 --> 00:56:53,576
We can't afford another
sec investigation, frank.
1278
00:56:53,678 --> 00:56:55,544
Don't worry, bernie.
1279
00:56:55,680 --> 00:56:57,213
I'll be ready.
1280
00:56:57,315 --> 00:56:58,681
What do you got?
1281
00:56:58,783 --> 00:57:02,384
I got ace-king.
1282
00:57:43,127 --> 00:57:45,327
My sister
called me today.
1283
00:57:45,429 --> 00:57:46,562
Yeah?
1284
00:57:46,664 --> 00:57:49,498
She and bob
read that barron's article,
1285
00:57:49,600 --> 00:57:52,802
And they had all kinds
of questions about how --
1286
00:57:52,904 --> 00:57:55,337
Exactly how you handle
their money.
1287
00:57:55,439 --> 00:57:56,672
And what did
you tell them?
1288
00:57:56,774 --> 00:57:58,374
What -- what do you think
i told them?
1289
00:57:58,476 --> 00:58:00,075
I told them
to call you.
1290
00:58:00,178 --> 00:58:03,379
What the hell
do i know about it all?
1291
00:58:03,481 --> 00:58:04,980
What are you drinking?
1292
00:58:05,082 --> 00:58:07,183
This is
the '89 château latour
1293
00:58:07,251 --> 00:58:09,285
That carl gave us
for our anniversary.
1294
00:58:09,353 --> 00:58:11,287
It's so delicious.
1295
00:58:11,389 --> 00:58:12,454
Get a glass.
1296
00:58:12,557 --> 00:58:14,490
He said that you should
only wait 10 years
1297
00:58:14,592 --> 00:58:15,925
And then drink it.
1298
00:58:16,027 --> 00:58:17,760
so...
1299
00:58:17,862 --> 00:58:20,296
Is that
what you really told them?
1300
00:58:20,364 --> 00:58:22,598
To -- to call me?
1301
00:58:22,700 --> 00:58:23,866
No.
1302
00:58:23,968 --> 00:58:27,436
I told them that if they had
any doubts about my husband,
1303
00:58:27,538 --> 00:58:29,305
They -- they
should feel free
1304
00:58:29,407 --> 00:58:30,873
To take their money
out of the fund
1305
00:58:30,975 --> 00:58:33,008
And go back to life
before you came along
1306
00:58:33,110 --> 00:58:34,143
And made them rich --
1307
00:58:34,245 --> 00:58:38,013
Richer than
they ever dreamed possible.
1308
00:58:47,058 --> 00:58:49,425
You're the best.
1309
00:58:49,527 --> 00:58:50,960
No, you are.
1310
00:58:56,400 --> 00:58:58,033
Bernie, i'm sorry
to impose again.
1311
00:58:58,135 --> 00:59:00,769
No, no, no, no.
No apology necessary.
1312
00:59:00,872 --> 00:59:02,538
If i saw an article
like the one in barron's,
1313
00:59:02,640 --> 00:59:03,973
I'd have questions, too.
1314
00:59:04,075 --> 00:59:07,309
You do know it's not us
who the need the assurance.
1315
00:59:07,411 --> 00:59:10,679
It's just
a few squeaky-wheel clients...
1316
00:59:10,748 --> 00:59:12,114
You might thinkthat the managers
1317
00:59:12,216 --> 00:59:13,949
Of oneof my biggest feeder funds
1318
00:59:14,051 --> 00:59:17,353
Were here because the barron's
article had people talking.
1319
00:59:17,455 --> 00:59:19,188
Of course,
you certainly don't need us
1320
00:59:19,290 --> 00:59:21,290
To tell you
how tricky clients can be.
1321
00:59:21,392 --> 00:59:22,725
Maybe it was the article.
1322
00:59:22,827 --> 00:59:25,828
Or maybe it was just the littlevoices in their heads
1323
00:59:25,930 --> 00:59:29,565
Worrying if my returnswere too good to be true.
1324
00:59:29,667 --> 00:59:32,334
But obviously
we put a lot of stake
1325
00:59:32,436 --> 00:59:34,837
In our reputation
for due diligence.
1326
00:59:34,939 --> 00:59:39,008
So we really appreciate
you taking the time
1327
00:59:39,110 --> 00:59:42,077
To lay it all out for us.
1328
00:59:45,750 --> 00:59:48,217
This is frank dipascali,
1329
00:59:48,319 --> 00:59:52,154
The vice president of systems
and technology for our firm.
1330
00:59:53,157 --> 00:59:55,891
How was the traffic
coming down 95?
1331
00:59:55,993 --> 00:59:58,027
Not bad.
Merritt was pretty clear.
1332
00:59:58,129 --> 01:00:01,797
Now, i assume the best place
to start is a walk-through
1333
01:00:01,899 --> 01:00:03,933
Of how we execute trades
on your behalf.
1334
01:00:04,035 --> 01:00:06,068
Translation -- "i knowthat you want some proof
1335
01:00:06,170 --> 01:00:10,239
That the trades listed in thosemonthly statements are legit."
1336
01:00:10,341 --> 01:00:12,808
This software
is our direct link
1337
01:00:12,910 --> 01:00:14,510
To the european
options markets,
1338
01:00:14,612 --> 01:00:17,046
Where we find
most of our counterparties.
1339
01:00:17,148 --> 01:00:19,181
Now...
1340
01:00:19,283 --> 01:00:23,052
Let's buy
a hedge option on...
1341
01:00:23,154 --> 01:00:25,187
I'll tell you what.
You choose it.
1342
01:00:25,289 --> 01:00:27,623
Aol.
1343
01:00:27,725 --> 01:00:29,858
Aol.
1344
01:00:36,667 --> 01:00:38,567
And there you go.
1345
01:00:38,669 --> 01:00:40,636
This is a call option
from germany.
1346
01:00:40,738 --> 01:00:42,271
And if we want a put...
1347
01:00:49,380 --> 01:00:50,746
Bingo.
1348
01:00:50,848 --> 01:00:53,015
This one's from london.
1349
01:00:53,117 --> 01:00:56,652
And there you have it.
The split strike is in place.
1350
01:00:56,754 --> 01:01:00,456
Now let's go over
a few more of your positions.
1351
01:01:00,558 --> 01:01:02,091
Oh, i don't know.
I think that's, um --
1352
01:01:02,193 --> 01:01:04,560
That's probably sufficient,
right?
1353
01:01:08,165 --> 01:01:09,565
What about the dtc?
1354
01:01:09,667 --> 01:01:11,100
The depository trust company.
1355
01:01:11,202 --> 01:01:14,203
Aka the dtc.
1356
01:01:14,305 --> 01:01:15,738
This is the clearinghouse
1357
01:01:15,840 --> 01:01:19,408
That actually holds the stocksthat traders trade.
1358
01:01:19,510 --> 01:01:23,012
Problem is, if you're notactually buying a single stock
1359
01:01:23,114 --> 01:01:24,146
For your investors...
1360
01:01:24,248 --> 01:01:26,115
If you're justtaking their money
1361
01:01:26,217 --> 01:01:28,984
And putting it into your ownchase manhattan bank account,
1362
01:01:29,120 --> 01:01:32,855
Your dtc is the one placethat it would show up
1363
01:01:32,957 --> 01:01:34,656
Like an elephantat a tea party.
1364
01:01:34,759 --> 01:01:37,626
Sure.
1365
01:01:37,728 --> 01:01:41,997
Jut give me a sec, and
i'll pull up the feed to dtc.
1366
01:01:53,110 --> 01:01:55,944
And there you go.
1367
01:01:56,047 --> 01:01:57,679
Frank, you beautiful man.
1368
01:01:57,782 --> 01:02:01,583
You createdan entire fake dtc portal.
1369
01:02:01,685 --> 01:02:05,220
Well
i guess that's a wrap.
1370
01:02:05,322 --> 01:02:06,622
Thank you, bernie.
Thanks.
1371
01:02:06,724 --> 01:02:08,657
Frank, nice to meet you.
You too.
1372
01:02:08,759 --> 01:02:09,858
Thanks.
Thanks.
1373
01:02:09,960 --> 01:02:11,393
Nice job.
Thanks.
1374
01:02:16,734 --> 01:02:19,234
You want to know
what the best thing is?
1375
01:02:19,336 --> 01:02:22,671
My dtc portal looks
more real than the real one.
1376
01:02:25,009 --> 01:02:26,075
This...
1377
01:02:26,177 --> 01:02:27,376
This is a rembrandt.
1378
01:02:32,582 --> 01:02:34,483
New york...
1379
01:02:34,585 --> 01:02:37,419
Didn't find it actionable?
1380
01:02:37,522 --> 01:02:39,755
How can that be?
1381
01:02:39,857 --> 01:02:41,724
It's right there
in barron's!
1382
01:02:41,826 --> 01:02:43,192
Are they not able to read?
1383
01:02:43,294 --> 01:02:44,860
Harry, you --
you got to understand.
1384
01:02:44,962 --> 01:02:47,930
The sec only has
180 investigative agents.
1385
01:02:48,032 --> 01:02:50,666
We're supposed to police
$12.7 trillion
1386
01:02:50,768 --> 01:02:52,401
Trading hands
on wall street every year.
1387
01:02:52,503 --> 01:02:55,004
Yes.
I mean, i-it's not
a vast conspiracy, harry.
1388
01:02:55,106 --> 01:02:58,507
We're just outgunned.
This -- this
is bernard madoff...
1389
01:02:58,609 --> 01:03:03,145
Who manages $18 billion
to $24 billion.
1390
01:03:03,247 --> 01:03:07,516
Until this article, 175
of your 180 enforcement agents
1391
01:03:07,618 --> 01:03:08,751
Have never heard of him.
1392
01:03:08,853 --> 01:03:12,421
that is not outgunned, ed.
1393
01:03:13,591 --> 01:03:15,524
That is simply inept.
1394
01:03:16,661 --> 01:03:18,027
You want to see action
on this?
1395
01:03:18,129 --> 01:03:20,095
Your only hope
is to get meaghan cheung
1396
01:03:20,197 --> 01:03:23,499
Of the sec in new york
to sit up and pay attention.
1397
01:03:23,601 --> 01:03:25,367
And the only way
you can do that, harry,
1398
01:03:25,469 --> 01:03:27,236
Is to avoid shooting yourself
in the foot
1399
01:03:27,338 --> 01:03:29,438
With all that
quantitative analysis.
1400
01:03:29,540 --> 01:03:30,673
I mean,
you got to make it simple.
1401
01:03:30,775 --> 01:03:31,907
You got to make it
so simple
1402
01:03:32,009 --> 01:03:35,244
That a second-grader
can understand it.
1403
01:03:38,616 --> 01:03:40,282
Hey, bernie,
you got a sec?
1404
01:03:40,384 --> 01:03:41,850
Mm-hmm.
1405
01:03:41,953 --> 01:03:43,786
Well, i just noticed
that my paycheck
1406
01:03:43,888 --> 01:03:45,955
Was 25% bigger
this pay period.
1407
01:03:46,057 --> 01:03:48,824
And you wanted me
to knock it down?
1408
01:03:48,926 --> 01:03:50,492
No, of course not.
I just...
1409
01:03:50,595 --> 01:03:53,128
I just thought maybe there was
some kind of mistake.
1410
01:03:53,230 --> 01:03:54,997
Well, it was a mistake.
1411
01:03:55,099 --> 01:03:58,067
I realized that you
are raising two children
1412
01:03:58,169 --> 01:03:59,802
And i wasn't
paying you enough.
1413
01:03:59,904 --> 01:04:01,870
So it was my mistake.
1414
01:04:01,973 --> 01:04:03,939
Thank you.
1415
01:04:04,041 --> 01:04:05,140
Thank you very much.
1416
01:04:05,242 --> 01:04:06,442
You're welcome.
1417
01:04:06,544 --> 01:04:07,643
I want you to know
how proud i am
1418
01:04:07,745 --> 01:04:10,679
To work here
for someone as kind as you.
1419
01:04:10,781 --> 01:04:12,147
Thank you.
1420
01:04:13,918 --> 01:04:16,051
Eleanor,
could you do me a favor?
1421
01:04:16,153 --> 01:04:17,886
Would you mind, um...
1422
01:04:17,989 --> 01:04:22,091
Saying all those nice things
about me again?
1423
01:04:24,395 --> 01:04:26,829
All right.
1424
01:04:26,931 --> 01:04:29,932
I just want you to know
how proud i am
1425
01:04:30,034 --> 01:04:34,269
To work for someone so kind,
so generous,
1426
01:04:34,372 --> 01:04:36,772
So sweet...
1427
01:04:36,874 --> 01:04:38,173
So handsome...
1428
01:04:39,276 --> 01:04:40,709
...And so funny.
1429
01:04:43,147 --> 01:04:44,580
So, thank you.
1430
01:04:44,682 --> 01:04:46,682
"i am the original source
1431
01:04:46,751 --> 01:04:48,384
For the information
presented here
1432
01:04:48,486 --> 01:04:50,552
And having first presented
my rationale
1433
01:04:50,655 --> 01:04:52,021
Both verbally and in writing
1434
01:04:52,123 --> 01:04:55,457
To the sec's boston office
in may 1999.
1435
01:04:55,559 --> 01:04:57,426
There are two possible scenarios
1436
01:04:57,528 --> 01:05:00,095
That involve fraud
by madoff securities.
1437
01:05:00,197 --> 01:05:01,864
Scenario 1, unlikely --
1438
01:05:01,966 --> 01:05:04,466
Bernard madoff is earning
those returns by front running,
1439
01:05:04,568 --> 01:05:06,669
Buying in
ahead of his own clients.
1440
01:05:06,771 --> 01:05:08,971
Scenario 2, highly likely --
1441
01:05:09,073 --> 01:05:13,242
Madoff securities is the world's
largest ponzi scheme."
1442
01:05:16,180 --> 01:05:17,246
Harry markopolos.
1443
01:05:17,348 --> 01:05:19,214
I had a 10:15
with meaghan cheung.
1444
01:05:19,316 --> 01:05:20,315
Okay.
1445
01:05:20,384 --> 01:05:22,985
I'll let her know
you're here.
1446
01:05:23,087 --> 01:05:24,253
I'll...
1447
01:05:52,383 --> 01:05:54,083
Meaghan cheung's office.
1448
01:05:54,185 --> 01:05:55,617
Yes, ma'am.
1449
01:05:55,720 --> 01:05:57,586
I'll let him know.
1450
01:05:57,688 --> 01:05:59,021
Mr. Mark-opolos?
1451
01:05:59,123 --> 01:06:01,557
Marko-polos.
Thank you.
I'm sorry.
1452
01:06:01,659 --> 01:06:02,725
Mrs. Cheung
just called to say
1453
01:06:02,827 --> 01:06:04,193
That she won't be back in
this afternoon.
1454
01:06:04,295 --> 01:06:07,029
She'll have to cancel
your meeting.
1455
01:06:09,266 --> 01:06:11,900
Is there a message
i could leave for her?
1456
01:06:17,775 --> 01:06:19,408
Just make sure
she gets that.
1457
01:06:26,884 --> 01:06:29,952
[ keyboard clacking,
telephone rings ]
1458
01:06:30,054 --> 01:06:32,855
Hey. Bernie.
I'm just finishing up here.
1459
01:06:32,957 --> 01:06:34,690
I'm getting ready to take
the boat down to the shore.
1460
01:06:34,792 --> 01:06:37,593
You're gonna have
to cancel your vacation, frank.
1461
01:06:37,695 --> 01:06:39,595
We're getting audited.
1462
01:06:45,627 --> 01:06:48,329
When the sec audits you,they don't call you in.
1463
01:06:48,431 --> 01:06:50,431
They come to you.
1464
01:06:52,868 --> 01:06:55,569
They set up shopinside your firm.
1465
01:06:55,671 --> 01:06:57,671
For weeks.For months.
1466
01:06:57,773 --> 01:07:00,608
As long as they want.
1467
01:07:00,710 --> 01:07:02,776
Are those chairs
comfortable?
1468
01:07:02,878 --> 01:07:04,078
They are.
1469
01:07:04,180 --> 01:07:06,146
They look -- they don't
look very comfortable.
1470
01:07:06,248 --> 01:07:10,084
We have other, uh,
ergonomically correct chairs.
1471
01:07:11,454 --> 01:07:14,188
Could we bring in
those -- those other chairs?
1472
01:07:14,290 --> 01:07:15,456
One second.
1473
01:07:18,094 --> 01:07:20,094
So, my plan was simple --
1474
01:07:20,196 --> 01:07:22,162
Keep them isolated...
1475
01:07:22,264 --> 01:07:25,332
Keep them captive.
1476
01:07:25,434 --> 01:07:28,836
Let frank bury themin fake paperwork.
1477
01:07:28,938 --> 01:07:30,738
I'm sorry.
1478
01:07:30,806 --> 01:07:32,006
I-i thought
they were bringing in
1479
01:07:32,108 --> 01:07:33,340
Something to eat
for you guys.
1480
01:07:33,442 --> 01:07:35,542
Make the captivity pleasant.
1481
01:07:35,645 --> 01:07:37,144
These are great,
by the way.
1482
01:07:37,246 --> 01:07:39,546
They're the only doughnut
i ever eat.
1483
01:07:40,616 --> 01:07:42,616
There you go.
Here's some coffee.
1484
01:07:42,718 --> 01:07:44,151
I don't mean to put
you out. Do you have any cream?
1485
01:07:44,253 --> 01:07:48,222
Yeah. Could we have some cream,
please, with the coffee?
1486
01:07:48,324 --> 01:07:50,124
It's a not huge deal.
No, no, no.
1487
01:07:50,226 --> 01:07:51,992
And when they least expect it,
1488
01:07:52,094 --> 01:07:55,963
Mix in a little good,old-fashioned bullying.
1489
01:07:56,899 --> 01:07:59,500
How long are you people
gonna be here, huh?!
1490
01:08:01,137 --> 01:08:03,671
I need the room!
1491
01:08:05,007 --> 01:08:07,941
But that's all just coverfor the key ingredient --
1492
01:08:08,044 --> 01:08:09,243
Misdirection.
1493
01:08:09,345 --> 01:08:10,778
Hey.
1494
01:08:10,880 --> 01:08:13,914
You find any
of that insider-trading stuff?
1495
01:08:21,090 --> 01:08:22,256
Ah.
Hey, eleanor.
1496
01:08:22,358 --> 01:08:23,957
I'm gonna need
that 1991 filing.
1497
01:08:24,060 --> 01:08:25,092
Sure thing.
1498
01:08:25,194 --> 01:08:26,660
Thank you.
1499
01:08:27,797 --> 01:08:28,862
Hey, bernie.
1500
01:08:28,964 --> 01:08:30,497
They're asking
for the 1991 filing.
1501
01:08:30,599 --> 01:08:31,532
What should i send her?
1502
01:08:31,634 --> 01:08:33,634
I'll take it.
1503
01:08:35,871 --> 01:08:37,237
Frank.
1504
01:08:40,042 --> 01:08:41,108
All right.
How they looking?
1505
01:08:41,210 --> 01:08:42,643
I think
that looks really good.
1506
01:08:42,745 --> 01:08:43,877
Are you stupid, jodi?
1507
01:08:43,979 --> 01:08:45,212
They're supposed
to look 15 years old.
1508
01:08:45,314 --> 01:08:46,280
What's the matter
with you?
1509
01:08:46,382 --> 01:08:47,414
Danny!
1510
01:08:50,519 --> 01:08:52,486
Come on, come on, come on.
1511
01:08:57,226 --> 01:08:58,759
That's the way you do it.
1512
01:09:02,998 --> 01:09:05,399
Get a little bit of this
on here.
1513
01:09:05,501 --> 01:09:07,367
Okay.
1514
01:09:07,470 --> 01:09:09,369
All right, put it in the box
for everything up on 19.
1515
01:09:09,472 --> 01:09:11,338
And make sure
that eleanor sees it.
1516
01:09:11,440 --> 01:09:12,473
Yeah, absolutely.
1517
01:09:19,515 --> 01:09:21,715
Well, looks like
all of it.
1518
01:09:21,817 --> 01:09:23,183
That should do it
for us.
1519
01:09:23,285 --> 01:09:24,251
Well...
1520
01:09:24,353 --> 01:09:26,019
It's about
damn time, too.
1521
01:09:26,122 --> 01:09:27,921
that's all right.
1522
01:09:28,023 --> 01:09:29,089
You three are okay.
1523
01:09:29,191 --> 01:09:31,225
You just got crappy jobs.
1524
01:09:31,327 --> 01:09:33,727
Why, thank you very much.
1525
01:09:33,829 --> 01:09:35,596
Well, uh, once we turn
everything in,
1526
01:09:35,698 --> 01:09:37,397
The higher-ups will be
in touch about an interview,
1527
01:09:37,500 --> 01:09:38,932
And that will be that.
1528
01:09:39,034 --> 01:09:40,534
Interview with?
1529
01:09:40,636 --> 01:09:43,170
With -- oh.
With our boss, david green.
1530
01:09:43,272 --> 01:09:44,638
It's pretty much
just a formality.
1531
01:09:44,740 --> 01:09:47,941
Okay.
Well, anything they need.
1532
01:09:48,043 --> 01:09:49,843
All right.
Get back
to your crappy lives.
1533
01:09:49,945 --> 01:09:51,178
why, thank you.
1534
01:09:51,280 --> 01:09:54,448
Take care.
And if you do need anything,
i'll be here.
1535
01:09:59,955 --> 01:10:01,421
A formality.
1536
01:10:01,524 --> 01:10:06,360
That's what agent jamisonhad called the sec interview.
1537
01:10:06,462 --> 01:10:07,628
No.
1538
01:10:07,730 --> 01:10:08,896
This was more than that.
1539
01:10:08,998 --> 01:10:11,098
They were askingall kinds of questions.
1540
01:10:11,200 --> 01:10:13,233
Was -- was this common
practice at that time?
1541
01:10:13,302 --> 01:10:15,969
Ones that i hadn't anticipated.
1542
01:10:16,071 --> 01:10:19,807
This was gonna bemore than just a formality.
1543
01:10:19,909 --> 01:10:23,877
The sec wasn't gonna let thisinvestigation go so easily.
1544
01:10:23,979 --> 01:10:27,147
I know that i am guilty.
1545
01:10:27,249 --> 01:10:30,884
And i broke the law.
1546
01:10:30,986 --> 01:10:34,955
And i never registered
as an investment adviser.
1547
01:10:35,057 --> 01:10:37,457
Why don't we do
what i came to do today
1548
01:10:37,560 --> 01:10:40,027
And finally register
as an investment adviser,
1549
01:10:40,095 --> 01:10:43,697
And you can name the penalties,
and i will pay them?
1550
01:10:43,799 --> 01:10:45,866
This was a chanceto close the deal.
1551
01:10:45,968 --> 01:10:49,436
Throw the sec the crumb theycould use to claim victory.
1552
01:10:49,538 --> 01:10:51,738
Surrender a meaningless battle,
1553
01:10:51,841 --> 01:10:53,607
And they forgetall about the war.
1554
01:10:53,709 --> 01:10:55,275
Well, that's a --
a great relief
1555
01:10:55,377 --> 01:10:56,577
To hear, mr. Madoff.
1556
01:10:56,679 --> 01:10:58,645
I think we can wrap this up
pretty quickly, then,
1557
01:10:58,714 --> 01:11:00,447
Unless anybody
has anything else.
1558
01:11:00,516 --> 01:11:04,685
Oh, just one little housekeeping
item we never got around to.
1559
01:11:04,787 --> 01:11:06,453
Yes, yes.
Go ahead, tom.
1560
01:11:06,555 --> 01:11:08,722
Your dtc account number?
1561
01:11:08,824 --> 01:11:10,457
Crap!
1562
01:11:10,492 --> 01:11:12,526
Frank's fake computer programs
1563
01:11:12,628 --> 01:11:15,429
Could fool the hedge funds,but not the sec.
1564
01:11:15,531 --> 01:11:18,832
They could just call up dtcand ask for a statement,
1565
01:11:18,934 --> 01:11:20,868
And if i made upa fake account number,
1566
01:11:20,970 --> 01:11:22,536
They'd find outthe moment they called.
1567
01:11:22,638 --> 01:11:25,105
My dtc account.
Yes, of course.
1568
01:11:25,207 --> 01:11:27,074
Um...
1569
01:11:27,176 --> 01:11:29,943
I, uh
1570
01:11:30,045 --> 01:11:32,246
That's not something
i carry around in my head.
1571
01:11:32,348 --> 01:11:34,548
Uh, dtc.
1572
01:11:34,650 --> 01:11:37,517
6594.
1573
01:11:39,355 --> 01:11:41,321
And with those four numbers,
1574
01:11:41,423 --> 01:11:43,457
I'd given themthe doomsday code.
1575
01:11:43,559 --> 01:11:45,392
One call.
Okay.
1576
01:11:45,494 --> 01:11:48,328
And i am dead.
1577
01:11:48,430 --> 01:11:49,563
Thank you.
1578
01:11:53,392 --> 01:11:55,693
40 yearsof keeping the music playing,
1579
01:11:55,795 --> 01:11:59,731
And on monday morning,the sec was gonna call the dtc
1580
01:11:59,833 --> 01:12:02,533
And discoverthere wasn't a single stock
1581
01:12:02,635 --> 01:12:05,436
For a single investorin the madoff account.
1582
01:12:05,538 --> 01:12:07,872
Bern, coffee.
1583
01:12:07,974 --> 01:12:09,340
Bernie?
1584
01:12:09,442 --> 01:12:10,775
Hey, bern!
1585
01:12:12,045 --> 01:12:14,178
You change your name
and forget to tell me?
1586
01:12:15,281 --> 01:12:19,050
Every day,i waited for the ax to fall.
1587
01:12:22,756 --> 01:12:26,224
Two days, three days,four days, five days.
1588
01:12:26,326 --> 01:12:28,659
A full week since the sec
1589
01:12:28,762 --> 01:12:32,663
Had askedfor my dtc account number.
1590
01:12:32,766 --> 01:12:34,031
What's the matter?
1591
01:12:34,134 --> 01:12:36,801
nothing.
1592
01:12:36,903 --> 01:12:38,736
Nothing.
1593
01:12:41,641 --> 01:12:45,076
Were they preparing to arrestme in full view of the world?
1594
01:12:45,178 --> 01:12:46,477
Show up at the office
1595
01:12:46,579 --> 01:12:49,313
And make me do the perp walkin front of the cameras?
1596
01:12:49,416 --> 01:12:51,983
Where the hell were they?
1597
01:12:53,620 --> 01:12:54,819
Hey, dad.
You have a minute?
1598
01:12:57,624 --> 01:13:00,658
So, i, uh...
1599
01:13:00,760 --> 01:13:03,327
I wanted to tell you this first
because, um...
1600
01:13:03,430 --> 01:13:07,532
Because i'm not exactly sure
how -- how mom's gonna react.
1601
01:13:07,634 --> 01:13:09,167
Okay.
1602
01:13:09,269 --> 01:13:11,002
I'm gonna ask steph
to marry me.
1603
01:13:13,506 --> 01:13:16,040
Don't -- don't rush to say
"mazel tov" or anything.
1604
01:13:16,142 --> 01:13:17,642
No.
1605
01:13:17,744 --> 01:13:19,110
Oh, mark.
I'm sorry, i'm sorry.
1606
01:13:19,212 --> 01:13:20,778
My head was --
i'm really sorry.
1607
01:13:20,880 --> 01:13:23,014
Um, she's a fabulous girl.
1608
01:13:23,116 --> 01:13:24,749
She is.
Yeah. Really.
1609
01:13:24,851 --> 01:13:26,417
It's gonna be great
to have her finally
1610
01:13:26,519 --> 01:13:28,085
As part of the family.
1611
01:13:28,188 --> 01:13:29,187
Absolutely.
1612
01:13:29,289 --> 01:13:32,623
And i will welcome her
with open arms.
1613
01:13:32,725 --> 01:13:34,725
Great.
1614
01:13:36,396 --> 01:13:37,929
Look,
while i have you here,
1615
01:13:38,031 --> 01:13:40,031
Can we talk business
for a minute?
1616
01:13:40,133 --> 01:13:41,766
Yeah.
What's on your mind?
1617
01:13:54,314 --> 01:13:57,982
Look.
1618
01:13:58,084 --> 01:14:00,218
You built this.
1619
01:14:00,320 --> 01:14:02,620
No one disputes that.
1620
01:14:02,722 --> 01:14:06,591
It's your hard work and stature
that made this place.
1621
01:14:06,693 --> 01:14:08,292
But?
1622
01:14:08,394 --> 01:14:10,761
But we all run it
together now.
1623
01:14:10,864 --> 01:14:12,763
As a family.
1624
01:14:12,866 --> 01:14:16,434
Now, you're not
gonna involve me and andy
1625
01:14:16,536 --> 01:14:18,769
In the money-management side
of things.
1626
01:14:18,872 --> 01:14:19,971
Yet, yet.
That's fine.
1627
01:14:20,073 --> 01:14:22,607
But uncle peter
and andy and i --
1628
01:14:22,709 --> 01:14:25,009
We run the other half
of the business.
1629
01:14:25,111 --> 01:14:28,346
Your point being?
1630
01:14:28,448 --> 01:14:31,349
I think
we should change the name.
1631
01:14:31,451 --> 01:14:33,618
It should be
madoff investment securities.
1632
01:14:33,720 --> 01:14:35,987
Wait.
1633
01:14:36,089 --> 01:14:39,590
You want me to take my name
off the company that i built?
1634
01:14:39,692 --> 01:14:41,792
No.
I want you to include ours.
1635
01:14:41,895 --> 01:14:44,028
Where did you get this?
Huh?
1636
01:14:44,130 --> 01:14:45,696
From her? Huh?
Are you kidding?
1637
01:14:45,798 --> 01:14:47,899
I just want to know.
I think --
are you kidding?
1638
01:14:48,001 --> 01:14:49,500
Because you better get
a strong pre-nup.
1639
01:14:49,602 --> 01:14:51,335
Go to hell,
you son of a bitch!
1640
01:14:53,072 --> 01:14:54,005
You will never,
1641
01:14:54,107 --> 01:14:56,841
Ever be old enough
1642
01:14:56,943 --> 01:14:58,543
To say "go to hell"
to your father.
1643
01:14:58,645 --> 01:15:01,512
Never.
1644
01:15:03,383 --> 01:15:07,118
Do you have any idea
of the weight that i carry
1645
01:15:07,220 --> 01:15:09,253
To keep
all of this afloat, huh?
1646
01:15:09,355 --> 01:15:11,188
Did --
did it ever occur to you
1647
01:15:11,291 --> 01:15:12,957
That -- that --
that what i'm doing here
1648
01:15:13,059 --> 01:15:14,158
Is -- is to protect you?
1649
01:15:14,227 --> 01:15:15,860
I don't need you
to protect me.
1650
01:15:15,929 --> 01:15:18,496
I need you
to let me be my own man.
1651
01:15:18,598 --> 01:15:20,865
In time, you'll understand!
1652
01:15:29,342 --> 01:15:31,876
In time...
1653
01:15:31,978 --> 01:15:34,278
You'll understand.
1654
01:16:21,527 --> 01:16:24,128
Hey.
1655
01:16:24,230 --> 01:16:25,262
Sweetheart.
1656
01:16:25,365 --> 01:16:27,865
What?
What's going on?
1657
01:16:30,203 --> 01:16:31,602
What is it?
1658
01:16:38,344 --> 01:16:39,944
You're sick, aren't you?
1659
01:16:40,046 --> 01:16:42,647
Mantle cell lymphoma.
Oh!
1660
01:16:42,749 --> 01:16:43,914
It's okay.
No.
1661
01:16:44,017 --> 01:16:45,316
I-i feel completely fine.
1662
01:16:45,418 --> 01:16:47,118
What does that mean?
It's in the blood.
1663
01:16:47,220 --> 01:16:49,153
Oh, god.
But we caught it early,
1664
01:16:49,222 --> 01:16:50,688
So i'm better off
than most.
1665
01:16:50,790 --> 01:16:52,156
What are
the survival rates?
1666
01:16:52,258 --> 01:16:53,624
Oh, you would have
to ask --
oh.
1667
01:16:53,726 --> 01:16:54,425
Oh, stop it!
1668
01:16:56,329 --> 01:16:58,195
It's 50-50, roughly.
1669
01:16:58,297 --> 01:17:00,331
There hasn't been
much research on it.
1670
01:17:00,433 --> 01:17:01,666
Well, we can change that.
1671
01:17:01,768 --> 01:17:03,734
Every hospital,
1672
01:17:03,836 --> 01:17:07,705
Every organization,
every study --
1673
01:17:07,807 --> 01:17:09,640
I'll fund that.
1674
01:17:22,088 --> 01:17:23,988
Ruth.
1675
01:17:24,090 --> 01:17:25,756
Ruth...
1676
01:17:25,858 --> 01:17:28,125
I need you
to pull it together.
1677
01:17:28,227 --> 01:17:30,161
Oh, you do, do you?
Yes.
1678
01:17:30,263 --> 01:17:31,362
And why is that?
1679
01:17:31,464 --> 01:17:32,963
You don't want to be happy,
okay.
1680
01:17:33,066 --> 01:17:34,865
But at least,
for crying out loud,
1681
01:17:34,967 --> 01:17:36,834
Put on a good face,
will you?
1682
01:17:36,936 --> 01:17:38,102
What we're going through
with andy --
1683
01:17:38,204 --> 01:17:39,603
What i'm going through --
1684
01:17:39,672 --> 01:17:41,906
I'm entitled
to take a day off
1685
01:17:42,008 --> 01:17:44,341
From the bubbly
socialite crap.
1686
01:17:44,444 --> 01:17:46,210
You know,
this is not about andy.
1687
01:17:46,312 --> 01:17:48,879
This is
shana's wedding night.
1688
01:17:48,981 --> 01:17:51,215
And andy's getting the best
treatment money can buy.
1689
01:17:51,317 --> 01:17:52,249
Money?!
1690
01:17:52,351 --> 01:17:54,785
You can't throw money
at this!
1691
01:17:54,887 --> 01:17:57,621
What he needs is
his father's love for a change,
1692
01:17:57,724 --> 01:17:59,290
Not his checkbook.
1693
01:17:59,392 --> 01:18:02,493
It's his turn to be
the center of attention.
1694
01:18:02,562 --> 01:18:04,361
You know,
this is your guilt.
1695
01:18:04,464 --> 01:18:05,596
It isn't mine.
1696
01:18:05,698 --> 01:18:07,732
I treat
both my boys equally.
1697
01:18:07,834 --> 01:18:09,700
How dare you?
1698
01:18:09,802 --> 01:18:11,602
You think
that it's -- it's mark
1699
01:18:11,704 --> 01:18:13,104
That's taken
all my attention?
1700
01:18:13,206 --> 01:18:14,271
Neither of the boys
1701
01:18:14,373 --> 01:18:16,707
Have taken half as much
out of me as you!
1702
01:18:16,809 --> 01:18:20,144
I'm just telling you --
1703
01:18:20,246 --> 01:18:22,213
You better go easy
on the open bar tonight.
1704
01:18:22,315 --> 01:18:24,482
Yeah, yeah, well,
i'll just do damn well
1705
01:18:24,584 --> 01:18:28,085
Whatever i please, okay?
1706
01:18:41,901 --> 01:18:44,101
Shana's weddingwas gonna be strange
1707
01:18:44,203 --> 01:18:45,703
No matter how you cut it.
1708
01:18:45,805 --> 01:18:47,104
Father of the bride...
I'm so proud of you.
1709
01:18:47,206 --> 01:18:49,073
...Too consumedwith care of his sick son.
1710
01:18:49,175 --> 01:18:52,376
Not just today,
but on all days.
1711
01:18:52,478 --> 01:18:56,881
Mark parading around a fiancéewho looked like a barbie doll.
1712
01:18:56,983 --> 01:18:59,617
Andrew withhis brand-new shiksa goddess,
1713
01:18:59,685 --> 01:19:01,652
Acting like cancerwas the best thing
1714
01:19:01,754 --> 01:19:03,521
That ever happened to him.
1715
01:19:03,623 --> 01:19:05,256
And then there was ruth --
1716
01:19:05,358 --> 01:19:08,092
Furious with the worldabout andrew's cancer
1717
01:19:08,194 --> 01:19:10,094
And taking it out on me.
1718
01:19:10,196 --> 01:19:14,465
Like i said, shana's weddingwas already gonna be strange.
1719
01:19:14,567 --> 01:19:17,968
But when you factor inwho she was marrying --
1720
01:19:18,070 --> 01:19:20,604
One of the very samesec lawyers
1721
01:19:20,706 --> 01:19:24,608
Who'd been involvedwith investigating me --
1722
01:19:24,710 --> 01:19:27,344
It was like welcomingthe executioners
1723
01:19:27,446 --> 01:19:30,948
With the ax over my headas guests in my home.
1724
01:19:41,661 --> 01:19:43,127
And that's when it hit me.
1725
01:19:43,229 --> 01:19:47,331
This was the momentthe sec had been waiting for.
1726
01:19:47,433 --> 01:19:50,100
The most dramaticand humiliating moment
1727
01:19:50,203 --> 01:19:54,338
They could chooseto take me down --
1728
01:19:54,440 --> 01:19:56,740
At my own niece's wedding.
1729
01:20:11,123 --> 01:20:12,590
Mr. Madoff?
1730
01:20:12,692 --> 01:20:14,658
Mr. Madoff.
Yeah. Yeah, yeah.
1731
01:20:14,760 --> 01:20:16,393
David green.
Yeah.
1732
01:20:16,495 --> 01:20:19,263
The sec lawyer.
1733
01:20:19,365 --> 01:20:21,031
So, how's life?
1734
01:20:21,133 --> 01:20:22,366
How do you mean?
1735
01:20:22,468 --> 01:20:23,901
Life, um...
1736
01:20:24,003 --> 01:20:27,471
Well, i think life's
a pretty funny business.
1737
01:20:27,573 --> 01:20:30,274
I mean,
how things come together.
1738
01:20:30,376 --> 01:20:33,744
You know --
people, timing...
1739
01:20:33,846 --> 01:20:36,113
Where and how things work.
1740
01:20:42,989 --> 01:20:44,121
Okay.
1741
01:20:44,223 --> 01:20:46,257
Look, uh...
1742
01:20:48,160 --> 01:20:50,060
...I'm gonna go get
my wife.
1743
01:20:50,162 --> 01:20:55,132
Unless you have
something else to tell me?
1744
01:21:04,076 --> 01:21:06,877
Actually, i do.
127669
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