Bernie Madoff, the most successful fraudster of all time, is captured on film explaining how Wall Street sophisticates are able to run rings around the regulators.
The clip is from a roundtable discussion filmed in October 2007. Among other things, the swindler extraordinaire — who, more than anything else, has revealed the hollowness of claims made by “fund of hedge funds” operators such as Nicola Horlick about the rigorous due diligence they claim to do on chosen funds — says: “It’s impossible for a violation to go undetected, certainly not for a considerable period of time.”