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Liar, Liar: Madoff gets caught in another fib

The good thing about Bernie Madoff is that we know when he’s lying: his lips are moving. In his first prison interview with The New York Times, Madoff was caught in one of his many lies.  Bernie told the newspaper he had met with the trustee sorting out the Madoff mess, Irving Picard, when in fact, the Ponzi mastermind had never met with the trustee himself, only his legal team.

It sucks when dealing with a pathological liar, because we don’t know what to believe. But often they can’t keep track of all their lies. In the interview, Bernie also was selective about who knew and who didn’t. Interestingly, he said, the banks had to know; his family and the Mets owners, not so much. Attorney Jacob Frenkel on Bloomberg lays out the only worthwhile thing to come out of Bernie’s interview: “He is not credible.”

7 responses

  1. Erin,

    I wonder why the NYT would be so lax in their fact finding.
    I also wonder why such a big deal has been made about whether Madoff actually met with Picard directly or not.
    It seems to me that Sheehan and the media jumped all over that-makes me think they are being overly defensive for some reason.

    Any thoughts on this?

    Ronnie Sue

    February 17, 2011 at 6:41 pm

    • I think Picard is afraid he will be called as a witness in upcoming cases, since he’s been one of the main conduits of information. he is protecting himself!

      February 17, 2011 at 6:46 pm

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  3. IMHO Bernie is trying to make himself available and bargain his way to a better deal. This may be futile, but it is a way for him of saying:”Hey I still know stuff you don`t, so if you wonna know it will not be for free.”

    Bernie is what he is and for sure he has held a few bargaining chips back.

    February 18, 2011 at 7:55 am

    • Erin

      Michael– good insights! No wonder he didn’t help prosecutors with the initial investigation. he had nothing to gain … at least until now.

      February 18, 2011 at 3:16 pm

  4. Stefan Hummel


    thanks for all your investigations.

    Initially Madoff proclaimed, that he “did it all alone”. This obvious lie was easy to be identified as such.

    Now the main question remains: is it possible, that his family and friends were not involved or had no clue what was going on ?

    In my opinon: Yes they knew, yes they were actively involved in one or the other way and Bernie is trying to protect them.

    His wife Ruth is just to clever and to keen on money and must have been aware of the fraudulous scheme.

    So there is still a lot for him to loose given the assumption that he does have left some feelings for family and friends.

    February 24, 2011 at 1:04 pm

    • I’ve always thought his two sons and Ruth had to know what was going on, especially since they profited from a lot of phony trades in the “hedge fund.” His brother Peter Madoff should be indicted for signing off on false SEC filings. In short, I agree!

      February 24, 2011 at 4:58 pm

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