1
00:00:00,849 --> 00:00:02,399
You want to know how to get people

2
00:00:02,528 --> 00:00:04,513
to trust you with their money?

3
00:00:04,631 --> 00:00:06,849
I'll tell you right now.

4
00:00:06,933 --> 00:00:09,468
You present it as an exclusive thing.

5
00:00:09,603 --> 00:00:11,804
Look, what can I tell you?

6
00:00:11,855 --> 00:00:13,105
It's a closed fund.

7
00:00:13,139 --> 00:00:15,691
An elite club for the chosen few.

8
00:00:15,809 --> 00:00:17,893
It's not a question of credentials.

9
00:00:17,978 --> 00:00:19,361
Right now, it's a closed fund.

10
00:00:19,479 --> 00:00:21,030
Of course, that's just the hook.

11
00:00:21,147 --> 00:00:23,699
Nothing on earth makes
people want something more

12
00:00:23,817 --> 00:00:25,317
than telling them they can't have it.

13
00:00:25,402 --> 00:00:26,619
You play hard to get.

14
00:00:26,703 --> 00:00:28,320
You make them sweat.

15
00:00:28,455 --> 00:00:29,321
And then...

16
00:00:29,456 --> 00:00:30,656
I'm gonna make an exception.

17
00:00:30,790 --> 00:00:32,875
And once they're in,
you make them feel safe.

18
00:00:32,992 --> 00:00:35,077
You give them consistent returns,

19
00:00:35,161 --> 00:00:38,831
around 10%, 12% a year, year after year.

20
00:00:38,965 --> 00:00:40,332
If anybody asks you,

21
00:00:40,417 --> 00:00:42,801
"how do you do this? What's your secret?"

22
00:00:42,886 --> 00:00:43,802
You say to them...

23
00:00:43,887 --> 00:00:45,587
That's proprietary.

24
00:00:45,672 --> 00:00:47,723
And if the questions keep coming...

25
00:00:47,841 --> 00:00:50,642
You don't like the way
I do it, come up here,

26
00:00:50,677 --> 00:00:52,428
I'll write you a check for all of it,

27
00:00:52,512 --> 00:00:53,595
and you're out of the fund.

28
00:00:53,680 --> 00:00:55,097
Now, the truth is, of course,

29
00:00:55,181 --> 00:00:57,182
that's the one thing you
can't afford to have...

30
00:00:57,317 --> 00:00:58,517
Money going out.

31
00:00:58,601 --> 00:01:01,653
As long as deposits outpace withdrawals,

32
00:01:01,738 --> 00:01:03,405
you can live like a king.

33
00:01:03,523 --> 00:01:05,607
It's a simple business plan.

34
00:01:05,692 --> 00:01:09,745
People give me their money,
and I make them richer than god.

35
00:01:09,862 --> 00:01:14,116
You might say I'm a magician.

36
00:01:14,200 --> 00:01:16,034
And as they say,

37
00:01:16,169 --> 00:01:21,039
a good magician never reveals his secrets.

38
00:01:23,525 --> 00:01:27,258
Synced by VitoSilans - corrected by chamallow
- www.addic7ed.com -

39
00:01:29,130 --> 00:01:32,546
_

40
00:01:42,762 --> 00:01:44,062
There's Andrew.

41
00:01:44,147 --> 00:01:46,648
There. She's down...

42
00:01:46,733 --> 00:01:48,233
Finally.

43
00:01:48,367 --> 00:01:49,618
Let's keep our fingers crossed

44
00:01:49,735 --> 00:01:50,986
that she sleeps at least an hour.

45
00:01:51,070 --> 00:01:52,153
Okay.

46
00:01:52,238 --> 00:01:54,289
You know, that kid of yours is incredible.

47
00:01:54,407 --> 00:01:56,741
You can tell she's,
like, out of this world.

48
00:01:56,826 --> 00:01:58,076
Uh-huh.

49
00:01:58,211 --> 00:02:00,712
So how long have you and
Bernie known each other?

50
00:02:00,796 --> 00:02:01,997
Oh, my gosh.

51
00:02:02,081 --> 00:02:03,748
I do not want to do the math, but...

52
00:02:03,883 --> 00:02:05,250
A long time ago.

53
00:02:05,384 --> 00:02:08,587
Well, I was 13 years old when
I... when I first saw Bernie.

54
00:02:08,721 --> 00:02:11,139
He was a 16-year-old lifeguard.

55
00:02:11,257 --> 00:02:12,173
Lifeguard?

56
00:02:12,258 --> 00:02:13,224
Mm. Didn't have a belly then.

57
00:02:13,309 --> 00:02:15,727
Yeah.

58
00:02:15,811 --> 00:02:18,013
- Oh! And I knew it.
- Now, now. Give the guy a break.

59
00:02:18,097 --> 00:02:19,814
I knew right away this
was the love of my life...

60
00:02:19,932 --> 00:02:21,599
The man who would take care of me forever.

61
00:02:21,684 --> 00:02:22,600
Yeah.

62
00:02:22,735 --> 00:02:24,602
Being 13, you know, doesn't...

63
00:02:24,737 --> 00:02:26,688
It's not as weird as it sounds now.

64
00:02:26,772 --> 00:02:28,690
Oh, it sounds weird. It
sounds a little perverted.

65
00:02:28,774 --> 00:02:30,525
Come on, now, Mark.

66
00:02:30,609 --> 00:02:33,328
Don't be silly. I didn't
even know what sex was.

67
00:02:33,446 --> 00:02:34,612
O-o-okay.

68
00:02:34,663 --> 00:02:36,531
Well, listen to me.
Neither did your father.

69
00:02:36,615 --> 00:02:37,749
Took him quite a long time to...

70
00:02:37,833 --> 00:02:39,083
- Mom! Oh, I don't want to know.
- Too long.

71
00:02:39,168 --> 00:02:40,618
I don't want to know. Eww.

72
00:02:40,753 --> 00:02:42,036
I'm gonna go to the restroom.

73
00:02:42,121 --> 00:02:44,205
Yeah, yeah.

74
00:02:44,290 --> 00:02:45,790
- Darling, have some more fruit.
- Mm.

75
00:02:45,875 --> 00:02:47,926
Give me your plate. Who wants more fruit?

76
00:02:48,010 --> 00:02:49,127
She's nice.

77
00:02:49,211 --> 00:02:50,595
She's nice, huh, Shana?

78
00:02:50,679 --> 00:02:52,680
- Yeah, but it's not serious, right?
- Thank you, thank you.

79
00:02:52,798 --> 00:02:54,132
Uh, it might

80
00:02:54,216 --> 00:02:55,517
- it's a little early to tell.
- Oh. Oh, honey.

81
00:02:55,634 --> 00:02:57,552
A... a wife? I don't think so.

82
00:02:57,636 --> 00:02:58,887
No, you know what? I like her, though.

83
00:02:58,971 --> 00:03:00,521
I really do. I really like her.

84
00:03:00,639 --> 00:03:01,773
But she's no Susan.

85
00:03:01,857 --> 00:03:06,027
You didn't like Susan
until we were divorced.

86
00:03:06,145 --> 00:03:08,229
Well, that's because I see less of her now.

87
00:03:08,314 --> 00:03:10,064
Unbelievable.

88
00:03:10,149 --> 00:03:12,400
- Actually, I've always liked her.
- Yeah, thanks.

89
00:03:12,484 --> 00:03:14,652
Aw. Pity.

90
00:03:14,787 --> 00:03:16,237
- Pity.
- Excuse me, Mark.

91
00:03:16,322 --> 00:03:17,488
Mm-hmm.

92
00:03:17,623 --> 00:03:19,707
- Thank you.
- Yeah?

93
00:03:19,825 --> 00:03:22,160
Bernie, it's Frank. Got
that thing I sent you?

94
00:03:22,294 --> 00:03:25,046
Yeah, the, uh... The King Arthur fund.

95
00:03:25,164 --> 00:03:27,165
Yeah. It might look
like some two-bit fund,

96
00:03:27,249 --> 00:03:28,916
but it's turning into a major problem.

97
00:03:29,001 --> 00:03:30,218
What am I looking at?

98
00:03:30,335 --> 00:03:32,303
The King Arthur idiot put
it right there in writing...

99
00:03:32,388 --> 00:03:35,173
Guaranteed 12% to 15% rate of return.

100
00:03:35,257 --> 00:03:37,058
Of course it got the SEC's attention.

101
00:03:37,176 --> 00:03:38,226
Guaranteed 15%?

102
00:03:38,343 --> 00:03:40,228
That would certainly get my attention.

103
00:03:40,345 --> 00:03:41,846
The problem is, Avellino and Bienes

104
00:03:41,930 --> 00:03:44,232
allowed this guy to invest,
and now we're exposed.

105
00:03:44,349 --> 00:03:46,234
You connected with them yet?

106
00:03:46,351 --> 00:03:47,568
They haven't gotten back to us yet.

107
00:03:47,686 --> 00:03:49,520
I've been trying all weekend.

108
00:03:49,655 --> 00:03:50,821
You know how this works, Bernie.

109
00:03:50,906 --> 00:03:53,274
The SEC ain't gonna stop
at Avellino and Bienes.

110
00:03:53,358 --> 00:03:55,026
They'll follow it right up the line to us.

111
00:03:55,110 --> 00:03:57,862
I want them in my office
at 7:30 Monday morning.

112
00:03:57,996 --> 00:03:59,280
You understand what I'm saying?

113
00:03:59,364 --> 00:04:00,364
- Okay?
- I hear you, Bernie.

114
00:04:00,449 --> 00:04:01,666
I'm not kidding.

115
00:04:01,750 --> 00:04:05,286
They've been living off the
fat of the land for 23 years.

116
00:04:05,370 --> 00:04:07,505
I'm not gonna have it end up on myoop***.

117
00:04:07,589 --> 00:04:09,373
Yeah, yeah, yeah. I hear you, Bernie.

118
00:04:09,458 --> 00:04:11,175
- I'm on it.
- Okay.

119
00:04:11,259 --> 00:04:12,760
All right. Bye.

120
00:04:17,766 --> 00:04:19,300
I couldn't imagine.

121
00:04:19,384 --> 00:04:21,519
Quiet down, please.

122
00:04:21,553 --> 00:04:24,155
I would like to propose
a toast to my dad...

123
00:04:24,180 --> 00:04:25,046
Mm.

124
00:04:25,107 --> 00:04:28,109
... for kicking prostate
cancer where it counts...

125
00:04:28,193 --> 00:04:29,643
In the butt.

126
00:04:29,728 --> 00:04:31,612
Oh. That's my son.

127
00:04:31,696 --> 00:04:35,449
Of course, we're all so thrilled
that you've beaten this thing,

128
00:04:35,567 --> 00:04:38,119
but I'm pretty sure no one's
more relieved than Uncle Bernie,

129
00:04:38,236 --> 00:04:40,237
since we all know he has no idea

130
00:04:40,372 --> 00:04:43,207
how to turn on those computers
at the firm without your help.

131
00:04:43,291 --> 00:04:44,375
Yeah, that's actually true.

132
00:04:44,459 --> 00:04:45,376
That's a good point.

133
00:04:45,460 --> 00:04:47,077
First of all, first of all...

134
00:04:47,212 --> 00:04:49,079
Roger can't make it from
the east side of Manhattan

135
00:04:49,214 --> 00:04:51,465
to the west side without a map, okay?

136
00:04:51,583 --> 00:04:53,667
- Yeah, but, Dad, seriously...
- Bern... hey.

137
00:04:53,752 --> 00:04:54,919
Bernie speaking.

138
00:04:55,053 --> 00:04:56,720
Peter...

139
00:04:56,805 --> 00:04:59,256
We're thrilled that you're here.

140
00:04:59,391 --> 00:05:02,559
And we're thrilled that you're staying.

141
00:05:02,661 --> 00:05:04,478
You're the best father

142
00:05:04,596 --> 00:05:07,798
that Roger and Shana could possibly have.

143
00:05:07,899 --> 00:05:09,683
And you're the best brother,

144
00:05:09,768 --> 00:05:14,938
whose devotion and loyalty
is never questioned.

145
00:05:16,274 --> 00:05:17,241
- Cheers.
- Cheers.

146
00:05:17,325 --> 00:05:18,242
- Cheers.
- Cheers.

147
00:05:18,326 --> 00:05:19,409
- Cheers.
- Cheers.

148
00:05:19,494 --> 00:05:20,411
Oh!

149
00:05:20,495 --> 00:05:22,529
Beautiful toast.

150
00:05:22,614 --> 00:05:25,199
You're not going anywhere for a long time,

151
00:05:25,283 --> 00:05:26,750
and I know that.

152
00:05:26,835 --> 00:05:28,001
You got to rest.

153
00:05:28,119 --> 00:05:29,203
You got to relax.

154
00:05:29,287 --> 00:05:32,039
Remember that trip that you took to France?

155
00:05:32,123 --> 00:05:33,340
You went to Provence,

156
00:05:33,458 --> 00:05:37,294
and there was a villa... Bonne Chance?

157
00:05:37,378 --> 00:05:38,462
- Bonne Chance.
- Bonne Chance.

158
00:05:38,596 --> 00:05:39,846
- That's right.
- Okay.

159
00:05:39,964 --> 00:05:41,632
And you said it was like
heaven on earth, right?

160
00:05:41,716 --> 00:05:44,384
Yes. It was beautiful.

161
00:05:44,469 --> 00:05:46,303
Well, I, uh...

162
00:05:46,437 --> 00:05:48,855
I got you a little bit of heaven on earth.

163
00:05:52,644 --> 00:05:55,028
Seriously.

164
00:05:55,146 --> 00:05:58,148
I bought you that villa.

165
00:05:58,283 --> 00:06:00,033
You bought me that house?

166
00:06:00,151 --> 00:06:01,234
- Yeah.
- Oh, my god.

167
00:06:01,319 --> 00:06:03,153
Really, Bern?

168
00:06:03,287 --> 00:06:04,154
What?

169
00:06:04,288 --> 00:06:05,238
No, come on.

170
00:06:05,323 --> 00:06:06,790
No.

171
00:06:06,874 --> 00:06:10,410
You accept it because you deserve it, okay?

172
00:06:14,549 --> 00:06:16,666
You're crazy. You know that?

173
00:06:46,580 --> 00:06:47,747
Is everything all right?

174
00:06:47,865 --> 00:06:49,633
Yeah, you know, you...
You were on the phone

175
00:06:49,734 --> 00:06:50,750
much more than usual this weekend.

176
00:06:50,868 --> 00:06:51,951
I'm fine, I'm fine.

177
00:06:52,036 --> 00:06:54,421
- I just had to put out a fire.
- Mm. Mm.

178
00:06:54,538 --> 00:06:57,590
I've decided we're gonna do it.

179
00:06:57,708 --> 00:07:00,377
- Do what?
- The addition to the house.

180
00:07:00,511 --> 00:07:02,512
Okay? Okay.

181
00:07:02,596 --> 00:07:06,299
It's a... a great big
indoor-outdoor rec room

182
00:07:06,384 --> 00:07:08,968
right... right off of the living room.

183
00:07:09,053 --> 00:07:10,970
And the patio... you know,
it's just sitting there.

184
00:07:11,055 --> 00:07:12,272
Nobody's using it.

185
00:07:12,390 --> 00:07:14,891
Why do we have to build an addition?

186
00:07:15,025 --> 00:07:17,477
You want a bigger house.
We'll buy a bigger house.

187
00:07:17,561 --> 00:07:18,862
No, no, no. Unh-unh.

188
00:07:18,946 --> 00:07:20,063
No.

189
00:07:20,147 --> 00:07:22,532
I am never saying goodbye to this house.

190
00:07:22,616 --> 00:07:23,983
No, I love it.

191
00:07:24,068 --> 00:07:27,070
It's our first real splurge...

192
00:07:27,204 --> 00:07:30,039
From Roslyn Heights to Montauk.

193
00:07:30,124 --> 00:07:32,208
Yeah.

194
00:07:36,900 --> 00:07:41,074
_

195
00:07:41,224 --> 00:07:41,968
There's no limit.

196
00:07:47,591 --> 00:07:48,841
Judy, Judy!

197
00:07:48,926 --> 00:07:50,310
Take this freaking call, will you?

198
00:07:50,427 --> 00:07:52,345
Trades that used to take a day and a half,

199
00:07:52,429 --> 00:07:54,347
now you can do in a millisecond.

200
00:07:54,431 --> 00:07:55,898
- New offices look terrific.
- Thank you.

201
00:07:55,983 --> 00:07:56,933
How long have you been here?

202
00:07:57,067 --> 00:07:58,267
About a year.

203
00:07:58,352 --> 00:08:01,487
Here's, uh, my two boys... Mark and Andrew.

204
00:08:01,605 --> 00:08:03,606
- Say hello to Nathan.
- Huh?

205
00:08:03,690 --> 00:08:04,741
They're growing up.

206
00:08:04,858 --> 00:08:07,944
And, uh, in here should be...

207
00:08:08,028 --> 00:08:09,162
Yes.

208
00:08:09,279 --> 00:08:11,197
Peter, my brother,

209
00:08:11,281 --> 00:08:12,832
and this is his daughter, Shana,

210
00:08:12,916 --> 00:08:14,083
who's our new in-house counsel.

211
00:08:14,168 --> 00:08:15,084
- Hi, there.
- How are you?

212
00:08:15,169 --> 00:08:16,285
Peter was the one who thought

213
00:08:16,370 --> 00:08:19,288
about all that computer
stuff long before I did.

214
00:08:19,373 --> 00:08:20,957
I was still using an abacus.

215
00:08:21,041 --> 00:08:22,291
That's amazing.

216
00:08:22,426 --> 00:08:24,043
- We have something for you.
- Yeah.

217
00:08:24,127 --> 00:08:26,712
I suppose there are two ways
now to look at this place...

218
00:08:26,797 --> 00:08:30,683
As a high-tech financial-services outfit

219
00:08:30,801 --> 00:08:32,635
that helped create Nasdaq,

220
00:08:32,719 --> 00:08:34,470
or, as I like to see it,

221
00:08:34,605 --> 00:08:38,524
a very closely knit family business.

222
00:08:38,642 --> 00:08:40,860
- You know how I look at you?
- How?

223
00:08:40,944 --> 00:08:42,812
As a guy who doubled my money in six years.

224
00:08:45,232 --> 00:08:46,949
That's for his college fund.

225
00:08:49,703 --> 00:08:50,903
Hello?

226
00:08:50,988 --> 00:08:53,656
Avellino and Bienes just landed at JFK.

227
00:08:53,740 --> 00:08:54,824
They're on their way.

228
00:08:54,908 --> 00:08:56,542
I'll be there in five.

229
00:08:56,660 --> 00:08:58,210
Nathan, got to cut it short.

230
00:08:58,328 --> 00:09:00,379
It's good seeing you again, Bernie.

231
00:09:00,497 --> 00:09:01,664
Good seeing you.

232
00:09:01,748 --> 00:09:04,550
Bernard L. Madoff Investment Securities.

233
00:09:04,634 --> 00:09:06,752
I built this firm from nothing

234
00:09:06,837 --> 00:09:09,088
into one of the premier
market-making firms

235
00:09:09,172 --> 00:09:10,422
on Wall Street.

236
00:09:10,507 --> 00:09:11,640
What's market making?

237
00:09:11,725 --> 00:09:13,509
Don't worry. You don't need to know.

238
00:09:13,593 --> 00:09:16,512
It's not the sexiest
corner of the finance world,

239
00:09:16,646 --> 00:09:19,098
but it's 100% legit.

240
00:09:19,182 --> 00:09:21,817
The only thing is, it
doesn't have a thing to do

241
00:09:21,902 --> 00:09:24,403
with managing my investors' money.

242
00:09:24,521 --> 00:09:29,091
The exclusive fund with the
amazingly consistent returns?

243
00:09:29,192 --> 00:09:30,492
That's a whole other business

244
00:09:30,577 --> 00:09:35,781
that I run from down
here on the 17th floor.

245
00:09:35,865 --> 00:09:40,002
Nobody, but nobody, comes down
here without my permission.

246
00:09:44,040 --> 00:09:47,126
But it's not the kind of
thing you can do alone.

247
00:09:47,210 --> 00:09:48,677
Meet Annette Bongiorno.

248
00:09:48,762 --> 00:09:50,145
Bernie.

249
00:09:50,246 --> 00:09:53,449
When I hired her, she
looked like Elizabeth Taylor.

250
00:09:53,550 --> 00:09:56,151
Annette makes sure the
detailed account statements

251
00:09:56,252 --> 00:09:58,270
go out to our clients every month.

252
00:10:01,975 --> 00:10:02,891
Jodi Crupi.

253
00:10:03,026 --> 00:10:04,326
Oh, hey, Bernie.

254
00:10:04,427 --> 00:10:08,230
Annette's best friend's
cousin's lesbian girlfriend.

255
00:10:08,331 --> 00:10:12,284
Her one and only job... knowing
the daily balance of the fund.

256
00:10:12,402 --> 00:10:15,704
Finally, the man behind the wheel

257
00:10:15,788 --> 00:10:18,123
down here on the 17th floor.

258
00:10:18,241 --> 00:10:22,244
He walked in my door at age
19 with nothing but chutzpah.

259
00:10:22,378 --> 00:10:25,380
Now he's as essential as my right hand.

260
00:10:25,465 --> 00:10:28,133
Frank DiPascali.

261
00:10:28,251 --> 00:10:30,636
We got a problem, Bernie.

262
00:10:34,512 --> 00:10:36,430
Well, let's get down to business.

263
00:10:36,514 --> 00:10:38,682
How much is in the Avellino
and Bienes account right now?

264
00:10:38,816 --> 00:10:42,068
Uh, about $400 million.

265
00:10:42,186 --> 00:10:43,687
About $400 million.

266
00:10:43,821 --> 00:10:45,355
I don't care about "about."

267
00:10:45,439 --> 00:10:46,990
I want to know exactly.

268
00:10:47,074 --> 00:10:49,242
Okay. Let me get Annette.

269
00:10:49,360 --> 00:10:51,077
Annette, get in here.

270
00:10:51,195 --> 00:10:52,746
Bring the Avellino and Bienes account.

271
00:10:52,863 --> 00:10:55,415
How about you get off your
butt and come get them?

272
00:10:55,533 --> 00:10:57,033
Hey, hey.

273
00:10:57,168 --> 00:10:59,419
Bring it in to Bernie, okay?

274
00:10:59,537 --> 00:11:00,670
I swear.

275
00:11:00,755 --> 00:11:03,089
She gets to be more of
a pain the ass every day.

276
00:11:03,207 --> 00:11:04,174
Watch out.

277
00:11:04,258 --> 00:11:05,425
She's the one who brought you in.

278
00:11:05,543 --> 00:11:07,377
Yeah, 17 years, two husbands,

279
00:11:07,511 --> 00:11:09,596
and about 1,500 eggplant parms ago.

280
00:11:11,215 --> 00:11:12,632
I'm sorry, Bernie.

281
00:11:12,717 --> 00:11:15,135
I didn't know I was talking
to anybody but Mussolini here.

282
00:11:15,219 --> 00:11:16,871
Annette, just give me
the accounts, will you?

283
00:11:16,872 --> 00:11:17,576
Yeah, the account.

284
00:11:17,579 --> 00:11:18,888
Jodi.

285
00:11:19,023 --> 00:11:22,142
$388,693,119.

286
00:11:22,226 --> 00:11:24,060
Total of cash accounts as
of 9:00 A.M. this morning.

287
00:11:24,195 --> 00:11:25,478
Excellent.

288
00:11:25,563 --> 00:11:26,779
Yeah, fine. Okay.

289
00:11:26,897 --> 00:11:28,698
- Thank you.
- No, thank you.

290
00:11:28,783 --> 00:11:30,150
Get out of here, will you?

291
00:11:30,234 --> 00:11:32,485
Go chase a car.

292
00:11:33,904 --> 00:11:37,373
Okay, so, we're only
about $14 million short.

293
00:11:37,458 --> 00:11:39,909
I mean, if worse came to worse
and we had to pay it all back...

294
00:11:39,994 --> 00:11:42,629
Well, we have to pay everybody
back to the last dime,

295
00:11:42,746 --> 00:11:45,465
or else we're gonna be
facing an SEC inquiry.

296
00:11:45,549 --> 00:11:47,634
Does Avellino and Bienes know that?

297
00:11:47,751 --> 00:11:49,552
In about an hour.

298
00:11:51,305 --> 00:11:54,257
Frank Avellino and Michael Bienes.

299
00:11:54,341 --> 00:11:56,693
These two suckers are under the illusion

300
00:11:56,794 --> 00:11:59,095
that their investors in my fund

301
00:11:59,179 --> 00:12:03,816
have a collective net worth
of... yep, that's right...

302
00:12:03,934 --> 00:12:06,836
$402 million...

303
00:12:06,937 --> 00:12:10,022
That I now have to repay in full.

304
00:12:10,107 --> 00:12:11,607
- There he is.
- Bernie.

305
00:12:11,692 --> 00:12:13,326
Hey. Hey.

306
00:12:13,444 --> 00:12:14,973
Bernie, you look great. You look great.

307
00:12:14,998 --> 00:12:15,685
Thanks a lot.

308
00:12:15,779 --> 00:12:16,779
- And the boys...
- Grown men!

309
00:12:16,914 --> 00:12:17,780
Oh. Yeah.

310
00:12:17,915 --> 00:12:19,365
Three grandkids now, am I right?

311
00:12:19,449 --> 00:12:20,783
Yeah, beautiful grandkids...

312
00:12:20,918 --> 00:12:23,169
- Beautiful.
- ... Beautiful kids, beautiful... wife.

313
00:12:23,253 --> 00:12:24,587
Shut up and sit down.

314
00:12:30,461 --> 00:12:31,994
It's over.

315
00:12:32,095 --> 00:12:33,629
What do you mean, "it's over"?

316
00:12:33,764 --> 00:12:34,897
I mean, it's over.

317
00:12:34,998 --> 00:12:36,632
I'm shutting you down.

318
00:12:36,683 --> 00:12:37,967
- Bernie.
- Come on.

319
00:12:38,101 --> 00:12:39,135
- Hear us out, Bernie.
- We never...

320
00:12:39,269 --> 00:12:40,636
How many millions of dollars

321
00:12:40,721 --> 00:12:43,556
have I made you guys over
the last 20 years, huh?

322
00:12:43,640 --> 00:12:44,807
Huh?

323
00:12:44,891 --> 00:12:46,442
You're buying art.

324
00:12:46,526 --> 00:12:47,777
You got a yacht.

325
00:12:47,861 --> 00:12:50,696
I understand you're actually
doing some philanthropy, right?

326
00:12:51,982 --> 00:12:56,152
So if I was you, the
question I would be asking is,

327
00:12:56,286 --> 00:13:00,489
how much is this
lifestyle worth to keep it?

328
00:13:06,963 --> 00:13:08,547
Now...

329
00:13:09,666 --> 00:13:11,667
... here's what you're gonna do.

330
00:13:11,802 --> 00:13:15,054
You're gonna do everything
my lawyer tells you to do.

331
00:13:15,172 --> 00:13:17,473
You're gonna pay any fines or penalties

332
00:13:17,507 --> 00:13:18,841
that are levied against you.

333
00:13:18,975 --> 00:13:22,344
And you're gonna tell your
partner, this King Arthur guy,

334
00:13:22,479 --> 00:13:23,729
that his little pamphlet

335
00:13:23,847 --> 00:13:26,265
put the two of you out of business, okay?

336
00:13:26,349 --> 00:13:27,266
Whatever you say, Bernie.

337
00:13:27,350 --> 00:13:28,434
Is that clear?

338
00:13:28,518 --> 00:13:30,819
Yeah, but, um...

339
00:13:30,904 --> 00:13:32,688
Just so you know, this King Arthur guy...

340
00:13:32,772 --> 00:13:34,023
- We told him the rules.
- We did.

341
00:13:34,157 --> 00:13:35,191
- He knew the rules.
- It wasn't us.

342
00:13:35,325 --> 00:13:37,943
You know, it may be exactly as you say.

343
00:13:38,028 --> 00:13:40,779
But here we are.

344
00:13:42,866 --> 00:13:45,951
Those for Ruth?

345
00:13:46,036 --> 00:13:46,952
Yeah.

346
00:13:47,037 --> 00:13:49,955
I'm gonna do you a favor.

347
00:13:51,758 --> 00:13:53,375
Ruth hates irises.

348
00:13:54,878 --> 00:13:56,929
So pick a secretary and give it to her.

349
00:13:57,047 --> 00:13:58,630
Get out, get out. Get out.

350
00:14:02,352 --> 00:14:05,103
Hey, Shana.

351
00:14:05,188 --> 00:14:06,972
Do you have any idea what
they're talking about in there?

352
00:14:07,056 --> 00:14:08,440
Who knows, Mark?

353
00:14:08,558 --> 00:14:10,526
Maybe they're picking horses.

354
00:14:15,198 --> 00:14:18,367
The problem is gonna be
getting another $400 million

355
00:14:18,451 --> 00:14:20,903
before another client
asks for a big redemption.

356
00:14:21,037 --> 00:14:22,871
Why not hit up one of the big fish?

357
00:14:22,956 --> 00:14:24,490
Carl? Or Picower?

358
00:14:24,574 --> 00:14:25,824
- No, no.
- Or Levy.

359
00:14:25,909 --> 00:14:27,576
I mean, those guys got
plenty more they could put in.

360
00:14:27,710 --> 00:14:29,628
Two decades, these
people have been with me,

361
00:14:29,746 --> 00:14:31,296
and they've been making straight money.

362
00:14:31,414 --> 00:14:32,581
Carl even longer.

363
00:14:32,665 --> 00:14:35,500
I ask for a handout from
them, and they lose confidence.

364
00:14:35,585 --> 00:14:37,419
No, no, no, no, no.

365
00:14:37,503 --> 00:14:38,670
Big fish.

366
00:14:38,755 --> 00:14:41,390
Big fish are out, and so are their friends.

367
00:14:41,474 --> 00:14:42,758
Well, that takes care

368
00:14:42,892 --> 00:14:45,510
of just about every Jewish
businessman in New York City.

369
00:14:45,595 --> 00:14:46,595
Okay.

370
00:14:46,729 --> 00:14:47,846
All right. Enough.

371
00:14:47,930 --> 00:14:49,097
Enough for today.

372
00:14:51,768 --> 00:14:53,268
You know, the SEC

373
00:14:53,403 --> 00:14:55,187
is still gonna want to
see records, you know?

374
00:14:55,271 --> 00:14:56,655
So give them some records.

375
00:14:56,773 --> 00:14:58,073
What, for 3,000 clients?

376
00:14:58,157 --> 00:14:59,691
Yeah. So?

377
00:14:59,776 --> 00:15:02,110
Some of those accounts
go back to the 1960s.

378
00:15:02,245 --> 00:15:03,528
Well, I guess you'll just have

379
00:15:03,613 --> 00:15:05,163
to earn your paycheck, won't you?

380
00:15:06,282 --> 00:15:07,866
Oh. Oh, yeah.

381
00:15:07,950 --> 00:15:09,785
Mm. Oh, yeah.

382
00:15:09,919 --> 00:15:10,952
Oh. Yeah.

383
00:15:11,003 --> 00:15:12,370
Oh. Where the arch is.

384
00:15:12,455 --> 00:15:13,538
Get... get... get in there.

385
00:15:13,623 --> 00:15:14,923
- You... mm!
- Aah!

386
00:15:15,007 --> 00:15:17,375
How's your back? You've
got a lot of tension.

387
00:15:17,460 --> 00:15:18,710
- Everywhere.
- Oh, wait.

388
00:15:18,794 --> 00:15:19,794
- Even up here.
- Stop!

389
00:15:19,879 --> 00:15:21,680
It's the business. It's the business.

390
00:15:21,797 --> 00:15:23,298
What, honey? What do you mean?

391
00:15:23,399 --> 00:15:25,100
We're not expanding.

392
00:15:25,201 --> 00:15:26,885
We've got to keep expanding.

393
00:15:26,969 --> 00:15:27,969
- Or else...
- Oh.

394
00:15:28,104 --> 00:15:30,105
Or else you're going
backwards. Yeah, I know.

395
00:15:30,189 --> 00:15:31,806
So, what do... what do
you want to do about it?

396
00:15:31,941 --> 00:15:33,892
I want to get bigger.

397
00:15:33,976 --> 00:15:35,477
I want to get bigger investors.

398
00:15:35,611 --> 00:15:37,312
I want more.

399
00:15:37,446 --> 00:15:39,447
You mean like that Jeremy Billings

400
00:15:39,532 --> 00:15:42,150
we met in Florida last year with his wife?

401
00:15:42,285 --> 00:15:43,485
- You remember?
- Who?

402
00:15:43,569 --> 00:15:45,186
His partner's Blake North.

403
00:15:45,287 --> 00:15:49,074
They've got this big,
very fancy hedge fund,

404
00:15:49,158 --> 00:15:51,459
and he's got five daughters.

405
00:15:51,544 --> 00:15:54,662
And if that isn't a kick,
they all look like models, too.

406
00:15:54,747 --> 00:15:56,548
Where did... how do you know all this?

407
00:15:56,665 --> 00:15:58,800
I can read.

408
00:16:00,169 --> 00:16:02,170
Look at this. Gorgeous, huh?

409
00:16:03,672 --> 00:16:04,923
Well...

410
00:16:05,007 --> 00:16:07,642
I doubt they have any Jewish friends.

411
00:16:07,726 --> 00:16:09,978
They look like a Polo ad, huh?

412
00:16:10,062 --> 00:16:12,480
Why... why don't you invite him to lunch?

413
00:16:12,565 --> 00:16:13,765
No.

414
00:16:13,883 --> 00:16:15,984
Why don't you invite her to lunch

415
00:16:16,068 --> 00:16:19,854
and tell her we don't
accept any new investors?

416
00:16:19,989 --> 00:16:23,241
You are a vice president
of the company, after all.

417
00:16:23,359 --> 00:16:24,492
All right.

418
00:16:24,576 --> 00:16:30,531
If you want me to earn my
salary, you insist, okay.

419
00:16:33,535 --> 00:16:35,587
Greenwich, Connecticut.

420
00:16:35,704 --> 00:16:37,088
Home of Blake North.

421
00:16:37,206 --> 00:16:40,792
If I could reel him in, the
money I needed to pay out

422
00:16:40,876 --> 00:16:42,343
would be pocket change.

423
00:16:42,428 --> 00:16:44,128
Legacy.

424
00:16:44,213 --> 00:16:45,713
Heritage. Tradition.

425
00:16:45,798 --> 00:16:47,715
Those were the big words in my family.

426
00:16:47,850 --> 00:16:49,801
So you can imagine the uproar

427
00:16:49,885 --> 00:16:53,521
when I off and married this
exotic "mujer from the barrio."

428
00:16:53,605 --> 00:16:56,307
He's wearing a pink jacket.

429
00:16:56,391 --> 00:16:57,942
Don't laugh.

430
00:16:58,060 --> 00:17:00,094
With his money, he can wear
whatever the hell he wants.

431
00:17:00,195 --> 00:17:02,196
I grew up in Rio, but went
to school in Switzerland.

432
00:17:02,281 --> 00:17:04,532
We sent all our girls there, too.

433
00:17:04,616 --> 00:17:06,701
All five of them? Right?

434
00:17:06,785 --> 00:17:07,902
- Oh, my god.
- Mm-hmm.

435
00:17:08,036 --> 00:17:10,705
I saw a picture of them in East End living.

436
00:17:10,789 --> 00:17:13,157
- So beautiful.
- Mm-hmm.

437
00:17:13,242 --> 00:17:13,845
- Yeah.
- Well, you must

438
00:17:13,870 --> 00:17:14,683
have had your hands full

439
00:17:14,743 --> 00:17:16,294
when they were teenagers, huh?

440
00:17:16,411 --> 00:17:18,212
Why do you think we
sent them to Switzerland?

441
00:17:20,415 --> 00:17:22,333
And where did your boys go for school?

442
00:17:22,417 --> 00:17:24,802
Well, for high school, Roslyn High,

443
00:17:24,886 --> 00:17:25,836
home of the Warriors.

444
00:17:27,255 --> 00:17:31,092
And then Mark went to
Michigan and Andy went to Penn.

445
00:17:31,226 --> 00:17:33,427
How about your girls? Where
did they go to college?

446
00:17:33,562 --> 00:17:35,322
- Oh...
- Honey, why don't you

447
00:17:35,347 --> 00:17:37,038
show Ruth the stables?

448
00:17:37,099 --> 00:17:40,101
They, uh, they were feeding
the Arabians there earlier.

449
00:17:40,185 --> 00:17:42,603
Magnificent creatures if
you've never seen them up close.

450
00:17:42,738 --> 00:17:45,906
I guess you know the code
for "time for business"...

451
00:17:45,991 --> 00:17:49,410
- Yes.
- ... As well as you do, I'm sure.

452
00:17:49,494 --> 00:17:51,362
Ah.

453
00:17:51,496 --> 00:17:53,948
This way.

454
00:17:54,082 --> 00:17:56,283
Okay.

455
00:17:56,418 --> 00:17:58,619
So, where did you send
your girls to college?

456
00:17:58,753 --> 00:18:02,957
Harvard, Brown...

457
00:18:03,041 --> 00:18:06,510
Princeton, Brown, Princeton.

458
00:18:14,135 --> 00:18:17,338
He's waiting for me to pitch him.

459
00:18:20,225 --> 00:18:22,643
I don't pitch.

460
00:18:24,646 --> 00:18:28,315
Right now, only one thing counts.

461
00:18:28,450 --> 00:18:31,618
Whoever talks first, loses.

462
00:18:39,494 --> 00:18:43,163
So, I'm glad our lawyers put us together.

463
00:18:48,412 --> 00:18:52,499
I remember now that Irving gave me $50,000

464
00:18:52,583 --> 00:18:56,052
at a time when that
was quite a bit of money

465
00:18:56,137 --> 00:18:58,154
for someone in his position.

466
00:18:58,255 --> 00:19:02,976
And it has reached a point,
absolutely and certainly,

467
00:19:03,094 --> 00:19:05,295
your granddaughter will
have no trouble at all

468
00:19:05,396 --> 00:19:08,264
in making tuition at
any school of her choice.

469
00:19:08,399 --> 00:19:11,317
So, what can I do for you?

470
00:19:11,435 --> 00:19:14,070
On the one hand, I would
really like to take the money

471
00:19:14,154 --> 00:19:15,855
and put it in a savings account,

472
00:19:15,940 --> 00:19:17,657
and on the other hand, I mean,

473
00:19:17,775 --> 00:19:20,777
Irving spoke so highly of
you, and... and he trusted you.

474
00:19:20,861 --> 00:19:23,613
Um, I'm going to write you a check

475
00:19:23,747 --> 00:19:26,449
for the complete amount of your account,

476
00:19:26,584 --> 00:19:31,287
and if you change your mind
and want to put it back with me,

477
00:19:31,422 --> 00:19:34,624
I will gladly accept it.

478
00:19:34,758 --> 00:19:38,294
Here is that check.

479
00:19:38,362 --> 00:19:40,096
Yeah, the check's no good.

480
00:19:40,197 --> 00:19:41,631
But look at her eyes.

481
00:19:41,732 --> 00:19:43,966
She trusts me.

482
00:19:49,523 --> 00:19:51,974
Well, Irving trusted you.

483
00:19:52,059 --> 00:19:56,612
Trust... the basis of any
long-term relationship.

484
00:19:56,713 --> 00:20:00,733
I had $3,000 in my bank
account on my wedding day... .

485
00:20:00,818 --> 00:20:03,202
Just the money I saved from summer jobs.

486
00:20:03,320 --> 00:20:04,821
Now, there's no guarantees in life,

487
00:20:04,955 --> 00:20:06,706
but this is as close to
it as you're gonna get.

488
00:20:06,824 --> 00:20:07,824
It's money in your pocket,

489
00:20:07,958 --> 00:20:09,659
and I want to get you
in on the ground floor

490
00:20:09,743 --> 00:20:12,295
because this is a home-run deal, all right?

491
00:20:12,379 --> 00:20:14,664
The ball is sailing over the wall

492
00:20:14,798 --> 00:20:16,632
at Yankee Stadium as we speak,

493
00:20:16,717 --> 00:20:18,417
and I want to get you in
there before some schmuck...

494
00:20:18,502 --> 00:20:22,004
Dialing for dollars, pushing
penny stocks, I was doing fine.

495
00:20:22,089 --> 00:20:23,673
Now, look, I understand
why you'd be apprehensive.

496
00:20:23,757 --> 00:20:25,424
I get it.

497
00:20:25,509 --> 00:20:30,396
But it is 100 shares for $10.

498
00:20:30,514 --> 00:20:33,065
What do you have to lose?

499
00:20:33,183 --> 00:20:35,651
Okay, put me down for 100 shares, Bernie.

500
00:20:35,736 --> 00:20:37,069
I thought you'd see it my way.

501
00:20:37,187 --> 00:20:39,105
But it was my father-in-law, Saul...

502
00:20:39,189 --> 00:20:41,273
... who set the big balls in motion

503
00:20:41,358 --> 00:20:43,826
by believing in his new son-in-law enough

504
00:20:43,910 --> 00:20:46,028
to pitch to him his best clients.

505
00:20:46,113 --> 00:20:50,366
Bernie, I want you to meet Jerry Samuels.

506
00:20:50,450 --> 00:20:52,868
My son-in-law, Bernard L. Madoff.

507
00:20:52,953 --> 00:20:54,537
Jerry Samuels.

508
00:20:54,671 --> 00:20:56,088
Saul tells me you're
ready to make some money.

509
00:20:56,206 --> 00:20:57,289
Steven Hirsch.

510
00:20:57,374 --> 00:21:00,009
My son-in-law, Bernard L. Madoff.

511
00:21:00,093 --> 00:21:01,760
Steven Hirsch.

512
00:21:01,878 --> 00:21:02,928
It's a pleasure to meet you.

513
00:21:03,046 --> 00:21:04,213
Saul says you're ready to make some money.

514
00:21:04,347 --> 00:21:05,598
Samuel Scheinbaum.

515
00:21:05,715 --> 00:21:07,850
My son-in-law, Bernard L. Madoff.

516
00:21:07,884 --> 00:21:10,719
Samuel Scheinbaum. It's
a pleasure to meet you.

517
00:21:10,804 --> 00:21:12,271
Saul says you're ready to make some money.

518
00:21:12,389 --> 00:21:15,558
Within a year of Saul funneling me clients

519
00:21:15,642 --> 00:21:20,229
from his accounting business,
I was $25,000 in the black.

520
00:21:22,899 --> 00:21:25,534
Then it all fell off a cliff.

521
00:21:25,619 --> 00:21:29,455
The penny stocks I had
my clients in got killed.

522
00:21:32,075 --> 00:21:33,659
That's when it hit me.

523
00:21:33,743 --> 00:21:38,664
All I needed was someone to
cover my clients' losses...

524
00:21:38,748 --> 00:21:40,716
Someone whose cash I could use

525
00:21:40,800 --> 00:21:43,218
and make it look like
they'd weathered the storm,

526
00:21:43,303 --> 00:21:45,254
like I'd kept them safe.

527
00:21:45,338 --> 00:21:47,723
It would take every
penny I earned to do it,

528
00:21:47,807 --> 00:21:50,175
but I could make them whole.

529
00:21:50,260 --> 00:21:52,094
You can call it cheating if you want,

530
00:21:52,228 --> 00:21:54,179
but are you really doing anything wrong

531
00:21:54,264 --> 00:21:58,317
if the Peter you're
robbing to pay Paul is you?

532
00:21:58,434 --> 00:22:00,519
$72... that's all I'd have left.

533
00:22:00,603 --> 00:22:04,356
But it was a small price to
pay for what I was buying...

534
00:22:04,440 --> 00:22:08,076
Admiration, trust, respect.

535
00:22:08,161 --> 00:22:10,662
Sam. Bernie Madoff.

536
00:22:10,780 --> 00:22:12,281
Hey. Slow down, slow down, slow down.

537
00:22:12,415 --> 00:22:14,032
That ... That... that...
That's why I'm calling, Sam.

538
00:22:14,117 --> 00:22:15,450
You're okay.

539
00:22:15,585 --> 00:22:17,202
I saw this whole thing coming a week ago.

540
00:22:17,287 --> 00:22:19,121
I moved your entire
portfolio into treasuries.

541
00:22:19,255 --> 00:22:20,789
Everything is aces.

542
00:22:20,873 --> 00:22:21,924
Like I said...

543
00:22:22,008 --> 00:22:23,792
No.

544
00:22:23,876 --> 00:22:24,876
I'm not a genius.

545
00:22:24,961 --> 00:22:26,178
I just know how to ride the market.

546
00:22:26,295 --> 00:22:29,431
... the basis of any
long-term relationship.

547
00:22:35,388 --> 00:22:36,888
You promoted Frank.

548
00:22:36,973 --> 00:22:40,909
Yeah, to VP.

549
00:22:41,010 --> 00:22:42,577
So what?

550
00:22:42,678 --> 00:22:44,396
You won't let us in
the Investment business,

551
00:22:44,514 --> 00:22:45,781
and you promote Frank.

552
00:22:45,865 --> 00:22:48,316
I've worked here for seven years, Dad.

553
00:22:48,401 --> 00:22:49,651
I earned that promotion.

554
00:22:51,204 --> 00:22:54,990
You know, boychick, you remind me of me.

555
00:22:55,074 --> 00:22:56,124
I love you.

556
00:22:56,209 --> 00:22:59,527
Listen, Frank's been here 20 years.

557
00:22:59,629 --> 00:23:02,914
Seven years is barely out of the minors.

558
00:23:02,999 --> 00:23:05,000
The minors?

559
00:23:05,134 --> 00:23:08,053
I reorganized the workflow
between traders and management.

560
00:23:08,170 --> 00:23:10,922
Andy developed our entire
strategy for emerging markets.

561
00:23:11,007 --> 00:23:15,644
We manage hundreds of millions
of dollars every year here on 19.

562
00:23:15,728 --> 00:23:18,380
We're good at what we do, Dad.

563
00:23:18,481 --> 00:23:21,182
So...

564
00:23:21,317 --> 00:23:23,518
Look, why won't you just let us in?

565
00:23:23,652 --> 00:23:25,603
We can help with
investment management on 17

566
00:23:25,688 --> 00:23:27,405
just like we do with trading up here.

567
00:23:27,523 --> 00:23:31,359
Marky, I'll know when you're ready.

568
00:23:31,494 --> 00:23:35,113
I built this whole thing
by listening to my gut.

569
00:23:35,197 --> 00:23:38,032
So when my gut tells me you're
ready, you're in like Flynn.

570
00:23:38,167 --> 00:23:40,835
And until then, you've
got financial security,

571
00:23:40,936 --> 00:23:41,953
you're seasoned.

572
00:23:42,037 --> 00:23:43,371
Come on.

573
00:23:43,506 --> 00:23:45,256
A little Patience, pal.

574
00:23:45,341 --> 00:23:47,792
- Yeah, come on, Marky.
- Don't call me Marky.

575
00:23:52,097 --> 00:23:53,381
You know, just...

576
00:23:53,465 --> 00:23:55,049
Just so I'm clear,

577
00:23:55,134 --> 00:23:58,186
you're saying that Frank
is qualified and I'm not?

578
00:23:58,270 --> 00:23:59,637
Marky...

579
00:23:59,722 --> 00:24:02,056
Why don't you take it like this?

580
00:24:02,191 --> 00:24:05,660
If he screws up, I can fire him.

581
00:24:05,761 --> 00:24:08,646
If you screw up, I can't fire you.

582
00:24:08,731 --> 00:24:10,231
You're blood.

583
00:24:10,282 --> 00:24:15,036
So until I know, we do it my way.

584
00:24:15,137 --> 00:24:17,038
And now we're done.

585
00:24:17,122 --> 00:24:20,575
You know what you need to do, brother?

586
00:24:20,659 --> 00:24:25,079
You need to breathe, relax,
and trust Dad a little more.

587
00:24:25,164 --> 00:24:26,297
Okay?

588
00:24:26,415 --> 00:24:28,082
You're getting what you want.

589
00:24:28,217 --> 00:24:29,634
Just be a little more patient,

590
00:24:29,752 --> 00:24:32,970
and eventually, you
will be a very happy man.

591
00:24:33,088 --> 00:24:34,088
So just relax.

592
00:24:34,223 --> 00:24:36,891
But if you want to keep pushing him,

593
00:24:36,975 --> 00:24:38,726
he's just gonna fight you.

594
00:24:38,811 --> 00:24:40,812
I'm really glad we had this talk.

595
00:24:58,947 --> 00:25:01,282
Are you, uh...

596
00:25:01,366 --> 00:25:03,284
I mean, do you have your own passcard?

597
00:25:03,418 --> 00:25:04,535
Jodi...

598
00:25:04,620 --> 00:25:06,003
Don't be ridiculous.

599
00:25:15,380 --> 00:25:16,797
Um, Mark, is there something
that I can do for you?

600
00:25:16,932 --> 00:25:18,265
Jodi, I'm fine.

601
00:25:38,236 --> 00:25:40,454
Can I help you with something?

602
00:25:48,163 --> 00:25:50,464
Mark...

603
00:25:50,548 --> 00:25:51,665
Can I help you?

604
00:25:53,835 --> 00:25:56,170
No, you can't help me.

605
00:26:00,258 --> 00:26:02,476
I just wanted to say...

606
00:26:02,560 --> 00:26:06,096
Congratulations, Frank.

607
00:26:08,483 --> 00:26:09,566
Thank you.

608
00:26:14,007 --> 00:26:15,257
The SEC is here?

609
00:26:15,341 --> 00:26:16,725
Now? Today?

610
00:26:16,843 --> 00:26:18,777
Don't worry, Frank. There's
nothing to worry about.

611
00:26:18,878 --> 00:26:20,262
I mean, you could have
at least told me, huh?

612
00:26:20,346 --> 00:26:21,847
The records... they
aren't even close to ready.

613
00:26:21,931 --> 00:26:22,979
Take a breath. Take a breath, Frank.

614
00:26:23,004 --> 00:26:23,739
I don't have signatures.

615
00:26:23,816 --> 00:26:26,068
I'm waiting for the files
to be... take a breath.

616
00:26:26,185 --> 00:26:29,321
We don't have to show
them any records today.

617
00:26:29,405 --> 00:26:32,441
All we got to do is make them believe

618
00:26:32,525 --> 00:26:35,277
that we're gonna make their lives easy.

619
00:26:35,361 --> 00:26:38,864
Now, very slowly,

620
00:26:38,948 --> 00:26:42,584
I want you to turn and look at them.

621
00:26:42,702 --> 00:26:44,453
Go ahead.

622
00:26:52,211 --> 00:26:53,795
Now, you're gonna tell me

623
00:26:53,880 --> 00:26:57,215
that Frank DiPascali is afraid of that?

624
00:27:01,020 --> 00:27:02,387
It's the personal level

625
00:27:02,521 --> 00:27:04,823
that's the most embarrassing for me.

626
00:27:04,891 --> 00:27:06,358
30 years I've been doing business

627
00:27:06,459 --> 00:27:09,144
with Bienes and Avellino,

628
00:27:09,228 --> 00:27:12,647
and then to find out they're
selling securities improperly

629
00:27:12,732 --> 00:27:14,399
makes me feel like an idiot.

630
00:27:14,534 --> 00:27:16,067
I spoke to your boss.

631
00:27:16,202 --> 00:27:17,402
I already told him

632
00:27:17,486 --> 00:27:20,488
to just say the hows and
the wheres and the whens,

633
00:27:20,573 --> 00:27:22,574
and we'll make sure that all the investors

634
00:27:22,658 --> 00:27:24,075
have all their money back.

635
00:27:24,160 --> 00:27:27,295
I can't even imagine how
terrible the anxiety is

636
00:27:27,380 --> 00:27:28,713
these people are feeling.

637
00:27:30,249 --> 00:27:32,917
So, what happens next?

638
00:27:33,052 --> 00:27:34,336
Brass tacks.

639
00:27:34,420 --> 00:27:37,088
Well, it's pretty simply, really.

640
00:27:37,173 --> 00:27:38,840
Basically, we just need the records

641
00:27:38,924 --> 00:27:40,725
from the Avellino and Bienes accounts

642
00:27:40,810 --> 00:27:43,812
dating back to when you started
doing business with them.

643
00:27:43,929 --> 00:27:45,897
30 years of fake documents?

644
00:27:45,981 --> 00:27:47,899
Frank could take care of it.

645
00:27:47,983 --> 00:27:50,602
And the SEC wasn't the real problem.

646
00:27:50,686 --> 00:27:52,570
The real problem was,

647
00:27:52,655 --> 00:27:55,406
how was I gonna replace that $400 million?

648
00:27:58,027 --> 00:28:00,695
When Carl Shapiro first put money with me,

649
00:28:00,779 --> 00:28:04,199
it was like king Solomon
himself had vouched for me.

650
00:28:04,283 --> 00:28:05,750
The money I needed...

651
00:28:05,834 --> 00:28:09,120
Carl could have written me a
check for that in his sleep.

652
00:28:09,255 --> 00:28:13,091
The thing is, the main reason
he put so much money with me

653
00:28:13,175 --> 00:28:16,928
over all those years is
that I never asked for it.

654
00:28:17,012 --> 00:28:18,129
Ozzie Kraus.

655
00:28:18,213 --> 00:28:20,515
We started out together
in the garment district.

656
00:28:20,633 --> 00:28:23,801
He said I was crazy to make
nice dresses out of cotton,

657
00:28:23,886 --> 00:28:25,136
that women wanted silk.

658
00:28:25,270 --> 00:28:27,889
I said, "well, working women
like nice dresses, too."

659
00:28:27,973 --> 00:28:29,440
That was 1946.

660
00:28:29,525 --> 00:28:32,060
By 1951, I made my first $10 million.

661
00:28:32,144 --> 00:28:34,645
- He was still selling suits.
- Mm.

662
00:28:36,699 --> 00:28:38,600
Looks like he's doing pretty good, though.

663
00:28:38,625 --> 00:28:39,258
Eh.

664
00:28:39,318 --> 00:28:40,985
Might be worth $15 million, $20 million,

665
00:28:41,120 --> 00:28:42,987
but when you spread it
across all those years,

666
00:28:43,072 --> 00:28:44,789
it's not a hell of a lot of growth.

667
00:28:44,873 --> 00:28:47,708
He didn't have the drive like you do.

668
00:28:47,826 --> 00:28:48,960
Like I do.

669
00:28:49,044 --> 00:28:50,128
Millions?

670
00:28:50,212 --> 00:28:51,329
For Schleppers.

671
00:28:51,463 --> 00:28:53,798
You got to go for billions.

672
00:28:53,882 --> 00:28:56,667
You know, they say tennis
is the sport of kings,

673
00:28:56,752 --> 00:28:59,303
but golf is the sport of deal-making.

674
00:28:59,338 --> 00:29:01,889
I... That's... That's why I quit tennis.

675
00:29:02,007 --> 00:29:04,225
"The son I never had"...

676
00:29:04,343 --> 00:29:07,178
That's what Carl's been
calling me for 30 years.

677
00:29:07,262 --> 00:29:08,179
That's the only thing.

678
00:29:08,313 --> 00:29:09,513
See the Blumenthals over there?

679
00:29:09,648 --> 00:29:12,016
Talked my ear off all afternoon.

680
00:29:12,100 --> 00:29:13,818
"Can I please make an introduction?

681
00:29:13,902 --> 00:29:15,436
I'm just dying to get into Bernie's fund."

682
00:29:15,520 --> 00:29:17,488
They're probably stalking you right now.

683
00:29:17,606 --> 00:29:20,524
His only daughter had
married a man named Bob Jaffe.

684
00:29:20,609 --> 00:29:23,778
All I'm saying is that
they're not the only members

685
00:29:23,862 --> 00:29:26,330
who would give their right
hand to get into the fund.

686
00:29:26,415 --> 00:29:29,867
You know, we come down here
to get away from business, Bob,

687
00:29:29,951 --> 00:29:31,585
not to drum it up.

688
00:29:31,703 --> 00:29:33,871
This is not a place to discuss business.

689
00:29:34,005 --> 00:29:35,089
It's in the club charter.

690
00:29:35,207 --> 00:29:37,675
We don't talk business here.

691
00:29:37,759 --> 00:29:38,876
Of course.

692
00:29:39,010 --> 00:29:42,096
That said, if you were to want to expand,

693
00:29:42,214 --> 00:29:44,682
I'd be more than willing to help.

694
00:29:44,766 --> 00:29:45,766
Eat.

695
00:29:45,884 --> 00:29:46,884
Uh-oh.

696
00:29:47,018 --> 00:29:48,636
You think letting Bob Jaffe

697
00:29:48,720 --> 00:29:50,187
comb Palm Beach for clients

698
00:29:50,272 --> 00:29:52,223
will get you $400 million overnight?

699
00:29:52,307 --> 00:29:56,310
Well, maybe yes and maybe no, Frank, but...

700
00:29:56,394 --> 00:29:59,613
A few million here and a few million there,

701
00:29:59,731 --> 00:30:02,233
it can buy us some time, right?

702
00:30:04,903 --> 00:30:07,771
Hi, Bernie. Blake North.

703
00:30:07,872 --> 00:30:09,873
Listen, I've been doing
my best with Jeremy,

704
00:30:09,958 --> 00:30:12,993
but it's just... he still
feels he needs more to go on

705
00:30:13,078 --> 00:30:15,245
for us to consider coming on board.

706
00:30:15,330 --> 00:30:17,915
So if we can facilitate a meeting,

707
00:30:17,999 --> 00:30:22,419
I think it would go a long
way to settling his concerns.

708
00:30:22,504 --> 00:30:24,722
So, uh, give me a call.

709
00:30:28,893 --> 00:30:30,394
Hey.

710
00:30:30,478 --> 00:30:32,429
Hey!

711
00:30:34,816 --> 00:30:36,266
Hey!

712
00:30:41,940 --> 00:30:44,741
- Surprise!
- Surprise!

713
00:30:47,278 --> 00:30:49,079
Sweetheart.

714
00:30:52,584 --> 00:30:54,668
What is that?

715
00:30:54,786 --> 00:30:56,036
Chairman of Nasdaq.

716
00:30:56,120 --> 00:30:57,170
What is that?

717
00:30:57,288 --> 00:30:59,506
- How could I be chairman?
- I never heard of...

718
00:30:59,624 --> 00:31:01,291
We found out yesterday. We
wanted to keep it a surprise.

719
00:31:01,376 --> 00:31:03,510
Maybe have a party. Got it all together.

720
00:31:03,628 --> 00:31:06,046
- Congratulations.
- Congratulations, Dad.

721
00:31:06,130 --> 00:31:08,098
- Oh, man.
- Confetti all over the place.

722
00:31:08,182 --> 00:31:09,266
This is great.

723
00:31:09,350 --> 00:31:10,934
I'm so proud of you, sweetheart.

724
00:31:11,019 --> 00:31:13,270
God, I always knew. I
knew this was your destiny.

725
00:31:13,354 --> 00:31:15,639
- Mm.
- Mm.

726
00:31:54,011 --> 00:31:56,896
From a back room in my
father-in-law's office

727
00:31:57,014 --> 00:31:58,899
to chairman of Nasdaq,

728
00:31:59,016 --> 00:32:02,769
the second-largest exchange in the world.

729
00:32:02,853 --> 00:32:05,188
A high watermark. You better believe it.

730
00:32:05,323 --> 00:32:07,490
A position like that?

731
00:32:07,575 --> 00:32:10,076
I'd never have to sell myself again.

732
00:32:10,161 --> 00:32:12,695
The title would do it for me.

733
00:32:13,664 --> 00:32:14,698
Yeah.

734
00:32:17,918 --> 00:32:20,003
- No, no. No.
- Bernie?

735
00:32:20,087 --> 00:32:21,421
I got to go.

736
00:32:21,505 --> 00:32:23,923
One more thing about closing a deal...

737
00:32:24,041 --> 00:32:26,509
Always save your best play for last.

738
00:32:26,594 --> 00:32:27,760
Well...

739
00:32:27,878 --> 00:32:30,380
Everything we've looked at looks good.

740
00:32:30,514 --> 00:32:34,217
But there's no mention in
here about the 2 in 20 split.

741
00:32:34,351 --> 00:32:37,554
There's no... no mention about
the management fee at all.

742
00:32:37,638 --> 00:32:39,556
That's right.

743
00:32:39,690 --> 00:32:41,724
Well, what do you mean, "that's right"?

744
00:32:41,859 --> 00:32:45,111
Even if you want to go 50-50,
it needs to be in writing.

745
00:32:45,229 --> 00:32:47,397
No. No.

746
00:32:47,481 --> 00:32:50,066
We're not gonna go 50-50.

747
00:32:52,786 --> 00:32:55,371
Well, then, uh, we need to go
back to the negotiating table,

748
00:32:55,472 --> 00:32:57,457
get the lawyers to draw
up entirely new contracts,

749
00:32:57,574 --> 00:32:58,908
start from scratch.

750
00:32:59,043 --> 00:33:02,245
You know, I don't think you
really want to do that, Jeremy.

751
00:33:03,414 --> 00:33:04,831
Oh, yeah?

752
00:33:04,915 --> 00:33:06,549
Tell me... why's that?

753
00:33:06,633 --> 00:33:09,452
Because we don't take any fees.

754
00:33:09,553 --> 00:33:11,888
We make our money on the trades.

755
00:33:11,972 --> 00:33:13,923
The management fees are all yours.

756
00:33:14,007 --> 00:33:15,892
I thought you understood that.

757
00:33:25,235 --> 00:33:28,104
So, uh...

758
00:33:28,188 --> 00:33:31,441
I suppose we should talk
about the initial buy-in.

759
00:33:31,575 --> 00:33:33,743
The gold standard in seduction...

760
00:33:33,827 --> 00:33:35,111
The moment your client

761
00:33:35,245 --> 00:33:38,414
starts to think he's the
one getting one over on you.

762
00:33:38,498 --> 00:33:41,000
- Did he really just...
- Yes.

763
00:33:41,118 --> 00:33:43,252
- But why wouldn't he...
- Jeremy.

764
00:33:43,337 --> 00:33:44,954
The best thing that will ever happen to us

765
00:33:45,038 --> 00:33:47,456
in our whole lives just happened.

766
00:33:47,591 --> 00:33:49,675
Do you really want to ruin it?

767
00:33:49,793 --> 00:33:52,178
After that, you couldn't stop them

768
00:33:52,296 --> 00:33:54,547
from giving you their money if you tried.

769
00:33:54,631 --> 00:33:57,216
Once word got out that Bernie Madoff

770
00:33:57,300 --> 00:33:59,468
would deliver your hedge-fund returns

771
00:33:59,603 --> 00:34:02,505
without taking a penny
of fees for himself...

772
00:34:02,606 --> 00:34:05,307
My name is Rene-Thierry
Magon de la Villehuchet,

773
00:34:05,409 --> 00:34:07,977
and I have been looking
forward very much to this day.

774
00:34:08,111 --> 00:34:09,445
Thank you so much.

775
00:34:09,529 --> 00:34:12,732
And we will be in touch, and we will visit.

776
00:34:14,151 --> 00:34:15,868
- Thank you. Ah. Ah.
- Adieu.

777
00:34:15,986 --> 00:34:18,404
Greg Perkins. Great to meet you, Bernie.

778
00:34:24,294 --> 00:34:26,128
You're not gonna regret this.

779
00:34:26,213 --> 00:34:28,163
Neither am I.

780
00:34:29,549 --> 00:34:31,167
Vera Zweig.

781
00:34:31,251 --> 00:34:33,802
A great pleasure to meet you, Mr. Madoff.

782
00:34:35,255 --> 00:34:38,841
Excellent.

783
00:34:38,892 --> 00:34:40,259
Ja.

784
00:34:42,345 --> 00:34:48,434
$10,006,442,853.64.

785
00:34:48,518 --> 00:34:51,236
Total cash in hand as of
9:00 A.M. this morning.

786
00:34:53,773 --> 00:34:55,691
$10 billion.

787
00:34:57,777 --> 00:35:01,914
Not bad for a poor Jewish kid from Queens.

788
00:35:02,032 --> 00:35:03,165
Oh, come on.

789
00:35:11,448 --> 00:35:14,031
_

790
00:35:16,106 --> 00:35:17,022
Got a minute?

791
00:35:17,107 --> 00:35:18,357
No, I do not.

792
00:35:18,441 --> 00:35:19,859
You're a math guy.

793
00:35:19,943 --> 00:35:21,911
A math guy?

794
00:35:21,995 --> 00:35:23,345
How much of a math guy?

795
00:35:23,446 --> 00:35:28,918
I have a pretty thorough
grounding in calculus,

796
00:35:29,002 --> 00:35:31,837
from integral to differential,

797
00:35:31,955 --> 00:35:35,457
plus linear algebra and statistics...

798
00:35:35,592 --> 00:35:37,459
Both normal and non-normal.

799
00:35:37,594 --> 00:35:39,878
Yes, I suppose you
could call me a math guy.

800
00:35:39,963 --> 00:35:41,764
Take a look at this.

801
00:35:41,848 --> 00:35:44,016
- What is that?
- A prospectus.

802
00:35:44,134 --> 00:35:45,768
- Don't ask me where I got it.
- Where did you get it?

803
00:35:45,852 --> 00:35:47,353
Harry, have you ever
heard of Bernie Madoff?

804
00:35:47,470 --> 00:35:49,021
Private fund, right?

805
00:35:49,139 --> 00:35:51,473
Consistent returns year in, year out.

806
00:35:51,524 --> 00:35:53,058
We need to do what he's doing.

807
00:35:53,143 --> 00:35:54,109
I need you to reverse...

808
00:35:54,210 --> 00:35:55,894
Reverse-engineer his trading strategy.

809
00:35:55,979 --> 00:35:58,063
See if we get his results.

810
00:35:58,148 --> 00:35:59,648
That's right, Harry.

811
00:35:59,783 --> 00:36:01,233
And have a good night.

812
00:36:17,166 --> 00:36:20,719
You're holding in your
hands an exact replica

813
00:36:20,837 --> 00:36:24,840
of a 1965 Aston Martin Volante.

814
00:36:24,891 --> 00:36:26,642
Only 37 of them ever made.

815
00:36:26,726 --> 00:36:28,310
Two remain in the United States.

816
00:36:28,394 --> 00:36:29,394
Hmm. It's beautiful.

817
00:36:29,512 --> 00:36:31,063
Roger gave it to me for Father's Day.

818
00:36:31,180 --> 00:36:33,015
I'd been hoping for a big one.

819
00:36:34,183 --> 00:36:35,434
I was happy to have the model.

820
00:36:35,518 --> 00:36:36,685
Hey.

821
00:36:36,769 --> 00:36:38,220
I need you to sign some things.

822
00:36:40,189 --> 00:36:41,940
Hello, to you, too, Frank.

823
00:36:42,025 --> 00:36:43,108
It's not a good time.

824
00:36:43,192 --> 00:36:44,860
It'll just take you five minutes.

825
00:36:44,994 --> 00:36:46,161
Just a set of filings

826
00:36:46,262 --> 00:36:48,447
for some accounts that
didn't get processed right.

827
00:36:48,531 --> 00:36:50,198
Okay, Frank.

828
00:36:50,283 --> 00:36:51,616
I'll, uh...

829
00:36:51,701 --> 00:36:53,702
I'll look them over,
and I'll get back to you.

830
00:36:53,786 --> 00:36:54,920
There's no time for that.

831
00:36:55,038 --> 00:36:57,589
I just need your chief
compliance officer rubber stamp.

832
00:36:57,707 --> 00:37:00,175
He said he'll get back to you, Frank.

833
00:37:00,259 --> 00:37:02,010
So...

834
00:37:04,347 --> 00:37:06,298
Okay, Mark.

835
00:37:07,717 --> 00:37:10,635
Vroom, vroom.

836
00:37:10,720 --> 00:37:13,522
Very nice.

837
00:37:17,360 --> 00:37:20,695
I was now moving in the
highest class of people.

838
00:37:20,780 --> 00:37:27,569
Like Elie Wiesel... holocaust
survivor, Nobel laureate.

839
00:37:27,653 --> 00:37:29,287
It is the twinge we feel

840
00:37:29,405 --> 00:37:32,240
when we go against our conscience.

841
00:37:32,325 --> 00:37:35,543
This is a gift given to most of us...

842
00:37:35,644 --> 00:37:37,412
The knowledge of wrong.

843
00:37:37,496 --> 00:37:40,882
And perhaps merely listening
to those feelings of guilt

844
00:37:40,966 --> 00:37:44,519
is the secret to living an ethical life.

845
00:37:44,620 --> 00:37:49,007
Perhaps, in the end, it's as easy as that.

846
00:37:54,430 --> 00:37:56,014
Thank you.

847
00:37:56,098 --> 00:37:58,566
For me, it's the market volatility

848
00:37:58,651 --> 00:38:00,351
that always scares me off.

849
00:38:00,436 --> 00:38:01,603
Well, of course.

850
00:38:01,737 --> 00:38:03,738
You don't know how the system works,

851
00:38:03,823 --> 00:38:06,157
and then you're going to entrust
everything you've worked for

852
00:38:06,275 --> 00:38:07,775
- to it?
- Exactly.

853
00:38:07,910 --> 00:38:09,244
I'll tell you the truth, Elie.

854
00:38:09,328 --> 00:38:11,412
The fact is that if you're
in the market for real,

855
00:38:11,447 --> 00:38:14,749
you don't have to look at it
on a daily basis, you know?

856
00:38:14,833 --> 00:38:16,584
It goes up 300, it goes down 300.

857
00:38:16,669 --> 00:38:17,669
It really doesn't matter.

858
00:38:17,786 --> 00:38:19,754
What you got to think about is,

859
00:38:19,838 --> 00:38:23,458
are you in, and do you trust the
general health of the markets?

860
00:38:23,542 --> 00:38:24,842
Then you'll be fine.

861
00:38:24,960 --> 00:38:25,960
You're gonna do okay.

862
00:38:26,095 --> 00:38:28,012
It... it would certainly be an honor

863
00:38:28,130 --> 00:38:29,714
to help you in any way we could.

864
00:38:29,798 --> 00:38:31,299
Our whole family would be so honored.

865
00:38:31,433 --> 00:38:32,467
Absolutely.

866
00:38:32,601 --> 00:38:34,469
Elie Wiesel, virtuous humanitarian.

867
00:38:34,603 --> 00:38:37,055
Didn't stop me for a second
from taking his money.

868
00:38:37,139 --> 00:38:38,406
It's not as though I'm gonna sit here

869
00:38:38,474 --> 00:38:40,058
and tell you that you
can't live without me.

870
00:38:40,142 --> 00:38:42,810
You know, you've done very
well with the guy you're with,

871
00:38:42,945 --> 00:38:45,446
so maybe you just want to stay put.

872
00:38:46,648 --> 00:38:49,450
Well, imagine if I lost your money.

873
00:38:49,485 --> 00:38:51,235
I wouldn't be invited to any bar mitzvah

874
00:38:51,320 --> 00:38:52,653
in the city of New York.

875
00:38:55,290 --> 00:38:57,158
You are Bernie Madoff.

876
00:38:57,292 --> 00:38:58,376
Yes, I am.

877
00:38:58,494 --> 00:39:00,578
Sheryl Weinstein.

878
00:39:00,662 --> 00:39:03,381
C.F.O. of Hadassah, the
Women's Organization.

879
00:39:03,498 --> 00:39:05,416
I am familiar with Hadassah.

880
00:39:05,500 --> 00:39:06,551
Good.

881
00:39:06,668 --> 00:39:08,386
Probably looks like I'm stalking you...

882
00:39:08,503 --> 00:39:11,005
Waiting for you outside
the bathroom like this.

883
00:39:11,139 --> 00:39:13,841
Well, actually, until you said that,

884
00:39:13,976 --> 00:39:15,009
I would have just thought

885
00:39:15,093 --> 00:39:17,144
that you were waiting for the bathroom.

886
00:39:17,229 --> 00:39:18,929
Damn.

887
00:39:19,014 --> 00:39:21,899
I just blew my own cover, right?

888
00:39:21,984 --> 00:39:23,517
Listen...

889
00:39:23,602 --> 00:39:25,936
I'm glad you have Hadassah as a client.

890
00:39:26,021 --> 00:39:29,740
I, uh... I know you don't
take on just anybody.

891
00:39:29,858 --> 00:39:33,244
But I would love a chance to
talk to you about our goals.

892
00:39:33,361 --> 00:39:35,529
Well, Sheryl, um...

893
00:39:35,614 --> 00:39:37,615
I have an idea about charities.

894
00:39:37,699 --> 00:39:40,000
It's not about the size.

895
00:39:40,085 --> 00:39:42,870
It's about the people behind them.

896
00:39:42,971 --> 00:39:45,539
So, uh...

897
00:39:45,674 --> 00:39:48,509
Why don't you call my office,
and we'll set something up?

898
00:39:50,879 --> 00:39:52,129
Oh, here you are.

899
00:39:52,214 --> 00:39:53,480
Ira's looking for you.

900
00:39:53,582 --> 00:39:58,385
He wants to introduce you to...
To some big cosmetics C.E.O.

901
00:39:58,520 --> 00:40:01,021
Ruth, this is, uh... Sherry? Sheryl.

902
00:40:01,106 --> 00:40:02,439
Sheryl Weinstein.

903
00:40:02,524 --> 00:40:04,475
Sheryl Weinstein from Hadassah.

904
00:40:04,559 --> 00:40:05,859
Oh! Wonderful.

905
00:40:05,944 --> 00:40:09,029
You... you ladies do such good work.

906
00:40:09,114 --> 00:40:10,231
Thank you.

907
00:40:10,315 --> 00:40:12,233
Bern, back in the saddle.

908
00:40:12,317 --> 00:40:13,651
Yeah.

909
00:40:30,585 --> 00:40:33,253
Good evening, and welcome

910
00:40:33,388 --> 00:40:38,225
to the fourth annual Madoff
Family Foundation fund-raiser.

911
00:40:38,309 --> 00:40:42,930
As chairman of Nasdaq, I am
grateful for you to be here.

912
00:40:43,064 --> 00:40:44,932
Those of you who are here tonight

913
00:40:45,066 --> 00:40:47,935
know already that you are the recipients

914
00:40:48,019 --> 00:40:51,605
of an enormous, almost miraculous, growth

915
00:40:51,739 --> 00:40:53,106
in personal wealth.

916
00:40:53,241 --> 00:40:56,109
Technology and innovation have allowed us

917
00:40:56,244 --> 00:40:58,612
to receive an amount of wealth

918
00:40:58,696 --> 00:41:03,083
that our parents could not
possibly even have dreamt of.

919
00:41:04,002 --> 00:41:06,670
But there are still far too many

920
00:41:06,788 --> 00:41:10,457
who have not been the
recipients of such wealth.

921
00:41:10,591 --> 00:41:13,043
They have neither the
money nor the benefits

922
00:41:13,127 --> 00:41:14,878
that wealth can bring.

923
00:41:14,963 --> 00:41:17,097
So, why do we give?

924
00:41:17,181 --> 00:41:19,599
Because we believe in this system

925
00:41:19,684 --> 00:41:22,936
that is perfected by the act of giving.

926
00:41:23,021 --> 00:41:23,970
Why do we give?

927
00:41:24,105 --> 00:41:25,138
Do you know how he does it?

928
00:41:25,273 --> 00:41:26,523
You figured it out in one night?

929
00:41:26,641 --> 00:41:28,975
Because it feels good.

930
00:41:29,110 --> 00:41:30,977
Madoff. You want to know how he does it?

931
00:41:31,112 --> 00:41:31,778
Yes.

932
00:41:31,863 --> 00:41:33,280
Why do we give?

933
00:41:33,364 --> 00:41:34,281
He doesn't.

934
00:41:34,982 --> 00:41:37,117
Because we care.

935
00:41:37,201 --> 00:41:38,819
It's a fraud.

936
00:41:43,157 --> 00:41:45,659
There's a cancer gene in the Madoff line.

937
00:41:45,743 --> 00:41:47,878
Cousins, uncles, grandparents.

938
00:41:47,995 --> 00:41:50,747
Leukemia, lymphoma, sarcoma.

939
00:41:50,831 --> 00:41:55,085
A poisoned heirloom passed
down for generations.

940
00:41:55,169 --> 00:41:57,387
Maybe we could extend out further.

941
00:41:57,505 --> 00:41:59,506
You always hear that
growth is a good thing.

942
00:41:59,590 --> 00:42:00,840
As much as of... of a window.

943
00:42:00,975 --> 00:42:02,392
We'll see if we like it.

944
00:42:02,510 --> 00:42:04,928
It shows the world you don't
want to settle for good enough.

945
00:42:05,012 --> 00:42:08,148
How... how deep is this?

946
00:42:08,232 --> 00:42:10,233
- No? Yeah?
- Yeah.

947
00:42:10,351 --> 00:42:13,269
By the time Bush Jr.
was in the White House,

948
00:42:13,354 --> 00:42:15,355
I had taken my Investment business

949
00:42:15,489 --> 00:42:20,443
and turned it into a
business spanning the globe.

950
00:42:20,528 --> 00:42:23,113
So, is growth a good thing?

951
00:42:23,197 --> 00:42:24,531
Sure.

952
00:42:24,665 --> 00:42:26,616
Unless it's cancer.

953
00:42:26,700 --> 00:42:28,201
And then it can kill you.

954
00:42:36,677 --> 00:42:38,344
- Harry.
- Hey.

955
00:42:38,429 --> 00:42:40,296
I'm sorry. I got held up in Charlestown.

956
00:42:40,381 --> 00:42:41,297
How you doing?

957
00:42:41,382 --> 00:42:42,549
Thanks for coming, Ed.

958
00:42:42,633 --> 00:42:43,550
What's on your mind?

959
00:42:43,634 --> 00:42:44,717
Maryann...

960
00:42:44,802 --> 00:42:47,187
Could I get a, uh...
I'll have a draft, please.

961
00:42:47,271 --> 00:42:49,772
Maybe we should grab a booth in the back...

962
00:42:49,890 --> 00:42:51,107
Something a little more private.

963
00:42:51,225 --> 00:42:52,275
A booth?

964
00:42:52,393 --> 00:42:53,526
Harry, what is this... a date?

965
00:42:53,611 --> 00:42:55,395
Come on. We play softball together.

966
00:42:55,529 --> 00:42:57,063
I'm with the SEC, not the CIA.

967
00:42:57,147 --> 00:42:58,114
What's going on?

968
00:42:58,232 --> 00:43:00,566
You like baseball, right, Ed?

969
00:43:00,651 --> 00:43:02,902
Sure, yeah.

970
00:43:02,987 --> 00:43:06,990
What if I told you there was
a player in the major leagues

971
00:43:07,074 --> 00:43:09,909
who was batting .960?

972
00:43:10,044 --> 00:43:11,544
I'd want him on my team.

973
00:43:12,713 --> 00:43:13,713
That's right.

974
00:43:13,797 --> 00:43:14,881
I'd say he was cheating.

975
00:43:14,965 --> 00:43:16,582
Yeah.

976
00:43:18,285 --> 00:43:20,636
Have you ever heard of Bernard L. Madoff?

977
00:43:20,754 --> 00:43:22,004
Bernie Madoff?

978
00:43:22,089 --> 00:43:23,840
Yeah, sure. He's got a good reputation.

979
00:43:25,893 --> 00:43:27,310
I'll say he does.

980
00:43:27,427 --> 00:43:30,096
Bernard L. Madoff is batting .960.

981
00:43:30,230 --> 00:43:32,098
Come on, Harry. What are you talking about?

982
00:43:32,182 --> 00:43:33,399
In his investment fund,

983
00:43:33,484 --> 00:43:35,485
only 4% of his months are down months.

984
00:43:35,602 --> 00:43:37,687
If his performance statistics are true,

985
00:43:37,771 --> 00:43:38,938
he would have to buy more options

986
00:43:39,072 --> 00:43:42,108
on the Chicago Options
Exchange than actually exist.

987
00:43:42,242 --> 00:43:45,411
Now, I spoke to my options guy in Chicago.

988
00:43:45,495 --> 00:43:49,365
No one remembers ever doing a
trade with Bernard L. Madoff.

989
00:43:49,449 --> 00:43:50,533
What are you saying?

990
00:43:50,617 --> 00:43:52,952
Are you... you saying he's insider trading?

991
00:43:56,373 --> 00:43:58,213
I'm accusing him of running a Ponzi scheme.

992
00:43:59,009 --> 00:44:00,209
Bernie Madoff?

993
00:44:00,293 --> 00:44:03,262
The same guy that sat on the
Nasdaq chair for three years?

994
00:44:03,347 --> 00:44:04,964
- That's him.
- And you want to speak to my boss?

995
00:44:05,048 --> 00:44:06,298
I do.

996
00:44:06,383 --> 00:44:08,134
Ed, I've run the numbers on this.

997
00:44:08,268 --> 00:44:09,218
And you know me, Ed.

998
00:44:09,302 --> 00:44:11,137
I am precise.

999
00:44:11,271 --> 00:44:12,221
He's a fraud.

1000
00:44:12,305 --> 00:44:14,473
Madoff is a fraud. Capital "F."

1001
00:44:14,608 --> 00:44:16,142
You know what this
sounds like to me, Harry?

1002
00:44:16,276 --> 00:44:17,977
It sounds like you've got
some kind of personal issue

1003
00:44:18,061 --> 00:44:19,228
going on here.

1004
00:44:19,312 --> 00:44:21,814
I mean, you've got a guy
that's not playing by the rules,

1005
00:44:21,948 --> 00:44:23,816
and you want to get him off the field.

1006
00:44:23,900 --> 00:44:25,401
When this thing goes down,

1007
00:44:25,485 --> 00:44:28,320
people are going to be destroyed.

1008
00:44:28,405 --> 00:44:30,790
Lives are going to be
destroyed with this thing.

1009
00:44:30,874 --> 00:44:32,491
And not just rich people.

1010
00:44:32,576 --> 00:44:35,327
Little old ladies who
thought they were investing

1011
00:44:35,412 --> 00:44:36,829
in their future, their retirements.

1012
00:44:36,963 --> 00:44:37,963
They're gonna lose it.

1013
00:44:38,048 --> 00:44:39,298
Charities!

1014
00:44:39,382 --> 00:44:40,833
People who didn't even know

1015
00:44:40,967 --> 00:44:42,167
that they were investing in this guy...

1016
00:44:42,252 --> 00:44:43,385
they're gonna lose everything.

1017
00:44:43,503 --> 00:44:46,055
- You're sure?
- I am sure.

1018
00:44:47,924 --> 00:44:50,926
All right, if I can get you
a meeting with Grant Ward,

1019
00:44:51,011 --> 00:44:54,313
you got to make a very
clear, very convincing case,

1020
00:44:54,397 --> 00:44:56,098
- and it's got to be done very quickly.
- Yes.

1021
00:44:56,182 --> 00:44:57,399
- He's not a numbers guy.
- I know.

1022
00:44:57,517 --> 00:44:58,875
- So don't go in there with equations...
- Ed...

1023
00:44:58,935 --> 00:45:00,018
... and all kinds of theorems and...

1024
00:45:00,153 --> 00:45:01,603
Listen to me.

1025
00:45:01,688 --> 00:45:03,856
I can handle this.

1026
00:45:05,859 --> 00:45:08,160
So, I met someone.

1027
00:45:08,244 --> 00:45:09,445
Her name's Catherine.

1028
00:45:09,529 --> 00:45:11,663
How'd you manage that
without me as your wingman?

1029
00:45:11,748 --> 00:45:12,865
Yeah, don't be an ass.

1030
00:45:12,999 --> 00:45:14,450
I walked into her store.

1031
00:45:14,534 --> 00:45:17,369
She owns that fly-fishing
outfitters store downtown...

1032
00:45:17,504 --> 00:45:18,407
- urban angler.
- So, are you

1033
00:45:18,432 --> 00:45:19,478
serious about her or what?

1034
00:45:19,539 --> 00:45:21,540
Yeah. I think it's real.

1035
00:45:21,624 --> 00:45:24,426
And I was thinking about
inviting her to Shana's Wedding.

1036
00:45:24,544 --> 00:45:26,319
That's great, man. You
should do that. Yeah?

1037
00:45:26,379 --> 00:45:28,680
Just be ready. Mom's
gonna give her the look.

1038
00:45:28,765 --> 00:45:30,382
- Which look?
- You know the look.

1039
00:45:30,517 --> 00:45:32,434
- Oh, the look, the look.
- The look.

1040
00:45:32,552 --> 00:45:35,971
They're such paradoxes, Mom and Dad.

1041
00:45:36,055 --> 00:45:39,358
You know, one minute, they're
up in every aspect of our lives.

1042
00:45:39,442 --> 00:45:42,728
And the next, especially Dad...

1043
00:45:42,812 --> 00:45:45,647
They just freeze you out.

1044
00:45:45,732 --> 00:45:47,616
You see the new business card?

1045
00:45:47,734 --> 00:45:48,900
Yeah, that's pretty much the same

1046
00:45:48,985 --> 00:45:49,901
as the old ones, aren't they?

1047
00:45:50,036 --> 00:45:52,404
Yeah. Pretty much exactly the same.

1048
00:45:52,538 --> 00:45:53,872
And it pisses me off.

1049
00:45:53,956 --> 00:45:56,235
Pisses me off even more for Uncle Peter.

1050
00:45:56,260 --> 00:45:57,149
Mark, come on.

1051
00:45:57,243 --> 00:45:58,744
You got to let go of the
whole name-change thing.

1052
00:45:58,878 --> 00:46:00,162
Listen to me.

1053
00:46:00,246 --> 00:46:01,663
Dad's never gonna let it go.

1054
00:46:01,748 --> 00:46:02,914
Why won't he?

1055
00:46:03,049 --> 00:46:05,751
It should just be "Madoff
Investment Securities."

1056
00:46:05,885 --> 00:46:06,885
All he ever talks about is,

1057
00:46:06,969 --> 00:46:09,054
"Oh, we're just a small family business."

1058
00:46:09,138 --> 00:46:11,590
Make no mistake... it's the "Bernie Show."

1059
00:46:15,311 --> 00:46:16,978
Why don't you string one up for me?

1060
00:46:17,096 --> 00:46:20,265
You don't even like surf fishing.

1061
00:46:20,316 --> 00:46:22,934
Oh, my boys.

1062
00:46:23,069 --> 00:46:25,854
It's a beautiful day, a sunny beach.

1063
00:46:25,938 --> 00:46:28,023
It's not about the fish.

1064
00:46:34,013 --> 00:46:36,031
I know that I don't have the
administrative experience,

1065
00:46:36,115 --> 00:46:38,750
but I'm a hard worker and a quick learner.

1066
00:46:38,784 --> 00:46:40,869
I spent six years in retail.

1067
00:46:40,953 --> 00:46:42,587
I managed the fundraisers for the PTA...

1068
00:46:42,672 --> 00:46:46,391
When you were growing up, what
was it that you wanted to do?

1069
00:46:46,492 --> 00:46:47,759
I'm sorry.

1070
00:46:47,843 --> 00:46:48,960
I don't... I don't understand.

1071
00:46:49,095 --> 00:46:51,346
When you were growing up, you...

1072
00:46:51,464 --> 00:46:55,066
You didn't have the
ambition to be a secretary.

1073
00:46:55,134 --> 00:46:56,334
Did you?

1074
00:46:58,354 --> 00:46:59,938
Sounds like a trick question.

1075
00:47:00,022 --> 00:47:02,557
It isn't.

1076
00:47:02,641 --> 00:47:03,725
Okay.

1077
00:47:03,809 --> 00:47:07,312
I wanted to be a nurse.

1078
00:47:07,446 --> 00:47:08,613
You know, something useful. You know?

1079
00:47:08,697 --> 00:47:10,782
Something to help people.

1080
00:47:10,866 --> 00:47:12,734
But...

1081
00:47:12,818 --> 00:47:13,952
Life gets in the way.

1082
00:47:14,053 --> 00:47:16,905
I understand, I understand.

1083
00:47:16,989 --> 00:47:18,256
Now you got two kids.

1084
00:47:18,324 --> 00:47:22,710
So you're gonna get a job that pays well,

1085
00:47:22,828 --> 00:47:24,996
and you can support your children.

1086
00:47:26,966 --> 00:47:29,100
Yeah.

1087
00:47:29,201 --> 00:47:31,302
Yes, sir.

1088
00:47:33,088 --> 00:47:34,839
Eleanor...

1089
00:47:34,974 --> 00:47:37,925
I've run this company for 40 years,

1090
00:47:38,010 --> 00:47:41,179
and I have never hired anybody

1091
00:47:41,263 --> 00:47:44,148
who didn't answer that question honestly.

1092
00:47:47,519 --> 00:47:53,357
Now, the thing that I prize
more than anything is loyalty.

1093
00:47:53,492 --> 00:47:56,360
You won't meet a more loyal
person than me, Mr. Madoff.

1094
00:47:56,495 --> 00:47:59,163
If I hire you, Eleanor...

1095
00:47:59,264 --> 00:48:03,584
You have to be loyal to me.

1096
00:48:03,702 --> 00:48:05,753
Not the company.

1097
00:48:05,871 --> 00:48:09,707
To me.

1098
00:48:11,210 --> 00:48:13,094
You understand that?

1099
00:48:15,931 --> 00:48:17,882
Yes.

1100
00:48:18,016 --> 00:48:20,017
I do understand.

1101
00:48:22,721 --> 00:48:25,790
I know it's not a big deal to you.

1102
00:48:25,891 --> 00:48:28,192
We're just a client,
and not a very big one,

1103
00:48:28,226 --> 00:48:31,946
but it is a huge thing
for the organization.

1104
00:48:32,064 --> 00:48:35,066
So, what do you think?

1105
00:48:35,150 --> 00:48:36,500
Should we do it?

1106
00:48:36,568 --> 00:48:37,485
Do what?

1107
00:48:37,569 --> 00:48:38,736
- Order champagne?
- Oh.

1108
00:48:41,790 --> 00:48:44,158
Yes, of course, if you'd like some.

1109
00:48:44,242 --> 00:48:46,377
I don't... I don't drink, so...

1110
00:48:46,461 --> 00:48:47,495
Never?

1111
00:48:47,579 --> 00:48:48,746
Rarely.

1112
00:48:48,830 --> 00:48:53,167
Occasional glass of wine
with dinner, but, really, no.

1113
00:48:53,251 --> 00:48:55,169
Are you afraid you'll
spill all your secrets

1114
00:48:55,253 --> 00:48:56,187
if you get a little tipsy?

1115
00:48:58,256 --> 00:49:00,558
Or you'll lose control?

1116
00:49:00,642 --> 00:49:03,844
Well, we should have had
this meeting at my office,

1117
00:49:03,929 --> 00:49:08,098
but you insisted on... on having lunch.

1118
00:49:08,233 --> 00:49:09,600
Well...

1119
00:49:09,768 --> 00:49:13,270
We could have had lunch at
any restaurant in the city,

1120
00:49:13,405 --> 00:49:17,274
but you suggested a restaurant in a hotel.

1121
00:49:26,952 --> 00:49:28,953
Check, please.

1122
00:49:34,854 --> 00:49:37,886
_

1123
00:49:37,957 --> 00:49:40,541
So, plainly and simply put,

1124
00:49:40,659 --> 00:49:44,095
one OTC at-the-money put
would have a delta of 0.5,

1125
00:49:44,196 --> 00:49:47,415
meaning that any drop in the OEX

1126
00:49:47,499 --> 00:49:50,902
larger than a mere, oh, 1.1%...

1127
00:49:51,003 --> 00:49:53,304
Well, Madoff would have to buy options

1128
00:49:53,388 --> 00:49:55,973
with high enough gamma to
protect second derivatives

1129
00:49:56,058 --> 00:49:57,008
against a drop in the first,

1130
00:49:57,092 --> 00:49:59,677
which, as we all know, is absurd.

1131
00:50:00,913 --> 00:50:03,881
Now, let's talk about mega-tronic analysis

1132
00:50:03,982 --> 00:50:07,435
of financial consortiums,
which when compounded with...

1133
00:50:07,519 --> 00:50:09,820
Thank you, Mr. Markopolos.

1134
00:50:09,905 --> 00:50:13,824
I'll refer your findings
to the appropriate person.

1135
00:50:13,909 --> 00:50:17,445
Maybe they'll be able to
understand your theories.

1136
00:50:17,529 --> 00:50:19,280
- Thank you for your time, Grant.
- Ah.

1137
00:50:19,364 --> 00:50:20,364
It was great to see you.

1138
00:50:20,499 --> 00:50:21,866
Sorry to interrupt your schedule today.

1139
00:50:21,950 --> 00:50:24,085
I'm an army man, Mr. Ward.

1140
00:50:24,202 --> 00:50:25,870
Good to know.

1141
00:50:25,954 --> 00:50:27,288
I swore an oath

1142
00:50:27,372 --> 00:50:30,675
to protect this country
against all enemies,

1143
00:50:30,776 --> 00:50:32,510
foreign and domestic.

1144
00:50:32,611 --> 00:50:36,931
And Bernard Madoff is a domestic enemy.

1145
00:50:37,049 --> 00:50:39,550
This is about duty.

1146
00:50:42,888 --> 00:50:44,805
Thanks, Grant.

1147
00:50:44,890 --> 00:50:46,891
20,000 shares?

1148
00:50:49,060 --> 00:50:53,063
This is me putting my
whole life in your hands.

1149
00:50:55,233 --> 00:50:56,617
Take it.

1150
00:50:56,735 --> 00:50:58,869
Eleanor...

1151
00:50:58,954 --> 00:51:02,656
If the world ends, these
are the numbers I need.

1152
00:51:02,741 --> 00:51:05,376
I want you to make a copy of this book

1153
00:51:05,460 --> 00:51:07,044
and put it in your computer.

1154
00:51:07,128 --> 00:51:10,180
I want to have a separate
password for you and me.

1155
00:51:10,282 --> 00:51:13,083
Okay.

1156
00:51:13,168 --> 00:51:15,135
The Lowell Hotel called.

1157
00:51:15,253 --> 00:51:16,587
They want to confirm a reservation

1158
00:51:16,721 --> 00:51:18,055
for lunch and a room.

1159
00:51:18,089 --> 00:51:20,507
Yes. That's correct.

1160
00:51:23,728 --> 00:51:25,562
Well, then you're all set.

1161
00:51:25,647 --> 00:51:28,349
Mr. Ward, this is Harry Markopolos.

1162
00:51:28,433 --> 00:51:32,269
Um, I have run some additional numbers,

1163
00:51:32,404 --> 00:51:37,658
and I think you'll find
them very interesting.

1164
00:51:37,775 --> 00:51:40,944
If you could give me a call back
at your earliest convenience.

1165
00:51:41,029 --> 00:51:42,579
Thank you.

1166
00:51:46,117 --> 00:51:48,285
Hello.

1167
00:51:48,419 --> 00:51:50,120
Hi.

1168
00:51:50,255 --> 00:51:52,122
I'm Eleanor, Bernie's new secretary.

1169
00:51:52,257 --> 00:51:53,173
You must be Ruth.

1170
00:51:53,291 --> 00:51:55,792
I mean Mrs. Madoff.

1171
00:51:55,877 --> 00:51:56,793
It's nice to meet you.

1172
00:51:56,928 --> 00:51:58,212
Uh-huh. Nice to meet you, too.

1173
00:51:58,296 --> 00:52:00,430
So, where is he?

1174
00:52:00,515 --> 00:52:02,299
I just got back from
Florida with my sister.

1175
00:52:02,433 --> 00:52:03,600
He was supposed to have lunch with us.

1176
00:52:03,685 --> 00:52:04,885
He's not picking up his phone.

1177
00:52:04,969 --> 00:52:08,855
Um, Mr. Berman needed
him up at his offices.

1178
00:52:08,973 --> 00:52:11,775
He's gonna be in meetings all afternoon.

1179
00:52:11,859 --> 00:52:13,143
What's your name again?

1180
00:52:13,277 --> 00:52:14,444
Eleanor.

1181
00:52:14,529 --> 00:52:15,946
Eleanor Squillari.

1182
00:52:20,451 --> 00:52:21,985
Oh, good girl.

1183
00:52:23,488 --> 00:52:25,155
One of your other mistresses?

1184
00:52:25,239 --> 00:52:27,457
My secretary.

1185
00:52:27,542 --> 00:52:29,626
Oh, come on. Tell me there are others.

1186
00:52:29,710 --> 00:52:30,627
Make me jealous.

1187
00:52:30,711 --> 00:52:32,245
Sorry, kid.

1188
00:52:32,330 --> 00:52:34,548
Only you.

1189
00:52:36,834 --> 00:52:40,170
Uh, hello, Mr. Ward.
This is Harry Markopolos.

1190
00:52:40,304 --> 00:52:42,973
I am checking with you again

1191
00:52:43,057 --> 00:52:47,260
regarding the Madoff
materials that I sent to you,

1192
00:52:47,345 --> 00:52:51,064
and, um, if you wouldn't
mind giving me a call back,

1193
00:52:51,182 --> 00:52:53,850
um, you can reach me through Ed Manion.

1194
00:52:53,985 --> 00:52:57,604
Do you know what I see
everywhere that I look, Ed?

1195
00:52:57,688 --> 00:52:59,406
I see red flags.

1196
00:52:59,523 --> 00:53:03,243
Red flag number one... why
aren't the commissions charged

1197
00:53:03,361 --> 00:53:04,778
fully disclosed to investors?

1198
00:53:04,862 --> 00:53:09,032
Red flag number two... why would
Madoff leave 4% on the table?

1199
00:53:09,166 --> 00:53:10,250
I'll tell you why.

1200
00:53:10,368 --> 00:53:11,618
It's a con. It's a scheme.

1201
00:53:11,702 --> 00:53:13,703
It's to lure them in.
It's to make them happy.

1202
00:53:13,838 --> 00:53:15,622
That's what that 4% is for.

1203
00:53:15,706 --> 00:53:17,207
Yes, hello, Mr. Ward.

1204
00:53:17,291 --> 00:53:18,708
This is Harry Markopolos

1205
00:53:18,793 --> 00:53:22,212
calling you once again
regarding the Madoff materials.

1206
00:53:22,346 --> 00:53:25,465
Red flag number 12... Madoff goes 100% cash

1207
00:53:25,549 --> 00:53:27,217
for every December 31st year-end.

1208
00:53:27,301 --> 00:53:29,769
See, that effectively
wipes the books clean.

1209
00:53:29,887 --> 00:53:32,355
Red flag number 31...
some guy in a strip mall

1210
00:53:32,439 --> 00:53:33,356
is his independent auditor

1211
00:53:33,440 --> 00:53:35,141
verifying the accounting entries.

1212
00:53:35,226 --> 00:53:36,460
Now, you're... you're...
you're... you're...

1213
00:53:36,485 --> 00:53:37,334
you're forcing me to conclude

1214
00:53:37,394 --> 00:53:40,697
that you are simply unwilling
to take on anyone of real power,

1215
00:53:40,781 --> 00:53:44,117
or you're simply unable
to grasp the magnitude

1216
00:53:44,235 --> 00:53:46,035
of what it is that I've shown you,

1217
00:53:46,120 --> 00:53:47,820
or you're just too lazy
to do anything about it.

1218
00:53:49,807 --> 00:53:51,124
This account, Shana?

1219
00:53:51,242 --> 00:53:52,125
Are you sure?

1220
00:53:52,243 --> 00:53:53,576
Yeah. Try this one.

1221
00:53:53,711 --> 00:53:55,211
Euros.

1222
00:53:55,312 --> 00:53:57,080
Pesos. Yen.

1223
00:53:57,214 --> 00:53:59,415
You set 'em up, and I'll knock 'em down.

1224
00:53:59,550 --> 00:54:00,800
Okay.

1225
00:54:07,391 --> 00:54:09,258
What's the matter?

1226
00:54:09,393 --> 00:54:12,562
It's okay, Bernie. Later. We'll talk.

1227
00:54:12,646 --> 00:54:13,563
No, no. No, no, no.

1228
00:54:13,647 --> 00:54:15,014
We'll talk... we'll talk now.

1229
00:54:15,099 --> 00:54:16,432
What?

1230
00:54:16,567 --> 00:54:17,934
R-Roger.

1231
00:54:18,068 --> 00:54:20,820
Oh.

1232
00:54:23,157 --> 00:54:25,158
- Does it work?
- Um... Yeah.

1233
00:54:25,275 --> 00:54:26,242
Hold on. Let me try one more thing.

1234
00:54:26,343 --> 00:54:28,027
Okay.

1235
00:54:28,112 --> 00:54:29,695
Let me just...

1236
00:54:29,780 --> 00:54:30,997
What's going on?

1237
00:54:31,081 --> 00:54:33,416
Hmm?

1238
00:54:35,502 --> 00:54:36,869
He told him.

1239
00:54:36,954 --> 00:54:38,671
Told him what?

1240
00:54:38,789 --> 00:54:41,707
Roger's sick.

1241
00:54:45,512 --> 00:54:47,380
What kind is it?

1242
00:54:47,464 --> 00:54:49,215
Leukemia.

1243
00:54:49,299 --> 00:54:51,133
The poisoned heirloom.

1244
00:54:51,218 --> 00:54:53,970
The Madoff family curse.

1245
00:55:03,814 --> 00:55:04,981
Yeah?

1246
00:55:05,115 --> 00:55:07,199
Is this Harry Mark-Opolos?

1247
00:55:08,368 --> 00:55:10,653
Marko-Polos.

1248
00:55:10,737 --> 00:55:11,787
Who is this?

1249
00:55:11,872 --> 00:55:13,406
Michael Ocrant.

1250
00:55:13,490 --> 00:55:15,374
I'm a financial reporter.

1251
00:55:15,492 --> 00:55:16,992
I heard that you've been digging around

1252
00:55:17,127 --> 00:55:18,661
in the workings of Madoff's fund

1253
00:55:18,745 --> 00:55:20,246
and have some concerns.

1254
00:55:20,330 --> 00:55:22,214
Wait, wait, wait, wait.
Who... who... who is it?

1255
00:55:22,332 --> 00:55:23,833
Michael Ocrant.

1256
00:55:23,967 --> 00:55:26,168
I'm a financial-news reporter.

1257
00:55:29,172 --> 00:55:32,007
And if I look you up, I'll
find your credentials online?

1258
00:55:32,092 --> 00:55:35,177
Is a national press club
award good enough for you?

1259
00:55:35,262 --> 00:55:36,612
If I do go ahead and print this,

1260
00:55:36,680 --> 00:55:38,230
the whole industry's gonna read it.

1261
00:55:38,348 --> 00:55:42,184
You can be sure the mainstream
press won't be far behind.

1262
00:55:42,285 --> 00:55:44,570
If I told you what I had on Madoff,

1263
00:55:44,688 --> 00:55:48,023
you wouldn't have the guts to print it.

1264
00:55:48,158 --> 00:55:50,025
Try me, Mr. Markopolos.

1265
00:55:54,412 --> 00:55:56,663
The Barron's article followed
that industry newsletter.

1266
00:55:56,781 --> 00:55:57,781
I know a lot of you have been buzzing

1267
00:55:57,865 --> 00:55:59,349
about the Barron's article.

1268
00:55:59,450 --> 00:56:02,753
First thing I want you to do is read it.

1269
00:56:02,837 --> 00:56:05,005
But read the whole article,
not just the headline...

1270
00:56:05,123 --> 00:56:08,008
Because once you do that, you're
gonna find out pretty quick

1271
00:56:08,126 --> 00:56:09,793
what they're actually saying

1272
00:56:09,877 --> 00:56:12,679
is that Dad's competitors are jealous

1273
00:56:12,797 --> 00:56:16,049
because he is outclassing them
and they can't figure out how.

1274
00:56:16,133 --> 00:56:18,385
Luckily, both reporters called me,

1275
00:56:18,469 --> 00:56:19,970
and I fed them a pack of lies.

1276
00:56:20,104 --> 00:56:23,223
All they ended up printing
was that I was secretive

1277
00:56:23,307 --> 00:56:24,608
and had some skeptics

1278
00:56:24,692 --> 00:56:26,860
questioning my consistent returns.

1279
00:56:26,978 --> 00:56:30,113
"One of the top three market
markers in Nasdaq stocks."

1280
00:56:30,197 --> 00:56:32,482
You put Mark in charge of damage control.

1281
00:56:32,567 --> 00:56:33,650
You sure he's up to it?

1282
00:56:33,784 --> 00:56:34,734
Sure he's up to it?

1283
00:56:34,819 --> 00:56:35,902
He's brilliant at it.

1284
00:56:35,987 --> 00:56:37,037
They love him up there.

1285
00:56:37,154 --> 00:56:39,239
And besides, he don't know squat.

1286
00:56:39,323 --> 00:56:41,124
It's you I'm more concerned about.

1287
00:56:41,158 --> 00:56:42,876
- Me?
- Yeah. You gonna be ready?

1288
00:56:42,960 --> 00:56:44,411
- When have I not been?
- Look...

1289
00:56:44,495 --> 00:56:48,298
Every single one of our clients
is gonna read this article.

1290
00:56:48,382 --> 00:56:52,802
We can't afford another
SEC investigation, Frank.

1291
00:56:52,887 --> 00:56:54,754
Don't worry, Bernie.

1292
00:56:54,905 --> 00:56:56,423
I'll be ready.

1293
00:56:56,507 --> 00:56:57,891
What do you got?

1294
00:56:58,008 --> 00:57:01,594
I got ace-king.

1295
00:57:42,353 --> 00:57:44,554
My sister called me today.

1296
00:57:44,638 --> 00:57:45,772
Yeah?

1297
00:57:45,889 --> 00:57:48,725
She and Bob read that Barron's article,

1298
00:57:48,809 --> 00:57:52,028
and they had all kinds
of questions about how...

1299
00:57:52,112 --> 00:57:54,564
exactly how you handle their money.

1300
00:57:54,648 --> 00:57:55,898
And what did you tell them?

1301
00:57:55,983 --> 00:57:57,567
What... what do you think I told them?

1302
00:57:57,701 --> 00:57:59,285
I told them to call you.

1303
00:57:59,403 --> 00:58:02,572
What the hell do I know about it all?

1304
00:58:02,706 --> 00:58:04,207
What are you drinking?

1305
00:58:04,291 --> 00:58:06,409
This is the '89 Château Latour

1306
00:58:06,460 --> 00:58:08,494
that Carl gave us for our anniversary.

1307
00:58:08,579 --> 00:58:10,496
It's so delicious.

1308
00:58:10,581 --> 00:58:11,664
Get a glass.

1309
00:58:11,748 --> 00:58:13,716
He said that you should only wait 10 years

1310
00:58:13,801 --> 00:58:15,134
and then drink it.

1311
00:58:15,252 --> 00:58:16,969
So...

1312
00:58:17,087 --> 00:58:19,505
Is that what you really told them?

1313
00:58:19,590 --> 00:58:21,807
To... to call me?

1314
00:58:21,925 --> 00:58:23,092
No.

1315
00:58:23,176 --> 00:58:26,646
I told them that if they had
any doubts about my husband,

1316
00:58:26,763 --> 00:58:28,514
they... they should feel free

1317
00:58:28,599 --> 00:58:30,099
to take their money out of the fund

1318
00:58:30,183 --> 00:58:32,234
and go back to life before you came along

1319
00:58:32,319 --> 00:58:33,352
and made them rich...

1320
00:58:33,437 --> 00:58:37,239
richer than they ever dreamed possible.

1321
00:58:46,283 --> 00:58:48,617
You're the best.

1322
00:58:48,752 --> 00:58:50,169
No, you are.

1323
00:58:55,625 --> 00:58:57,259
Bernie, I'm sorry to impose again.

1324
00:58:57,344 --> 00:58:59,962
No, no, no, no. No apology necessary.

1325
00:59:00,096 --> 00:59:01,764
If I saw an article
like the one in Barron's,

1326
00:59:01,848 --> 00:59:03,182
I'd have questions, too.

1327
00:59:03,300 --> 00:59:06,535
You do know it's not us
who the need the assurance.

1328
00:59:06,636 --> 00:59:09,889
It's just a few squeaky-wheel clients...

1329
00:59:09,973 --> 00:59:11,307
You might think that the managers

1330
00:59:11,441 --> 00:59:13,142
of one of my biggest feeder funds

1331
00:59:13,276 --> 00:59:16,562
were here because the Barron's
article had people talking.

1332
00:59:16,646 --> 00:59:18,397
Of course, you certainly don't need us

1333
00:59:18,481 --> 00:59:20,482
to tell you how tricky clients can be.

1334
00:59:20,617 --> 00:59:21,951
Maybe it was the article.

1335
00:59:22,035 --> 00:59:25,037
Or maybe it was just the
little voices in their heads

1336
00:59:25,155 --> 00:59:28,791
worrying if my returns
were too good to be true.

1337
00:59:28,875 --> 00:59:31,543
But obviously we put a lot of stake

1338
00:59:31,661 --> 00:59:34,046
in our reputation for due diligence.

1339
00:59:34,164 --> 00:59:38,217
So we really appreciate you taking the time

1340
00:59:38,334 --> 00:59:41,303
to lay it all out for us.

1341
00:59:44,974 --> 00:59:47,426
This is Frank DiPascali,

1342
00:59:47,510 --> 00:59:51,346
the vice president of systems
and technology for our firm.

1343
00:59:52,348 --> 00:59:55,100
How was the traffic coming down 95?

1344
00:59:55,185 --> 00:59:57,236
- Not bad.
- Merritt was pretty clear.

1345
00:59:57,353 --> 01:00:01,023
Now, I assume the best place
to start is a walk-through

1346
01:00:01,107 --> 01:00:03,158
of how we execute trades on your behalf.

1347
01:00:03,243 --> 01:00:05,294
Translation... "I know
that you want some proof

1348
01:00:05,361 --> 01:00:09,448
that the trades listed in those
monthly statements are legit."

1349
01:00:09,532 --> 01:00:12,034
This software is our direct link

1350
01:00:12,118 --> 01:00:13,702
to the European options markets,

1351
01:00:13,836 --> 01:00:16,255
where we find most of our counterparties.

1352
01:00:16,372 --> 01:00:18,373
Now...

1353
01:00:18,508 --> 01:00:22,260
Let's buy a hedge option on...

1354
01:00:22,378 --> 01:00:24,379
I'll tell you what. You choose it.

1355
01:00:24,514 --> 01:00:26,848
AOL.

1356
01:00:35,892 --> 01:00:37,776
And there you go.

1357
01:00:37,894 --> 01:00:39,861
This is a call option from Germany.

1358
01:00:39,962 --> 01:00:41,480
And if we want a put...

1359
01:00:48,604 --> 01:00:49,955
Bingo.

1360
01:00:50,072 --> 01:00:52,240
This one's from London.

1361
01:00:52,325 --> 01:00:55,877
And there you have it. The
split strike is in place.

1362
01:00:55,962 --> 01:00:59,664
Now let's go over a few
more of your positions.

1363
01:00:59,749 --> 01:01:01,299
Oh, I don't know. I think that's, um...

1364
01:01:01,417 --> 01:01:03,752
that's probably sufficient, right?

1365
01:01:07,390 --> 01:01:08,757
What about the DTC?

1366
01:01:08,891 --> 01:01:10,325
The Depository Trust Company.

1367
01:01:10,426 --> 01:01:13,428
Aka the DTC.

1368
01:01:13,512 --> 01:01:14,930
This is the clearinghouse

1369
01:01:15,064 --> 01:01:18,600
that actually holds the
stocks that traders trade.

1370
01:01:18,734 --> 01:01:22,237
Problem is, if you're not
actually buying a single stock

1371
01:01:22,321 --> 01:01:23,371
for your investors...

1372
01:01:23,472 --> 01:01:25,323
If you're just taking their money

1373
01:01:25,441 --> 01:01:28,209
and putting it into your own
chase Manhattan bank account,

1374
01:01:28,344 --> 01:01:32,080
your DTC is the one place
that it would show up

1375
01:01:32,164 --> 01:01:33,865
like an elephant at a tea party.

1376
01:01:33,949 --> 01:01:36,835
Sure.

1377
01:01:36,952 --> 01:01:41,206
Jut give me a SEC, and I'll
pull up the feed to DTC.

1378
01:01:52,334 --> 01:01:55,136
And there you go.

1379
01:01:55,271 --> 01:01:56,888
Frank, you beautiful man.

1380
01:01:56,972 --> 01:02:00,808
You created an entire fake DTC portal.

1381
01:02:00,893 --> 01:02:04,445
Well I guess that's a wrap.

1382
01:02:04,530 --> 01:02:05,813
- Thank you, Bernie.
- Thanks.

1383
01:02:05,948 --> 01:02:07,865
- Frank, nice to meet you.
- You too.

1384
01:02:07,983 --> 01:02:09,067
- Thanks.
- Thanks.

1385
01:02:09,151 --> 01:02:10,618
- Nice job.
- Thanks.

1386
01:02:15,958 --> 01:02:18,459
You want to know what the best thing is?

1387
01:02:18,544 --> 01:02:21,879
My DTC portal looks more
real than the real one.

1388
01:02:24,216 --> 01:02:25,299
This...

1389
01:02:25,384 --> 01:02:26,584
This is a Rembrandt.

1390
01:02:31,994 --> 01:02:33,912
New York...

1391
01:02:33,996 --> 01:02:36,848
Didn't find it actionable?

1392
01:02:36,949 --> 01:02:39,167
How can that be?

1393
01:02:39,285 --> 01:02:41,119
It's right there in Barron's!

1394
01:02:41,254 --> 01:02:42,621
Are they not able to read?

1395
01:02:42,705 --> 01:02:44,289
Harry, you... you got to understand.

1396
01:02:44,373 --> 01:02:47,342
The SEC only has 180 investigative agents.

1397
01:02:47,460 --> 01:02:50,095
We're supposed to police $12.7 trillion

1398
01:02:50,179 --> 01:02:51,796
trading hands on Wall Street every year.

1399
01:02:51,931 --> 01:02:53,157
- Yes.
- I mean, i... it's not a

1400
01:02:53,182 --> 01:02:54,456
vast conspiracy, Harry.

1401
01:02:54,517 --> 01:02:56,077
- We're just outgunned.
- This...

1402
01:02:56,102 --> 01:02:57,960
this is Bernard Madoff...

1403
01:02:58,020 --> 01:03:02,574
Who manages $18 billion to $24 billion.

1404
01:03:02,675 --> 01:03:06,945
Until this article, 175 of
your 180 enforcement agents

1405
01:03:07,029 --> 01:03:08,146
have never heard of him.

1406
01:03:08,280 --> 01:03:11,816
That is not outgunned, Ed.

1407
01:03:12,985 --> 01:03:14,953
That is simply inept.

1408
01:03:16,071 --> 01:03:17,455
You want to see action on this?

1409
01:03:17,540 --> 01:03:19,491
Your only hope is to get Meaghan Cheung

1410
01:03:19,625 --> 01:03:22,911
of the SEC in New York to
sit up and pay attention.

1411
01:03:22,995 --> 01:03:24,796
And the only way you can do that, Harry,

1412
01:03:24,880 --> 01:03:26,664
is to avoid shooting yourself in the foot

1413
01:03:26,749 --> 01:03:28,833
with all that quantitative analysis.

1414
01:03:28,968 --> 01:03:30,084
I mean, you got to make it simple.

1415
01:03:30,169 --> 01:03:31,336
You got to make it so simple

1416
01:03:31,420 --> 01:03:34,672
that a second-grader can understand it.

1417
01:03:38,010 --> 01:03:39,677
Hey, Bernie, you got a sec?

1418
01:03:39,812 --> 01:03:41,262
Mm-hmm.

1419
01:03:41,347 --> 01:03:43,181
Well, I just noticed that my paycheck

1420
01:03:43,315 --> 01:03:45,350
was 25% bigger this pay period.

1421
01:03:45,484 --> 01:03:48,236
And you wanted me to knock it down?

1422
01:03:48,354 --> 01:03:49,921
No, of course not. I just...

1423
01:03:50,022 --> 01:03:52,523
I just thought maybe there
was some kind of mistake.

1424
01:03:52,658 --> 01:03:54,409
Well, it was a mistake.

1425
01:03:54,526 --> 01:03:57,495
I realized that you
are raising two children

1426
01:03:57,596 --> 01:03:59,197
and I wasn't paying you enough.

1427
01:03:59,331 --> 01:04:01,282
So it was my mistake.

1428
01:04:01,366 --> 01:04:03,367
Thank you.

1429
01:04:03,452 --> 01:04:04,535
Thank you very much.

1430
01:04:04,670 --> 01:04:05,870
You're welcome.

1431
01:04:05,954 --> 01:04:07,038
I want you to know how proud I am

1432
01:04:07,172 --> 01:04:10,107
to work here for someone as kind as you.

1433
01:04:10,209 --> 01:04:11,542
Thank you.

1434
01:04:13,345 --> 01:04:15,463
Eleanor, could you do me a favor?

1435
01:04:15,547 --> 01:04:17,298
Would you mind, um...

1436
01:04:17,382 --> 01:04:21,519
Saying all those nice
things about me again?

1437
01:04:23,805 --> 01:04:26,224
All right.

1438
01:04:26,358 --> 01:04:29,360
I just want you to know how proud I am

1439
01:04:29,444 --> 01:04:33,698
to work for someone so kind, so generous,

1440
01:04:33,782 --> 01:04:36,200
so sweet...

1441
01:04:36,285 --> 01:04:37,568
So handsome...

1442
01:04:38,704 --> 01:04:40,121
... and so funny.

1443
01:04:42,574 --> 01:04:43,991
So, thank you.

1444
01:04:44,076 --> 01:04:46,077
"I am the original source

1445
01:04:46,161 --> 01:04:47,795
for the information presented here

1446
01:04:47,913 --> 01:04:49,964
and having first presented my rationale

1447
01:04:50,082 --> 01:04:51,415
both verbally and in writing

1448
01:04:51,550 --> 01:04:54,885
to the SEC's Boston office in May 1999.

1449
01:04:54,970 --> 01:04:56,837
There are two possible scenarios

1450
01:04:56,922 --> 01:04:59,523
that involve fraud by Madoff Securities.

1451
01:04:59,624 --> 01:05:01,258
Scenario 1, unlikely...

1452
01:05:01,393 --> 01:05:03,894
Bernard Madoff is earning
those returns by front running,

1453
01:05:03,995 --> 01:05:06,097
buying in ahead of his own clients.

1454
01:05:06,181 --> 01:05:08,399
Scenario 2, highly likely...

1455
01:05:08,483 --> 01:05:12,653
Madoff Securities is the
world's largest Ponzi scheme."

1456
01:05:12,771 --> 01:05:15,489
_

1457
01:05:15,607 --> 01:05:16,657
Harry Markopolos.

1458
01:05:16,775 --> 01:05:18,609
I had a 10:15 with Meaghan Cheung.

1459
01:05:18,743 --> 01:05:19,743
Okay.

1460
01:05:19,778 --> 01:05:22,413
I'll let her know you're here.

1461
01:05:22,497 --> 01:05:23,664
I'll...

1462
01:05:51,810 --> 01:05:53,477
Meaghan Cheung's office.

1463
01:05:53,611 --> 01:05:55,028
Yes, ma'am.

1464
01:05:55,146 --> 01:05:56,980
I'll let him know.

1465
01:05:57,115 --> 01:05:58,448
Mr. Mark-Opolos?

1466
01:05:58,533 --> 01:06:00,984
- Marko-Polos. Thank you.
- I'm sorry.

1467
01:06:01,069 --> 01:06:02,152
Mrs. Cheung just called to say

1468
01:06:02,237 --> 01:06:03,620
that she won't be back in this afternoon.

1469
01:06:03,705 --> 01:06:06,457
She'll have to cancel your meeting.

1470
01:06:08,660 --> 01:06:11,328
Is there a message I could leave for her?

1471
01:06:17,168 --> 01:06:18,835
Just make sure she gets that.

1472
01:06:29,480 --> 01:06:32,265
Hey. Bernie. I'm just finishing up here.

1473
01:06:32,350 --> 01:06:34,101
I'm getting ready to take
the boat down to the shore.

1474
01:06:34,185 --> 01:06:37,020
You're gonna have to
cancel your vacation, Frank.

1475
01:06:37,105 --> 01:06:39,022
We're getting audited.

1476
01:06:45,612 --> 01:06:48,331
When the SEC audits you,
they don't call you in.

1477
01:06:48,415 --> 01:06:50,416
They come to you.

1478
01:06:52,870 --> 01:06:55,538
They set up shop inside your firm.

1479
01:06:55,672 --> 01:06:57,673
For weeks. For months.

1480
01:06:57,758 --> 01:07:00,593
As long as they want.

1481
01:07:00,711 --> 01:07:02,778
Are those chairs comfortable?

1482
01:07:02,880 --> 01:07:04,046
They are.

1483
01:07:04,181 --> 01:07:06,132
They look... they don't
look very comfortable.

1484
01:07:06,216 --> 01:07:10,052
We have other, uh,
ergonomically correct chairs.

1485
01:07:11,438 --> 01:07:14,190
Could we bring in those...
those other chairs?

1486
01:07:14,274 --> 01:07:15,441
One second.

1487
01:07:18,061 --> 01:07:20,062
So, my plan was simple...

1488
01:07:20,197 --> 01:07:22,148
keep them isolated...

1489
01:07:22,232 --> 01:07:25,318
Keep them captive.

1490
01:07:25,402 --> 01:07:28,821
Let Frank bury them in fake paperwork.

1491
01:07:28,905 --> 01:07:30,740
I'm sorry.

1492
01:07:30,791 --> 01:07:31,991
I... I thought they were bringing in

1493
01:07:32,075 --> 01:07:33,326
something to eat for you guys.

1494
01:07:33,410 --> 01:07:35,544
Make the captivity pleasant.

1495
01:07:35,629 --> 01:07:37,129
These are great, by the way.

1496
01:07:37,247 --> 01:07:39,548
They're the only doughnut I ever eat.

1497
01:07:40,584 --> 01:07:42,585
There you go. Here's some coffee.

1498
01:07:42,719 --> 01:07:44,136
I don't mean to put you
out. Do you have any cream?

1499
01:07:44,254 --> 01:07:48,224
Yeah. Could we have some
cream, please, with the coffee?

1500
01:07:48,308 --> 01:07:50,092
- It's a not huge deal.
- No, no, no.

1501
01:07:50,227 --> 01:07:51,977
And when they least expect it,

1502
01:07:52,095 --> 01:07:55,931
mix in a little good,
old-fashioned bullying.

1503
01:07:56,900 --> 01:07:59,485
How long are you people
gonna be here, huh?!

1504
01:08:01,104 --> 01:08:03,656
I need the room!

1505
01:08:04,991 --> 01:08:07,943
But that's all just cover
for the key ingredient...

1506
01:08:08,028 --> 01:08:09,245
misdirection.

1507
01:08:09,329 --> 01:08:10,779
Hey.

1508
01:08:10,864 --> 01:08:13,916
You find any of that
insider-trading stuff?

1509
01:08:21,091 --> 01:08:22,258
Ah. Hey, Eleanor.

1510
01:08:22,342 --> 01:08:23,959
I'm gonna need that 1991 filing.

1511
01:08:24,044 --> 01:08:25,094
Sure thing.

1512
01:08:25,178 --> 01:08:26,628
Thank you.

1513
01:08:27,797 --> 01:08:28,847
Hey, Bernie.

1514
01:08:28,965 --> 01:08:30,466
They're asking for the 1991 filing.

1515
01:08:30,600 --> 01:08:31,517
What should I send her?

1516
01:08:31,634 --> 01:08:33,635
I'll take it.

1517
01:08:35,855 --> 01:08:37,222
Frank.

1518
01:08:40,026 --> 01:08:41,110
All right. How they looking?

1519
01:08:41,194 --> 01:08:42,644
I think that looks really good.

1520
01:08:42,729 --> 01:08:43,862
Are you stupid, Jodi?

1521
01:08:43,980 --> 01:08:45,197
They're supposed to look 15 years old.

1522
01:08:45,315 --> 01:08:46,281
What's the matter with you?

1523
01:08:46,366 --> 01:08:47,399
Danny!

1524
01:08:50,487 --> 01:08:52,488
Come on, come on, come on.

1525
01:08:57,210 --> 01:08:58,744
That's the way you do it.

1526
01:09:02,999 --> 01:09:05,384
Get a little bit of this on here.

1527
01:09:05,502 --> 01:09:07,336
Okay.

1528
01:09:07,470 --> 01:09:09,338
All right, put it in the
box for everything up on 19.

1529
01:09:09,472 --> 01:09:11,340
And make sure that Eleanor sees it.

1530
01:09:11,424 --> 01:09:12,474
Yeah, absolutely.

1531
01:09:19,515 --> 01:09:21,683
Well, looks like all of it.

1532
01:09:21,818 --> 01:09:23,185
That should do it for us.

1533
01:09:23,269 --> 01:09:24,236
Well...

1534
01:09:24,353 --> 01:09:26,021
It's about damn time, too.

1535
01:09:26,105 --> 01:09:27,906
That's all right.

1536
01:09:28,024 --> 01:09:29,074
You three are okay.

1537
01:09:29,192 --> 01:09:31,193
You just got crappy jobs.

1538
01:09:31,327 --> 01:09:33,695
Why, thank you very much.

1539
01:09:33,830 --> 01:09:35,580
Well, uh, once we turn everything in,

1540
01:09:35,698 --> 01:09:37,365
the higher-ups will be in
touch about an interview,

1541
01:09:37,500 --> 01:09:38,917
and that will be that.

1542
01:09:39,035 --> 01:09:40,535
Interview with?

1543
01:09:40,620 --> 01:09:43,171
With... oh. With our boss, David Green.

1544
01:09:43,256 --> 01:09:44,623
It's pretty much just a formality.

1545
01:09:44,707 --> 01:09:47,926
Okay. Well, anything they need.

1546
01:09:48,044 --> 01:09:49,844
- All right.
- Get back to your crappy lives.

1547
01:09:49,929 --> 01:09:51,179
Why, thank you.

1548
01:09:51,264 --> 01:09:52,646
- Take care.
- And if you do

1549
01:09:52,671 --> 01:09:54,456
need anything, I'll be here.

1550
01:09:57,887 --> 01:09:59,854
_

1551
01:09:59,939 --> 01:10:01,389
A formality.

1552
01:10:01,524 --> 01:10:06,361
That's what Agent Jamison
had called the SEC interview.

1553
01:10:06,445 --> 01:10:07,612
No.

1554
01:10:07,730 --> 01:10:08,897
This was more than that.

1555
01:10:08,981 --> 01:10:11,066
They were asking all kinds of questions.

1556
01:10:11,200 --> 01:10:13,234
Was... was this common
practice at that time?

1557
01:10:13,286 --> 01:10:15,954
Ones that I hadn't anticipated.

1558
01:10:16,072 --> 01:10:19,791
This was gonna be more
than just a formality.

1559
01:10:19,909 --> 01:10:23,878
The SEC wasn't gonna let this
investigation go so easily.

1560
01:10:23,963 --> 01:10:27,132
I know that I am guilty.

1561
01:10:27,249 --> 01:10:30,885
And I broke the law.

1562
01:10:30,970 --> 01:10:34,956
And I never registered
as an investment adviser.

1563
01:10:35,057 --> 01:10:37,459
Why don't we do what I came to do today

1564
01:10:37,560 --> 01:10:40,011
and finally register as
an investment adviser,

1565
01:10:40,095 --> 01:10:43,681
and you can name the
penalties, and I will pay them?

1566
01:10:43,766 --> 01:10:45,850
This was a chance to close the deal.

1567
01:10:45,935 --> 01:10:49,437
Throw the SEC the crumb they
could use to claim victory.

1568
01:10:49,522 --> 01:10:51,739
Surrender a meaningless battle,

1569
01:10:51,824 --> 01:10:53,608
and they forget all about the war.

1570
01:10:53,692 --> 01:10:55,276
Well, that's a... a great relief

1571
01:10:55,361 --> 01:10:56,578
to hear, Mr. Madoff.

1572
01:10:56,662 --> 01:10:58,613
I think we can wrap this
up pretty quickly, then,

1573
01:10:58,697 --> 01:11:00,448
unless anybody has anything else.

1574
01:11:00,499 --> 01:11:04,669
Oh, just one little housekeeping
item we never got around to.

1575
01:11:04,787 --> 01:11:06,454
Yes, yes. Go ahead, Tom.

1576
01:11:06,555 --> 01:11:08,706
Your DTC account number?

1577
01:11:08,791 --> 01:11:10,458
Crap!

1578
01:11:10,460 --> 01:11:12,527
Frank's fake computer programs

1579
01:11:12,628 --> 01:11:15,430
could fool the hedge
funds, but not the SEC.

1580
01:11:15,514 --> 01:11:18,833
They could just call up
DTC and ask for a statement,

1581
01:11:18,934 --> 01:11:20,852
and if I made up a fake account number,

1582
01:11:20,969 --> 01:11:22,520
they'd find out the moment they called.

1583
01:11:22,638 --> 01:11:25,106
My DTC account. Yes, of course.

1584
01:11:25,190 --> 01:11:27,058
Um...

1585
01:11:27,142 --> 01:11:29,944
I, uh

1586
01:11:30,028 --> 01:11:32,230
That's not something I
carry around in my head.

1587
01:11:32,314 --> 01:11:34,532
Uh, DTC.

1588
01:11:34,650 --> 01:11:37,485
6594.

1589
01:11:39,321 --> 01:11:41,322
And with those four numbers,

1590
01:11:41,406 --> 01:11:43,457
I'd given them the doomsday code.

1591
01:11:43,542 --> 01:11:45,376
One call. Okay.

1592
01:11:45,494 --> 01:11:48,329
And I am dead.

1593
01:11:48,413 --> 01:11:49,547
Thank you.

1594
01:11:52,984 --> 01:11:55,285
40 years of keeping the music playing,

1595
01:11:55,370 --> 01:11:59,322
and on Monday morning, the
SEC was gonna call the DTC

1596
01:11:59,407 --> 01:12:02,125
and discover there wasn't a single stock

1597
01:12:02,210 --> 01:12:04,995
for a single investor
in the Madoff account.

1598
01:12:05,129 --> 01:12:07,464
Bern, coffee.

1599
01:12:07,548 --> 01:12:08,915
Bernie?

1600
01:12:09,000 --> 01:12:10,333
Hey, Bern!

1601
01:12:11,636 --> 01:12:13,770
You change your name and forget to tell me?

1602
01:12:14,839 --> 01:12:18,642
Every day, I waited for the ax to fall.

1603
01:12:22,346 --> 01:12:25,815
Two days, three days, four days, five days.

1604
01:12:25,900 --> 01:12:28,235
A full week since the SEC

1605
01:12:28,352 --> 01:12:32,239
had asked for my DTC account number.

1606
01:12:32,356 --> 01:12:33,607
What's the matter?

1607
01:12:33,691 --> 01:12:36,359
Nothing.

1608
01:12:36,494 --> 01:12:38,328
Nothing.

1609
01:12:41,198 --> 01:12:44,668
Were they preparing to arrest
me in full view of the world?

1610
01:12:44,752 --> 01:12:46,036
Show up at the office

1611
01:12:46,170 --> 01:12:48,872
and make me do the perp
walk in front of the cameras?

1612
01:12:49,006 --> 01:12:51,541
Where the hell were they?

1613
01:12:53,210 --> 01:12:54,377
Hey, Dad. You have a minute?

1614
01:12:57,214 --> 01:13:00,216
So, I, uh...

1615
01:13:00,351 --> 01:13:02,886
I wanted to tell you
this first because, um...

1616
01:13:03,020 --> 01:13:07,123
Because I'm not exactly sure
how... how Mom's gonna react.

1617
01:13:07,224 --> 01:13:08,758
Okay.

1618
01:13:08,859 --> 01:13:10,560
I'm gonna ask Steph to marry me.

1619
01:13:13,063 --> 01:13:15,615
Don't... don't rush to say
"Mazel Tov" or anything.

1620
01:13:15,733 --> 01:13:17,233
No.

1621
01:13:17,318 --> 01:13:18,701
Oh, Mark. I'm sorry, I'm sorry.

1622
01:13:18,786 --> 01:13:20,370
My head was... I'm really sorry.

1623
01:13:20,454 --> 01:13:22,572
Um, she's a fabulous girl.

1624
01:13:22,706 --> 01:13:24,324
She is. Yeah. Really.

1625
01:13:24,408 --> 01:13:26,009
It's gonna be great to have her finally

1626
01:13:26,076 --> 01:13:27,660
as part of the family.

1627
01:13:27,745 --> 01:13:28,745
Absolutely.

1628
01:13:28,879 --> 01:13:32,215
And I will welcome her with open arms.

1629
01:13:32,299 --> 01:13:34,300
Great.

1630
01:13:35,969 --> 01:13:37,503
Look, while I have you here,

1631
01:13:37,588 --> 01:13:39,589
can we talk business for a minute?

1632
01:13:39,723 --> 01:13:41,341
Yeah. What's on your mind?

1633
01:13:53,904 --> 01:13:57,573
Look.

1634
01:13:57,658 --> 01:13:59,776
You built this.

1635
01:13:59,910 --> 01:14:02,195
No one disputes that.

1636
01:14:02,279 --> 01:14:06,165
It's your hard work and
stature that made this place.

1637
01:14:06,283 --> 01:14:07,867
But?

1638
01:14:07,951 --> 01:14:10,336
But we all run it together now.

1639
01:14:10,454 --> 01:14:12,338
As a family.

1640
01:14:12,456 --> 01:14:16,008
Now, you're not gonna involve me and Andy

1641
01:14:16,126 --> 01:14:18,344
in the money-management side of things.

1642
01:14:18,462 --> 01:14:19,545
- Yet, yet.
- That's fine.

1643
01:14:19,630 --> 01:14:22,181
But uncle Peter and Andy and I...

1644
01:14:22,299 --> 01:14:24,600
we run the other half of the business.

1645
01:14:24,685 --> 01:14:27,937
Your point being?

1646
01:14:28,021 --> 01:14:30,940
I think we should change the name.

1647
01:14:31,041 --> 01:14:33,192
It should be Madoff Investment Securities.

1648
01:14:33,310 --> 01:14:35,561
Wait.

1649
01:14:35,646 --> 01:14:39,148
You want me to take my name
off the company that I built?

1650
01:14:39,282 --> 01:14:41,367
No. I want you to include ours.

1651
01:14:41,485 --> 01:14:43,619
Where did you get this? Huh?

1652
01:14:43,703 --> 01:14:45,287
- From her? Huh?
- Are you kidding?

1653
01:14:45,372 --> 01:14:47,490
I just want to know. I
think... are you kidding?

1654
01:14:47,574 --> 01:14:49,074
Because you better get a strong pre-nup.

1655
01:14:49,159 --> 01:14:50,910
Go to hell, you son of a bitch!

1656
01:14:52,662 --> 01:14:53,579
You will never,

1657
01:14:53,663 --> 01:14:56,415
ever be old enough

1658
01:14:56,500 --> 01:14:58,134
to say "Go to hell" to your father.

1659
01:14:58,218 --> 01:15:01,086
Never.

1660
01:15:02,973 --> 01:15:06,675
Do you have any idea of
the weight that I carry

1661
01:15:06,810 --> 01:15:08,844
to keep all of this afloat, huh?

1662
01:15:08,929 --> 01:15:10,763
Did... did it ever occur to you

1663
01:15:10,847 --> 01:15:12,514
that... that... that what I'm doing here

1664
01:15:12,649 --> 01:15:13,732
is... is to protect you?

1665
01:15:13,817 --> 01:15:15,434
I don't need you to protect me.

1666
01:15:15,518 --> 01:15:18,070
I need you to let me be my own man.

1667
01:15:18,188 --> 01:15:20,439
In time, you'll understand!

1668
01:15:28,915 --> 01:15:31,467
In time...

1669
01:15:31,568 --> 01:15:33,869
You'll understand.

1670
01:16:21,084 --> 01:16:23,719
Hey.

1671
01:16:23,803 --> 01:16:24,836
Sweetheart.

1672
01:16:24,921 --> 01:16:27,422
What? What's going on?

1673
01:16:29,759 --> 01:16:31,176
What is it?

1674
01:16:37,934 --> 01:16:39,518
You're sick, aren't you?

1675
01:16:39,602 --> 01:16:42,237
- Mantle cell lymphoma.
- Oh!

1676
01:16:42,321 --> 01:16:43,488
- It's okay.
- No.

1677
01:16:43,606 --> 01:16:44,906
I... I feel completely fine.

1678
01:16:44,991 --> 01:16:46,691
- What does that mean?
- It's in the blood.

1679
01:16:46,776 --> 01:16:48,743
- Oh, god.
- But we caught it early,

1680
01:16:48,778 --> 01:16:50,278
so I'm better off than most.

1681
01:16:50,363 --> 01:16:51,746
What are the survival rates?

1682
01:16:51,831 --> 01:16:53,198
- Oh, you would have to ask...
- Oh.

1683
01:16:53,282 --> 01:16:53,999
Oh, stop it!

1684
01:16:55,918 --> 01:16:57,786
It's 50-50, roughly.

1685
01:16:57,870 --> 01:16:59,921
There hasn't been much research on it.

1686
01:17:00,006 --> 01:17:01,256
Well, we can change that.

1687
01:17:01,340 --> 01:17:03,291
Every hospital,

1688
01:17:03,426 --> 01:17:07,295
every organization, every study...

1689
01:17:07,380 --> 01:17:09,214
I'll fund that.

1690
01:17:21,644 --> 01:17:23,561
Ruth.

1691
01:17:23,646 --> 01:17:25,313
Ruth...

1692
01:17:25,448 --> 01:17:27,699
I need you to pull it together.

1693
01:17:27,817 --> 01:17:29,734
- Oh, you do, do you?
- Yes.

1694
01:17:29,819 --> 01:17:30,952
And why is that?

1695
01:17:31,037 --> 01:17:32,537
You don't want to be happy, okay.

1696
01:17:32,655 --> 01:17:34,456
But at least, for crying out loud,

1697
01:17:34,540 --> 01:17:36,408
put on a good face, will you?

1698
01:17:36,492 --> 01:17:37,659
What we're going through with Andy...

1699
01:17:37,793 --> 01:17:39,160
what I'm going through...

1700
01:17:39,245 --> 01:17:41,496
I'm entitled to take a day off

1701
01:17:41,580 --> 01:17:43,915
from the bubbly socialite crap.

1702
01:17:43,999 --> 01:17:45,800
You know, this is not about Andy.

1703
01:17:45,885 --> 01:17:48,470
This is Shana's wedding night.

1704
01:17:48,554 --> 01:17:50,805
And Andy's getting the best
treatment money can buy.

1705
01:17:50,890 --> 01:17:51,839
Money?!

1706
01:17:51,924 --> 01:17:54,342
You can't throw money at this!

1707
01:17:54,477 --> 01:17:57,178
What he needs is his
father's love for a change,

1708
01:17:57,313 --> 01:17:58,847
not his checkbook.

1709
01:17:58,981 --> 01:18:02,066
It's his turn to be
the center of attention.

1710
01:18:02,151 --> 01:18:03,935
You know, this is your guilt.

1711
01:18:04,019 --> 01:18:05,186
It isn't mine.

1712
01:18:05,271 --> 01:18:07,322
I treat both my boys equally.

1713
01:18:07,406 --> 01:18:09,274
How dare you?

1714
01:18:09,358 --> 01:18:11,192
You think that it's... it's Mark

1715
01:18:11,276 --> 01:18:12,694
that's taken all my attention?

1716
01:18:12,778 --> 01:18:13,861
Neither of the boys

1717
01:18:13,946 --> 01:18:16,281
have taken half as much out of me as you!

1718
01:18:16,365 --> 01:18:19,701
I'm just telling you...

1719
01:18:19,835 --> 01:18:21,786
you better go easy on the open bar tonight.

1720
01:18:21,870 --> 01:18:24,038
Yeah, yeah, well, I'll just do damn well

1721
01:18:24,173 --> 01:18:27,675
whatever I please, okay?

1722
01:18:27,760 --> 01:18:31,212
♪ Hava nagila ♪

1723
01:18:31,346 --> 01:18:33,631
♪ hava nagila ♪

1724
01:18:33,715 --> 01:18:37,518
♪ hava nagila ve-nis'mecha ♪

1725
01:18:37,603 --> 01:18:39,187
♪ hava nagila ♪

1726
01:18:39,271 --> 01:18:41,389
♪ hava nagila ♪

1727
01:18:41,490 --> 01:18:43,691
Shana's wedding was gonna be strange

1728
01:18:43,792 --> 01:18:45,276
no matter how you cut it.

1729
01:18:45,394 --> 01:18:46,694
- Father of the bride...
- I'm so proud of you.

1730
01:18:46,778 --> 01:18:48,646
... too consumed with care of his sick son.

1731
01:18:48,730 --> 01:18:51,949
Not just today, but on all days.

1732
01:18:52,067 --> 01:18:56,454
Mark parading around a fiancée
who looked like a Barbie doll.

1733
01:18:56,572 --> 01:18:59,206
Andrew with this brand-new shiksa goddess,

1734
01:18:59,241 --> 01:19:01,242
acting like cancer was the best thing

1735
01:19:01,326 --> 01:19:03,077
that ever happened to him.

1736
01:19:03,212 --> 01:19:04,829
And then there was Ruth...

1737
01:19:04,913 --> 01:19:07,665
furious with the world
about Andrew's cancer

1738
01:19:07,749 --> 01:19:09,667
and taking it out on me.

1739
01:19:09,751 --> 01:19:14,055
Like I said, Shana's wedding
was already gonna be strange.

1740
01:19:14,139 --> 01:19:17,558
But when you factor in
who she was marrying...

1741
01:19:17,643 --> 01:19:20,194
one of the very same SEC lawyers

1742
01:19:20,295 --> 01:19:24,181
who'd been involved
with investigating me...

1743
01:19:24,266 --> 01:19:26,934
it was like welcoming the executioners

1744
01:19:27,018 --> 01:19:30,521
with the ax over my head
as guests in my home.

1745
01:19:30,605 --> 01:19:32,239
♪ Hava nagila ♪

1746
01:19:32,324 --> 01:19:34,658
♪ hava nagila ♪

1747
01:19:34,776 --> 01:19:38,362
♪ hava nagila ve-nis'mecha ♪

1748
01:19:38,446 --> 01:19:40,114
♪ hava nagila ♪

1749
01:19:40,248 --> 01:19:41,115
♪ hava nagila ♪

1750
01:19:41,249 --> 01:19:42,700
And that's when it hit me.

1751
01:19:42,784 --> 01:19:46,921
This was the moment the
SEC had been waiting for.

1752
01:19:47,005 --> 01:19:49,673
The most dramatic and humiliating moment

1753
01:19:49,791 --> 01:19:53,928
they could choose to take me down...

1754
01:19:54,012 --> 01:19:56,297
at my own niece's wedding.

1755
01:19:56,431 --> 01:19:58,299
♪ Hava neranena venis'mecha ♪

1756
01:19:58,383 --> 01:20:01,719
♪ uru, uru, uru achim ♪

1757
01:20:01,803 --> 01:20:03,387
♪ uru achim belev same'ach ♪

1758
01:20:03,471 --> 01:20:04,938
♪ uru achim belev same'ach ♪

1759
01:20:05,023 --> 01:20:06,690
♪ uru achim belev same'ach ♪

1760
01:20:06,808 --> 01:20:08,475
♪ uru achim belev same'ach ♪

1761
01:20:08,560 --> 01:20:10,611
♪ uru achim ♪

1762
01:20:10,695 --> 01:20:12,146
Mr. Madoff?

1763
01:20:12,280 --> 01:20:14,231
- Mr. Madoff.
- Yeah. Yeah, yeah.

1764
01:20:14,316 --> 01:20:15,983
- David Green.
- Yeah.

1765
01:20:16,067 --> 01:20:18,819
The SEC lawyer.

1766
01:20:18,953 --> 01:20:20,653
So, how's life?

1767
01:21:22,562 --> 01:21:26,798
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