Bernard MadoffAudio and Video

“…the two words you know what two words are gonna mention Bernie Madoff. . Yep yep yep we we made investment with a firm that invests it would Bernie Madoff we lost about twelve million dollars. We we plead on that line it was a mistake to hired the firm that invested with Madoff was fired the firm. After we discovered it's of that firm is no -- investing behalf. And despite debt one mistake I think we avoided. Hundreds of others you know some -- yellow line they were the first in line out of Lehman Brothers right right in and I think we'll get some of this Murti Bernie Madoff money back but. Twelve million out of a 45 billion dollar. Pension fund is not is not bad -- I'm not trying …”

“…Thank you Sally it Erik yeah that's the wonderful -- at Madoff and it does a true realize that it shows how -- all these issues are. When you look at what's actually going …”

“…course they never -- fired so if you can send -- Qaeda. Madoff who they got laid off all know they never say laid off. There there was you know there was re calibrated their …”

“…Street that that that that wrote emails like this. You know Bernie Madoff minions. They're going after the guys that Bank of America you know two were involved enough buying Merrill Lynch last year. They …”

“…locked in a while work -- this is this is like Bernie Madoff get in another 500 million from is up pal there. You know that that the believed and trusted them the 500 million. …”

“…not been enough to make major sellers out of books about Bernie Madoff. . According to Nielsen -- and neither much discussed how wall by alleged ex mistress Cheryl Weinstein. Nor recent wave of biographies about …”

“…to 75%. Of the market. Publishers had been so anxious to release Madoff made off -- that the publication dates for made off with the money -- and too good to be true were moved …”

“…deposit some of the dice -- cash in another bank could thinking Madoff -- tricky 100 bucks but the cash is -- dye pack that -- about exploded the idiot now faces federal that I …”

“…Another -- might even be a Bernie Madoff affair. …”

“…made by others so I probably shouldn't waste my breath that Bernie Madoff investors weren't the only ones who got playing thing. But we're not on satellite pierce and I can't think. I'll I mean …”

“…Ponzi guys well that that that that's a great question because the Madoff was -- particularly frustrating one. And when I say we use fund of funds. These -- firms that have. Loads of people dedicated to due diligence. And the problem with -- particular firm was the chief risk officer has joined the firm in 2001. Dear Madoff investment was made in 1997. And he put in all the -- risk controls -- effectively. So he didn't go back and -- paid any attention to Madoff that's the problem from the SEC on down well understood but. We this firm got the Madoff investment through what's called the feeder fund and I won't get into that but the point was. You know we we we don't use feeder funds anymore right wee we wanna deal with the people who are actually managing. The money and when we talked to -- this hedge fund and we said when was the last time anybody's visited -- Madoff. . The answer was 2005. Now this is 2008 montage so. We're supposed to be doing due diligence and all of army Rangers one C annually -- staff is in our finalists for the guy who who who. Who put two into the Madoff fund how much it was he make it. I it's it's a there's a woman who's responsible for our hedge fund. Activities and she makes 125000. All of which you have been done that was like about the person you fire though holiday -- again it would be a -- it would be a basis point fees on the assets so would be. And using 85 basis points on 170 million dollar basis points are -- but I -- how -- but I thought to have an employee who was fired because of the Madoff I don't know knowing no no no employees were fired going employees were -- firm that assumption that we selected that invested in Madoff the firmware was hired just no no. No insulin was the last time you fired an important -- we haven't people have …”

“…Massachusetts is perhaps the only state that got ripped off by Bernie Madoff. . I wrecked their -- hand they're small amount less than five engine New Mexico there are others plans that we talked to and I did have Madoff exposure -- guys got ripped off by -- we did. I mean how. How how my supposed to think that -- that you know that you guys are doing a decent job when you got ripped off by Bernie Madoff well I think one of the things you have to remember when you have forty million dollars now we're back to forty million right as of today in terms of assets under management. When you diversify that you're invested in a lot of different. Individual stocks. And in the alternative asset classes a number of different hedge funds so listen I'm not gonna our selection of the firm that put us in Madoff. . Was a mistake and we fired that firm but it was a fire the guy who hired the firm. I know that's those are the people on my -- my staff who writes I don't believe they can six figures are making six let me -- truly that's why I mean the -- George just not only used twelve million bucks which you lose it's -- such a -- amber has Bernie Madoff while I think what I'm trying to convey how he's in the investment business in the asset management business units one I …”

“…would say the boys -- all -- you're doing tomorrow Bernie Madoff did make me wonder how much did you lose. …”