As he's got time on his hands and there's something cathartic about letting it all out, Bernie Madoff's been on a little media tour of late (which will culminate with an appearance on Jerry Springer in a paternity episode you don't want to miss). His last stop was at New York, where Berns told reporter Steve Fishman it irks him that no one ever cares to mention that he "had a successful business and did wonderful things for the industry" during the so-called "legitimate years." Most recently he sat down for a little chat with the Financial Times and in an interview that will run in the upcoming weekend edition, told the paper that UBS and HSBC are going to have "big problems" and that JPMorgan? Should run and hide.
“I am not a banker but I know that $100bn going in and out of a bank account is something that should alert you to something,” he said from federal prison in Butner, North Carolina. “JPMorgan got all the financial statements...JPMorgan doesn’t have a chance in hell of not coming up with a big settlement [with trustee Irving Picard, who filed a lawsuit against the bank.”
But enough about them. Let's get back to Berns. Why did he do it? Apparently in the full interview, Bernie says it wasn't about the money but rather that he was a people pleaser.
According to the Ponz Master: "I had all these big banks and hedge funds coming to me, thinking I could make them money and I wanted to please them."**
Surely you can relate.
**No word if the borderline pathological need to please had anything to do with honey jar-sized shortcomings.