News Outlet Turns To Distinguished Pathological Liar For Market Insight

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...and is discouraged to find out that, according to Bernie Madoff and other felons interviewed, it's essentially impossible to make money without committing fraud.

The financial criminals we spoke with said that not only do many investors routinely skirt insider-trading laws, but the explosion of computerized high-speed trading in recent years has made the situation even more unfair for the retail investor...MarketWatch spoke with four ex-brokers, three of whom are in prison with years to go on their sentences and a fourth who is out of prison and advises others about to enter custody. To get a perspective on the world of accounting fraud, MarketWatch also spoke with a former chief financial officer of a publicly traded company behind a well-known criminal enterprise. Among them was the poster child for brokers-turned-felons: Bernie Madoff...On a smaller scale, MarketWatch spoke with the so-called Bernie Madoff of New Jersey, an ex-broker who is now behind bars for running a Ponzi scheme. He said insider trading is impossible to stop and that retail investors will never be able to compete with the pros unless they splash out for sophisticated, and expensive, trading tools.

An ex–New York stockbroker and hedge-fund manager currently serving 16 years for defrauding investors said insider trading is a black hole that leaves regulators in the dark. A former Wall Street broker who spent 12 years as a broker at big New York investment banks before pleading guilty to wire fraud says no one on Wall Street can be successful without cheating.

Madoff, other felons say markets are unfair [MarketWatch]

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The bits of wisdom Florian Homm picked up during his stay in Colombia, where he was getting some "me time" and not trying to distance himself from angry investors whose money he'd lost, can be found in the book he wrote about living underground (“Kopf Geld Jagd"), which he hopes will be a "hard-core wake-up call" readers who are "trying to get a second Mercedes and a bigger boat." For those who can't wait for the English version, from an interview with the Times we learn: