[Music] Bernie Madoff is a liar perhaps the most
Bernie Madoff is a liar perhaps the most
Bernie Madoff is a liar perhaps the most gifted liar I’ve met in nearly 50 years
gifted liar I’ve met in nearly 50 years
gifted liar I’ve met in nearly 50 years of writing about finance and government
of writing about finance and government
of writing about finance and government his ability to tell credible lies helped
his ability to tell credible lies helped
his ability to tell credible lies helped him build the 65 billion dollar fraud
him build the 65 billion dollar fraud
him build the 65 billion dollar fraud that ruined tens of thousands of
that ruined tens of thousands of
that ruined tens of thousands of people’s lives his lies were devastating
people’s lives his lies were devastating
people’s lives his lies were devastating even deadly at least two investors
even deadly at least two investors
even deadly at least two investors committed suicide when they learned of
committed suicide when they learned of
committed suicide when they learned of their Madoff losses but I don’t think
their Madoff losses but I don’t think
their Madoff losses but I don’t think made offs talent for dishonesty alone
made offs talent for dishonesty alone
made offs talent for dishonesty alone explains how he did so much damage
explains how he did so much damage
explains how he did so much damage I think criminals like Madoff are helped
I think criminals like Madoff are helped
I think criminals like Madoff are helped enormous ly by our own fuzzy
enormous ly by our own fuzzy
enormous ly by our own fuzzy understanding about the quality of trust
understanding about the quality of trust
understanding about the quality of trust trust it’s a beautiful and healthy part
trust it’s a beautiful and healthy part
trust it’s a beautiful and healthy part of every life we rely on it as
of every life we rely on it as
of every life we rely on it as individuals as consumers certainly and
individuals as consumers certainly and
individuals as consumers certainly and as citizens economists tell us that the
as citizens economists tell us that the
as citizens economists tell us that the ambient level of trust in a nation is a
ambient level of trust in a nation is a
ambient level of trust in a nation is a pretty good predictor for its economic
pretty good predictor for its economic
pretty good predictor for its economic success and psychologists tell us that
success and psychologists tell us that
success and psychologists tell us that the level of trust in our relationships
the level of trust in our relationships
the level of trust in our relationships is a pretty good predictor for their
is a pretty good predictor for their
is a pretty good predictor for their success – and after 50 years with the
success – and after 50 years with the
success – and after 50 years with the very trustworthy guy who is my husband I
very trustworthy guy who is my husband I
very trustworthy guy who is my husband I can tell you they’re right about that
but trust is a paradox isn’t it
but trust is a paradox isn’t it trust beautiful as it is is the only
trust beautiful as it is is the only
trust beautiful as it is is the only weapon a criminal like Bernie Madoff
weapon a criminal like Bernie Madoff
weapon a criminal like Bernie Madoff needs to destroy his victims lives
and even if you never lose a penny to a
and even if you never lose a penny to a fraud criminals like Madoff tear at the
fraud criminals like Madoff tear at the
fraud criminals like Madoff tear at the fabric of trust that holds our society
fabric of trust that holds our society
fabric of trust that holds our society together and that hurts all of us this
together and that hurts all of us this
together and that hurts all of us this dual nature of trust the blessing occurs
dual nature of trust the blessing occurs
dual nature of trust the blessing occurs light-dark nourishing dangerous has
light-dark nourishing dangerous has
light-dark nourishing dangerous has always been endlessly fascinating to me
always been endlessly fascinating to me
always been endlessly fascinating to me and I think the Madoff story gives us a
and I think the Madoff story gives us a
and I think the Madoff story gives us a way inside that paradox of trust and
way inside that paradox of trust and
way inside that paradox of trust and offers us some practical lessons for our
offers us some practical lessons for our
offers us some practical lessons for our own lives today I hope you will learn
own lives today I hope you will learn
own lives today I hope you will learn more about how to protect yourself from
more about how to protect yourself from
more about how to protect yourself from criminals like Madoff but I also hope
criminals like Madoff but I also hope
criminals like Madoff but I also hope that you’ll emerge with a deeper
that you’ll emerge with a deeper
that you’ll emerge with a deeper understanding that trust is nowhere near
understanding that trust is nowhere near
understanding that trust is nowhere near as simple as it seems when money is
as simple as it seems when money is
as simple as it seems when money is involved first a couple of definitions
involved first a couple of definitions
involved first a couple of definitions conman and Ponzi scheme Bernie Madoff is
conman and Ponzi scheme Bernie Madoff is
conman and Ponzi scheme Bernie Madoff is a conman well what does that mean conman
a conman well what does that mean conman
a conman well what does that mean conman as you may know is an abbreviation for
as you may know is an abbreviation for
as you may know is an abbreviation for confidence man a term that was in use at
confidence man a term that was in use at
confidence man a term that was in use at least as early as 1857 when Herman
least as early as 1857 when Herman
least as early as 1857 when Herman Melville used it as the title for his
Melville used it as the title for his
Melville used it as the title for his final novel and confidence man is a
final novel and confidence man is a
final novel and confidence man is a pretty good way to describe a criminal
pretty good way to describe a criminal
pretty good way to describe a criminal who wins your confidence and then uses
who wins your confidence and then uses
who wins your confidence and then uses it to swindle you yes there have been
it to swindle you yes there have been
it to swindle you yes there have been some confidence women but as a group con
some confidence women but as a group con
some confidence women but as a group con artists are overwhelmingly male so I’m
artists are overwhelmingly male so I’m
artists are overwhelmingly male so I’m going to stick with conman like Bernie
going to stick with conman like Bernie
going to stick with conman like Bernie Madoff all con men are liars but all
Madoff all con men are liars but all
Madoff all con men are liars but all Liars are not con men and we’re at a
Liars are not con men and we’re at a
Liars are not con men and we’re at a moment in our history when it’s
moment in our history when it’s
moment in our history when it’s important to make that distinction to
important to make that distinction to
important to make that distinction to point to some of the oft exposed Liars
point to some of the oft exposed Liars
point to some of the oft exposed Liars on the public stage today and say well
on the public stage today and say well
on the public stage today and say well they’re con men well frankly that’s an
they’re con men well frankly that’s an
they’re con men well frankly that’s an insult to con men
liars they’re a dime a dozen any
liars they’re a dime a dozen any four-year-old can tell a halfway-decent
four-year-old can tell a halfway-decent
four-year-old can tell a halfway-decent lie you and I can tell much better lies
lie you and I can tell much better lies
lie you and I can tell much better lies although I’m sure like me you try not to
although I’m sure like me you try not to
although I’m sure like me you try not to telling lies is very very easy telling
telling lies is very very easy telling
telling lies is very very easy telling lies without getting caught telling lies
lies without getting caught telling lies
lies without getting caught telling lies without raising a whiff of suspicion
without raising a whiff of suspicion
without raising a whiff of suspicion telling lies that inspire trust and
telling lies that inspire trust and
telling lies that inspire trust and belief and everyone who hears them well
belief and everyone who hears them well
belief and everyone who hears them well that is very very difficult and that is
that is very very difficult and that is
that is very very difficult and that is what every successful conman must be
what every successful conman must be
what every successful conman must be able to do let’s think about Madoff for
able to do let’s think about Madoff for
able to do let’s think about Madoff for a minute in the decades that Madoff was
a minute in the decades that Madoff was
a minute in the decades that Madoff was secretly running his massive fraud no
secretly running his massive fraud no
secretly running his massive fraud no national publication ever ran a list of
national publication ever ran a list of
national publication ever ran a list of the 2000 lies that madoff had told in
the 2000 lies that madoff had told in
the 2000 lies that madoff had told in the previous year none of his speeches
the previous year none of his speeches
the previous year none of his speeches ever got four Pinocchios or a pants on
ever got four Pinocchios or a pants on
ever got four Pinocchios or a pants on fire reward if that had ever happened
fire reward if that had ever happened
fire reward if that had ever happened just once well may off would have still
just once well may off would have still
just once well may off would have still been a liar but his career as a conman
been a liar but his career as a conman
been a liar but his career as a conman would have been over okay that’s conman
would have been over okay that’s conman
would have been over okay that’s conman let’s turn to Ponzi scheme that’s the
let’s turn to Ponzi scheme that’s the
let’s turn to Ponzi scheme that’s the kind of fraud that Madoff and a host of
kind of fraud that Madoff and a host of
kind of fraud that Madoff and a host of other con men like to pursue a Ponzi
other con men like to pursue a Ponzi
other con men like to pursue a Ponzi scheme is a very simple crime and it can
scheme is a very simple crime and it can
scheme is a very simple crime and it can be summed up in the old proverb about
be summed up in the old proverb about
be summed up in the old proverb about robbing Peter to pay Paul that’s exactly
robbing Peter to pay Paul that’s exactly
robbing Peter to pay Paul that’s exactly what a Ponzi schemer does he takes the
what a Ponzi schemer does he takes the
what a Ponzi schemer does he takes the money invested by Peter and he uses it
money invested by Peter and he uses it
money invested by Peter and he uses it to pay the profits he’s promised to Paul
to pay the profits he’s promised to Paul
to pay the profits he’s promised to Paul and he lies to both of them about what
and he lies to both of them about what
and he lies to both of them about what he’s doing
he’s doing
he’s doing Ponzi schemes to like con men had been
Ponzi schemes to like con men had been
Ponzi schemes to like con men had been around for a long long time but for most
around for a long long time but for most
around for a long long time but for most of that history up until 1920 they were
of that history up until 1920 they were
of that history up until 1920 they were known as Peter to Paul schemes for
known as Peter to Paul schemes for
known as Peter to Paul schemes for obvious reasons then in 1920 an
obvious reasons then in 1920 an
obvious reasons then in 1920 an extraordinary con artist named Charles
extraordinary con artist named Charles
extraordinary con artist named Charles Ponzi set up the Peter to Paul scheme in
Ponzi set up the Peter to Paul scheme in
Ponzi set up the Peter to Paul scheme in Boston that would make him briefly rich
Boston that would make him briefly rich
Boston that would make him briefly rich and lastingly famous and the name stuck
and lastingly famous and the name stuck
and lastingly famous and the name stuck since Ponzi’s arrests almost a century
since Ponzi’s arrests almost a century
since Ponzi’s arrests almost a century ago there have been countless copycat
ago there have been countless copycat
ago there have been countless copycat crimes and the odds are very good that
crimes and the odds are very good that
crimes and the odds are very good that there are dozens of undetected Ponzi
there are dozens of undetected Ponzi
there are dozens of undetected Ponzi schemes going on across the country
schemes going on across the country
schemes going on across the country right now the website Ponzi tracker
right now the website Ponzi tracker
right now the website Ponzi tracker dot-com reports that there have been on
dot-com reports that there have been on
dot-com reports that there have been on average 65 Ponzi schemes exposed every
average 65 Ponzi schemes exposed every
average 65 Ponzi schemes exposed every year since 2002 think about it that’s a
year since 2002 think about it that’s a
year since 2002 think about it that’s a fresh for all it’s surfacing every five
fresh for all it’s surfacing every five
fresh for all it’s surfacing every five days now we’ve had Ponzi schemes
days now we’ve had Ponzi schemes
days now we’ve had Ponzi schemes involving Bitcoin involving art
involving Bitcoin involving art
involving Bitcoin involving art involving wines latex gloves for some
involving wines latex gloves for some
involving wines latex gloves for some reason even tickets to the hit Broadway
reason even tickets to the hit Broadway
reason even tickets to the hit Broadway musical Hamilton so I can’t predict what
musical Hamilton so I can’t predict what
musical Hamilton so I can’t predict what kind of fate investments will be
kind of fate investments will be
kind of fate investments will be involved in the next 65 Ponzi schemes
involved in the next 65 Ponzi schemes
involved in the next 65 Ponzi schemes that will surface in the coming year but
that will surface in the coming year but
that will surface in the coming year but I can tell you this about the people
I can tell you this about the people
I can tell you this about the people running them right now as I speak every
running them right now as I speak every
running them right now as I speak every one of them is a trusted figure in their
one of them is a trusted figure in their
one of them is a trusted figure in their community and I know that because the
community and I know that because the
community and I know that because the only people who can pull anyone into a
only people who can pull anyone into a
only people who can pull anyone into a Ponzi scheme is a trusted figure in
Ponzi scheme is a trusted figure in
Ponzi scheme is a trusted figure in their community like Bernie Madoff
their community like Bernie Madoff
their community like Bernie Madoff before his arrest
before his arrest
before his arrest like Charles Ponzi before he was exposed
the theme is uncharted today and
the theme is uncharted today and unfortunately in my context it’s the
unfortunately in my context it’s the
unfortunately in my context it’s the criminals who’ve gone off the chart con
criminals who’ve gone off the chart con
criminals who’ve gone off the chart con men are changing but our understanding
men are changing but our understanding
men are changing but our understanding of them is caught in the old-fashioned
of them is caught in the old-fashioned
of them is caught in the old-fashioned stereotypes of the Charles Ponzi story
stereotypes of the Charles Ponzi story
stereotypes of the Charles Ponzi story the conventional wisdom has it that a
the conventional wisdom has it that a
the conventional wisdom has it that a Ponzi schemer
Ponzi schemer
Ponzi schemer it’s always going to be above
it’s always going to be above
it’s always going to be above the life of the party telling jokes
the life of the party telling jokes
the life of the party telling jokes buying drinks and trying to hustle in
buying drinks and trying to hustle in
buying drinks and trying to hustle in admiring investors as fast as he can but
admiring investors as fast as he can but
admiring investors as fast as he can but that certainly wasn’t true of Bernie
that certainly wasn’t true of Bernie
that certainly wasn’t true of Bernie Madoff Madoff was quiet dignified
Madoff Madoff was quiet dignified
Madoff Madoff was quiet dignified reserved and he turned investors away so
reserved and he turned investors away so
reserved and he turned investors away so often it became something of an honour
often it became something of an honour
often it became something of an honour to be allowed to invest with him
to be allowed to invest with him
to be allowed to invest with him so Madoff didn’t fit anybody’s obsolete
so Madoff didn’t fit anybody’s obsolete
so Madoff didn’t fit anybody’s obsolete stereotype of a Ponzi schemer and that
stereotype of a Ponzi schemer and that
stereotype of a Ponzi schemer and that helped him avoid detection the
helped him avoid detection the
helped him avoid detection the conventional wisdom also holds that
conventional wisdom also holds that
conventional wisdom also holds that Ponzi schemes always involve outrageous
Ponzi schemes always involve outrageous
Ponzi schemes always involve outrageous promises pie-in-the-sky overnight wealth
promises pie-in-the-sky overnight wealth
promises pie-in-the-sky overnight wealth that’s at the heart of that old investor
that’s at the heart of that old investor
that’s at the heart of that old investor warning you’ve heard it if it sounds too
warning you’ve heard it if it sounds too
warning you’ve heard it if it sounds too good to be true it is but that isn’t
good to be true it is but that isn’t
good to be true it is but that isn’t true of the Madoff case
true of the Madoff case
true of the Madoff case Madoff’s returns while consistent were
Madoff’s returns while consistent were
Madoff’s returns while consistent were comparatively modest by hedge fund
comparatively modest by hedge fund
comparatively modest by hedge fund standards one of his investors
standards one of his investors
standards one of his investors calculated he would have made more money
calculated he would have made more money
calculated he would have made more money investing in the fidelity Magellan fund
investing in the fidelity Magellan fund
investing in the fidelity Magellan fund which I’m sure he wished he’d done so
which I’m sure he wished he’d done so
which I’m sure he wished he’d done so Madoff’s
Madoff’s
Madoff’s unmasking actually led one smart fraud
unmasking actually led one smart fraud
unmasking actually led one smart fraud analysts to say we need to rewrite that
analysts to say we need to rewrite that
analysts to say we need to rewrite that old warning instead it should read if it
old warning instead it should read if it
old warning instead it should read if it sounds too good to be true you’re
sounds too good to be true you’re
sounds too good to be true you’re dealing with an amateur think about it
dealing with an amateur think about it
dealing with an amateur think about it Madoff was no amateur he was a
Madoff was no amateur he was a
Madoff was no amateur he was a professional and his investors did not
professional and his investors did not
professional and his investors did not look to him to make them rich overnight
look to him to make them rich overnight
look to him to make them rich overnight they look to him to keep them safe in a
they look to him to keep them safe in a
they look to him to keep them safe in a scary volatile market and they could not
scary volatile market and they could not
scary volatile market and they could not believe he would ever betray them and in
believe he would ever betray them and in
believe he would ever betray them and in a very tiny way I know a little bit of
a very tiny way I know a little bit of
a very tiny way I know a little bit of how they felt
how they felt
how they felt because in far less consequential
because in far less consequential
because in far less consequential matters Madoff betrayed me too it was in
matters Madoff betrayed me too it was in
matters Madoff betrayed me too it was in the summer of 2010 Madoff it finally
the summer of 2010 Madoff it finally
the summer of 2010 Madoff it finally agreed to my many
agreed to my many
agreed to my many Quest’s for an interview for the book I
Quest’s for an interview for the book I
Quest’s for an interview for the book I was writing about his case but he
was writing about his case but he
was writing about his case but he insisted that those interviews be used
insisted that those interviews be used
insisted that those interviews be used only for my book I was reluctant to
only for my book I was reluctant to
only for my book I was reluctant to agree to this embargo because the book
agree to this embargo because the book
agree to this embargo because the book wouldn’t be out for many many months and
wouldn’t be out for many many months and
wouldn’t be out for many many months and Madoff could talk to a lot of writers
Madoff could talk to a lot of writers
Madoff could talk to a lot of writers between now and then and my hands would
between now and then and my hands would
between now and then and my hands would be tied so I said I would only agree if
be tied so I said I would only agree if
be tied so I said I would only agree if Madoff would agree not to talk to any
Madoff would agree not to talk to any
Madoff would agree not to talk to any other reporters before my book was
other reporters before my book was
other reporters before my book was published well he readily said yes he
published well he readily said yes he
published well he readily said yes he even put it in writing and he seemed so
even put it in writing and he seemed so
even put it in writing and he seemed so sincere so trustworthy that I believed
sincere so trustworthy that I believed
sincere so trustworthy that I believed it and I already knew he was a crook
it and I already knew he was a crook
it and I already knew he was a crook that’s how good he is
that’s how good he is
that’s how good he is of course he broke his promise no
of course he broke his promise no
of course he broke his promise no surprise there but what was surprising
surprise there but what was surprising
surprise there but what was surprising was how shocked I was when it happened
was how shocked I was when it happened
was how shocked I was when it happened and how foolish I felt for ever trusting
and how foolish I felt for ever trusting
and how foolish I felt for ever trusting Bernie Madoff in the first place so if
Bernie Madoff in the first place so if
Bernie Madoff in the first place so if we can’t trust our gut to recognize a
we can’t trust our gut to recognize a
we can’t trust our gut to recognize a conman
conman
conman and we can’t what should we do well
and we can’t what should we do well
and we can’t what should we do well relying on financial regulators is not a
relying on financial regulators is not a
relying on financial regulators is not a good bet these are devilishly hard
good bet these are devilishly hard
good bet these are devilishly hard crimes to detect in advance
crimes to detect in advance
crimes to detect in advance everything looks rosy until the money
everything looks rosy until the money
everything looks rosy until the money runs out and then it’s usually too late
runs out and then it’s usually too late
runs out and then it’s usually too late trusting in bankers who serve Ponzi
trusting in bankers who serve Ponzi
trusting in bankers who serve Ponzi schemers to catch them well the track
schemers to catch them well the track
schemers to catch them well the track record isn’t so good every successful
record isn’t so good every successful
record isn’t so good every successful Ponzi schemer had a banker who failed to
Ponzi schemer had a banker who failed to
Ponzi schemer had a banker who failed to catch him so what should we do there
catch him so what should we do there
catch him so what should we do there were two anecdotes from the Madoff story
were two anecdotes from the Madoff story
were two anecdotes from the Madoff story that I think are very helpful the first
that I think are very helpful the first
that I think are very helpful the first involved a retired retailer who was
involved a retired retailer who was
involved a retired retailer who was eager to invest with Madoff when he
eager to invest with Madoff when he
eager to invest with Madoff when he finally got a meeting with Madoff they’d
finally got a meeting with Madoff they’d
finally got a meeting with Madoff they’d off told him well his minimum investment
off told him well his minimum investment
off told him well his minimum investment was five million dollars the retailer
was five million dollars the retailer
was five million dollars the retailer was a wealthy man he could have written
was a wealthy man he could have written
was a wealthy man he could have written the check easily but he explained that
the check easily but he explained that
the check easily but he explained that he had a firm rule
he had a firm rule
he had a firm rule he never invested more than a quarter of
he never invested more than a quarter of
he never invested more than a quarter of a million dollars with a new money
a million dollars with a new money
a million dollars with a new money manager in the first year later on who
manager in the first year later on who
manager in the first year later on who knew but only a quarter of a million
knew but only a quarter of a million
knew but only a quarter of a million madoff stood firm five million dollars
madoff stood firm five million dollars
madoff stood firm five million dollars or no dice the retailer was tempted he
or no dice the retailer was tempted he
or no dice the retailer was tempted he wrangled this invitation to talk with
wrangled this invitation to talk with
wrangled this invitation to talk with madoff but he thought about it
madoff but he thought about it
madoff but he thought about it finally he shook his head shook Bernie’s
finally he shook his head shook Bernie’s
finally he shook his head shook Bernie’s hand and walked away similarly a small
hand and walked away similarly a small
hand and walked away similarly a small charity had an opportunity to invest
charity had an opportunity to invest
charity had an opportunity to invest with Madoff but their investment
with Madoff but their investment
with Madoff but their investment committee of their board had a
committee of their board had a
committee of their board had a long-standing rule they only dealt with
long-standing rule they only dealt with
long-standing rule they only dealt with money managers who used an independent
money managers who used an independent
money managers who used an independent bank or third party to hold the assets
bank or third party to hold the assets
bank or third party to hold the assets in their account and madoff didn’t do
in their account and madoff didn’t do
in their account and madoff didn’t do that but it could have made an exception
that but it could have made an exception
that but it could have made an exception in this case to get the talents of this
in this case to get the talents of this
in this case to get the talents of this market wizard but they decided you know
market wizard but they decided you know
market wizard but they decided you know the rule was served as well we’ll stick
the rule was served as well we’ll stick
the rule was served as well we’ll stick with it and they walked away now what’s
with it and they walked away now what’s
with it and they walked away now what’s fascinating about both of these stories
fascinating about both of these stories
fascinating about both of these stories is that in neither case did anyone
is that in neither case did anyone
is that in neither case did anyone suspect madoff was a crook
suspect madoff was a crook
suspect madoff was a crook far from it the charity the retailer
far from it the charity the retailer
far from it the charity the retailer they continued to admire and respect and
they continued to admire and respect and
they continued to admire and respect and trust Bernie Madoff right up until the
trust Bernie Madoff right up until the
trust Bernie Madoff right up until the day he was arrested they didn’t have
day he was arrested they didn’t have
day he was arrested they didn’t have some kind of x-ray vision into Bernie
some kind of x-ray vision into Bernie
some kind of x-ray vision into Bernie soul they didn’t have some kind of
soul they didn’t have some kind of
soul they didn’t have some kind of geiger counter in their gut that told
geiger counter in their gut that told
geiger counter in their gut that told them beware no they just had some
them beware no they just had some
them beware no they just had some common-sense rules and they stuck to
common-sense rules and they stuck to
common-sense rules and they stuck to them and we can do exactly the same
them and we can do exactly the same
them and we can do exactly the same thing we could for example decide that
thing we could for example decide that
thing we could for example decide that we are only going to invest and well
we are only going to invest and well
we are only going to invest and well regulated public mutual funds and that
regulated public mutual funds and that
regulated public mutual funds and that would keep you safe from Ponzi schemers
would keep you safe from Ponzi schemers
would keep you safe from Ponzi schemers so long as you don’t waive that rule
so long as you don’t waive that rule
so long as you don’t waive that rule when you’re brilliantly successful
when you’re brilliantly successful
when you’re brilliantly successful neighbor invites you into his private
neighbor invites you into his private
neighbor invites you into his private Bitcoin fund on a more difficult level
Bitcoin fund on a more difficult level
Bitcoin fund on a more difficult level we could decide that we simply will not
we could decide that we simply will not
we could decide that we simply will not invest with close friends
invest with close friends
invest with close friends family members ever precisely because we
family members ever precisely because we
family members ever precisely because we understand that the trust we place in
understand that the trust we place in
understand that the trust we place in them will inevitably blind us to any red
them will inevitably blind us to any red
them will inevitably blind us to any red flags we would need to see to know that
flags we would need to see to know that
flags we would need to see to know that we were in trouble
we were in trouble
we were in trouble firm common-sense rules no exceptions I
firm common-sense rules no exceptions I
firm common-sense rules no exceptions I think Bernie Madoff would tell you that
think Bernie Madoff would tell you that
think Bernie Madoff would tell you that that’s the best way to protect yourself
that’s the best way to protect yourself
that’s the best way to protect yourself from con men like him
from con men like him
from con men like him the only other way I can think of is
the only other way I can think of is
the only other way I can think of is clinical paranoia on a global scale con
clinical paranoia on a global scale con
clinical paranoia on a global scale con men cannot work in a world where nobody
men cannot work in a world where nobody
men cannot work in a world where nobody trusts anybody else but nobody wants to
trusts anybody else but nobody wants to
trusts anybody else but nobody wants to live in a world like that modern
live in a world like that modern
live in a world like that modern Commerce is impossible in a world like
Commerce is impossible in a world like
Commerce is impossible in a world like that and healthy relationships are
that and healthy relationships are
that and healthy relationships are destroyed by a world like that so by all
destroyed by a world like that so by all
destroyed by a world like that so by all means continue to trust one another
means continue to trust one another
means continue to trust one another let’s use trust to build strong
let’s use trust to build strong
let’s use trust to build strong relationships strong communities a
relationships strong communities a
relationships strong communities a strong country but for heaven’s sake
strong country but for heaven’s sake
strong country but for heaven’s sake find something besides trust to guide
find something besides trust to guide
find something besides trust to guide how you handle your money because trust
how you handle your money because trust
how you handle your money because trust will always be that two-edged sword the
will always be that two-edged sword the
will always be that two-edged sword the con man’s favorite weapon trusting in
con man’s favorite weapon trusting in
con man’s favorite weapon trusting in trust alone to navigate the world of
trust alone to navigate the world of
trust alone to navigate the world of money well that’s exactly what the next
money well that’s exactly what the next
money well that’s exactly what the next Bernie Madoff is hoping that you will do
Bernie Madoff is hoping that you will do
Bernie Madoff is hoping that you will do and what I’m hoping you won’t thank you
and what I’m hoping you won’t thank you
and what I’m hoping you won’t thank you very much
very much
very much [Applause]
[Applause]
[Applause] you
you
you [Music]
”
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