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[0:00] ..." Joining us now is a Frontline producer and writer. A correspondent actually but -- the -- producer and writer in addition with the a team of folks on a show that's debuting tonight on PBS has called the Madoff affair. And of course it's about Bernie Madoff who allegedly has essentially swindled thousands of investors to the tune of millions not billions of dollars. Joining us now Martin Smith -- tell me what Frontline has done it with the Madoff story."...
[1:15] ..." of tree mark capital. Which lost three point three billion dollars to Madoff sent demands he was the founder. And she. Spoke to us about how Bernie operated both of them -- it's quite remarkable"...
[1:30] ..." was reading a little bit about your story here it's -- the Madoff story but -- you uncovered is that even BMS. Wasn't quite sure what they were doing what made offs approach was he"...
[2:10] ..." people bought into this and based on their reputation friend's body into Madoff. "...
[2:18] ..." were beginning the researching since you have to understand. How much of Wall Street runs on trust. And I kept remembering that to mean it's it's it's really remarkable. How much of this is all just because in the image of the money managers -- on television it's gray haired. Deliberate respectable. Cautious. The facts are very different when you need the people who -- really running your money."...
[2:45] ..." And yet again what I find fascinating is that the people surrounding Madoff who work. Essentially ponds in -- scheme how could be able be oblivious of these people are trained in in doing what"...
[3:23] ..." a condition of doing business with Bernie all of them -- maligned Madoff was in control he said he's conditions. And you were either in or out if you if you wanted to buy and"...
[4:01] ..." And reputation. You know he was depressed he was the president of NASDAQ at one point he had a a broker dealer operation that was trading a lot of shares. For sure but any con"...
[5:10] ..." The program is called the Madoff affair it's being presented by Frontline tonight at 9 PM eastern time we've been joined by Martin's Smith the writer producer and a Frontline correspondent thank you mark for your time."...
[0:00]" Joining us now is a Frontline producer and writer. A correspondent actually but -- the -- producer and writer in addition with the a team of folks on a show that's debuting tonight on PBS has called the Madoff affair. And of course it's about Bernie Madoff who allegedly has essentially swindled thousands of investors to the tune of millions not billions of dollars. Joining us now Martin Smith -- tell me what Frontline has done it with the Madoff story."
[0:31]" Well initially there was a lot of reporting about the victims -- what we did is done again and have tried to get asked the heart of the fraud itself the dark side. Bernie made off and we went back to their origins of the of his investment advisory business which he established in 1960. And we've got some interviews with people who haven't spoken before. On television or at all. Including that Michael pianists who was one of the first. Associates have made off one of the early -- status collecting money and another. Person we spoke to who's never spoken. About this is the founder of tree mark capital. Which lost three point three billion dollars to Madoff sent demands he was the founder. And she. Spoke to us about how Bernie operated both of them -- it's quite remarkable stuff --"
[1:30]" Well I was reading a little bit about your story here it's -- the Madoff story but -- you uncovered is that even BMS. Wasn't quite sure what they were doing what made offs approach was he was asked about it you know did you ever questioned him what was his answer."
[1:44]" You know yeah exactly these -- well I wouldn't understand that they told me was -- about arbitrage or blah blah blah blah -- is headquartered. It was incredible I found throughout this news see this in the program. He people's willingness to hand money over to strangers. Without asking any questions about what they're going to do it."
[2:04]" And that is. As shocking to all of us but I guess it's it's because so many other well respected people bought into this and based on their reputation friend's body into Madoff. "
[2:16]" One of hedge fund managers said to us when we were beginning the researching since you have to understand. How much of Wall Street runs on trust. And I kept remembering that to mean it's it's it's really remarkable. How much of this is all just because in the image of the money managers -- on television it's gray haired. Deliberate respectable. Cautious. The facts are very different when you need the people who -- really running your money."
[2:45]" And yet again what I find fascinating is that the people surrounding Madoff who work. Essentially ponds in -- scheme how could be able be oblivious of these people are trained in in doing what they do."
[2:58]" Well you know. That that's still questions that I can't fully answer and that's what dumb founding -- what we lay out in the program. Is this sort of constant refrain of I didn't know or Bernie wooden lattice report that. Mean he had a small accounting firm glance. Ms. man's -- about that she says well of course the body do you but you know that was a condition of doing business with Bernie all of them -- maligned Madoff was in control he said he's conditions. And you were either in or out if you if you wanted to buy and it is his system."
[3:35]" So it seems like not only did he have this kind of star power. Whatever he says goes he had this reputation of being a maverick you don't question is accepted because it allegedly worked but without that didn't."
[3:50]" Yeah it was a lie it was as he said one big -- Again. People. Just went based on his reputation. And reputation. You know he was depressed he was the president of NASDAQ at one point he had a a broker dealer operation that was trading a lot of shares. For sure but any con man has a great reputation that's how you get caught and people should know better. And just simply go on reputation alone."
[4:23]" If you could interview Bernie what would be your burning question."
[4:28]" So when did you begin it you know did you start with the illegal from the beginning in 1960 or did it some where where -- slide off the rails exactly. I think what when you watch this program you'll see that he was. Perfectly. Will it two played fast and loose with the regulators. From the very early points from. Starting in the seventies through the eighties and nineties and all the way to the present. So the idea that he you know had traded for the last fifteen years which is what investigators. Well that's certainly true but I want to know. Bernie win when you really them when you really started defrauding people."
[5:10]" The program is called the Madoff affair it's being presented by Frontline tonight at 9 PM eastern time we've been joined by Martin's Smith the writer producer and a Frontline correspondent thank you mark for your time."
[5:22]" Thank you for having me."
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