1/27/09

Bloomberg: Belief in Madoff was a (Wink Wink) Religion

Bloomberg has a new Madoff update and current state report.

The focus in this article is the "wink" factor, i.e., the implication that the investors all new that Madoff was not 100% kosher, but they ate his tasty meat with a knowing "wink".
Madoff Enablers Winked at Suspected Front-Running
By John Helyar, Katherine Burton and Vernon Silver

Jan. 27 (Bloomberg) -- For Swiss banker Werner Wolfer, the memory of his first encounter with one of Bernard Madoff’s emissaries nine years ago is as clear as the waters of Lake Geneva.

To hear Patrick Littaye talk, the Wall Street money manager could walk on those waters. “It was like a religion,” Wolfer, 57, says of the promise of steady returns, which would be echoed by other acolytes. “These people firmly believed in the story.”...more ...

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