(Reuters) - Bernard Madoff, the longtime Wall Street executive, is accused of cheating investors worldwide out of $50 billion.
Here are some of Madoff’s public comments over the years:
- On his trading approach: “It’s a proprietary strategy. I can’t go into it in great detail.” - Barron’s, May 7, 2001
- Speaking on a panel called “The Future of the Stock Market” at the Philoctetes Center for the Multidisciplinary Study of the Imagination in New York on Oct 20, 2007, Madoff said:
- On regulations: “In today’s regulatory environment, it’s virtually impossible to violate rules ... but it’s impossible for a violation to go undetected, certainly not for a considerable period of time.”
- On the dynamics between investors and Wall Street firms: “The nature of any human being, certainly anyone on Wall Street, is ‘the better deal you give the customer, the worse deal it is for you.’”
- On the subject of large swings in the market: “Take my word for it, for the most part you can ignore those moves.”
- On the costs of regulatory compliance: “No one is going to run a benefit for Wall Street.”
Here are some other quotes from Madoff, cited in various publications:
- On electronic trading: “All we’re doing is passing our savings on to our client base.”
- Fortune Magazine, Nov 19, 1990.
- On a canceled crab race at the Securities Industry Association Convention in Boca Raton, Fla.: “There’s enough happening in the securities industry without taking on animal rights.”
- Wall Street Journal, Dec 2, 1994.
- On day-trading: “If the bull peters out, day-trading will die of its own weight.”
- Forbes, April 6, 1998.
- On the dangers of the Internet bubble: “I don’t like to see this type of activity. Eventually, if this bubble bursts, I think that people will be left holding the bag. I don’t want to be around when that happens.”
- Wall Street Journal, Jan 14, 1999.
- On what fed the Internet bubble: “You had a lot of novice investors who got into the market looking for easy money, without any regard to the fundamentals. These stocks were running on fumes.”
- Washington Post, Jan 2, 2001.
Compiled by Phil Wahba; Editing by Bernard Orr