December 17, 2008 / 1:23 AM / 11 years ago

FACTBOX: Bernard Madoff quotes

(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

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