He was born and raised in my hometown, Laurelton, Queens, although he graduated from high school a couple of years before my family moved in. So proud.
Everybody in that firm knew what was going on. Madoff must have been paying them very well for their silence. The thing that is amazing is that we have had yet another round of financial deregulation since Madoff's pyramid was exposed. Half the big investment banks are doing things to their customers that verge on scams and this is known since 2008 and yet we persist in letting the investment community go largely unregulated. The comment about half doing things that verge on scams is the common practice of letting the in-house trading teams profit off of the customers in ways that would be seen as very shady if the scam was spelled out in detail.
