Thursday, September 10, 2009

Madoff's Ponzi scheme showing holes

According to CNN, new audio tapes have surfaced where Madoff shares with another colleague, Amit Vijay, chief risk officer of the Fairfield Greenwich Group, how to dodge any questions or inquires that came from the SEC. It was not evident when this phone call was made. In the phone call, Madoff stated, "You don't want to have that information because ... the commission, when they ask questions, they try and draw out information," Madoff said. "The less that you know how we execute ... the better you are."

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