The FBI’s Failures on Kavanaugh Are Like the SEC’s Failures on Madoff

By Pam Martens and Russ Martens: October 1, 2018 ~ Editor’s Note: On June 18, 1991, when I was managing money for individual clients at a Wall Street firm, a client told me that Bernie Madoff had been guaranteeing him, and other members of his Long Island country club, 13 percent annual returns on the stock portfolios Madoff managed for them – and had been delivering those returns for about 15 years. It was then, as it is today, a serious violation to promise guaranteed returns on a stock portfolio for the obvious reason that markets can experience serious losses within any one year and negative returns in multiple years. I told my client this and suggested that a person willing to ignore a well known prohibition against promising investors guaranteed stock returns is highly likely to be lying about bigger things. I suggested to this client that Madoff was … Continue reading

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