FRONTLINE: The Madoff Affair
by Marcela Gaviria, Martin Smith
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DVD details
Actor: n/aDirector: Marcela Gaviria, Martin Smith
Brand: PBS
DVD: Region Code 1
Audio: English (Unknown); English (Original Language)
Format: Color, DVD, NTSC
Picture Format: 1.33:1
Running Time: 60 minutes
DVD Release Date: 2009-07-21
Audience Rating: NR (Not Rated)
Studio: PBS
DVD Reviews of FRONTLINE: The Madoff Affair
DVD Review: It was all "one big lie"
Summary: 5 Stars
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"It was to good to be true...But nobody wanted to ask questions...From small-time investors to sophisticated hedge fund managers...And where were the regulators?..."
The above is what the narrator tells us at the beginning of this revealing documentary. It unravels the true story and mechanics behind the world's first global Ponzi scheme--a scheme "that lasted longer, reached wider, and cut deeper than any other business scandal in history!"
(A Ponzi scheme is a pyramid type swindle in which very high returns are promised to early investors, who are paid off with money put up by later investors. Generally a hedge fund hedges (reduces) some of the risks inherent in investments using a variety of methods.)
This documentary was televised on May 12, 2009 and explains everything up until one month before the mastermind behind this scheme was sentenced.
Who was the mastermind? ANSWER: Bernard "Bernie" Madoff. Madoff (pronounced "Made Off") was a former stockbroker, financial advisor, and chairman of the NASDAQ stock exchange.
The fact is that billions of dollars were channelled to Madoff's investment firm. He and his "feeders" became wealthy--fabulously wealthy. All this ended when Madoff's con was discovered on Dec. 11, 2008. Madoff himself confessed that it was all "one big lie."
This documentary answers many key questions such as:
(1) How did Madoff pull it off?
(2) Who helped him?
(3) When did it all begin?
(4) With all the suspicions and many red flags, just where were the regulators?
(5) How was Madoff able to pull his con off for so long?
(6) Why did he finally get caught?
There are brief comments about what happened made by journalists, business people, lawyers, bilked investors, etc. As well, there is lots of archival footage shown.
Be aware that this documentary does not stop to define terms. There are a few terms (like the two defined above) that the average viewer may not be familiar with. When you come across such terms, it's best to pause the documentary, and look them up. Doing this will aid in understanding and enjoyment of this program.
Finally, the DVD itself (the one released in 2009) is perfect in picture and sound quality. Not mentioned is that this DVD has closed captioning. It has no extras.
In conclusion, this is an extremely interesting and well-done documentary that seems to me illuminates two lessons:
(1) It's YOUR money. YOU have to look after it (not someone else).
(2) Don't give your money to people named Madoff. They just might MAKE OFF with it.
(2009; 55 min; first televised on the PBS program "Frontline;" wide screen; 8 chapters)
<<Stephen Pletko, London, Ontario, Canada>>
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Description of FRONTLINE: The Madoff Affair
In the mid-1960s, Bernard Madoff tapped money from Jewish businessmen at exclusive country clubs with the promise of steady guaranteed returns on their investments. He then set his sights on Europe and Latin America, brokering deals with powerful hedge fund managers and feeder funds from Buenos Aires to Geneva. Billions of dollars were channeled to Madoff s investment firm, and his feeders became fabulously wealthy. The competition wondered how the man could produce such steady returns in good times and bad. There were allegations that Madoff was front-running or operating a Ponzi scheme, which the SEC investigated several times over the last two decades. But Madoff remained untouched until December 11, 2008, when he admitted it was all one big lie. FRONTLINE producers Martin Smith and Marcela Gaviria unravel the story behind the world s first truly global Ponzi scheme a deception that lasted longer, reached wider, and cut deeper than any other business scandal in history.Bestsellers in DVD
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