Bernard Madoff leaves federal court after a hearing regarding his bail in January, 2009.

Bernard Madoff leaves federal court after a hearing regarding his bail in January, 2009.

Bernard Lawrence Madoff carried out what many consider to be the largest financial fraud in U.S. history: a massive Ponzi scheme which cost his client’s $64 billion.

He’s in jail, serving out his 150-year sentence. Steve Fishman’s new Audible series “Ponzi Supernova” features never-before-heard recordings of Madoff as well as dozens of new interviews with FBI agents, attorneys, traders and victims of Madoff’s devastating Ponzi scheme. The fraud, Fishman says, extended far beyond Madoff and his close associates, and he finds fault in a system that actively enabled him to scam his many victims.

Guests

  • Steve Fishman Journalist and host of an original Audible series on Bernie Madoff titled "Ponzi Supernova."

The Ponzi Supernova

Investor Bernard Madoff is currently serving a 150 year sentence for defrauding thousands of his clients to the tune of billions of dollars.

Madoff ran a massive Ponzi Scheme through his Bernard L Madoff Investment Securities, paying clients with other clients’ money until it all came crashing down in 2008.

But now Madoff is talking. Journalist Steve Fishman spent three hours talking with Madoff for the new Audible audio series Ponzi Supernova. In the interviews, Madoff says banks and wealthy investors didn’t care whether his business was legitimate, and that led to his scheme’s growth.

“Everybody was greedy. Everybody wanted to go along, and I just went along with it,” Madoff says in the series.

The scheme lasted for years. In this clip, Fishman describes how Madoff went along for so long without being caught:

Madoff says he provided the Securities and Exchange Commission and his clients with the same documents, documents he thought weren’t forged. This leaves Fishman to ask whether Madoff’s scheme was so intricate, perhaps he fooled himself, which he ponders in this clip:

You can click the listen link to hear our full conversation with Fishman, or listen to his series here.

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