CBS News correspondent Randall Pinkston reports:
“It never entered the SEC’s mind that it was a Ponzi scheme,” Madoff said, because of “the reputation I had.”
“They thought the likelihood of Madoff being a big criminal was probably not something that was realistic,” said Paul Atkins, a former SEC Commissioner.
At the height of his career, Madoff was regarded as a financial genius, he even served as chairman of NASDAQ.
In 2003, Madoff was sure he would be caught and was surprised when investigators did not check his accounts to see if he had actually traded stocks – which he had not.
It is accounting 101, Madoff told the inspector general, to look at DTC – Depositor Trust Commission – to discover a Ponzi scheme.
“With one phone call they could have brought the whole thing down,” Atkins said.
“I worried every time,” Madoff said in the interview. “I wish they caught me six years ago, eight years ago”…