Categories: OLD Media Moves

Trying to question Madoff

Erin Arvedlund, a former Barron’s reporter, writes Wednesday for Conde Nast Portfolio about her attempts back in 2001 to question hedge fund operator Bernard Madoff, now accused of swindling $50 billion from investors.

Arvedlund writes, “Every reporter encounters a big story that feels risky — that carries the risk of offending someone important, someone big, someone savvy, someone smarter than you, or just someone who makes claims that can’t be proved or disproved. But feelings aren’t facts.

“So I went with the facts: Nobody, but nobody, on Wall Street traded options the way Madoff did and made the money that he made. Years later, a hedge fund manager whom I had known since the late 1990s said simply: ‘Nobody traded options that successfully. That should have been a big red flag.’

“I worked for months compiling details about Madoff. I easily questioned more than 100 people as to whether they knew Madoff or knew anyone who had ever invested with him. Most either had heard of Madoff or knew of his firm. I could count on one hand the number of people who had actually met the man.

“I was beginning to think I’d never be one of the lucky few, even after finishing my profile of him. Â

“Suddenly, though, Madoff was made available to me just as the story was about to be printed. Over a scratchy international telephone line, Madoff told me he was traveling on a boat in Switzerland. ‘I can’t really go into the details,’ he said of his strategy. He wasn’t angry or upset. He sounded more than friendly. He just didn’t tell me anything of note.”

Read more here.

Recent Posts

WSJ’s Brown is leaving publication

Ken Brown of The Wall Street Journal is leaving the news organization. He is an…

5 hours ago

Jones will not seek another Dow Jones News Fund board term

Dow Jones News Fund President Brent W. Jones announced at the nonprofit journalism training organization’s…

5 hours ago

Bloomberg hires Clark to cover VC and startups

Jillian Ward, managing editor for U.S. technology at Bloomberg News, sent the following note to…

5 hours ago

Berke of STAT News on the importance of its coverage

Rick Berke, a co-founded and executive editor of STAT News, writes about the importance of…

5 hours ago

Maxwell joins Gizmodo as a tech reporter

Thomas Maxwell has joined Gizmodo as a tech reporter. He previously was at Business Insider covering…

10 hours ago

Banking Times acquires The New Fiver

Banking Times has acquired the domain name "The New Fiver" for an undisclosed amount, aiming…

1 day ago