Madoff’s masterly $65bn sucker game

Web of exquisite lies

Bernie Madoff, writes Dalrymple, was the type of swindler

who is hyper-respectable and sober in appearance. How gladly I should have entrusted my savings to him if he had asked me! Such a calm, intelligent face, full of strong but discreet character!

His Ponzi scheme

was so brilliant that even now it excites my admiration, though I know that it was wicked.

Madoff offered

not huge and spectacular gains, but steady, invariant, yet more than adequate ones that could plausibly have been the fruit of unusually wise investment in turbulent times.

The gains were offered

only to the people whom Madoff accepted as clients, who then came to think of themselves as specially privileged to be taken into his embrace, which turned out be more spider’s web than sheltering fold.

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