Bob McCarty Writes

“In today’s regulatory environment, it’s virtually impossible to violate rules – and this is something that the public doesn’t really understand – but it’s impossible for a violation to go undetected, certainly not for a considerable period of time.”

– Bernie Madoff, Oct. 20, 2007

Bernard Madoff, the former NASDAQ chairman now implicated in a $50 billion Ponzi scheme, uttered those words during a roundtable discussion that took place Oct. 20, 2007, weeks after the sub-prime mortgage crisis began to emerge and while world markets were still riding high.

You can see and hear him say those words in the video above.

Hat tip: The Curtis Sliwa Show — Listen to Curtis Sliwa discuss Madoff in this audio 33 minutes into the first hour of the 3/02/09 broadcast.

NOTE: Thanks in advance for overlooking the fact that the YouTube video above was posted by the liberals at TPM.

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SEE ALSO: To read other BMW posts that mention Madoff, click here.

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UPDATE 3/12/09: Madoff Pleads Guilty, Goes to Jail Without Bail