1 You wanna know how to get people to trust you with their money? 'I'll tell ya right now. You present it as an exclusive thing,...' Look, what can I tell ya? It's a closed fund. '...an elite club for the chosen few.' It's not a question of credentials. Right now, it's a closed fund. Of course, that's just the hook. Nothing on Earth makes people want something more than telling them they can't have it. You play hard-to-get. You make them sweat. And then... I'm gonna make an exception. 'And once they're in, you make 'em feel safe. You give them consistent returns ` around 10%, 12% a year, 'year after year. If anybody asks you, "How do you do this? What's your secret?" you say to them...' That's proprietary. And if the questions keep coming... You don't like the way I do it, come up here. I'll write you a cheque for all of it, and you're out of the fund. Now, the truth is, of course, that's the one thing you can't afford to have ` money goin' out. As long as deposits outpace withdrawals, you can live like a king. It's a simple business plan. People give me their money, and I make them richer than God. You might say... I'm a magician. And as they say, a good magician never reveals his secrets. Captions were made with the support of NZ On Air. Copyright Able 2017 (BROODING MUSIC) (INDISTINCT CONVERSATION) There. She's down, finally. Let's keep our fingers crossed that she sleeps at least an hour. (POLITE LAUGHTER) You know, that kid of yours is incredible. You can tell. She's, like, out of this world. So, how long have you and Bernie known each other? Oh my gosh. I do not wanna do the math, but` Long time ago. Well, I was 13 years old, and when I` when I first saw Bernie, he was a 16-year-old lifeguard. Lifeguard? Mm. Didn't have a belly then. (LAUGHTER) Aw. Now, now. Give the guy a break. I knew it. I knew right away this was the love of my life, the man who would take care of me forever. Being 13, you know, doesn't` it's not as weird as it sounds now. It sounds weird. It sounds a little perverted. Come on, now, Mark. Don't be silly. I didn't even know what sex was. OK. Listen to me ` neither did your father. Took him quite a long time to` Mom. Oh, I don't wanna know. I don't wanna know. Ew. I'm gonna go to the restroom. (CHUCKLES) Yeah. Yeah. Here, darling. Have some more fruit. Give me your plate. Who wants more fruit? She's nice. She's nice, huh, Shana? Yeah, but it's not serious, right? Thank you, thank you. Uh, it might be. It's a little early to tell. Oh, honey. A wife? I don't think so. No, you know what? I like her, though. I really do. I really like her. (WHISPERS) But she's no Susan. You didn't like Susan until we were divorced. Well, that's because I see less of her now. (LAUGHTER) It's unbelievable. Actually, I've always liked her. Yeah, thanks (!) (CELL PHONE RINGS) Aw. Pity. Pity. Excuse me, Mark. Thank you. (SCOFFS) Yeah? Bernie, it's Frank. Got that thing I sent you? Yeah, the, uh... the King Arthur fund. Yeah. It might look like some two-bit fund, but it's turning into a major problem. What am I looking at? The King Arthur idiot put it right there in writing ` 'guaranteed 12% to 15% rate of return.' Of course it got the SEC's attention. Guaranteed 15%? That would certainly get my attention. The problem is Avellino and Bienes allowed this guy to invest, and now we're exposed. You connected with them yet? They haven't gotten back to us yet. I've been trying all weekend. You know how this works, Bernie. The SEC ain't gonna stop at Avellino and Bienes. They'll follow it right up the line to us. I want them in my office at 7.30 Monday morning. You understand what I'm saying? OK? I hear you, Bernie. I'm not kidding. They've been living off the fat of the land for 23 years. I'm not gonna have it end up on my doorstep. Yeah, yeah, yeah. I hear you, Bernie. I'm on it. OK. All right. Bye. (CHILDREN LAUGH) (LAUGHS) (GLASS CLINKS) RUTH: I couldn't imagine. Quiet down, please. (LAUGHTER) I would like to propose a toast to my dad... for kicking prostate cancer where it counts ` in the butt. (LAUGHTER) Oh. That's my son. Of course, we're all so thrilled that you've beaten this thing, but I'm pretty sure no one's more relieved than Uncle Bernie, since we all know he has no idea how to turn on those computers at the firm without your help. (LAUGHTER) Yeah, that's actually true. First of all, first of all, Roger can't make it from the east side of Manhattan to the west side without a map, OK? Yeah, but, Dad, seriously` Bern. Hey. Bernie speaking. Peter. We're thrilled that you're here. And we're thrilled that you're staying. You're the best father that Roger and Shana could possibly have. And you're the best brother, whose devotion and loyalty is... never questioned. ALL: Cheers. RUTH: Oh! (GLASSES CLINKING) Beautiful toast. You're not goin' anywhere for a long time, and I know that. You gotta rest. You gotta relax. Remember that trip that you took to France? You went to Provence, and there was a villa. Bonne Chance? Bonne Chance. Bonne Chance. That's right. OK. And you said it was like heaven on Earth, right? Yes. It was beautiful. Well, I, uh... I got you a little bit of heaven on Earth. Seriously. I bought you that villa. You bought me that house? CHUCKLES: Yeah. Oh my God. Really, Bern? What? No, come on. No. (CHUCKLES) You accept it because you deserve it, OK? You're crazy. You know that? (CHUCKLES) (UNEASY MUSIC) (KETTLE WHISTLES) (MUSIC INTENSIFIES) Is everything all right? Yeah, you know, you` you were on the phone much more than usual this weekend. I'm fine. I'm fine. I just had to put out a fire. Mm. I've decided we're gonna do it. Do what? The addition to the house. OK? OK. It's a... great, big indoor-outdoor rec room, right? Right off of the living room. And the patio ` you know, it's just sitting there. Nobody's using it. LAUGHS: Why do we have to build an addition? You want a bigger house. We'll buy a bigger house. No, no, no. Uh-uh. No. I am never saying goodbye to this house. No, I love it. It's our first real splurge. From Roslyn Heights to Montauk. Yeah. (CAUTIOUS PIANO MUSIC) MAN: There's no limit. (INDISTINCT CONVERSATIONS) (TELEPHONE RINGS) Judy, Judy! Take this freaking call, will ya? Trades that used to take a day and a half, now you can do in a millisecond. New offices look terrific, Bern. Thank you. How long have you been here? About a year. Here's, uh, my two boys, Mark and Andrew. Say hello to Nathan. Huh? They're growin' up. And, uh, in here should be... Yes. Peter, my brother. And this is his daughter, Shana, who's our new in-house counsel. Hi there. How are you? Peter was the one who thought about all that computer stuff long before I did. I was still using an abacus. (CHUCKLES) That's amazing. We have something for you. Yeah. I suppose there are two ways now to look at this place ` as a high-tech financial-services outfit that helped create NASDAQ, or, as I like to see it, a very closely knit family business. You know how I look at you? How? As a guy who doubled my money in six years. That's for his college fund. (TELEPHONE RINGS) Hello? FRANK: Avellino and Bienes just landed at JFK. They're on their way. I'll be there in five. Nathan, gotta cut it short. It's good seein' you again, Bernie. Good seeing you. Bernard L Madoff Investment Securities. I built this firm from nothing into one of the premier market-making firms on Wall Street. What's market-making? Don't worry. You don't need to know. It's not the sexiest corner of the finance world, but it's 100% legit. The only thing is it doesn't have a thing to do with managing my investors' money. The exclusive fund with the amazingly consistent returns? That's a whole other business that I run from down here on the 17th floor. Nobody but nobody comes down here without my permission. (BEEP, LOCK DISENGAGES) But it's not the kind of thing you can do alone. 'Meet Annette Bongiorno.' Bernie. 'When I hired her, she looked like Elizabeth Taylor. 'Annette makes sure the detailed account statements go out to our clients every month.' (TELEPHONE RINGS) 'Jodi Crupi `' Oh, hey, Bernie. 'Annette's best friend's cousin's lesbian girlfriend. Her one and only job ` 'knowing the daily balance of the fund. 'Finally, the man behind the wheel down here on the 17th floor. 'He walked in my door at age 19 with nothing but chutzpah. 'Now he's as essential as my right hand. 'Frank DiPascali.' We got a problem, Bernie. 1 Well, let's get down to business. How much is in the Avellino and Bienes account right now? Uh,... about 400 million. 'About 400 million'? I don't care about 'about'. I wanna know exactly. OK. Let me get Annette. Annette, get in here. Bring the Avellino and Bienes account. ANNETTE: How about you get off your butt and come get 'em? Hey, hey! Bring it in to Bernie, OK? (SCOFFS) I swear. She gets to be more of a pain in the ass every day. Watch out. She's the one who brought you in. Yeah, 17 years, two husbands and about 1500 eggplant parms ago. - (LAUGHS) - (DOOR OPENS) I'm sorry, Bernie. I didn't know I was talkin' to anybody but Mussolini here. Annette, just give me the accounts, will you? Yeah, the account. Jodi. $388,693,119 ` total of cash accounts as of 9am this morning. Excellent. Yeah, fine. OK. Thank you. No, thank you. Get out of here, will ya? Go chase a car. (DOOR CLOSES) OK, so we're only about $14 million short. I mean, if worst came to worst and we had to pay it all back` Well, we have to pay everybody back to the last dime, or else we're gonna be facing an SEC inquiry. Does Avellino and Bienes know that? In about an hour. Frank Avellino and Michael Bienes. These two suckers are under the illusion that their investors in my fund have a collective net worth of ` yep, that's right ` $402 million, that I now have to repay in full. There he is. (CHUCKLES) Bernie. Hey. (CHUCKLES) Hey. Bernie, you look great. You look great. Thanks a lot. And the boys... Grown men! Oh. Yeah. Three grandkids now, am I right? Yeah, beautiful grandkids, beautiful kids, beautiful... wife. Shut up and sit down. (SCOFFS) It's over. What do you mean 'it's over'? I mean it's over. I'm shutting you down. Bernie. Come on. Hear us out, Bernie. We never` How many millions of dollars have I made you guys over the last 20 years, huh? Huh? You're buyin' art. You got a yacht. I understand you're actually doin' some philanthropy, right? (CHUCKLES) So if I was you, the question I would be asking is ` how much is this lifestyle worth to keep it? Now,... here's what you're gonna do. You're gonna do everything my lawyer tells you to do. You're gonna pay any fines or penalties that are levied against you. And you're gonna tell your partner, this King Arthur guy, that his little pamphlet put the two of you out of business. OK? Whatever you say, Bernie. Is that clear? Yeah, but, um,... just so you know ` this King Arthur guy, we told him the rules. We did. He knew the rules. It wasn't us. It may be exactly as you say. But... here we are. Those for Ruth? Yeah. I'm gonna do you a favour. (TENSE MUSIC) Ruth hates irises. (CHUCKLES) So pick a secretary and give it to her. Get out. Get out, get out. Hey, Shana. Do you have any idea what they're talkin' about in there? Who knows, Mark? Maybe they're pickin' horses. The problem is gonna be getting another $400 million before another client asks for a big redemption. Why not hit up one of the big fish? Carl. Or Picower. Or Levy. No, no. I mean, those guys got plenty more they could put in. Two decades these people have been with me, and they've been making straight money ` Carl even longer. I ask for a handout from them, and they lose confidence. No, no, no, no, no. 'Big fish'. The big fish are out, and so are their friends. Well, that takes care of just about every Jewish businessman in New York City. OK. All right. Enough. Enough for today. You know, the SEC is still gonna wanna see records, you know. So give 'em some records. What, for 3000 clients? Yeah. So? Some of those accounts go back to the 1960s. Well, I guess you'll just have to earn your pay cheque, won't ya? BERNIE: Oh. Oh yeah. Mm. Oh yeah. Oh yeah. Oh. Where the arch is. Get` get` get in there. You` Mm! Aah! How's your back? You've got a lot of tension. Everywhere. Oh, wait. Even up here. Stop! It's the business. It's the business. What, honey? What do you mean? We're not expanding. We've gotta keep expanding. Or else... Oh. Or else you're going backwards. Yeah, I know. So, what do you wanna do about it? I wanna get... bigger. I wanna get bigger investors. I want more. You mean like that Jeremy Billings? We met, uh, in Florida last year with his wife. You remember? Who? His partner's Blake North. They've got this big, very fancy hedge fund, and he's got five daughters. And if that isn't a kick, they all look like models too. Where do` how do you know all this? I can read. (LAUGHS) Look at this. Gorgeous, huh? Well,... I doubt they have any Jewish friends. (CHUCKLES) They look like a Polo ad, huh? W-Why don't you invite him to lunch? No. Why don't you invite her to lunch and tell her we don't accept any new investors? You are a vice president of the company, after all. All right. If you want me to earn my salary, you insist, OK. (LAUGHS) Greenwich, Connecticut ` home of Blake North. If I could reel him in, the money I needed to pay out would be pocket change. Legacy. Heritage. Tradition. Those were the big words in my family. So you can imagine the uproar when I off and married this exotic 'mujer from the barrio'. (LAUGHTER) 'He's wearing a pink jacket. Don't laugh. With his money, he can wear whatever the hell he wants.' I grew up in Rio but went to school in Switzerland. We sent all our girls there too. All five of them? Right? Oh my God. Mm-hm. I saw a picture of them in East End Living. So... beautiful. Mm-hm. Well, you must've had your hands full when they were teenagers, huh? Why do you think we sent them to Switzerland? (LAUGHTER) And where did your boys go for school? Well, for high school, Roslyn High, home of the Warriors. (LAUGHS) And then, uh, Mark went to Michigan, and Andy went to Penn. How about your girls? Where did they go to college? Oh... Honey, why don't you show Ruth the stables? They, uh` they were feeding the Arabians there earlier. Magnificent creatures if you've never seen them up close. I guess you know the code for, uh, 'time for business'. Yes. As well as you do, I'm sure. Aah. (CHUCKLES) This way. OK. So, where did you send your girls to college? (CHUCKLES) Harvard. Brown. Princeton, Brown, Princeton. (CAUTIOUS PIANO MUSIC) 'He's waiting for me to pitch him. 'I don't pitch. (PIANO MUSIC CONTINUES) 'Right now, only one thing counts. 'Whoever talks first loses. So, I am glad our lawyers put us together. (DEVIOUS MUSIC) 1 I remember now that Irving gave me $50,000 at a time when that was quite a bit of money for someone in his position. And it has reached a point, absolutely and certainly ` your granddaughter will have no trouble at all in making tuition at any school of her choice. (CHUCKLES) So, what can I do for you? On the one hand, I would really like to take the money and put it in a savings account, and on the other hand, I mean, Irving spoke so highly of you, and` and he trusted you. Um, I'm going to write you a cheque for the complete amount of your account, and if you change your mind and wanna put it back with me, I will gladly accept it. Here is... that... cheque. 'Yeah, the cheque's no good. But look at her eyes. She trusts me.' (SIGHS) Well, Irving trusted you. 'Trust ` the basis of any long-term relationship. 'I had $3000 in my bank account on my wedding day ` just the money I saved from summer jobs.' Now, there's no guarantees in life, but this is as close to it as you're gonna get. It's money in your pocket, and I want to get you in on the ground floor because this is a home-run deal, all right? The ball is sailing over the wall at Yankee Stadium as we speak, and I wanna get you in there before some schmuck. 'Dialling for dollars, pushing penny stocks, I was doing fine.' Now, look, I understand why you'd be apprehensive. I get it. But it is 100 shares for $10. What do you have to lose? MAN: OK, put me down for 100 shares, Bernie. I thought you'd see it my way. 'But it was my father-in-law, Saul, who set the big balls in motion 'by believing in his new son-in-law enough to pitch to him his best clients.' Bernie, I want you to meet Jerry Samuels. My son-in-law, Bernard L Madoff. Jerry Samuels. Saul tells me you're ready to make some money. Steven Hirsch. My son-in-law, Bernard L Madoff. Steven Hirsch. It's a pleasure to meet you. Saul says you're ready to make some money. Samuel Scheinbaum. My son-in-law, Bernard L Madoff. Samuel Scheinbaum. It's a pleasure to meet you. Saul says you're ready to make some money. 'Within a year of Saul funnelling me clients from his accounting business, 'I was $25,000 in the black. (SERENE MUSIC) Then it all fell off a cliff. The penny stocks I had my clients in got killed. That's when it hit me. All I needed was someone to cover my clients' losses, someone whose cash I could use and make it look like they'd weathered the storm, like I'd kept them safe. It would take every penny I earned to do it, but I could make them whole. You can call it cheating if you want, but are you really doing anything wrong if the Peter you're robbing to pay Paul is you? $72 ` that's all I'd have left. But it was a small price to pay for what I was buying ` admiration, trust, respect. Sam. Bernie Madoff. Hey` Slow down, slow down, slow down. That` that` that's why I'm callin', Sam. You're OK. I saw this whole thing coming a week ago. I moved your entire portfolio into treasuries. Everything is aces. 'Like I said,...' (CHUCKLES) No. I'm not a genius. I just know how to ride the market. '...the basis of any long-term relationship.' (INTRIGUING MUSIC) You promoted Frank. Yeah. To VP. So what? You won't let us in the investment business, and you promote Frank. I've worked here for seven years, Dad. I earned that promotion. (CHUCKLES) You know, boychik, you remind me of me. I love ya. Listen, Frank's been here 20 years. Seven years is barely out of the minors. The minors? I reorganised the workflow between traders and management. Andy developed our entire strategy for emerging markets. We manage hundreds of millions of dollars every year here on 19. We're good at what we do, Dad. So... Look, why won't you just let us in? We can help with investment management on 17 just like we do with trading up here. Marky, I'll know when you're ready. I built this whole thing by listening to my gut. So when my gut tells me you're ready, you're in like Flynn. And until then, you've got financial security. You're seasoned. Come on. A little patience, pal. Yeah, come on, Marky. Don't call me Marky. (GOLF CLUB CLACKS) (SCOFFS) You know, just` just so I'm clear ` you're saying that Frank is qualified and I'm not? Marky, why don't you take it like this? If he screws up, I can fire him. If you screw up, I can't fire you. You're blood. So... until I know, we do it my way. And now we're done. You know what you need to do, brother? (MOUSE CLICKS, KEYS CLACK) You need to breathe, relax, and trust Dad a little more. OK? You're getting what you want. Just be a little more patient, and eventually, you will be a very happy man. So just relax. But if you want to keep pushing him, he's just gonna fight you. I'm really glad we had this talk (!) (GRUNTS) (TENSE MUSIC) (ELEVATOR BELL DINGS) (ELEVATOR DOOR OPENS) (TENSE MUSIC BUILDS) Are you, uh...? I mean, do you have your own passcard? Jodi. Don't be ridiculous. (SIGHS) (BEEP, LOCK DISENGAGES) (SUSPENSEFUL MUSIC CONTINUES) Uh, Mark, is there something that I can do for you? Jodi, I'm fine. (TENSE MUSIC CONTINUES) (TENSE MUSIC CONTINUES) (DOOR OPENS) FRANK: Can I help you with something? Mark. Can I help you? No, you can't help me. I just wanted to say... congratulations, Frank. Thank you. 1 The SEC is here? Now? Today? BERNIE: Don't worry, Frank. There's nothin' to worry about. You could have at least told me, huh? The records ` they aren't even close to ready. I don't have signatures. Take a breath. Take a breath, Frank. I'm waiting for the files` Take a breath! We don't have to show them any records today. All we gotta do is make them believe that we're gonna make their lives easy. Now, very slowly,... I want you to turn and look at them. Go ahead. Now, you're gonna tell me that Frank DiPascali is afraid of that? (CHUCKLES) It's the personal level that's the most embarrassing for me. 30 years I've been doing business with Bienes and Avellino, and then to find out they're selling securities improperly makes me feel like an idiot. I spoke to your boss. I already told him to just say the hows and the wheres and the whens, and we'll make sure that all the investors have all their money back. I can't even imagine how terrible the anxiety is these people are feeling. So, what happens next? Brass tacks. Well, it's pretty simple, really. Basically, we just need the records from the Avellino and Bienes accounts dating back to when you started doing business with them. 30 years of fake documents? Frank could take care of that. And the SEC wasn't the real problem. The real problem was ` how was I gonna replace that 400 million? (JAZZY MUSIC) When Carl Shapiro first put money with me, it was like King Solomon himself had vouched for me. The money I needed ` Carl could have written me a cheque for that in his sleep. Thing is, the main reason he put so much money with me over all those years is that I never asked for it. Ozzie Kraus. We started out together in the garment district. He said I was crazy to make nice dresses out of cotton, that women wanted silk. I said, 'Well, working women like nice dresses too.' That was 1946. By 1951, I made my first 10 million. He was still selling suits. Mm. Looks like he's doing pretty good, though. Eh, might be worth 15, 20 million, but when you spread it across all those years, it's not a hell of a lot of growth. He didn't have the drive like you do. Like I do. Millions? For schleppers. You gotta go for billions. You know, they say tennis is the sport of kings, but golf is the sport of deal-making. I... (CHUCKLES) That's` That's why I quit tennis. '"The son I never had." That's what Carl's been calling me for 30 years.' That's the only thing. See the Blumenthals over there? Talked my ear off all afternoon ` 'Can I please make an introduction? 'I'm just dying to get into Bernie's fund.' They're probably stalking you right now. 'His only daughter had married a man named Bob Jaffe.' All I'm saying is that they're not the only members who would give their right hand to get into the fund. You know, we come down here to get away from business, Bob, not to drum it up. This is not a place to discuss business. It's in the club charter. We don't talk business here. Of course. That said, if you were to want to expand, I'd be more than willing to help. Eat. ELLEN: Uh-oh. FRANK: You think lettin' Bob Jaffe comb Palm Beach for clients will get you 400 million overnight? Well, maybe yes and maybe no, Frank, but... a few million here and a few million there ` it can buy us some time, right? Hi, Bernie. Blake North. Listen, I've been doing my best with Jeremy, but it's just... he still feels he needs more to go on for us to consider coming on board. So if we can facilitate a meeting, I think it would go a long way to settling his concerns. So, uh, give me a call. Hey. Hey! Hey! (OMINOUS MUSIC) CROWD: Surprise! (JAZZY PARTY MUSIC PLAYS) # What a man, what a man, what a man, what a mighty good man. Sweetheart! # What a man, what a man, what a man, what a mighty good man. What is that? Chairman of NASDAQ. What is that? How could I be chairman? I never heard of` We found out yesterday. We wanted to keep it a surprise. Maybe have a party. We got it all together. Congratulations. Congratulations, Dad. Oh man. Confetti all over the place. This is great. I'm so proud of you, sweetheart. God, I always knew. I knew this was your destiny. Mm. Mm. # I got a good man. # What a man, what a man, what a man, what a mighty good man. # Uh, a mighty, mighty good man! # What a man, what a man, what a man, what a mighty good man. # Yes, he is. # What a man, what a man, what a man, what a mighty good man. # What a mighty good man. # Ooh, what a man, what a man, what a man, what a mighty good man. # He's a mighty, mighty good man, y'all. # Ooh. # Uh! # What a mighty, mighty good man, y'all. # Ooh. # Yeah. # What a mighty good man. # Ooh. (MUSIC WARPS, ECHOES) # Yeah! From a back room in my father-in-law's office to chairman of NASDAQ, the second-largest exchange in the world. A high watermark - you better believe it. A position like that? I'd never have to sell myself again. The title would do it for me. Yeah. No, no. No. Bernie? I gotta go. 'One more thing about closing a deal ` always save your best play for last.' Well,... everything we've looked at looks good. Uh, but there's no mention in here about the two-and-20 split. There's no... no mention about the management fee at all. That's right. Well, what do you mean, 'that's right'? (CHUCKLES) Even if you wanna go 50/50, it needs to be in writing. (CHUCKLES) No. No. We're not gonna go 50-50. (EXHALES SHARPLY) Well, then, uh, we need to go back to the negotiating table, get the lawyers to draw up entirely new contracts, start from scratch. You know, I don't think you really wanna do that, Jeremy. (CHUCKLES) Oh, yeah? Well, tell me ` why's that? Because we don't take any fees. We make our money on the trades. The management fees are all yours. I thought you understood that. (LAUGHS) So, uh,... I suppose we should talk about the initial buy-in. 'The gold standard in seduction ` 'the moment your client starts to think he's the one getting one over on you.' Did he really just`? Yes. But why wouldn't he`? Jeremy,... the best thing that will ever happen to us in our whole lives just happened. Do you really wanna ruin it? 'After that, you couldn't stop them from giving you their money if you tried. 'Once word got out that Bernie Madoff will deliver your hedge-fund returns 'without taking a penny of fees for himself...' My name is Rene-Thierry Magon de la Villehuchet, and I have been looking forward very much to this day. Thank you so much. And we will be in touch, and we will visit. (SPEAKS FRENCH) Thank you. Ah. Ah. Adieu. Greg Perkins. Great to meet you, Bernie. You're not gonna regret this. Neither am I. Vera Zweig. A great pleasure to meet you, Mr Madoff. Excel...lent. Ja. $10,006,442,853.64. Total cash in hand as of 9am this morning. '$10 billion. 'Not bad for a poor Jewish kid from Queens.' FRANK: Oh, come on. (LAUGHS) 1 (KNOCK ON DOOR) Got a minute? No, I do not. You're a math guy. A... math guy? How much of a math guy? I have a... pretty thorough grounding in calculus, from integral to differential, plus... linear algebra and statistics ` both normal and non-normal. Yes, I suppose you could call me a math guy. Take a look at this. What is that? A prospectus. Don't ask me where I got it. Where did you get it? Harry, have you ever heard of Bernie Madoff? Private fund, right? Consistent returns, year in, year out. We need to do what he's doing. I need you to reverse` Reverse-engineer his trading strategy. See if we get his results. That's right, Harry. And have a good night. (INTRIGUING MUSIC) (BREATHES DEEPLY) You're holding in your hands an exact replica of a 1965 Aston Martin Volante. Only 37 of them ever made. Two remain in the United States. Hmm. It's beautiful. Roger gave it to me for Father's Day. I'd been hoping for a big one. (CHUCKLES) I was happy to have the model. Hey. I need you to sign some things. (DOOR CLOSES) Hello to you too, Frank. It's not a good time. It'll just take you five minutes. Just a set of filings for some accounts that didn't get processed right. OK, Frank. I'll, uh... I'll look 'em over, and I'll get back to you. There's no time for that. I just need your chief compliance officer rubber stamp. He said he'll get back to you, Frank. So... OK, Mark. Vroom, vroom. Very nice. I was now moving in the highest class of people, like Elie Wiesel ` holocaust survivor, Nobel laureate. It is the twinge we feel when we go against our conscience. This is a gift given to most of us ` the knowledge of wrong. And perhaps merely listening to those feelings of guilt is the secret to living an ethical life. Perhaps, in the end, it's as easy as that. (LIGHT LAUGHTER, CROWD MURMUR, APPLAUD) Thank you. For me, it's the market volatility that always scares me off. Well, of course. You don't know how the system works, and then you're going to entrust everything you've worked for to it? Exactly. I'll tell you the truth, Elie. The fact is that if you're in the market for real, you don't have to look at it on a daily basis, you know. It goes up 300; it goes down 300. It really doesn't matter. What you gotta think about is ` are you in, and do you trust the general health of the markets? Then you'll be fine. You're gonna do OK. It would certainly be an honour to help you in any way we could. Our whole family would be so honoured. Absolutely. 'Elie Wiesel, virtuous humanitarian. Didn't stop me for a second from taking his money.' It's not as though I'm gonna sit here and tell you that you can't live without me. You know, you've done very well with the guy you're with, so maybe you just wanna stay put. (CHUCKLES) Well, imagine if I lost your money. I wouldn't be invited to any bar mitzvah in the city of New York. You are Bernie Madoff. Yes, I am. Sheryl Weinstein,... CFO of Hadassah, the Women's Organisation. I am familiar with Hadassah. Good. Probably looks like I'm stalking you, waiting for you outside the bathroom like this. Well, actually, until you said that, I would have just thought that you were waiting for the bathroom. Damn. I just blew my own cover, right? Listen, I'm glad you have Hadassah as a client. I, uh` I know you don't take on just anybody, but I would love a chance to talk to you about our goals. Well, Sheryl, um,... I have an idea about charities. It's not about the size. It's about the people behind them. So, uh,... why don't you call my office? And we'll set something up. Oh, here you are. Ira's looking for you. He wants to introduce you to... to some big cosmetics CEO. Ruth, this is, uh,... Sherry? Sheryl. Sheryl Weinstein. Sheryl Weinstein from Hadassah. (GASPS) Oh! Wonderful. You` You ladies do such good work. (LAUGHS) Thank you. Bern, back in the saddle. Yeah. (UNEASY MUSIC) (APPLAUSE) Good evening, and welcome to the fourth annual Madoff Family Foundation fundraiser. As chairman of NASDAQ, I am grateful for you to be here. Those of you who are here tonight know already that you are the recipients of an enormous, almost miraculous, growth in personal wealth. Technology and innovation have allowed us to receive an amount of wealth that our parents could not possibly even have dreamt of. But there are still far too many who have not been the recipients of such wealth. They have neither the money nor the benefits that wealth can bring. So, why do we give? Because we believe in this system that is perfected by the act of giving. Why do we give? Do you know how he does it? You figured it out in one night? Because it feels good. Madoff. You wanna know how he does it? Yes. Why do we give? He doesn't. Because we care. It's a fraud. 1 There's a cancer gene in the Madoff line ` cousins, uncles, grandparents; leukaemia, lymphoma, sarcoma. A poisoned heirloom passed down for generations. Maybe we could extend out further. 'We always hear that growth is a good thing.' As much as` of a window. We'll see if we like it. 'It shows the world you don't wanna settle for "good enough".' How` How deep is this? No? Yeah? Yeah. 'By the time Bush Jr was in the White House, 'I had taken my investment business and turned it into a business spanning the globe. 'So is growth a good thing? 'Sure, 'unless it's cancer. And then it can kill ya. (ROCK MUSIC PLAYS) Harry. Hey. I'm sorry. I got held up in Charlestown. How you doin'? Thanks for coming, Ed. What's on your mind? Uh, Maryann, could I get a, uh` I'll have a draught, please. Maybe we should grab a booth in the back, something a little more private. A booth? Harry, what is this, a date? Come on. We play softball together. I'm with the SEC, not the CIA. What's going on? You like baseball, right, Ed? Sure, yeah. What if I told you there was a player in the major leagues who was batting 960? I'd want him on my team. (BOTH LAUGH) That's right. I'd say he was cheatin'. (CHUCKLES) Yeah. (BREATHES DEEPLY) Have you ever heard of Bernard L Madoff? Bernie Madoff? Yeah, sure. He's got a good reputation. (CHUCKLES) I'll say he does. Bernard L Madoff is batting 960. (SCOFFS) Come on, Harry. What are you talkin' about? In his investment fund, only 4% of his months are down months. If his performance statistics are true, he would have to buy more options on the Chicago Options Exchange than actually exist. Now, I spoke to my options guy in Chicago. No one remembers ever doing a trade with Bernard L Madoff. What are you sayin'? Are you saying he's insider-tradin'? I'm accusing him of running a Ponzi scheme. (GLASS THUDS) Bernie Madoff? The same guy that sat on the NASDAQ chair for three years? That's him. And you wanna speak to my boss? I do. Ed, I've run the numbers on this. And you know me, Ed. I am precise. He's a fraud. Madoff is a fraud. Capital F. You know what this sounds like to me, Harry? It sounds like you've got some kind of personal issue going on here. I mean, you've got a guy that's not playin' by the rules, and you wanna get him off the field. When this thing goes down, people are going to be destroyed. Lives are going to be destroyed with this thing. And not just rich people. Little old ladies who thought they were investing in their future, their retirements. They're gonna lose it. Charities! People who didn't even know that they were investing in this guy. They're gonna lose everything. You're sure? I am sure. All right, if I can get you a meeting with Grant Ward, you gotta make a very clear, very convincing case, and it's gotta be done very quickly. Yes. He's not a numbers guy. I know. So don't go in there with equations... Ed. ...and all kinds of theorems and` Listen to me. I can handle this. So, I met someone. Her name's Catherine. How'd you manage that without me as your wingman (?) Yeah, don't be an ass. I walked into her store. She owns that fly-fishing outfitters store downtown, Urban Angler. So are you serious about her or what? Yeah. I think it's real. And I was thinking about inviting her to Shana's Wedding. That's great, man. You should do that. Yeah? Just be ready. Mom's gonna give her the look. Which look? You know the look. Oh, the look, the look. The look. They're such paradoxes, Mom and Dad. You know, one minute, they're up in every aspect of our lives, and the next, I mean... Especially Dad. They just... freeze you out. You see the new business card? Yeah, it's pretty much the same as the old ones, aren't they? Yeah. Pretty much exactly the same. And it pisses me off. Pisses me off even more for Uncle Peter. Mark, come on. You gotta let go of the whole name-change thing. Listen to me. Dad's never gonna let it go. Why won't he? It should just be 'Madoff Investment Securities'. All he ever talks about is, 'Oh, we're just a small family business.' Make no mistake ` it's 'The Bernie Show'. Why don't you string one up for me? You don't even like surf fishing. (CHUCKLES) Oh, my boys. It's a beautiful day. It's a sunny beach. It's not about the fish. (HORNS HONK) I know that I don't have the administrative experience, but I'm a hard worker and a quick learner. I spent six years in retail. I managed the fundraisers for the PTA. When you were growing up, what was it that you wanted to do? (LAUGHS) I'm sorry. I don't` I don't understand. When you were growing up, you... you didn't have the ambition to be a secretary,... did ya? (LAUGHS) Sounds like a trick question. It isn't. OK. I wanted to be a nurse. You know, something useful, you know? Something to help people. But... life gets in the way. I understand. I understand. Now you got two kids. So you're gonna get a job... that pays well, and you can support your children. Yeah. Yes, sir. Eleanor,... I've run this company for 40 years, and I have never hired anybody who didn't answer that question honestly. Now, the thing that I prize more than anything... is loyalty. You won't meet a more loyal person than me, Mr Madoff. If I hire you, Eleanor,... you have to be loyal... to me. Not the company. To me. (TENSE MUSIC) You understand that? Yes. I do understand. SHERYL: I know it's not a big deal to you. We're just a client, and not a very big one, but it is a huge thing for the organisation. So... what do you think? Shall we do it? Do what? Order champagne. Oh. (BOTH LAUGH) Yes, of course, if you'd like some. Um, I don't` I don't drink, so... Never? Rarely. Occasional glass of wine with dinner, but really not. Are you afraid you'll spill all your secrets if you get a little tipsy? (CHUCKLES) Or you'll lose control? Well, we should have had this meeting at my office, but you insisted on... on having lunch. Well,... we could have had lunch at any restaurant in the city, but you suggested a restaurant in a hotel. (INTRIGUING MUSIC) Cheque, please. (MUSIC CONTINUES) Are you feeling the chill in your home? You could be eligible for a 50% subsidy towards the cost of insulation. Ah, much better. 1 So, plainly and simply put, one OTC at-the-money put would have a delta of 0.5, meaning that... any drop in the OEX larger than a mere, oh, 1.1% ` well, Madoff would have to buy options with high enough gamma to protect second derivatives against a drop in the first, which, (LAUGHS) as we all know, is absurd. (CHUCKLES) Now, let's talk about megatronic analysis of financial consortiums, which when compounded with` Thank you, Mr Markopolos. I'll refer your findings to the appropriate person. Maybe they'll be able to understand your theories. Thank you for your time, Grant. It was great to see you. Sorry to interrupt your schedule today. I'm an army man, Mr Ward. (SIGHS) Good to know. I swore an oath to protect this country against all enemies, foreign and domestic. And Bernard Madoff is a domestic enemy. This is about duty. Thanks, Grant. MAN: 20,000 shares? (INDISTINCT CONVERSATION) This is me putting my whole life in your hands. Take it. Eleanor, if the world ends, these are the numbers I need. I want you to make a copy of this book and put it in your computer. I wanna have a separate password for you and me. OK. The Lowell Hotel called. They wanna confirm a reservation for lunch and a room. Yes. That's correct. Well, then you're all set. Mr Ward, this is Harry Markopolos. Um, I have run some additional numbers, and, um,... I think you'll find them very interesting. If you could give me a call back at your earliest convenience. Thank you. (KEYBOARD CLACKS) Hello. (GASPS) Hi. I'm Eleanor, Bernie's new secretary. You must be Ruth. I mean... Mrs Madoff. It's nice to meet you. Uh-huh. Nice to meet you too. So, where is he? I just got back from Florida with my sister. He was supposed to have lunch with us. He's not picking up his phone. Um, Mr Berman needed him up at his offices. He's gonna be in meetings all afternoon. What's your name again? Eleanor. Eleanor Squillari. (CELL PHONE CHIMES) Oh, good girl. One of your other mistresses? (LAUGHS) My secretary. Oh, come on. Tell me there are others. Make me jealous. Sorry, kid. Only you. (UNSETTLING MUSIC) Uh, hello, Mr Ward. This is Harry Markopolos. I am checking with you again regarding the Madoff materials that I sent to you, and, um, if you wouldn't mind giving me a call back, um, you can reach me through Ed Manion. Do you know what I see everywhere that I look, Ed? I see red flags. Red flag number one ` why aren't the commissions charged fully disclosed to investors? Red flag number two ` why would Madoff leave 4% on the table? I'll tell you why. It's a con. It's a scheme. It's to lure them in. It's to make them happy. That's what that 4% is for. Yes, hello, Mr Ward. This is Harry Markopolos calling you once again regarding the Madoff materials. Red flag number 12 ` Madoff goes 100% cash for every December 31st year-end. See, that effectively wipes the books clean. Red flag number 31 ` some guy in a strip mall is his independent auditor verifying the accounting entries. Now, you're` you're` you're forcing me to conclude that you are simply unwilling to take on anyone of real power, or you're simply unable to grasp the magnitude of what it is that I've shown you, or you're just too lazy to do anything about it. This account, Shana? Are you sure? Yeah. Try this one. BERNIE: Euros. Pesos. Yen. (LAUGHS) You set 'em up, and I'll knock 'em down. OK. What's the matter? It's OK, Bernie. Later. We'll talk. No, no. No, no, no. We'll talk` We'll talk now. What? R-Roger. Oh. (CRIES) (KEYBOARD CLACKS) Does it work? Um,... yeah. Hold on. Let me try one more thing. OK. Let me just... What's goin' on? Hmm? He told him. Told him what? Roger's sick. What kind is it? Leukaemia. The poisoned heirloom. The Madoff family curse. (TELEPHONE RINGS) (TELEPHONE RINGS) Yeah? MAN: Is this Harry Markopolos? (SIGHS) 'Marko-polos'. Who is this? Michael Ocrant. I'm a financial reporter. I heard that you've been digging around in the workings of Madoff's fund and have some concerns. Wait, wait, wait, wait. Who`? Who`? Who is it? Michael Ocrant. I'm a financial-news reporter. And if I look you up, I'll find your credentials online? Is a national press club award good enough for you? If I do go ahead and print this, the whole industry's gonna read it. You can be sure the mainstream press won't be far behind. If I told you what I had on Madoff, you wouldn't have the guts to print it. Try me, Mr Markopolos. If you're having trouble keeping your house warm, the first place to check... is in your ceiling. If there's no insulation, there's your problem. If it's moved or there are gaps, simply put it back into position. Also it needs to be thick to do its job properly. If it's not, it could be time to upgrade your insulation. Effective insulation and heating can mean fewer days with colds and sickness, which is better for all of us. Remember ` 1 'The Barron's article followed that industry newsletter.' I know a lot of you have been buzzing about the Barron's article. First thing I want you to do... is read it. But read the whole article, not just the headline. Because once you do that, you're gonna find out pretty quick what they're actually saying is that Dad's competitors are jealous because he is outclassing them and they can't figure out how. 'Luckily, both reporters called me, and I fed 'em a pack of lies. 'All they ended up printing was that I was secretive 'and had some sceptics questioning my consistent returns.' READS: One of the top three market makers in NASDAQ stocks. You put Mark in charge of damage control. You sure he's up to it? Sure he's up to it? He's brilliant at it. They love him up there. And besides, he don't know squat. It's you I'm more concerned about. Me? Yeah. You gonna be ready? When have I not been? Look, every single one of our clients is gonna read this article. We can't afford another SEC investigation, Frank. Don't worry, Bernie. I'll be ready. What do you got? I got, uh, ace-king. (EERIE MUSIC) (EERIE MUSIC CONTINUES) (EERIE MUSIC CONTINUES) RUTH: My sister called me today. Yeah? She and Bob read that Barron's article, and they had all kinds of questions about how` exactly how you handle their money. And what did you tell them? What`? What do you think I told them? I told them to call you. What the hell do I know about it all? What are you drinking? This is the '89 Chateau Latour that Carl gave us for our anniversary. It's so delicious. Get a glass. He said that you should only wait 10 years and then drink it. (SIGHS) So,... is that what you really told them? To... To call me? No. I told them that if they had any doubts about my husband, they` they should feel free to take their money out of the fund and go back to life before you came along and made them rich ` richer than they ever dreamed possible. (HELICOPTER WHIRRS OVERHEAD) You're the best. No, you are. (SOFT MUSIC) Bernie, I'm sorry to impose again. No, no, no, no. No apology necessary. If I saw an article like the one in Barron's, I'd have questions too. You do know it's not us who need the assurance. It's just a few squeaky-wheel clients... 'You might think that the managers of one of my biggest feeder funds were here 'because the Barron's article had people talking.' Of course, you certainly don't need us to tell you how tricky clients can be. 'Maybe it was the article. Or maybe it was just the little voices in their heads, 'worrying if my returns were too good to be true.' But obviously, we put a lot of stake in our reputation for due diligence, so we really appreciate you taking the time to... lay it all out for us. (CHUCKLES) This is Frank DiPascali, the vice president of systems and technology for our firm. How was the traffic coming down 95? Not bad. Merritt was pretty clear. Now, I assume the best place to start is a walk-through of how we execute trades on your behalf. 'Translation ` "I know that you want some proof that the trades listed '"in those monthly statements are legit."' This software is our direct link to the European options markets, where we find most of our counterparties. Now,... let's buy a hedge option on... I'll tell you what ` you choose it. AOL. AOL. (KEYBOARD CLACKS) And there you go. This is a call option from Germany. And if we wanna put... Bingo. This one's from London. And there you have it. The split-strike is in place. Now let's go over a few more of your positions. Oh, I don't know. I think that's, um` that's probably sufficient, right? What about the DTC? 'The Depository Trust Company ` AKA... 'the DTC. This is the clearinghouse that actually holds the stocks that traders trade. 'Problem is if you're not actually buying a single stock for your investors, 'if you're just taking their money and putting it into your own Chase Manhattan bank account, 'your DTC is the one place that it would show up like an elephant at a tea party.' Sure. Jut give me a sec, and I'll pull up the feed to DTC. (KEYBOARD CLACKS) And there you go. 'Frank, you beautiful man. You created an entire fake DTC portal.' Well, (SIGHS) I guess that's a wrap. Thank you, Bernie. Thanks. Frank, nice to meet you. Good to meet you too. Thanks. Thanks. Nice job. Thanks. (JAZZY PIANO MUSIC) You wanna know what the best thing is? My DTC portal looks more real than the real one. (BOTH LAUGH) This` This is a Rembrandt. (BOTH SNIGGER) New York... didn't find it actionable? How can that be? It's right there in Barron's! Are they not able to read? Harry, you` you gotta understand. The SEC only has 180 investigative agents. We're supposed to police $12.7 trillion trading hands on Wall Street every year. Yes. I mean, it's not a vast conspiracy, Harry. We're just outgunned. This` This is Bernard Madoff, who manages $18 billion to $24 billion. Until this article, 175 of your 180 enforcement agents have never heard of him. That is not outgunned,... Ed. That is simply inept. (SIGHS) You wanna see action on this? Your only hope is to get Meaghan Cheung of the SEC in New York to sit up and pay attention. And the only way you can do that, Harry, is to avoid shooting yourself in the foot with all that quantitative analysis. I mean, you gotta make it simple. You gotta make it so simple that a second-grader can understand it. (KNOCK ON DOOR) Hey, Bernie, you got a sec? Mm-hm. Well, I just noticed that my pay cheque was 25% bigger this pay period. And you wanted me to knock it down? No, of course not. I just... I just thought maybe there was some kind of mistake. Well, it was a mistake. I realised that you are raising two children, and I wasn't paying you enough. So it was my mistake. Thank you. Thank you very much. You're welcome. I want you to know how proud I am to work here for someone as kind as you. Thank you. Eleanor, could you do me a favour? Would you mind, um,... saying all those nice things about me again? All right. I just want you to know how proud I am... to work for someone so kind, so generous, so sweet, so handsome... (CHUCKLES) ...and so funny. (LAUGHS) So thank you. HARRY: 'I am the original source for the information presented herein, 'having first presented my rationale both verbally and in writing to the SEC's Boston office in May 1999. 'There are two possible scenarios that involve fraud by Madoff Securities. 'Scenario one, unlikely ` 'Bernard Madoff is earning those returns by front-running ` buying in ahead of his own clients. 'Scenario two, highly likely ` Madoff Securities is the world's largest Ponzi scheme.' Harry Markopolos. I have a 10.15 with Meaghan Cheung. OK. I'll let her know you're here. I'll... (TELEPHONE RINGS) (UNSETTLING MUSIC) (CURIOUS MUSIC) (TELEPHONE RINGS) Meaghan Cheung's office. Yes, ma'am. I'll let him know. Mr Markopolos? 'Marko-polos'. Thank you. I'm sorry. Mrs Cheung just called to say that she won't be back in this afternoon. She'll have to cancel your meeting. (SIGHS) Is there a message I could leave for her? Just make sure she gets that. (BROODING MUSIC) (KEYBOARD CLACKS, TELEPHONE RINGS) Hey. Bernie. I'm just finishin' up here. I'm gettin' ready to take the boat down to the shore. You're gonna have to cancel your vacation, Frank. We're getting audited. (TENSE MUSIC) 1 'When the SEC audits you, they don't call you in. They come to you. 'They set up shop inside your firm... for weeks, for months,... as long as they want.' Are those chairs comfortable? (SPEAKS INDISTINCTLY) They look` They don't look very comfortable. We have other, uh, ergonomically correct chairs. Could we bring in those` those other chairs? One second. (INDISTINCT CONVERSATION) 'So, my plan was simple ` 'keep them isolated. 'Keep them captive. 'Let Frank bury 'em in fake paperwork.' I'm sorry. I` I thought they were bringing in something to eat for you guys. 'Make the captivity pleasant.' These are great, by the way. They're the only doughnut I ever eat. There you go. Here's some coffee. MAN: I don't mean to put you out. Do you have any cream? Yeah. Could we have some cream, please, with the coffee? It's not a huge deal. No, no, no... 'And when they least expect it, mix in a little good old-fashioned bullying.' How long are you people gonna be here, huh?! I need the room! 'But that's all just cover for the key ingredient ` misdirection.' Hey. You find any of that... insider-trading stuff (?) (CHUCKLES) (RELAXED MUSIC) Uh, hey, Eleanor. I'm gonna need that 1991 filing. Sure thing. Thank you. Hey, Bernie. They're asking for the 1991 filing. What should I send her? I'll take it. (KEYPAD CLICKS) Frank. All right. How they looking? I think that looks really good. Are you stupid, Jodi? They're supposed to look 15 years old. What's the matter with you? Danny! (SCOFFS) Come on, come on, come on. That's the way you do it. (CURIOUS MUSIC) Get a little bit of this on here. OK. (SIGHS) All right, put it in the box for everything up on 19. And make sure that Eleanor sees it. Yeah, absolutely. Well, looks like all of it. That should do it for us. Well, it's about damn time too. (LAUGHS MOCKINGLY) Yeah, yeah. That's all right. You three are OK. You just got crappy jobs. Why, thank you very much. (LAUGHS) Well, uh, once we turn everything in, the higher-ups will be in touch about an interview, and that'll be that. Interview with? With` Oh, with our boss, David Green. It's pretty much just a formality. OK. Well,... anything they need. All right. Get back to your crappy lives. (LAUGHS) Why, thank you. Take care. And if you do need anything, I'll be here. 'A formality ` that's what Agent Jamison had called the SEC interview. 'No. This was more than that. They were asking all kinds of questions,...' Was`? Was this common practice at that time? '...ones that I hadn't anticipated. This was gonna be more than just a formality. 'The SEC wasn't gonna let this investigation go so easily.' I know that I am... guilty. And I broke the law. And I never registered as an investment adviser. Why don't we do what I came to do today and finally register as an investment adviser? And you can name the penalties, and I will pay them. 'This was a chance to close the deal ` throw the SEC the crumb they could use to claim victory. 'You surrender a meaningless battle, and they forget all about the war.' Well, that's a` a great relief to hear, Mr Madoff. I think we can wrap this up pretty quickly, then, unless anybody has anything else. Oh, just one little housekeeping item we never got around to. Yes, yes. Go ahead, Tom. Your DTC account number? 'Crap! Frank's fake computer programmes could fool the hedge funds, but not the SEC. 'They could just call up DTC and ask for a statement, 'and if I made up a fake account number, they'd find out the moment they called.' My DTC account. Yes, of course. Um... I, uh,... (CHUCKLES) It's not something I carry around in my head. Uh, DTC. 6-5-9-4. 'And with those four numbers, I'd given them the doomsday code. One call...' OK. '...and I am dead.' Thank you. '40 years of keeping the music playing, and on Monday morning, the SEC was gonna call the DTC 'and discover there wasn't a single stock for a single investor in the Madoff account.' RUTH: Bern, coffee. Bernie? Hey, Bern! You change your name and forget to tell me? 'Every day, I waited for the axe to fall. 'Two days, three days, four days, five days. 'A full week since the SEC had asked for my DTC account number.' What's the matter? (INHALES DEEPLY) Nothing. Nothing. 'Were they preparing to arrest me in full view of the world? 'Show up at the office and make me do the perp walk in front of the cameras? Where the hell were they?' (KNOCK ON DOOR) Hey, Dad. You have a minute? (DOOR CLOSES) So, I, uh... I wanted to tell you this first, because, um... because I'm not exactly sure how... how Mom's gonna react. OK. I'm gonna ask Steph to marry me. Don't` Don't rush to say mazel tov or anything. No. (LAUGHS) Oh, Mark. I'm sorry, I'm sorry. My head was... I'm really sorry. Um, she's a fabulous girl. She is. Yeah. Really. It's gonna be great to have her finally as... part of the family. Absolutely. And I will welcome her with open arms. Great. (CHUCKLES) Look, while I have you here, can we talk business for a minute? Yeah. What's on your mind? (SIGHS) Look. (CHUCKLES) You built this. No one disputes that. It's your hard work and stature that made this place. But? But we all run it together now, as a family. Now, you're not gonna involve me and Andy in the money-management side of things. Yet. Yet. That's fine. But Uncle Peter and Andy and I, we run the other half of the business. Your point being? I think we should change the name. It should be Madoff Investment Securities. Wait. You want me to take my name off the company that I built? No. I want you to include ours. Where did you get this? Huh? From her? Huh? Are you kidding? I just wanna know. I think... All right, because you better get a strong pre-nup. Go to hell, you son of a bitch! (SLAP!) You will never, ever be old enough to say 'go to hell' to your father. Never. (BROODING MUSIC) Do you have any idea of the weight that I carry to keep all of this afloat, huh? Did it ever occur to you that` that` that what I'm doin' here is to protect you? I don't need you to protect me. I need you to let me be my own man. Just` In time, you'll understan`! (SCOFFS) In time,... you'll understand. (SIGHS) (CURIOUS MUSIC) (DOOR OPENS) (DOOR CLOSES) (BROODING MUSIC) (BROODING MUSIC CONTINUES) Hey. RUTH: Sweetheart. What? What's goin' on? What is it? You're sick, aren't you? Mantle cell lymphoma. Oh! It's OK. No. I feel completely fine. What does that mean? It's in the blood. Oh God. But we caught it early, so I'm better off than most. What are the survival rates? Oh, you would have to ask. Oh, stop it! (SIGHS) It's 50-50, roughly. There hasn't been much research on it. Well, we can change that. Every hospital, every organisation, every... study. I'll fund that. (CLEARS THROAT) (TENSE MUSIC) Ruth. Ruth. I need you to pull it together. Oh, you do, do you? Yes. And why is that? You don't wanna be happy? OK. But at least, for cryin' out loud, put on a good face, will ya? What we're going through with Andy, what I'm going through, I'm entitled to take a day off from the bubbly socialite crap. You know, this is not about Andy. This is Shana's wedding night. And Andy's gettin' the best treatment money can buy. Money?! You can't throw money at this! What he needs is his father's love for a change, not his chequebook. It's his turn to be the centre of attention. You know, this is your guilt. It isn't mine. I treat both my boys equally. How dare you? You think that it's` it's Mark that's taken all my attention? Neither of the boys have taken half as much out of me as you! I'm just tellin' you ` you better go easy on the open bar tonight. Yeah, yeah, well, I'll just do damn well whatever I please, OK? # Hava nagila. # Hava nagila. # Hava nagila # ve-nismeha. # Hava nagila. # Hava nagila. 'Shana's wedding was gonna be strange no matter how you cut it. 'Father of the bride too consumed with the care of his sick son. 'Mark parading around a fiancee who looked like a Barbie doll. 'Andrew with his brand-new shiksa goddess, 'acting like cancer was the best thing that ever happened to him. 'And then there was Ruth, furious with the world about Andrew's cancer and taking it out on me. 'Like I said, Shana's wedding was already gonna be strange. 'But when you factor in who she was marrying ` 'one of the very same SEC lawyers who'd been involved with investigating me ` 'it was like welcoming the executioners with the axe over my head as guests in my home.' # Hava nagila. # Hava nagila. # Hava nagila # ve-nismeha. # Hava nagila. Hava nagila... 'And that's when it hit me. This was the moment the SEC had been waiting for, 'the most dramatic and humiliating moment they could choose to take me down ` 'at my own niece's wedding.' # ...ve-nismeha. # Uru, # uru ahim. # Uru ahim belev sameah. Uru ahim belev sameah. # Uru ahim belev sameah. Uru ahim belev sameah. Mr Madoff? Mr Madoff. Yeah, yeah, yeah. Uh, David Green. Yeah. The... SEC lawyer. So, how's life? How do you mean? Life? Um, well, I think life's a pretty funny business. I mean, how things come together,... you know? People, timing, where and how things work. (TENSE MUSIC) OK. Look, uh,... I'm gonna go get my wife. Unless you have something else to... tell me. (TENSE MUSIC) Actually, I do. (MUSIC BUILDS) And that is? (MUSIC INTENSIFIES) (MUSIC INTENSIFIES) Captions by Alex Walker. www.able.co.nz Captions were made with the support of NZ On Air. Copyright Able 2017