Seven Red

You may remember my description of the ancient equipment I worked with at Madoff, posted here. I put it like this:

The operations department – where I worked – had an old dot-matrix mega printer, a preposterous machine roughly the size of a mature rhinoceros. The full time people would run these reports, then they’d come out of the printer, then we’d have to separate them, collate them, staple them, fold them, put them in envelopes, and finally run them through a Pitney-Bowes, all manually. Oh, I shouldn’t forget: since the printer was, even then, this ancient relic probably bought second-hand from the fucking Phoenix Program, it spit out the paper on turning wheels, with those absurd little punched-out circles on the paper edges supposedly aligning everything, the kind you still see on some government forms. So, before collating, stapling, folding, inserting, and stamping, we also had to rip the alignment edges off the reports. Thousands of them. Of course, since the giant dot-matrix was ancient, and since this technique for printing things was never very smart in the first place, the damn thing kept misfeeding, so somebody had to stand by the printer all day preventing and correcting the misfeeds, which usually occurred when more than, say, six consecutive reports were printed in a row. Thousands of reports.

I just read this article, in which some other employee discusses the goings-on on the 17th floor (where I worked, in the heart of the fraud, or as the article calls it, the “nexus of the Ponzi scheme”). He says the following:

The employee says he only saw the 17th floor, where the fraudulent Investment Advisory operation was located, about two times. He noticed the out of date computers and the old-fashioned dot matrix printers which printed out paper with green and white stripes. The computers he saw were about 15 years old, including one system that “is not even around anymore—miles away from modern Windows technology. And the statements I’ve seen from victims don’t look like my statements from Fidelity. They had primitive typefaces, as though they had been typed on a typewriter. Nobody sends statement like that, so maybe it was done to create the illusion of old-fashioned transparency.”

He learned that those who staffed the 17th floor were less than knowledgeable, often uneducated, often appeared incompetent. “There was this one guy, who had worked there his whole life who generated the statements but he would often not get them out on time.”

There is no doubt in my mind that I was printing and sending out the fraud statements. You should also notice, if you read the article, that I didn’t exactly change all the names in my account…

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