The Wizard of Lies.
Controversial actor/producer/director Robert De Niro stars as Bernard L. Madoff in this straight-to-TV drama by popular screenwriter Sam Baum.
Beginning in the 1970s, the Madoff crime family rose to power by acquiring huge wealth via their family business: the Bernard L. Madoff Investment Securities, LLC. Ostensibly a well respected investment firm, it was in fact the world's largest Ponzi scheme.
The Madoffs took >$64 billion from gullible clients, promising to invest it wisely, and offering strong returns.
Some of this money was spent buying politicians and paying off officials to ensure that America's largely unregulated stock market was allowed to run without government interference. Most of it was spent on the Madoffs' billionaire lifestyle.
The Madoffs ran their scam successfully for several decades, despite multiple investigations by the U.S. Securities and Exchange Commission.
As the crime family infiltrated industry bodies such as the Securities Industry and Financial Markets Association, their access to market controls grew exponentially, until there was virtually nothing to stop them exploiting Wall Street in every possible way.
As early as 1999, financial analyst Harry Markopolos informed the SEC of the Madoffs' criminal activities, having concluded that the returns they promised clients were impossible to achieve. Authorities ignored him, and continued to do so for the next 10 years.
He later wrote an 'I-told-you-so' book, entitled
No One Would Listen.
Similarly, none of the major Wall Street firms traded with or invested in the Madoff corporation, because they rightly suspected that it was a criminal enterprise.
When Bernard was finally caught by the FBI in 2008 he immediately pleaded guilty, and denied any involvement by the rest of the Madoff cartel. Faced with a lengthy and expensive battle to prove the culpability of other family members, federal investigators accepted his plea, and Bernard took the fall for everyone.
Bernard settled comfortably into prison life, and boasted of his preferential treatment, and respect among the inmates:
In his letter to his daughter-in-law, Madoff said that he was being treated in prison like a "Mafia don".
They call me either Uncle Bernie or Mr. Madoff. I can't walk anywhere without someone shouting their greetings and encouragement, to keep my spirit up. It's really quite sweet, how concerned everyone is about my well being, including the staff […] It's much safer here than walking the streets of New York.
(
Source).
For the rest of the crime family, life continued as usual. They retained their wealth, their lifestyle, and most of their assets.
Bernard's sons, Mark and Andrew, were separately investigated for tax fraud, but they cheated justice by dying before authorities could settle the case (Mark by suicide, Andrew from mantle cell lymphoma).
Mark had allegedly become 'depressed' after his family's crimes were uncovered, and struggled to find employment after the collapse of his father's Ponzi scheme, having never worked a proper job in his life.
His CV contained vague, meaningless titles like 'licensed broker', and his entire career had been devoted to the Madoff corporation. Since nobody in the finance industry wanted to hire an unqualified felon from a notorious crime family, Mark took the easy way out and hanged himself with dog leash, leaving behind a wife and child.
Sam Baum's version of the story is a softball puff piece, intended to wash away the stench of illegality and rehabilitate the Madoff crime family as much as possible.
De Niro portrays Bernard sympathetically, as a good man—well-intentioned, but a little dreamy—who simply got carried away with his own success.
A gag-inducing scene shows Madoff's wife reduced to tears when she discovers that her celebrity hairdresser won't serve her anymore because the Madoffs are now known to be criminals. Such are the terrible First World problems of the super-rich. How they must have suffered!
The two sons are played as loveable idiots who had no idea what their father was doing with everyone's money, despite being privy to the inner workings of his corporation. Their deaths are accompanied by buckets of crocodile tears that left me cold.
I rate
The Wizard of Lies at 9.99 on the Haglee Scale, which works out as a pathetic 3/10 on IMDB.