“They had to know,” Mr. Madoff said. “But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.'"
My review of the case says he is right. But he still engaged in the largest fraud ever committed by one man is US history.
http://www.nytimes.com/2011/02/16/business/madoff-prison-interview.html?_r=1&hp
I think that Mr. Madoff is right about the banks knowing. They had to have seen something that sent off red flags. The banks had to be looking over the red flags for most of the 16 years. I think he did the interview to get the story out so that he could get some of the attention off of his family. With his son’s death and him realizing the it was his own fault that his family was in this mess, he felt like it was his place to fix it. He might be thinking that getting the peoples money back will help but I don't know that it would. Telling the world that the banks were involved is his way of doing both. He knows the media will eat this story up and tell it from his side if he came out with the story first. He could put his own spend on it by making it look like the prosecutors are not doing the research that they need to be doing.
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