In this episode of Excess Returns, Matt Zeigler sits down with Andrew Cohen, who shares his extraordinary journey from Goldman Sachs trader to working directly with Bernie Madoff, and ultimately becoming a victim of history’s largest Ponzi scheme. Now a respected finance professor, Cohen offers unique insights into Wall Street’s trading culture, the shock of Madoff’s fraud, and how he rebuilt his life in academia after losing almost everything.
Topics Covered:
Andrew’s early career at Goldman Sachs and how basketball gambling on the trading floor taught him market-making skills
The trading operations and technology at Bernard L. Madoff Investment Securities in the early 1990s
Working dynamics with Bernie Madoff’s sons, Mark and Andy, and office politics
How Andrew was invited to invest in Madoff’s “exclusive” fund Andrew’s decision to leave Wall Street at the height of his success
The devastating moment Andrew learned about Madoff’s arrest and the Ponzi scheme
The additional ordeal of facing clawback lawsuits after losing his investment
Transitioning to academia and finding a more fulfilling career path
Lessons for investors and finance students about risk, technology, and communication
