Documentarian Joe Berlinger has turned into the go-to guy when it comes to true-crime docs. You may have seen his work on Conversations with a Killer series documenting the confessions of the most notorious killers like Jeffrey Dahmer, John Wayne Gacy and Ted Bundy. Or you may know him for his Crime Scene series about the disappearance of a young woman at the Cecil Hotel or The Times Square Killer. Simply put, when his name is attached to a juicy crime story, you know that it will be of a certain quality. Madoff trades in murder for white collar crime as the subject of his latest docuseries, but the fallout is so expansive that viewers will be shocked at the sheer scope of Madoff’s crimes. What kind of person could do this to people?
The series spends time trying to account for the history and psychology of Bernie Madoff and how it led to him swindling billions of dollars from people throughout his career. But the true feat of Madoff is being able to explain the complexity and magnitude of his operation in terms that an average person can understand; it’s the same accomplishment that made films like The Big Sick and The Wolf of Wall Street so successful.
Through four hour-long episodes, the interviewees outline how Madoff managed to operate unchecked for decades as his Ponzi scheme grew in size until it eventually globalized. The talking heads that range from victims of his charade, FBI investigators, reporters, employees who worked for Madoff, and various financial experts. It seems overwhelming to have so many people to put things into perspective, but the people interviewed know just how devastating the story is with compelling information and emotion. One woman who had all of her invested money disappear described his story as a “Shakespearean” tragedy and after watching Madoff, it’s hard to argue with that.
Another strategy the documentary uses is reenactments that will often flow from what the people being interviewed comment on. This ranged from fake 16 millimeter home video footage of Madoff’s modest upbringing to the descriptions of what his pristine legitimate office looked like vs. the disheveled illegal office that was only two floors below it. The reenactments provide a much needed visual component to overlap with the interviews including a Madoff stand-in who parades around his offices ready to lie and manipulate whoever he needs to, including his own sons, to keep money flowing in.
As someone who had a vague understanding of what Madoff did and how it all came crashing down during the financial crisis of 2008, the documentary covers all perspectives that you would want it to investigate over four hours, something a feature length film wouldn’t have been able to accomplish. They also implicate his coconspirators that helped him pull off his scheme for so long because as they say early on, it would be impossible for one man to pull of a crime of this scale. To steal billions of dollars from people across the world the way he needed help — and he had it from investors, lax SEC investigations, Chase Bank, computer technology, 9/11, and people who turned a blind eye for their own benefit.
When all was said and done, he had pulled off the biggest financial crime the world had ever seen. There are a few video confessions of Madoff in jail and he shows no remorse. But the scariest thing is how he became the scapegoat and punished the most for a crime that involved multiple people, how the banks didn’t receive any culpability, and how the victims were the ones who had their lives ruined the most. Capitalism promotes the excessive greed that can lead to criminal enterprises that encourage sociopaths like Madoff to take action because at the end of the day the working class victims are the ones who pay for it the most and still are. The head of the snake might be cut off, but the system that allowed Madoff’s crimes to pay out for so long will allow for someone else to take his place. This is the American way.
Final Rating:
‘Madoff: The Monster of Wall Street’ is streaming now on Netflix.
Rated TV-MA.
(Photos: Netflix)
