Wall Street insiders invested with Madoff because they thought he was cheating

Specifically, we’re hearing that the smart money KNEW Bernie had to be cheating, because the returns he was generating were impossibly good. Many Wall Streeters suspected the wrong rigged game, though: They thought it was insider trading, not a Ponzi scheme. And here’s the best part: That’s why they invested with him.

Madoff’s company is a market market in stocks. Thus, they would see massive buy or sell orders a tiny fraction of time before others and could exploit that for personal gain. That was the reason “smart money” invested with him. Because they figured he was gaming the system with an illegal advantage.

Are they all just amoral, greedy pigs?