Handicaps have always been a bit of a racket, and Bernie Madoff appears to have capitalised on that:
Brooke Masters, FT: At the Interbourse golf tournament held last May at Cabo San Lucas on the tip of Mexico’s Baja California peninsula, some participants suspected something amiss with Bernard Madoff.
It was not that the traders and financiers present were worried about the feted New York broker’s 200-person market-making firm, which usually sponsored one of the dinners at the annual gathering. Equally, the decades of stellar returns produced by his money management arm drew envy rather than concern.
No, what bothered some participants about the former Nasdaq chairman was his golf handicap. They suspected he had understated his skill to boost his chances of winning a prize. “It makes a difference if your handicap is the right or wrong one. I always had the impression that he was playing off a 14 or a 15,” says one who took part. But Mr Madoff’s score on the Golf Handicap and Information Network was 9.8, leading the fellow player to infer that the broker was better at the game than he told the organisers.
“He wasn’t altogether straightforward,” the participant says.
Of course, it’s also possible that the handicap itself was bogus. As in, “Well, I have a 9.8 handicap.” Which means that this might be one case where Bernie was actually honest about his skills.
See Also: Madoff’s Golf Scores: Eerily Consistent
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.