Ted Weisberg, president of Seaport Securities, said that Madoff "was an innovator" who, for years, offered investors a guaranteed return and that he continued to attract investors in that way.

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Mr. TED WEISBERG (President, Seaport Securities): Well, it's characterized with a lot of volatility, unfortunately most of it on the down side though the markets did open dramatically lower - sort of a knee-jerk reaction, I think, to both Asia and Europe.

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