‘The Ultimate Schemer’: CNBC’s Jim Cramer and Colleagues Reflect on the Dark Legacy of Bernie Madoff

CNBC’s Jim Cramer and his colleagues reflected on Bernie Madoff’s disgraced legacy following news of the financier’s death.

Cramer was speaking with fellow analyst David Faber and anchor Carl Quintanilla during Squawk on the Street Wednesday when the news broke that Madoff died of natural causes in federal prison. Recalling the fallout from Madoff’s Ponzi scheme, Cramer reflected that it was “shocking” at the time because of Madoff’s reputation in the world of finance before it collapsed in scandal.

“I remember when JPMorgan tried to calculate whether you could actually earn what he did, and they couldn’t get to that,” Cramer said. “The fallout, David, was really remarkable, and you started thinking who do you trust, don’t you think?”

Faber agreed, as he outlined the tragic ramifications for those who were swindled by Madoff. As the panel reflected on how Madoff’s machinations eventually fell apart, Faber said that the Ponzi scheme should’ve been renamed after him “because he was the the ultimate schemer.”

Watch above, via CNBC.