The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 36 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Madden: Stratton Oakmont ran pump-and-dumps; Steve Madden was only real company
“Well, they were totally manipulated. The stocks, they went up, and it, you know, it was a pump, it was a classic pump and dump. And only Steve Madden was a real company.”
Madden: Steve Madden IPO was manipulated in Stratton Oakmont pump-and-dump
“Well, they were totally manipulated. The stocks, they went up, and it, you know, it was a pump, it was a classic pump and dump. And only Steve Madden was a real company.”
Madden details illegal stock flipping arrangements with Stratton Oakmont
“And I told myself that it was a gray area, you know, the trading in these stocks and the flipping, they would sell me the stocks and I would sell them back to them.”
Madden admits he knew his Stratton Oakmont trades were illegal
“But I knew in my heart that it was illegal and it was wrong.”
Madden: His portrayal in 'The Wolf of Wall Street' was highly accurate.
“With me talking in front of the, it was very accurate.”
Madden admits flipping IPO stocks back to Stratton Oakmont.
“And I told myself that it was a gray area, you know, the trading in these stocks and the flipping, they would sell me the stocks and I would sell them back to them.”
Madden calls his footwear the 'gateway drug' to luxury brands like Louboutin.
“I always say it's a gateway drug of shoes, Steve Madden. They're not buying Louboutins and Manolos without starting with Steve Madden.”
Madden regrets his dishonest shortcuts but does not regret his prison sentence
“I regret some of my choices you know, shortcuts that I took, or, you know, thinking that money was the most important thing. I regret decisions like that. But I don't regret a day in prison. It was an amazing experience.”
Steve Madden: U.S. drug laws and sentences were biased against Black people
“Well, particularly the African-American experience really touched me, and young men dealing drugs, getting huge sentences, unfair drug laws that really were biased against black people.”
Madden: Steve Madden Is the Gateway Drug to Buying Louboutins and Manolos
“By the way, I always say it's a gateway drug of shoes, Steve Madden. They're not buying- Louboutins and Manolo's, without starting with Steve Madden. So Manolo should give me tons of love for that. I reach much, many more people than you.”
Steve Madden: Product design must balance commercial viability with creativity
“I like creating stuff. And I like creating stuff to sell. It's always been sort of a core sort of philosophy of mine. I've never been like, oh, that's creative, but you know, nobody wants to buy it. And then on the other hand, you know, just to sell without an…”
Madden: I am naturally pessimistic and built my business just trying to survive
“I'm not one of those entrepreneurs that, that thought he was going to be super successful. You know, I was just trying to survive, and I'm very negative and very pessimistic, unlike maybe some of the guys that you've done, you know, the shows with.”
Scaling makes it impossible for non-detail-oriented founders to remain CEO.
“When it's, the business is small, you can kind of be the CEO. So you know everybody, you live and breathe it, and then you could be a CEO, because you touch everything. But then a business, you know, once a business gets past a certain point, you know, it's im…”
Steve Madden: Talent matters less if you miss windows of opportunity
“The window of opportunity Opens for you several times in life, for one. And I think the intelligence comes from knowing when that window is open, and, you know, being able to jump through that window. Because you could have all the talent in the world, but som…”
Steve Madden: Design requires balancing commercial viability with creativity
“And I like creating stuff to sell. It's always been sort of a core sort of philosophy of mine. I've never been like, oh, that's creative, but you know, nobody wants to buy it. And then on the other hand, you know, just to sell without any kind of creativity is…”
Madden: Mainstream shoe industry abandoned youth and teen market in 1990
“What was happening was the market that I was selling to, everybody in the shoe business walked away from it. The teenagers, you know, and stuff like that, the young, and it was a different generation, you know, and so they had their own thing, their own music,…”
Madden doubts he would have had children without his prison sentence
“I don't know that I would have had children had I not gone to prison.”
Steve Madden: Non-detail-oriented founders cannot remain CEO as a business scales
“When it's, the business is small, you can kind of be the CEO. So, you know everybody, you live and breathe it, and then you could be a CEO, because you touch everything. But then a business, you know, once a business gets past a certain point, You know, it's i…”
Steve Madden: Steve Madden's growth came from product value, not marketing
“The marketing wasn't super fantastic. It was just great shoes, great prices, great value, and, ah, you know, I think that we just wore everybody out with that.”
Steve Madden: Barneys Refused His Brand Despite Employees Wearing It
“I w or I would go into a high end department store like a Barney's, let's say, and they wouldn't carry Steve Madden. They wouldn't dare carry Steve Madden, but all the people working in the store wore Steve Madden.”
Madden accidentally found early success targeting underserved Gen X consumers.
“I ended up making shoes for the Gen X customer, those would be people around 40 today... And I discovered this market by accident, There was, they were very ill served. You know, basically we stepped into that at Steve Madden.”
Madden: Danny Porish offered to raise $600K before a $6M IPO
“And you know, we're going to raise you, we're going to get you, we'll raise you 600 grand, and then we'll get you six million.”
Madden grew revenue from $500,000 to $50 million shortly post-IPO.
“I took it and in very short period of time from a half a million bucks, I was doing forty million a year or fifty million a year.”
Post-prison growth came from strong products and hiring for operational weaknesses.
“The marketing wasn't super fantastic. It was just great shoes, great prices, great value, and you know, I think that we just wore everybody out with that. You know, more people were giving us their open to buy, and we opened more stores, you know, and our inte…”
Madden: Steve Madden generated roughly $500,000 in its first year
“I probably did I don't know, 500,000.”
Madden had $30,000 when Stratton Oakmont offered a $6M IPO
“And then he said, well, not only will I get you 600 grand, but I'm going to get you six million dollars when I take you public. And I laughed at him, you know, because I probably had 30,000 dollars in my, to my name.”
Madden says Wolf of Wall Street scene depicting his speech is accurate
“So that scene. With me talking in front of the, it was very accurate.”
Madden: Steve Madden grew from $500K to $40M–$50M post-IPO
“I took it and in very short period of time from a half a million bucks, I was doing forty million a year or fifty million a year.”
Madden on prison survival: Complaining and proclaiming innocence are futile
“But I quickly ascertained early on that whining and moaning would not do me any good, and running around saying I was innocent would not do me any good, so I would try to get through this, try to better myself, if it sounds corny, but exercise and read and lea…”
Madden: Father cutting college tuition was the biggest favor
“My dad did me the biggest favor by pulling me out of school. When I say he pulled me out of school, he refused to pay another 50 cents for me to fool around in college.”
Steve Madden generated approximately $500,000 in first-year revenue.
“I probably did I don't know, 500,000.”
Madden: Father capped business upside due to Great Depression fear
“Yes, my dad was, but you know, he grew up in the depression, and you know, he was very limited, filled with fear because he had seen so much poverty. So his, he sort of capped his upside.”