The Bernie Madoff Scandal with a capital “S” – where to begin?

While white collar crime is not my forte, I find this whole Bernie Madoff crisis to be unbelievable. I told a friend of mine, I originally thought the reporters said “$50 million”. Billion! Does anyone else think it’s apt his name is “Madoff”? Say it out loud. I cannot believe this dude was the ex-chair of NASDAQ. My husband is a Wall Streeter (no hating here!) and we were shocked at the magnitude and sheer balls of this.

What’s really tragic here are the non-profits that he swindled. I mean, Elie Wiesel?? Messing with that guy? Come on! I don’t understand how no other heads have rolled at this point. One guy cannot do this alone. I see the New York Post is reporting his two sons aren’t speaking to him. Well, I would think they’d be sheltering their assets and CYA. I found it odd that Andrew Madoff’s wife, Deborah, just served him with divorce papers and there are photos of them holiday shopping yesterday – together. What is going on here? My heart goes out to those individuals and organizations fleeced by this guy. Once again, how does such a smart man think he will get away with a Ponzi scheme of this magnitude? Greed is not good. I’m waiting for the other shoes to fall and trust me, there will be many!

Comments

  1. I have an uncle who was involved in organized crime–he is a career criminal–and had his wife divorce him when he got pinched for trafficking.She managed to hide a lot of his assets so the Feds would not get their hands on it.It is probably a good idea to get a divorce when a person is involved in criminal activities and has a spouse they can trust.My aunt later got whacked for un related business ventures that went sour.(She was having other people whacked so she could grab power.)Funny thing, after she got whacked a public official–I won’t say his name–came out and declared in public that my aunt was a pillar of the community.My aunt would tell my mom all about her business ventures over the phone.When my mother would ask if she wasn’t worried about having the line tapped, my aunt would tell her not to worry.Feds and politicians can be bought and sold.

  2. Hey, Anon, thanks for your comment. I agree and know all too well about these things (trust me!)…what an interesting story your family has, but not at all rare. I am sure Madoff has sheltered all with his kin, which is why they yanked Ruth’s passport. I am assuming you’re from the tri-state area – we have pretty corrupt feds and pols, which is why we’re such a mess right now. The wire tapping anecdote you mention reminds me of “Nicky” and “Ace” in Casino – that stuff really does happen, indeed. Thanks againa and keep coming back. Happy holiday!

  3. I am actually some place on the West coast.I have to be careful what I say in public.(Google CBS News for today.Read about the ex-Feebie who got 40 years for selling out to the Maf-I-A.)My family has been involved in more business ventures than just trafficking. Ironically, I came upon your site because of financial crimes.I got terrified after Enron and started taking some of the pre-MBA classes so I would never end up like those poor devils who lost their entire life savings.I was taking a course in business law last summer.The instructor had an MBA and JD.He mentioned in one of his lectures how he served on a jury that convicted a college frat member for raping an intoxicated girl at a frat party.I had taped your interview on NBC long ago, but never got a chance to watch it due to my onerous schedule.I enjoy your commentaries a lot.They are very witty and thought-provoking.Hope you had a nice holiday season, ma’am.

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