As Ruth Madoff’s first account of the unravelling of her husband’s Ponzi scheme is due to be broadcast this Sunday on the CBS show 60 Minutes, it has been revealed that Madoff family members could retain $82,368,096 of funds from the con because of the imposition of a two year cap limiting the claw back period against New York Met owners Fred Wilpon and Saul Katz.
Irving Picard, the appointed trustee central to the recovery of the assets seized from the investment scandal, had sought a claw back period of six years against Wilpon and Katz that would have netted $1 billion whereas the reduced cap reduces this figure to just $386 million. Picard, who has filed more than 1,000 suits seeking money for Madoff investors, has estimated allowed claims on the estate at more than $17 billion but the new two year cap, he argues, will reduce that amount by as much as $6 billion.
Meanwhile, it has come to light that Madoff is enjoying prison life. In a letter to his daughter-in-law, Stephanie Madoff Mack, published in her book The End of Normal, he states:
“They call me Uncle Bernie or Mr. Madoff… I’m quite the celebrity… I can’t walk anywhere without someone shouting their greetings or encouragement, to keep my spirit up. It’s really quite sweet, how concerned everyone is about my well-being, including the staff… It’s much safer here than walking the streets of New York.”
Stephanie Madoff Mack on ABC News Good Morning America
One would have thought that this family would have the sense to keep quiet. Whilst Madoff-Mack may have lost her husband, her book contains all sorts of tawdry details that should have been kept private. Ruth and Andrew Madoff hitting the interview circuit, equally, can only be described as insensitive in the extreme.
Bernard Madoff himself has also been interviewed by Barbara Walters this week at the Butner Federal Correction Complex. Reports state that he tells her that: “He’s happier now than he has been in years.”
Who says crime doesn’t pay?
Watch a CBS 60 Minutes clip of Ruth Madoff describing the moment her husband confessed: http://www.cbsnews.com/video/watch/?id=7386217n
Watch a CBS 60 Minutes clip about how Bernard and Ruth Madoff attempted suicide: http://www.cbsnews.com/video/watch/?id=7386080n&tag=cbsnewsSidebarArea.0
Watch an ABC News Good Morning America interview with Stephanie Madoff-Mack at: http://abcnews.go.com/GMA/video/stephanie-madoff-mack-tells-story-14801675