Saturday, 29 October 2011

Made-off with Millions


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.

Ruth Madoff

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.

Irving Picard

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

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

7 comments:

Dark Avenger said...

There is also a documentary that is now available on You Tube about the Madoff scandal that was made by the son of one of Madoff's victims who committed suicide as a result of his losses. The documentary is in 4 You Tube installments. Part 1 is below and the remaining three clips are linked to on the left hand side:

http://www.youtube.com/watch?v=-M3sHrVOddw

Matthew Steeples said...

Thank you Dark Avenger. I am watching this now. Like the fact that they've got Robert Vaughn as the main man. Very appropriate.

Spencer M said...

If something looks too good to be true, it probably is.

Are Bernie M's family being paid for these interviews?

What advance was given on this book?

I hope they pay all of these $$$ to the victims. Obviously they won't.

Anonymous said...

Mark Madoff did not commit suicide. This was a
professional hit. Supposedly at 4:00 a.m. he sent
3 E mails to his wife and then hanged himself. His wife
was in Orlando and would be sleeping. He would
kill himself with his 2 year child and the dog there???
His death occurred on the anniversary date - Dec. 11.
There appears to be a huge cover-up in this mess
and I believe this murder was a warning - don't talk or
else!!!

Anonymous said...

The Madoff family really are deeply lacking in anything other than self-interest. Shame on them. Damnation to them.

Anonymous said...

Speaking of Madoff and his people, some of you London folks may have come across this specimen; Michael Bienes.

Michael Bienes has enriched himself by funneling money to Madoff for over 35 years. Bienes started out as an accountant working with Bernie's father in law back in the 60s. There is evidence to suggest Bienes' relationship with Madoff never ceased after a 1992 SEC investigation in which he was sanctioned for pooling unregistered securities which were funneled directly to Madoff and that he has merely moved his operations overseas to London where he and his vile social climbing wife have stormed the gates of polite philanthropic society by donating to Glyndebourne, the Opera and the Genesis Foundation. Back in the States, he and his wife have been hailed as "philanthropists" donating over 30Million USD to Catholic charities, money stolen incidentally from Jewish charities, widows and orphans. The trustees reports have revealed that Bienes has continued to fleece investors back in Florida and continued to receive side payments of 1-2% of assets under management which Bernie referred to as schtup money to buy his silence. Of course Bienes now claims he is ruined as well and has been unaware of Madoffs scheme for the past 40 years.

Matthew Steeples said...

To the anonymous commentator on Michael and Dianne Bienes: I am not sure who you are and whether you have met the Bienes personally. They are dear and loyal friends of mine and I would argue that what you say is utterly unfair. I have followed the case of Madoff and how it has affected the Bienes in great depth and they are only guilty, like others Bernie sucked in, of falling for his impressive CV. I do believe your accusations to be utterly false and I would be very interested to know why you actually use the tone that you do.