Trust-Fund Kids Strike Back at Madoff (Did a certain DUmmie lose his trust fund money?)

Wall Street Journal ^ | January 27, 2009

[PJ-Comix]

Pity today’s trust funders.

Their bright futures of easy money and endless leisure went up in smoke with the stock markets and financial crisis. They have seen their future Hamptons homes and Aspen villas crash in value, their charitable foundations get poorer and their bling budgets drastically curtailed. Some may not even get to replace their Bentleys this year.

Then there is the group we might call Bernie’s Kids–the economically orphaned trust funders whose parents lost money in Mr. Madoff’s fraud. We have read about dozens of foundations that lost millions of dollars in that alleged Ponzi scheme, and while most were created for philanthropy, some are vehicles for passing money from parents to their children.

[PJ-Comix]

Among those who oppose inherited wealth, like Warren Buffett, the Madoff fraud might actually have a silver lining. While no one likes to see wealth destroyed, some may see Mr. Madoff’s impact on trust funds as a healthy corrective to inherited wealth and dynasty. Mr. Madoff may have finally achieved what Paris Hilton couldn’t–to limit the damages from unearned family money. It may even force some of today’s wealthy offspring to consider more drastic measures for their future–like working for a living.

< Dobie Gillis Voice>WORK!!!< /Dobie Gillis Voice>

Perhaps the Pied Piper will be forced to do actual work for the first time in his life.

[PJ-Comix]

Did the Raven entrust the Pied Piper’s trust funds to Bernie?

[GQuagmire]

Perhaps the Pied Piper will be forced to do actual work for the first time in his life.

Oh the hugh manatee!

[wombtotomb]

Well, at least we got to see how the rich will do in the workforce, “its a simple life” just got lots less simple.

Madoffs kids? Is that supposed to be like Jerrys kids? No, I would not want to insult Jerrys kids that way.....

[IYAS9YAS]

and while most were created for philanthropy passing money from parents to their children, some are vehicles for passing money from parents to their children. philanthropy.

Fixed it.

[Ruy Dias de Bivar]

< Dobie Gillis Voice>WORK!!!< /Dobie Gillis Voice>

Actually that was Maynard g. Crebbs, Gillis’ beatnik buddy, or as he later became known as GILLIGAN!

[Maceman]

Actually, it was Maynard G. Krebs who had that "Work!" response.

[PJ-Comix]

Oops! My mistake. Maynard G. Krebs it is.

[snarks_when_bored]

From Bloomberg.com yesterday:

Madoff Enablers Winked at Suspected Front-Running (Update1)

Unless a person had his/her money invested with Madoff without his/her knowledge, he/she almost certainly knew that Bernard Madoff was doing something illegal to produce his astonishingly consistent and high rates of return, year in, year out, good market, bad market. I guess it was just a shock to these wink-and-nodders to find out that he wasn't front-running, but simpy stealing:

"Bernie wasn't just front-running (i.e., stealing from the goobers who placed orders with his trading firm)? He was stealing from ME? The nerve of the guy! Hang him!"

[gate2wire]

Oh my...will that tavern in Boston have to close? Possibly losing their best customer.

[RobRoy]

HAHAHA,

Anybody ever see the movie “Uptown Girls”?

Looks like it’s gonna happen to some people in real life.

[Norman Conquest]

Bonus points if you can tell us what the “G” stands for in Maynard G. Krebs.

[franksolich]

Did the Raven entrust the Pied Piper’s trust funds to Bernie?

No idea, but I'm sure there's plenty of rich primitives on Skins's island who got affected.

[montanajoe]

I guess there is a silver lining to just about everything..

[JeffChrz]

G = Walter.

[doc11355]

Bonus points if you can tell us what the “G” stands for in Maynard G. Krebs.

From Wikipedia: Maynard G. Krebs (the G. stood for Walter) was the "beatnik" sidekick of the title character in the U.S. television sitcom The Many Loves of Dobie Gillis (1959-1963).

[Will88]

Mr. Madoff may have finally achieved what Paris Hilton couldn’t–to limit the damages from unearned family money.

No better example of the "damages from unearned family money" than the Kennedy clan.

[PJ-Comix]

If we get word that the Pied Piper is actually doing REAL work, that would be a good indication that his trust fund went up in Madoff smoke.

[ritewingwarrior]

The author definitely put in his too cents about a silver lining. It is obvious he thinks that they don’t deserve the money, and should have to work for it like the rest of us. Personally I disagree. If I work hard all my life so my family does not, then that is my choice. I don’t begrudge trust fund kids, except when they act like they are entitled. That is the parents fault all along.

I am leaving my kids a decent sized trust, but it will be limited except for necessities, until they make certain achievements in life. The more they achieve, the more they will get. Hopefully it will be enough for the kids to learn about true philanthropy. A wealthy person who likes to help other people is an asset to America. Look at Bill gates. I bet his kids step right into their parents shoes, and continue on with the foundation. it would be a tragedy to have lost that money.

[franksolich]

If we get word that the Pied Piper is actually doing REAL work, that would be a good indication that his trust fund went up in Madoff smoke.

I'm sure we're going to see some of the rich primitives--one of which might, or might not, be the Bostonian Drunkard--having to go out to get a job, but I'm not sure which ones.

I have my ideas, and so have actually been watching them closely--there's eleven of them, all Primitives of Prominence--since late November, to see if there's any clues about any of them having to give up their life of leisure and work for a living, or at least are pinched.