Posted on 07/02/2009 9:11:27 PM PDT by smokingfrog
U.S. Marshalls have just taken control of Bernard and Ruth Madoff's posh $7 million Manhattan apartment.
Mrs. Madoff has been told to leave the home per a court-approved agreement.
Marshals will be changing the locks, but they do not plan to remove any items today, sources tell CBS News.
Ruth Madoff is the wife of disgraced financier Bernard Madoff, who was sentenced to 150 years in prison for masterminding a decades-long Ponzi scheme that swindled investors out of tens of billions of dollars.
Developing...
She should be in jail. She knew.
So true.there is no way she and the sons didnt know what was going on.My bet is they will go after them as well.
I thought one of the boys turned the old man in.
Would love to have that big apartment in NY.
You can read the numbers in this article: Ruth Madoff forfeits asset claims, left with $2.5 million
In the same fashion that a huge segment of society knows nothing about science, but then readily accepts global warming or climate control....I also believe a huge segment of society knows nothing about investing and just hands their money over to some idiot that was recommended to them.
Look at sports stars who get a $20 million contract for two years....and over an entire career, pull in $100 million. Yet by age 50...thirty percent of these guys are bankrupt.
I suspect the sons and the wife knew absolutely nothing about investing and just figured that dad knew what he was doing. The sons were likely salesmen who just went around talking good on investments and really didn’t watch where the money was going. They were happy with the paychecks....the five star hotels....and the nice cars. Why ask Dad about this? The wife was the same way. Go ask Donald Trump’s wife about his business dealings...she has zero knowledge or understanding.
Bernie’s pyramid/ponzi scheme produced too good to be true returns and attracted a lot of investors who jumped on his deal and put too much dough in one basket.
Whether you’re a savvy investor or not, diversify, diversify, diversify........... and you won’t lose everything.
And Bernie thinks he did her a favor by taking the full blame himself and leaving her free.
After the life she’s been living, and the friends she had, 2.5 million isn’t enough to do more than keep her alive in some nice condo in some city where no one knows who she is. Imagine what the prospect of the future truly looks like to her. This won’t be good for her health and she may end up with a substance abuse problem.
I’m not trying to show sympathy for her. I just think that Bernie didn’t do her any favors. She may find that jail would have been preferable.
Everything’s a moving pretty slow
Seems like “Arnold the Pig” of Green Acres is running the show.
Uncle Joe of “Petty Coat Junction” has lapped these Fed folks twice. Must be a lot to cover up.
In the non TV world...
Wish I had the Shredding Service Contract... I’d be setting Pretty and probably own a landfill (or a berth at Fort Marcy Park)
TT
“She should be in jail. She knew.”
Personally I don’t have any evidence one way or the other. Do you?
This is still America (at least until Barry Soetoro succeeds in totally wrecking it). She’s innocent until and unless proven guilty.
No kidding. I have a hard time feeling too sorry for people on TV lately telling their sob stories about how they lost their life's savings. How stupid and greedy can you get?
Only a judge and jury have an obligation to adhere to the “innocent until proven guilty” rule. Anyone else has the right to form and express any opinion whatsoever. It’s called freedom of speech, and freedom of the press.
The definition of success, given the facts. Much better than the distaff wing of Federalville, no?
his sons worked on the desk.
Jean Harris actually liked it. Martha Stewart did okay as well.
At least in the “distaff wing,” Madoff could feel a bit of the pain that she caused others. She might do something besides feeling sorry for herself, which is all she’s got now. She certainly would have been better off, in terms of health and psychology, than she is now.
So, no, I do not agree that her situation is “much better.” Money is not everything, and it can’t fix the broken person. It can only divert you for a while. Then you still have whatever was wrong, only you also are poorer.
Well The Donald intentionally selects bimbos
It's possible they are innocent. Supposedly, the sons didn't know until Bernie confessed, and they went to their lawyer and turned him in. Supposedly, the wife didn't know until hours before he confessed.
What isn't possible, however, is that none of the people who worked on the 17th floor with Madoff are guilty.
Bernie's operation ran off an ancient IBM AS/400 iSeries running software packages known as House 5 and House 7. Why such an obsolete platform? Well, consider the awkwardness of upgrading such highly customized software! LOL! Who developed and maintained House 5 and House 7? Supposedly, Madoff was computer illiterate, knowing little more than how to turn on his computer and get it to display thee default trading news page. Printing out brokerage statements is a non-trivial task, especially false ones good enough to withstand minimal scrutiny over time.
Interesting clip from Fox Business last February
When will see more indictments? Or are the feds still busy unraveling that AS/400 code?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.