What did Bernie Madoff's family know?

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What did Bernie Madoff's family know? - 10/31/2011 3:46:11 PM

Iamsemisweet

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http://http://www.huffingtonpost.com/2011/10/31/andrew-madoff_n_1067826.html?ncid=webmail28

I don't believe for a second that his wife and sons didn't know, or at least suspect, what was going on.

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RE: What did Bernie Madoff's family know? - 10/31/2011 5:42:18 PM

LizDeluxe

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I watched the 60 Minutes piece last night. I do not think that the sons knew. I think that the wife/mother knew. I believe the son's comments when he speaks in anger about his father but I do not believe the wife when she does the same. I think she knew and Bernie got caught and fell on his sword to protect her. I feel she is putting up a front to absolve herself from it and to support the remaining son.

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RE: What did Bernie Madoff's family know? - 10/31/2011 7:20:49 PM

kalikshama

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I wonder how much they got for the book.

http://www.washingtonpost.com/business/economy/book-ruth-madoff-hurt-more-by-husbands-alleged-infidelity-than-his-ponzi-scheme/2011/10/28/gIQARSaYQM_story.html

Ruth Madoff, whose husband Bernard L. Madoff is serving a 150-year prison sentence for conning investors out of billions of dollars, was more deeply hurt by his alleged long-running extramarital affair than by his fraud, according to a new book.

In a confrontation with her son Andrew Madoff, she said that was “the most hurtful thing” that ever happened to her, the book says.

When she wondered aloud why Bernard Madoff didn’t just leave her, Andrew Madoff reportedly offered one possible explanation: In a divorce, Bernard Madoff’s finances would have been scrutinized.

Left hanging is the implication that if Ruth Madoff had left her husband and forced such an accounting, his house of cards might have collapsed earlier.

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RE: What did Bernie Madoff's family know? - 10/31/2011 7:45:52 PM

littlewonder

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His children...maybe. I dunno..I haven't really read or heard how close they were to their father. If they didn't really keep in contact with him or know what was going on in his life...just maybe they didn't know. I mean I don't really speak to my mother so I don't have a single clue these days what's going on in her life and no one tells me anything so I can understand the kids not knowing...

BUT how could his wife not know? How did she think they got rich so suddenly and in such vast amounts? Didn't she once ask him or get suspicious? I can't imagine being married to someone and not know these things about my spouse.

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RE: What did Bernie Madoff's family know? - 10/31/2011 7:51:33 PM

slvemike4u

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I find the assertion of ignorance highly self serving and nigh on almost impossible to believe.Especially in light of the fact that the sons were in the investment field,supposedly working for the same company....but different divisions.Are we really supposed to believe the Bernie put up such a wall that these trained professionals,under the same roof so to speak,could not recognize the scam as it was perpetrated under their very noses

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RE: What did Bernie Madoff's family know? - 10/31/2011 7:52:49 PM

slvemike4u

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Hell,I always assumed Bernie took the 150 years to stonewall any continuing investigation,lest his sins wind up sitting next to him at the defense table.

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RE: What did Bernie Madoff's family know? - 10/31/2011 8:11:55 PM

tj444

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I cant open that webpage for some reason and i havent seen the 60 minutes show or read much about madoff for a long time..

I cant say who of his family knew, but one thing,.. he fooled/pulled the wool over the friggin SEC now didnt he? for how many years? The SEC are the trained professionals that are supposed to recognize this shite now arent they?

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RE: What did Bernie Madoff's family know? - 10/31/2011 8:38:21 PM

Winterapple

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There was a piece in Vanity Fair about
Madoff's secretary a year or so ago.
She was adamant that she didn't
believe the sons knew what
was going on.
She was skeptical about the
wife though.
I think the sons could have
been in the dark or at least
didn't realize how extensive
the fraud was.

Her husbands affair was worse than
her sons suicide?

< Message edited by Winterapple -- 10/31/2011 8:43:16 PM >

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RE: What did Bernie Madoff's family know? - 10/31/2011 10:13:50 PM

Iamsemisweet

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Both sons worked in the business. Even if they weren't in the division that was running the Ponzi scheme, they know a lot about the financial business and the company in particular. The annual returns of the Ponzi scheme fund was 12%, year after year, regardless of what the market was doing. The sons had to have known that that was impossible. I find it hard to believe that they did not ask questions, if for no other reason, than to learn their dad's secret to success. I think they knew. The one son hanging himself on the anniversary of his dad's arrest was the ultimate "fuck you" to his dad, for leaving the rest of the family fighting for their reputations and freedom.

The wife also obviously knew. She claims she didn't because she was fighting like hell to keep the paltry 2.5 million dollars in assets that the prosecutors were letting her keep. She is now claiming she and Bernie tried to commit suicide together shortly before his arrest.

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RE: What did Bernie Madoff's family know? - 10/31/2011 10:19:06 PM

littlewonder

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I saw something on CNN the other night where they quoted Bernie Madoff as saying "I made the rich richer. I never took a penny from the poor". CNN basically said that he doesn't feel sorry at all for what he's done and that he actually enjoys being in prison more than being free.

Probably because if he ever was free he'd be found and hung.

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RE: What did Bernie Madoff's family know? - 10/31/2011 10:27:52 PM

tj444

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quote:

ORIGINAL: littlewonder

I saw something on CNN the other night where they quoted Bernie Madoff as saying "I made the rich richer. I never took a penny from the poor". CNN basically said that he doesn't feel sorry at all for what he's done and that he actually enjoys being in prison more than being free.

Probably because if he ever was free he'd be found and hung.

yes, I have read that a person had to be an accredited investor to get into his deals, meaning you need a certain level of income and/or assets. Some rich people gave him all their money tho and so those people aint rich anymore...

If convicts can get drugs in jail, i expect people can get Madoff taken care of in jail too..

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RE: What did Bernie Madoff's family know? - 10/31/2011 10:31:20 PM

Iamsemisweet

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Towards the end, when he was struggling to keep the scheme together, he was taking all comers, and not being so exclusive about his investors. Typical situation in the life cycle of a Ponzi scheme. In fact, he was so desperate at the end that he cut a deal with a Japanese bank to extend credit to new investors who wanted to buy shares. If they paid cash for one share, the bank would finance two more. Of course, the new investors lost their shirts when the scheme fell apart, but they still owed the money to the bank.

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Alice: But I don't want to go among mad people.
The Cat: Oh, you can't help that. We're all mad here. I'm mad. You're mad.
Alice: How do you know I'm mad?
The Cat: You must be. Or you wouldn't have come here.

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