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60 Minutes: Ruth Madoff: "something sinister going on?"

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  • 60 Minutes: Ruth Madoff: "something sinister going on?"

    anybody catch this last night?
    not sure why, but i kinda believe her - altho couldnt help but think that while ole bernie gets to rot at some club fed for the rest of his life, he's been made the scapegoat while the vast majority of the rest of the lyin thievin bastards have got clean away and 'madoff' with billions - making me wonder if bernie isnt a republican??? (o/w he mighta got off, too.... ;)


    http://blogs.wsj.com/deals/2011/10/3...ster-going-on/
    • October 30, 2011, 8:12 PM ET

    Ruth Madoff’s ’60 Minutes’ Interview: ‘Why Would I Ever Think There Was Something Sinister Going On?


    In a new interview, the wife and son of convicted Ponzi schemer Bernie Madoff detailed the moment nearly three years ago when Mr. Madoff confessed to his fraud, and Mrs. Madoff talked about the “shame” of living with Bernie Madoff’s fraud.
    “He said, ‘I have a confession to make: I’ve been running a Ponzi scheme,’” Ruth Madoff told “60 Minutes” about the day her husband admitted his scheme. Ruth Madoff said she was “paralyzed” by her husband’s confession, and she said she remembers few details of his admission. Andrew Madoff, who worked at Bernie Madoff’s investment firm, said his mother’s first question was, “What’s a Ponzi scheme?” In the interview, Andrew Madoff said his brother Mark “stormed out of the room.” Mark Madoff committed suicide last December.
    After the confession, Mr. Madoff said, “‘I’m going back to the office,’” Ruth Madoff recounted to “60 Minutes.” The same evening, at Mr. Madoff’s insistence, the couple attended a holiday party for Mr. Madoff’s firm, Ruth Madoff told “60 Minutes.”
    “So I got myself together and went over there. We stayed a half an hour. And we just went home. And the next morning, the FBI was there to arrest him about 7:00 a.m.,” Ruth Madoff told “60 Minutes.”
    The “60 Minutes” sit-down is among Ruth and Andrew Madoff’s first public interviews since Bernie Madoff’s fraud came to light. This interview and others coincide with the release of the Madoffs’ book about their family.
    As reported by CBS News and the New York Times earlier this week, Ruth Madoff also said she and her husband took sleeping pills in a suicide attempt on Christmas Eve of 2008, just after Mr. Madoff confessed to his Ponzi scheme.
    Ruth and Andrew Madoff also said they had no inkling that Mr. Madoff was running a sham investment scheme prosecutors estimated at $65 billion, the biggest financial fraud in history. “Why would I ever think that there was something sinister going on?” Ruth Madoff said in the interview. Andrew Madoff said he barely spoke to his mother for two years, and he said he and Mark Madoff had “struggled” to understand why his mother stuck by Bernie Madoff’s side after his arrest.
    Mr. Madoff in 2009 was sentenced to 150 years in prison. Mrs. Madoff has been living in Florida, and she told “60 Minutes” she has had no contact with her husband since Mark Madoff’s death nearly a year ago. Andrew Madoff said he will never speak to his father again.
    “What he did to me, to my brother, and to my family is unforgivable,” Andrew Madoff said in the interview. “What he did to thousands of other people, destroyed their lives — I’ll never understand it. And I’ll never forgive him for it.”
    In a separate recent interview with ABC News, Mr. Madoff said he “betrayed” his family. “Not seeing my family and knowing they hate me” is the worst aspect of being imprisoned, he said in the ABC interview. He said he lived in fear of getting caught for 20 years and now he’s happier in prison because he’s not in control and has “no decisions to make.”


  • #2
    Re: 60 Minutes: Ruth Madoff: "something sinister going on?"

    I believe he didn't tell his family of his crimes. People like to be well thought of, even if it is a lie. (Insert question here)

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    • #3
      Re: 60 Minutes: Ruth Madoff: "something sinister going on?"

      This interview stinks.

      It is a given that Madoff is a sociopathic liar, at minimum. According to him he was taking care of the books, programming and sending out all bogus account statements ( wink wink ...), so it sure is a surprise that his wife ever even saw Bernie at home.

      My guess, neh lets just say I am certain, that they are all lying. Madoff couldn't use a computer if his life depended on it. Thus 60 minutes is again feeding us drivel.

      Comment


      • #4
        Re: 60 Minutes: Ruth Madoff: "something sinister going on?"

        Who cares what the family says.

        The question I'd like to see worked on is "Why didn't the SEC figure this one out way sooner?".

        Why is law enforcement on strike?

        Comment


        • #5
          Re: 60 Minutes: Ruth Madoff: "something sinister going on?"

          Originally posted by Shakespear View Post
          This interview stinks.

          It is a given that Madoff is a sociopathic liar, at minimum. According to him he was taking care of the books, programming and sending out all bogus account statements ( wink wink ...), so it sure is a surprise that his wife ever even saw Bernie at home.

          My guess, neh lets just say I am certain, that they are all lying. Madoff couldn't use a computer if his life depended on it. Thus 60 minutes is again feeding us drivel.
          I read a pretty good book about Madoff: The Wizard of Lies by Diana B. Henriques. He had his stooges helping him but I think he did keep a tight hold on the truth.

          Comment


          • #6
            Re: 60 Minutes: Ruth Madoff: "something sinister going on?"

            Madoff’s results at significantly outperforming the market year-over-year for more than a decade were baffling to most Wall Street insiders. There are a lot of really motivated people in the financial arena who have access to the brightest minds and best information available and they couldn’t figure out how he was doing it. For that reason alone, many assumed he was doing something illegal. There was even one whistle blower, Harry Markopolos, who contacted the SEC several times including going so far as sending detailed complaint letter describing in excruciating detail 29 ‘red flags’ that indicated that Madoff was either front running stocks (basically a form of insider trading) or, more likely, operating a Ponzi scheme. Markopolos had first contacted the SEC about Madoff in 1999 and several times after that. They ignored him.

            About a month ago, two of Madoff’s programmers, Jerry O’hara and George Perez, were arrested and charged for their role in the fraud. They have been subsequently released on $1M bond. Apparently, they are the ones who wrote the programs and operated an old IBM AS/400 computer known as ‘House 17′ that printed out the fictitious statements and reports that made the investment results look real. Below are a few examples of the statements that Madoff investors received.
            http://devlin-consulting.com/2009/12...s-programmers/

            Funny coincidence because Mother Jones has something on Madoff also

            http://motherjones.com/politics/2010...r-peter-madoff
            Last edited by Shakespear; November 01, 2011, 12:58 PM.

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            • #7
              Re: 60 Minutes: Ruth Madoff: "something sinister going on?"

              Originally posted by LorenS View Post
              Who cares what the family says.

              The question I'd like to see worked on is "Why didn't the SEC figure this one out way sooner?".

              Why is law enforcement on strike?
              One of the best questions I've ever seen asked at this forum. Thanks for thinking.
              The greatest obstacle to discovery is not ignorance - it is the illusion of knowledge ~D Boorstin

              Comment


              • #8
                Re: 60 Minutes: Ruth Madoff: "something sinister going on?"

                Why is law enforcement on strike?

                Originally posted by reggie View Post
                One of the best questions I've ever seen asked at this forum. Thanks for thinking.
                i'd offer an opinion, but i'd likely be accused of being a politically biased ideologue...

                Comment

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