T Nation

Madoff Aftermath


Bernie Madoff's son just committed suicide today on the second anniversary of his father's arrest. His son had not been convicted of anything and was actually credited with turning his father in, I have posted a article with more details below.

What are people's thoughts on this most recent event, and the entire fiasco in general?

I definitely agree that Madoff deserves the punishment that he received, but part of me thinks that investors should have been more involved in their financial transactions, and that his sons and the rest of the family shouldn't suffer if they weren't involved in their fathers transgressions.



The lawsuit accused Mark Madoff of using $66 million he received improperly to buy luxury homes in New York City, Nantucket and Connecticut.

He worked for the company, and was paid out of the scheme's benefits, and knew what was going on. Of course the dad would take the fall for his two sons. He wasn't convicted of anything but it looks like he would have been once they finish sifting through all of what was going on.

I feel bad for the wives and kids of these people because they REALLY weren't involved, yet have to deal with this. They were simply living off the income without knowing where it came from.


People who invested with him are fucking stupid. If something sounds too good to be true (ESPECIALLY when it comes to financial returns), it usually is.

Madoff is an asshole for ripping people off, but if I sold you beach front property in Kansas, who do you have to mad at?

Due diligence is a lost art and when people get burned, they just want to sue. There is NO such thing as a sure thing, and if they risked EVERYTHING on this INVESTMENT (by definition, something that implies risk) then they are fools.


I think it's a 50/50 thing. He was a scamer supreme and the people who bought into it were fricking idiots. My life may be boring but I'm glad I've never done anything where I thought suicide would be better than the consequences of my actions. I'm also sick and fucking tired of people being too lazy to be willing to work hard for ANYTHING in their life, including their health.


My thoughts.


Tough last name to live with. I wouldn't have hired him to weed my garden.


Not on Wall street, if it wasn't for the fact that the Madoff family was told to get out of town and don't come back for awhile then the sons could have started up a new business already or been hired to run another one. Even though they ran an excellent scheme for a long time, they still know what they are doing.


I am willing to bet that he was looking at some kind of indictment coming. I don't think lawsuits would have scared him into suicide, you can always settle those out of court and miss jail altogether. He didn't like the prospect of 3 hots and a cot IMO.




I don't think he would have gone to "prison," he would have gone to the country club for a few years like his father.


I think his sons were clean. Madoff enterprises was broke up into two different entities. One was clean that his sons ran. While the other was a scam which Madoff and his brother in law (CFO) ran. I don't think they would have faced any legal ramifications.

They prolly just have immense guilt over what their father did. I'm sure a lot of the victims blame the sons as well. That's a tough situation to be close to.


It's important to keep in mind that many or most of Madoff's investors thought he was generating his returns by front-running customer orders (Madoff Securities was a major market maker; by one account it handled 10 to 20 percent of the NYSE order flow).

In other words, everyone was perfectly happy to be involved in an illicit scheme to get rich. They just didn't realize it was a Ponzi scheme. I think that probably holds true for the sons as well.




The whole thing is bizarre really. He was so exclusive, you had to know a lot of people just for him to take on your money.

I think that played into his hand because it was so difficult for him to take your money that no one wanted to question him once they got in. In addition to that it appeared that he was making consistent gains so why question it.

I saw a year end statement that he gave to one of his clients. It looked as if someone made it in about 10 mins from their basement. it was pathetic no back up whatsoever. No date of sale, no specific stocks, nothing.


Bingo. I mean, if you are consistently getting a fucking 20 % return on your money year after year - you gotta know something is up.

But they didn't give a fuck as long as the cash kept rolling in. Madoff is a scumbag, but yea - take some personal responsibility for yourself for christ's sake....


Any life that ends so tragically is a wasted life. And all in the name of greed. I feel especially bad for his mom.


LOL @ thinking an FCI Medium is a country club.


He deserved the punishment he received for doing the exact same thing that our gov't does every day? I'm not sure about that.


Madoff is in a medium? I didn't hear exactly where he was going, so I assumed it was like every other Wall street guy that went to prison.


He was sentenced to 150 years in Federal Prison, his release date is Nov 14, 2139. He will get 22 years of good credit behavior.

The "cushy" place you are thinking of can only be attained once you have 10 years or less remaining on your sentence, and don't have a violence level unsuitable for a minimum or a low level facility.