New Madoff Book About Family Angers Victims of Ponzi Scheme

[RamboLiberal]

Source: ABC News

Andrew and Ruth Madoff, the wife and son of convicted Ponzi schemer Bernie Madoff, will not receive any money from a new book about the Madoff family in which they participated. But Catherine Hooper, the woman who's been engaged to Andrew and living with him for the past three years, will profit from the project, which angers some of the victims of Bernie Madoff's multi-billion-dollar investment fraud.

"I personally do not feel that any profits from the new book should in any way go to Ms. Hooper, who is future Madoff family, or should any other member of the Madoff family benefit from this crime," Lynn Sustak, whose retirement savings were wiped out due to Madoff, told ABC News. Currently working in the retail industry, Sustak, 62, and her husband invested with Bernie Madoff starting in 2003.

"All Madoff money should be donated to the real victims -- of course," another victim, Marcia Cohen, wrote in an email to ABC News.

Alexis Neely, the founder of the Family Wealth Planning Institute, told ABC News it was "smart" for Hooper to receive profits and not Andrew or Ruth Madoff. Andrew Madoff faces a multimillion-dollar lawsuit from the trustee appointed to recover money for victims of the investment fraud.



Read more: http://abcnews.go.com/Business/madoff-family-book-profits-spark-outrage-victims/story?id=14849433

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Scumbags! Hope the book is a bust!

[Lint Head]

1. All profits should go to the victims.

[Hassin Bin Sober]

2. Don't the "son of sam" laws have any provisions for an obvious sham transaction?

[Kennah]

5. From what I have read, it appears the answer is no.

[LiberalFighter]

3. I didn't like CBS interviewing the Madoff's last nite either.

[awoke_in_2003]

6. Yeah, I saw commercials for it...

and they sickened me. Oh, I should feel sorry for them because they attempted suicide. Yeah, sure they did.

[wtmusic]

7. Madoff's son Mark did commit suicide

and Andrew turned his father in the day after he confessed to the family.

You should watch the 60 Minutes segment before you pass judgement.

[Safetykitten]

9. Uh, we did. They were all in on it. Not believing one bit.

[No Elephants]

11. I'm sure they have no reason to lie.

While the suicide was sad, commiting suicide a year of two after people have turned on you and have been making death threats, etc. and how much damage you have done to so many begins to sink in, doesn't mean you never did anything wrong in the first place.

In fact, if you were innocent, I think you would be less likely to commit suicide than if you realized you were among those responsible for so much suffering.

For that matter, we know nothing about him before his suicide. Was he chronically depressed anyway? On medicatioN?



As far as the wife, I did watch her intervieweda couple of times. I believe she was lying through her teeth about never having known.

The two sons worked there. Doing what? Counting paper clips? What were they investing that money in?

Outsiders knew what Bernie was doing. Some of them were getting paid off. But his own two sons who worked there were clueless that this was nothing but a Ponzi scheme?

I don't think you go to work with your father every day for years without even trying to learn the business, without participating.

IMO, Bernie took the fall for himself and his sons and his wife, as most men who could not save themselves anyway would do.


And the family is still getting $82 million, God only knows why.

[wtmusic]

19. Maybe.

I worked for my Dad for years, and had very little idea about the details of his business operations. Bernie was a hero to his family and his investors as well, he had the Midas touch - or so they thought. They were probably very proud.

IMO Madoff got others in his company to do the dirty work but did not involve his family. Apparently there is not sufficient evidence to charge them, if he did.

[Swede Atlanta]

4. You know....I'm conflicted on this one.............

I don't want anyone who was directly involved in the wholesale pillaging of people's money to get a single penny from an article, book, interview, movie. etc. But at this point neither Andrew nor Ruth have been arrested or convicted of any crimes. I find it hard to believe neither one knew anything but that isn't for us to decide. That is for the appropriate law enforcement agency to pursue. Aren't we still a country where "innocent until guilty" applies? This is a case that involves tremendous emotion but I am not ready to convict these people until they have been brought up on charges and found guilty.

Do I find making money on a series of events that devastated investors repugnant? Yes, of course I do. But that is part of our culture. Look at the books written by Iran-Contra insiders or those inside of nearly every major news event or scandal. Are we going to start here? It is a matter of fairness and balance for me.

[No Elephants]

12. Assume hypothetically, they were not involved (unlikely). Why should they profit from this anyway?

Haven't they profited enough from Bernie's crimes?

They've lived high off the hog for years. Provably have nice cars, nice homes, nice jewelry, etc.

And for some bizarre reason, they are getting to keep %82 million.

Why profit further?

The story says the victims are mad. Any reason they shouldn't be furious?

[closeupready]

15. Some say, "Crime pays." The Madoff's $82 Million sure does seem to confirm that.

It really sends the wrong message. And it's not just them - look at Michael Milken - he's one of the wealthiest men in the world, multi-billionaire.

I'm not sure what the answer is but our popular culture encourages greed and the worship of cash, and it's filthy and disgusting.

[PassingFair]

8. You pays your money, you takes your chances.

"Investments" are always a gamble.

Bernie is in jail for life. That's all
the retribution they're gonna get.

[No Elephants]

13. Um, this wasn't an investment. even with quotation marks. It was theft. plain and simple.

Also, in this country, at least since FDR, laws require full disclosure of the nature of the investment and the risks.

Bernie never told his prospects that he was running an illegal Ponzi scheme, not investing their money in anything but a lavish lifestyle for him, his wife, his kids and his grandkids, did he?

Nothing like blaming the victims.

[PassingFair]

17. The victims weren't delving too deeply into the 20% PLUS returns Bernie was shoveling out for them.

They didn't WANT to know.

And the guy is in JAIL.

THAT is the retribution.

[No Elephants]

14. Um, this wasn't an investment. even with quotation marks. It was theft. plain and simple.

Also, in this country, at least since FDR, laws require full disclosure of the nature of the investment and the risks.

Bernie never told his prospects that he was running an illegal Ponzi scheme, not investing their money in anything but a lavish lifestyle for him, his wife, his kids and his grandkids, did he?

Nothing like blaming the victims.

[JCMach1]

10. It looks like they hired a PR firm to try to rehabilitate themselves...

enough of these asshats already!

[No Elephants]

16. I'm with you. If they turn back the 81 million they're getting to keep, maybe I;ll change my mind

about them.

Someone please. me when that happens so I can begin reconsidering.

[LanternWaste]

18. the sins of the fathers being the sins of the sons...

I guess that Old Testament bit about the sins of the fathers being the sins of the sons have been re-branded, made contemporary and given new bright, shiny packaging for the new era...