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The Madoff book & interviews...
Old 10-31-2011, 03:57 PM   #1
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The Madoff book & interviews...

Anyone watch the 60 Minutes interview of Bernie's wife Ruth & son Andrew (his fiancee wrote a book)? The 3 also were on Today this a.m. being interviewed by Matt Lauer.

I found it interesting. Ruth appears to be highly medicated, imho, as she seems almost robotic. I always thought they were probably involved in some fashion. But after watching these 2 interviews, I don't think they were. The 2 sons turned Bernie in to the authorities right after he confessed to them. I think Ruth just let Bernie "do his thing" & was probably too busy with the high life & figuring out ways to spend the money to ever give even a cursory glance @ how he was making it.

Ruth has broken off all communication with Bernie, something the sons wanted from her right from the beginning. She admits if she had done so, that the other son might not have committed suicide. She was left with "only $2 million" which she said is "enough" but that most of it has gone to the lawyers. Andrew gave no direct answer as to his current net worth.
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Old 10-31-2011, 08:43 PM   #2
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I saw it too. Ruth and her son did sound sincere in the interviews. It does seem hard to believe that the son's didn't know or press the issue as to how Dad kept coming up with such good returns over the years. They did work on another floor in an entirely different dept, but you would think they would want to know how he did it.
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Old 10-31-2011, 09:43 PM   #3
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The book I want to read is the one written by the wife of the Madoff son who commited suicide. The truth will be told there.

I wonder why the fiance' wrote this book and not Ruth or her son. I assume it is because he may not be able to keep all the money from the sales, or maybe he is afraid of being called to court for something he may say in the book.

Do you really believe she no longer talks to Bernie? Come on, she has that beautiful home in Palm Beach and she will have his fortune that is probably overseas in Switzerland. That's why she doen't divorce him. Otherwise, he could find a pretty, young girlfriend in prison and give her the money. IT'S A JOKE!!
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Old 10-31-2011, 11:00 PM   #4
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Otherwise, he could find a pretty, young girlfriend in prison and give her the money.
What are you smoking
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Old 10-31-2011, 11:17 PM   #5
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Don't smoke, never will.

But if Ruth would divorce him, do you really think he would be willing to stay lonely all his life?

Don't forget, he is in a "Martha Stewart" prison. He probably has his dinners cooked to his liking plus delivered to him. Plus, like I mentioned earlier, probably some nice chics there too.
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Old 11-01-2011, 12:04 AM   #6
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I saw the interviews too, and what I wanted to hear was that all proceeds from the book would be turned over to the Trust to pay back the investors. Instead, the profits go to son Andrew's wife (and probably a lot of lawyers that set that all up) - another sweet deal for them.
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Old 11-01-2011, 01:13 AM   #7
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I was waiting for the exact same thing.

They talked about it on The Five tonight and they also said they thought the proceeds should go to the victims.

Aside from the house in Palm Springs, Ruth still has $2.5M. PLUS Andrew received $60M from the money owed to his father through loans, that also should have gone to the victims.
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Old 11-01-2011, 04:38 AM   #8
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This must be so difficult for a mother to acknowledge and accept. I feel sad for her.
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She admits if she had done so, that the other son might not have committed suicide.
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Old 11-01-2011, 07:48 AM   #9
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The book I want to read is the one written by the wife of the Madoff son who commited suicide. The truth will be told there.

I wonder why the fiance' wrote this book and not Ruth or her son. I assume it is because he may not be able to keep all the money from the sales, or maybe he is afraid of being called to court for something he may say in the book.

Do you really believe she no longer talks to Bernie? Come on, she has that beautiful home in Palm Beach and she will have his fortune that is probably overseas in Switzerland. That's why she doesn't divorce him.
I think you have hit the nail on the head, Heirloom. What is the reason they even want to be interviewed on TV? Why not just fade away? Hmmm...the book...

Here's a good quote to ponder over...
"In order to understand any human situation: "Look for where the profit lies."
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Old 11-01-2011, 09:42 AM   #10
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I really feel no pity for them. There is no way Bernie was the ONLY one who knew. I'm sure that guy was smart enough to put money in Switzerland or wherever else people hide money out of the US. So are they sorry he did it, or sorry he got caught?

Go tell it to the people whose lives were devastated for generations. Let's see how sorry they feel for poor Ruth.
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Old 11-01-2011, 10:15 AM   #11
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Don't forget Ruth was the bookkeeper. What? A woman with a 4 yr. degree holds a job as a bookkeeper?

Oh, that's right.....she probably helped set the scheme up. When it was thought out and started she could stay home and become a mommy and enjoy the millions. Plus, of course she probably made sure she was kept up to par with all the holdings though she says she has no idea what was going on.
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Old 11-01-2011, 10:16 AM   #12
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To me, the logistics of creating false statements for thousands of investors every month or even every quarter would be more work than one guy could do... so SOMEBODY else was involved with the crime...

Now, was it the kids... who knows.... there does not seem to be any evidence that they knew... even the FBI has not given anything that would make you think they were....
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Old 11-01-2011, 10:27 AM   #13
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There are lots of wives of wealthy men who don't delve into their husband's business activities. I think she was the dutiful wife who enjoyed her community status and had no reason to question his success.

I also think Bernie is a sociopath who for reasons we now know kept his sons out of his business activities. He could push them back with comments about insider trading laws and some mambo jumbo.

Remember that Bernie also had the SEC buffaloed and it is their job to be suspicious.

Bernie's CPA knew something was up. I too think there must have been employees in his office who thought he was doing something peculiar but with so much handled by automated systems today (generating statements, receiving and dispensing payments) you don't need an extensive back office to process paperwork.
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Old 11-01-2011, 10:38 AM   #14
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They weren't false stmts. at first. You probably already heard this, but is was a scheme just like Social Security. When the mkt collapsed, this fund collapsed with it because the interest rates kept going down too. People started withdrawling money. Together with people withdrawling and rates going down, the fund went under.

When Social Security starts to go under, they just raise taxes. When a fund loses money, it goes under.

Small time investors couldn't invest in this. You had to have at least a million dollars to invest in this fund. As people started making money, they passed the word around and the fund got huge.
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Old 11-01-2011, 10:56 AM   #15
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They weren't false stmts. at first. You probably already heard this, but is was a scheme just like Social Security. When the mkt collapsed, this fund collapsed with it because the interest rates kept going down too. People started withdrawling money. Together with people withdrawling and rates going down, the fund went under.

When Social Security starts to go under, they just raise taxes. When a fund loses money, it goes under.

Small time investors couldn't invest in this. You had to have at least a million dollars to invest in this fund. As people started making money, they passed the word around and the fund got huge.
Since they said that there never was any trading in securities.... and the statments showed trading in securities.... I think we can easily conclude that false stmts were sent out from the beginning... also, IIRC Bernie even said it was a Ponzi scheme from the beginning....

It is not like SS... but since that is your thinking nothing I say will change it....
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Old 11-01-2011, 10:58 AM   #16
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I think none of us knows what we are talking about.

Ha
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Old 11-01-2011, 11:14 AM   #17
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..........Remember that Bernie also had the SEC buffaloed and it is their job to be suspicious............
Does this say more about Bernie or the SEC?

Madoff whistleblower blasts the SEC's failure - Feb. 4, 2009
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Old 11-01-2011, 11:15 AM   #18
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I think none of us knows what we are talking about.

Ha
Do you mean here, on this thread, or just in general?
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Old 11-01-2011, 12:30 PM   #19
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I think none of us knows what we are talking about.

Ha
How do we know what YOU are talking about that none of us knows what WE are talking about?
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Old 11-01-2011, 12:52 PM   #20
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I think none of us knows what we are talking about.

Ha
Absolutely, and in general.
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