From Prince(ss) to Pauper

[RonBoyd]

Very interesting Blog from a Madoof victim:


The Bag Lady Papers - The Daily Beast
The Bag Lady Papers Cont'd - The Daily Beast
The Bag Lady's Papers, Part III - The Daily Beast

"Was I greedy? No, I was conservative, really. I never wanted to strike it rich with Bernie Madoff. I just wanted financial stability. And I had lost money with other financial advisers, so I trusted an old and valued friend who told me about an investment—Madoff’s fund—that would yield a steady interest, allowing me to work on my art and not be dependent on my family."

"'Eighty-nine dollars,' says the nice lady at the desk when I ask for a room. I, who only buy retail—until now, of course—ask for a discount. She takes it down $10. Although it’s expensive and a splurge compared to what’s down the street, it isn’t in the same universe as the Ararat Park Hyatt in Moscow, where I was on a work project several months ago and the rate for a single room was $2,100 a night."

"...I am going to Christmas lunch in the luxurious environs of Palm Beach, “the island,” as it is called by the locals. The invitation was mailed before I became a bag lady or, as I also am known, person of reduced circumstances (PoRC). Palm Beach was the prime hunting ground where the M.F. went snouting for his investor prey. People even joined the Palm Beach Country Club, where he hung out, so they could be “invited” to join his exclusive enterprise."

The comments are pretty interesting -- not much sympathy going around.

[FinanceDude]

Quote:

Originally Posted by RonBoyd Very interesting Blog from a Madoof victim: The Bag Lady Papers - The Daily Beast The Bag Lady Papers Cont'd - The Daily Beast The Bag Lady's Papers, Part III - The Daily Beast "Was I greedy? No, I was conservative, really. I never wanted to strike it rich with Bernie Madoff. I just wanted financial stability. And I had lost money with other financial advisers, so I trusted an old and valued friend who told me about an investment—Madoff’s fund—that would yield a steady interest, allowing me to work on my art and not be dependent on my family." "'Eighty-nine dollars,' says the nice lady at the desk when I ask for a room. I, who only buy retail—until now, of course—ask for a discount. She takes it down $10. Although it’s expensive and a splurge compared to what’s down the street, it isn’t in the same universe as the Ararat Park Hyatt in Moscow, where I was on a work project several months ago and the rate for a single room was $2,100 a night." "...I am going to Christmas lunch in the luxurious environs of Palm Beach, “the island,” as it is called by the locals. The invitation was mailed before I became a bag lady or, as I also am known, person of reduced circumstances (PoRC). Palm Beach was the prime hunting ground where the M.F. went snouting for his investor prey. People even joined the Palm Beach Country Club, where he hung out, so they could be “invited” to join his exclusive enterprise." The comments are pretty interesting -- not much sympathy going around.

Where did all the royalty payments go from all the bestselling books? Not ALL of that money would be able to be invested in IRAs.........

[haha]

Quote:

Originally Posted by RonBoyd Very interesting Blog from a Madoof victim: The Bag Lady Papers - The Daily Beast The Bag Lady Papers Cont'd - The Daily Beast The Bag Lady's Papers, Part III - The Daily Beast "Was I greedy? No, I was conservative, really. I never wanted to strike it rich with Bernie Madoff. I just wanted financial stability. And I had lost money with other financial advisers, so I trusted an old and valued friend who told me about an investment—Madoff’s fund—that would yield a steady interest, allowing me to work on my art and not be dependent on my family." "'Eighty-nine dollars,' says the nice lady at the desk when I ask for a room. I, who only buy retail—until now, of course—ask for a discount. She takes it down $10. Although it’s expensive and a splurge compared to what’s down the street, it isn’t in the same universe as the Ararat Park Hyatt in Moscow, where I was on a work project several months ago and the rate for a single room was $2,100 a night." "...I am going to Christmas lunch in the luxurious environs of Palm Beach, “the island,” as it is called by the locals. The invitation was mailed before I became a bag lady or, as I also am known, person of reduced circumstances (PoRC). Palm Beach was the prime hunting ground where the M.F. went snouting for his investor prey. People even joined the Palm Beach Country Club, where he hung out, so they could be “invited” to join his exclusive enterprise." The comments are pretty interesting -- not much sympathy going around.

Just from the quotes you gave I don't feel myself overcome with compassion either. Poor Baby! Her hotels only cost $89! Now she will have to live somewhere other than her Eastside Apartment while she pursues her "art". Also, she was editor of Self magazine. Wouldn't she have met with every sort of hustler in that position? Did Bernie Madoff provide their 401K? Or did she think that Vanguard or Fidelity were just a bit declassé ?

It's not an attractive sentiment on my part, but I really am unmoved.

Ha

[FUEGO]

It is indeed a heart-wrenching story:

"I began to think about my options: I’d have to sell the cottage in West Palm Beach immediately. I’d need to lay off Yolanda. I could cancel the newspaper subscriptions and read everything online. I only needed a cell phone. I’d have to stop taking taxis. And who could highlight my hair for almost no money? And how hard was it to give yourself a really good pedicure?"

[RonBoyd]

And I was thinking that the comments were -- what's that German word -- Schadenfreude?

[FUEGO]

I think she needs a bailout.

[W2R]

Quote:

Originally Posted by FUEGO It is indeed a heart-wrenching story: "I began to think about my options: I’d have to sell the cottage in West Palm Beach immediately. I’d need to lay off Yolanda. I could cancel the newspaper subscriptions and read everything online. I only needed a cell phone. I’d have to stop taking taxis. And who could highlight my hair for almost no money? And how hard was it to give yourself a really good pedicure?"

I suppose nobody but the most poverty-striken, abject welfare cases could possibly manage day to day life without a maid, taxis, and professional hair coloring and pedicure?

OK, I admit it. I do have a land line. But I don't have any of the rest of it, and I think it all sounds like a huge ego-driven PITA. There are better ways to live.

[Moemg]

Okay , am I the only one that feels a little sorry for her ? Yes, she is clueless to how the real world lives and she probably has enough in her jewelry collection to sell and provide some income but her world as she has known it for years is gone and it's not coming back. I've seen people like her many times who were raised in a super wealthy family and they have no clue how the rest of us possibly live .

[Grep]

My take was that she is at least a little more self-aware than some have given her credit for, though not about things that matter the most.

I think she has come to expect as a right the privileged life she's become accustomed to. In her little head, she's worked hard, damn-it, she's SPECIAL, and now that stuff (presented in luxuriant detail), the PROOF, is god-given HERS.

But of course it isn't, at least not any more, and it probably never was hers if she had been "invested" for very long (as it seems). She's now starting to realize that, and I find a hint of self-mockery between her whining and stunned bitterness.

Now, if she could only stop talking about materialistic matters and recognize how hollow the rest of her life is. From her blog, the only person she "loves" is her maid (for how she irons her 40 shirts).

[FinanceDude]

I guess I was expecting a little better writing for a bestselling author. Oh well, we all have our struggles.........

[freebird5825]

The bucket I was using to collect the crocodile tears I shed all afternoon for this person just overflowed. How's that for sympathy?

Crocodile tears - Wikipedia, the free encyclopedia

[canadianteddy]

Her reality is so far removed from mine that I have trouble relating. If one is single with no kids, why do you need a maid?

[Moemg]

Quote:

Originally Posted by canadianteddy Her reality is so far removed from mine that I have trouble relating. If one is single with no kids, why do you need a maid?

To iron the 40 shirts . Apparently she does not know how to iron . This could be my post retirement job teaching Madoff's victims have to live a normal life .

[CuppaJoe]

Quote:

Originally Posted by Moemg Okay , am I the only one that feels a little sorry for her ? Yes, she is clueless to how the real world lives and she probably has enough in her jewelry collection to sell and provide some income but her world as she has known it for years is gone and it's not coming back. I've seen people like her many times who were raised in a super wealthy family and they have no clue how the rest of us possibly live .

No, Moe, you are not the only one. Why so hard on this lady. IMO, she’s a talented writer, humor at that, and god knows we need that now. So what, she came from money, but still had to work her way up. Published five books. How is her loss any less awful than that of anyone on this board who lost 20-40%?

Love your comment about the clueless rich, Moe. Even people raised in the upper middle class can be clueless. My niece was mystified about the fact that her dad’s family of five lived with only one bathroom.

And the thing about the maid, so true. I also was gutless about firing my once-a-week cleaning lady. They always leave after about five months to avoid Social Security issues. So instead of firing her I just didn’t hire her replacement.

I don’t really feel sorry for the blog princess. It’s for the humor section, not finance.

[RonBoyd]

I suppose it is easy to get hung up on the "maid" thing (if that is what she is). Penelope Trunk's blog is one of my favorite reads. This may add some insight into the minds of successful (read busy) people:

Advice from the top: Marry a stay-at-home spouse or buy the equivalent. | Brazen Careerist by Penelope Trunk

and in case you feel like coming down on her for having her head in the clouds, read her post from yesterday:

7 Things to consider before launching a startup | Brazen Careerist by Penelope Trunk (an on-going story)

(Don't even think about reading today's post. I mean it. You have been warned.)

[haha]

Quote:

Originally Posted by RonBoyd (Don't even think about reading today's post. I mean it. You have been warned.)

I read it and I have now been turned into a pillar of salt. How about 95% of (presumably male) donors have to be asked for this service?

Get going boys, de wimmins like self starters.

Ha

[CuppaJoe]

Quote:

Originally Posted by RonBoyd .... (Don't even think about reading today's post. I mean it. You have been warned.)

Oh, well, guess you won't be starting a poll about that.

[FUEGO]

Wow, just read a few posts from the Penelope Trunk blog. She seems unhappy overall. Maybe financially successful and a career success, but I would question whether she is successful on a personal level. I feel a little sorry for her and wish her the best.

[haha]

Quote:

Originally Posted by FUEGO Wow, just read a few posts from the Penelope Trunk blog. She seems unhappy overall. Maybe financially successful and a career success, but I would question whether she is successful on a personal level. I feel a little sorry for her and wish her the best.

Maybe she isn't earning enough to have her needs met?

More to the point, bloggers are entertainers. If I were writing a blog I could bore people to death with how happy I was, or entertain them by emphasizing the mess-ups and difficulties.

Ha

[FIREd]

Quote:

But here’s what’s worst of all: People are going to feel sorry for me. I can feel that pity right here in my gut... I don’t want to feel like an object of pity...

Well, it looks like she isn't getting any pity from people on this board!

I do feel bad for her in a way, but while reading her blog, I do sense somebody who, for years, looked condescendingly on the "little people", you know those with "no standing in society", and yet she seems in denial about the fact that she is now nothing more than one of those commoners she used to despise, a "red-veined woman with broken yellow fingernails" as she puts it. "I'll keep up appearances" she promises, as if her blue-veined friends will get fooled. But she'll only fool herself.

But, despite all that, I'd rather not laugh at or take pleasure in her bad fortune because I deeply believe that what goes around comes around. Fortune can be lost quickly and it can happen to anyone. It was her turn today, it may be mine tomorrow. So I'll just wish her good luck and hope she can learn to live happily with less.