Madoff Employees Still Being Paid Despite Nothing To Do

The New York Post reports that employees of disgraced billionaire Bernard Madoff are still showing up to work, and getting paid for it, despite there being no work to do. As one employee puts it, everyone is just hanging around waiting to receive word that they're all officially fired:

Every day, dozens of employees of swindler Bernard Madoff's firm report to their Mid town offices. They're still paid - but they do no work.

The phones at Madoff Securities are turned off. The few computers that re main aren't plugged in.

"It's pretty bad," one em ployee said. "We can't con duct any business. We basically get there at 9, hang around, and go home at 5. It's surreal. It's also scary, because we don't know what's going on.

Investors who once begged Madoff to manage their money are now reduced to hocking the swag they received as from the former billionaire. Hats, tote bags, flashlights, all of it bearing the name of a man no one wants to be associated with anymore, are being sold for whatever people can get for them.

We imagine these swindled investors would like Madoff's employees to stop being paid for cooling their heels.

Read more about Madoff at HuffPost's Bernard Madoff BigNews Page.

Comments

[merger]

They have been getting paid for doing nothing all along. Their work was an exercise in futility. On the other hand, having the name Madoff on your resume really sucks for them.

[fivepercent]

What's the big deal with this ponzi scheme? Madoff was only following the principles of our social security program.

[CAPTAINSKIPPY]

If these "employees" had even a small interest in the "success" of Madoff's firm, and were awake, they would have quickly discovered they were really doing nothing, certainly not working; they've been cooling their heels a long time, and should have known that long ago. Employees? - or, accomplices?

[Ecoutez]

The "Made-Off" scandal has made me wonder about the whereabouts of baby brother Neil. What bush has he been hiding under for the past 8 years since his savings and loan scandal erupted?

[DarkDesertHighway]

This whole Madoff situation makes me profoundly sad.

[PoliticalRockChick]

sons of b*tches.

[marguerita]

Bernard Madoff ,where did the money go?
http://www//thepoignantfrog.blogspot.com

[politigal]

The people still collecting their paychecks obviously have no moral compass what-so-ever. And that is how they were able to work with Madoff in the first place.
He was probably very adept at picking out employees that would not ask questions as long as their paycheck was large enough, after all no in-firm whistleblowers came forward. It is absolutely impossible for me to believe that the employees did not know this business was a sham.

[olenick]

I'm hoping these are people like administrative assistants and custodians, who can't quit because they'd be ineligible for unemployment, rather than those who had an influence or who ran the scam. The trustee who has taken over should just officially fire them so they begin to collect unemployment and look for new jobs.

[DontJustFollow]

Why should they be any different that all the gentlemen in Congress?

[mudshark12]

Some people have things nice.... At my job I'd need a clone AND a time machine just to catch up! I will bet that most of Madeoff's soon-to-be-ex employees didn't even have a clue what Bernie was up to (just like his investors). I think they should plug in their computers and surf the web and play video games in between updating their resumes and job searching on the net.

[humbug]

Why aren't the funds in Madoff's company frozen by the Feds? Can any one tell me?

[ObjectiveRealist]

Corrupt Feds.

[skiinspain]

Remember, guys like Madoff and "Kenny Boy" put money into ghost accounts and accounts in their spouses' names.......Kind a like Nancy Pelosi and her husband's interests in Star Kist Tuna and Bills dealing with American Samoa or Senator Feinstein and her husband Richard C.Blum and his contracts with DOD......You put everything in your spouse's name.

The FEDs have been "Pro-White Collar Crime" and would not know how to freeze all the accounts or find them........Conflicts of Interest, Halliburton leads the way with Dick......

[thelosinggame]

This is a travesty, and the fact that this story is trying to paint the employees in a sympathetic light is pathetic! They participated in a con game, and even if I were to believe that anyone above the administrative asst. level was somehow naive of the true nature of their business, they should resign out of principal.

[KenGirard]

Do you know everything that the CEO of your company has planned? Do you know where all the money comes from, and where it goes? Do you double check all the books, just to make sure that everything is on the up and up?

Most of these folks are stuck. They are good workers whose company did bad stuff.
They can't quit, as they then can't get unemployeement.
They need the money, as it might be a long time before anyone hires a person associated with Madoff.
Should they quit, and let the kids starve while they lose the house, or do they continue to draw a paycheck until they are laidoff?

[DawnK]

First off, who is signing those paychecks? How is there any money left to pay anyone? Shouldn't any left over money be going to the investors? And how did these employees not know that they were ripping people off or is Madoff that good that he was even able to hide this scheme from the people who were carrying it out? I don't know.

[Sparty1]

Wow! This is bullshyt!

[Keith52]

How are they making the payroll???? And are we still collecting taxes on that pay??