Alexandra Penney, Madoff Victim: He "Is Not A Human Being," He Is A "Sociopath"

Alexandra Penney, former editor of Self magazine who lost her life savings in Bernie Madoff's Ponzi scheme, lashed out against the scam artist in an interview with CNN's Christine Romans:

Sitting in her artists' studio in the SoHo area of New York, she recently told CNN she will start writing again to pay the bills. And she has a few choice words about Madoff, who remains under house arrest in his Manhattan penthouse apartment, where he lives with his wife while the case proceeds.

"Repulsive is mild. Loathsome. It's a visceral feeling. This is not humanity; this is not a human being. This is, again, it's a sociopath," Penney says. "I'm sincerely, and this is the understatement of the year, appalled that this man is not in prison."

In the exclusive preview clip below, Penney also says that investing with Madoff made her the envy of her social circle.

"I have friends who were MBAs from Harvard, Wharton...I'd say 'Madoff,' they'd say, 'How'd you get in?" Penney said. "They would say, 'It's great, and you're golden, don't worry.' When the market started to go down, I talked to even more people, and they said, 'Oh no, Bernie Madoff, he's still okay. He's fine.'"

Watch:

The interview is part of a CNN & Fortune investigation, "Madoff: Secrets of a Scandal," which airs Saturday and Sunday at 8PM on CNN.

Read more about Penney's interview at CNN.com.

Comments

[MsDebraLMorrisonSpeaks]

Part 1 of 3

No one can know where Ms. Penney will go with her new education, and her new still-fresh wounds. I can only suspect that with her self-made know-how and creative can-do attitude, she will indeed resurrect herself. In so doing, she will show us all examples of how we can regain our footing and confidence as well. I further suspect that she will share some of her wealth with organizations that lend a hand-up to those less fortunate--those women in particular who lack the "back-up" assets that Ms. Penney fairly admits will buy her some valuable time.

[MsDebraLMorrisonSpeaks]

Part 2 of 3

Curiously, I can't stop thinking about her last name. Ms. Penney isn't Penniless literally. This self-made woman would never be penniless, due to her creativity, work ethic, sense of humor, and some luck. Yet you do remember that old, still true saying about luck meeting tons of preparation don't you? So, while a lot of her money is gone, no one can steal Ms. Penney's mind. (I'm not Jewish, and I know and respect that.)

Not that you asked for my advice, yet if you have not yet "made it" to the extent that Ms. Penney has, curb the urge and save the time it would take you to write jealous remarks, and reread the part where she outlines her working three jobs, etc.,. Only in America, right? Refocus any veiled contempt and busy yourself writing the last chapters of your own success. Yes, you are on the road, and you CAN finish big, but never by quitting.

We can do it Women!
http://www.msmorrisonspeaks.com

[MsDebraLMorrisonSpeaks]

Part 3 of 3

We are all richer for Alexandra Penney (and anyone) telling her truth, and for a country which allows us to do so, and finally for an internet to give us both the instant and far-reaching platform in which to share.

Let's create and embody solutions. Let's continue to offer a shoulder to anyone who is suffering, much like the inscription on the pedestal of our proud lady, the Statue of Liberty: "Give me your tired, your poor, your huddled masses yearning to breath free". Let's not excoriate people who say they feel down-trodden, especially when they flat out exclaim they don't want our pity.

We can do it Women!
http://www.msmorrisonspeaks.com

[TierraDelFuego]

This lame story takes away from the real ponzi scandal, the 700 billion dollars givaway by congress--to who, where, what and when. Poor miss moneypenny here, sad she has hit the skids, but is she out of work, no assets, 3 kids, no health insurance, and creditors knocking on the door? Have another cup of coffee dahling, get out the typewriter, and thank the Goddess you are not Zsa Zsa Gabor.

[tifaret]

Why do i get the feeling that the humiliation and loss of their friends' envy and esteem at being one of the "privileged" few invited to invest with madoff is even more devastating for these people than the loss of their investments?

[a2burns]

i wrote you a nice letter on the daily beast blog !!!!!!!!! i hope you read it. not all of us have schadenfreude !!!!!!!!!!!!!!!!!

[ranch111]

"I have friends who were MBAs from Harvard, Wharton...I'd say 'Madoff,' they'd say, 'How'd you get in?" Penney said. "They would say, 'It's great, and you're golden, don't worry.' When the market started to go down, I talked to even more people, and they said, 'Oh no, Bernie Madoff, he's still okay. He's fine."

Ma'am, if you are listening to MBA's, you certainly deserve to lose all your money.

[TrishAkos]

Christine Romans and sidekick Ali Velshi seem to relish the bad financial news...sooo over the top in their commentary!

[magdarem]

Even more importantly, why didn't SEC do something after Madoff's scheme was reported to them?

"The SEC's internal watchdog, Inspector General H. David Kotz, said he is so concerned about the agency's failure to uncover Madoff's alleged Ponzi scheme that he is expanding the inquiry called for last month by SEC Chairman Christopher Cox. Cox had pushed the blame squarely onto the SEC's career staff for the failure to detect what Madoff was doing."

I almost blame SEC more, as they are suppose to protect and defend us from people like Madoff, and they failed!!!

[fisharefreinds]

The SEC is not in service to the investor, but is an adjunct of Wall Street. They are the legal and compliance department for the people they serve and that is not the public but the institutions like Goldman Sachs, Madoof, Morgan Stanley, etc. They may have been created for us but, no longer.
They investigate and do nothing.

[magdarem]

then why bother investigating just to do nothin?

[littleblackcat]

I question the ability to serve of any judge who allows a criminal like Madoff to sit comfortably at home while the legal bits are sorted out. Madoff should be in prison, as would be anyone who tried make a quick two-hundre­d-thousand dollars for a house for themselves using the same game plan.
Having said that, this sort of goes to show that rich people are not necessarily smart people. Some of them just got the lucky breaks, were in the right places at the right times, and some were born silver spoons in their mouths the size of canoe paddles without the sense possessed by the average house cat. No one should be so naive as to put their entire life's savings in the control and keeping of on person. Does anyone recall the old adage "Don't put all your eggs in one basket!"?

[Hagar7]

Judge McKenna is semi-retired. He's Madoff's age, and he has a record of going easy on white collar guys. He may just be a magistrate, I'm not sure, but Madoff couldn't have gotten a better judge. It's really disgusting, that's all I know.

[fisharefreinds]

It looks like the Jury is in. Madoff goes free and all the people, public charities, Universites, and smarties like Speilberg are the ones whos should be indicted for complicity. "They should have known...." and "I don't feel sorry for them...." No one asked you to feel sorry for anyone. Madoff was NO Robin Hood. Hoodlum, yes, but that's it.

[Foodbuff]

What a ridiculous statement. Madoff is an outright thief and you blame the victims??? And yes greed probably got the bigger of them but that doesn't let Madoff off the hook. Or maybe to you it does.

[fisharefreinds]

What the ****? Sarcasim anyone?

[SeconLine]

Are we supposed to feel sorry for someone who hands over her life saving to one man?

Guess what... Investing is inherently risky. Don't invest what you can't lose.

That being said, Madoff should be in Riker's.

[Foodbuff]

Don't be ridiculous.

[oregonideas]

Of course Madoff is a crook....we all know that. However, let's all remember those folks who invested with him (many of them quite sophisticated investors) generally knew that his returns were not possible unless something was a "little off." However, so long as their 12% kept rolling in, they didn't ask any embarassing questions. The old cliche' "you can't cheat an honest man" comes to mind. And, frankly, many (if not most) of the folks who got caught in the Ponzi scheme of the housing market weren't just trying to buy a home; they were speculating in that market based on the "greater fool" theory: "I may be foolish to pay this much, but there's a greater fool waiting to pay me more for it tomorrow". Guess what.....we ran out of "greater fools". We need to somehow triage the home buyers and help those who deserve it (working class folks who were legitimately buying a home) and let those folks who were in it for the "quick kill" lose their "investment". The banks and brokerage houses who were involved knew full-well what they were doing. Unfortunately, with the "bail outs" they won't have to pay the consequences. We're finally at the "perfect" stage of conservative laissez faire capitalism­.........v­ery little regulation so private enterprise can run amoke and reap billions, but, when things go wrong, it's time for the government to cover the losses.

[Chaimirija]

so true, must be moved to the head of the line:

goddessNdiva
Here is the irony...

While many homeowners are losing their homes...
While many employees are losing their jobs...
While many Americans have no health care...

The ELITE MEDIA thinks that we want to hear about...

The 10% that got robbed by Madoff.

Indeed CHANGE is on it's way.

[Foodbuff]

I agree

[escrow7]

Madoff is a criminal. Hundreds of thousands of people are damaged by what he has done. Non profits that provided budgets to schools, hospitals etc are now out of money. They are the victims of a robbery, a thief, a wolf in sheeps clothing. He has taken people for everything they have. Our justice system is unbelieveable at times. $50Billion is not just a figure on a balance sheet. We are taling about real money, real people and their money is gone! Gone!

http://www.thirdeyechronicles.com