Bernie Madoff Victims Speak Out (VIDEO)

Vanity Fair is featuring video by Stephen Wilkes of a handful of Bernard Madoff's many victims telling their stories.

There is the "penniless" Maureen Ebel of Palm Beach, who said, "I remember the day he called me and said Maureen, all of your investment worries are over."

Others complain of "the Madoff illness" they've suffered since the $50 billion ponzi scheme was revealed, and even a rabbi who says that "what he did to the Jewish community is the worst damage."

Rose and Jack Less of New York says the worst thing of all is "we have nothing for charities."

Another victim, Donna McBride of Boca Raton, said: "I want to make a point that the government let us down. And if they let me down they can let other people down."

WATCH:

Comments

[BenderBot]

"I want to make a point that the government let us down. And if they let me down they can let other people down."

An interesting concept! Most of them are probably republicans (lowercase 'r' is intentional). I wonder what happened to the "government is the problem, government can't do anything right and government needs to be small" rants. There is a saying that even the meat eating lions will eat the grass in trying times. When it hits the pocket book, even the staunch neocon will come down a notch or two. Issues like guns and abortion mean nothing when you can't keep a roof over your head. There is going to be a lot of neocons who either switch party or become independent if this economic mess created by the bumbling idiot Bush continues.

The only thing that is stable right now is the "government". No one has any confidence in the free market backed institutions. The government is for the people, by the people and to the people.

[Bush-Rolled]

"I want to make a point that the government let us down. And if they let me down they can let other people down."

Remember that next time you say, "Government is the problem," or that you consider voting for the GOP who want to reduce government to the point that it can be drowned in a bathtub. (Grover Norquist.)

[satchmobaby]

These people are not victims of a natural disaster, as one woman implied in saying: we help other victims, so we should be helped, too. These people were victims of their own greed. Other lowly people might settle for 8% interest, but they were in the "in" group who would get much higher interest...they DESERVED it, were ENTITLED to it, since they are special. Now, they keep angling for the taxpayers to make them whole---we chumps who weren't special enough to get the high interest.

[1201SLD]

You have only part of the picture. Some who were getting 2.3% on their certificates of deposit at Westport National Bank were also among the Madoff victims, as were many other non-greedy people getting non-greedy returns. Glib generalizations, like Fox News, reflect mostly upon those making them.

[AmandaBC]

Boo hoo, these people were victims of their own greed.

[85H20]

Indeed, these people expected unreasonably high returns and are simply as culpable as others who profited from others' misfortunes.

[v eyepete]

Isn't it obvious that a majority of the people in the USA bought into unparalleled greed in business and in every facet of our lives weather big or small. If we didn't buy into it, we failed to speak out against it. Many looked the other way when a war continued that had no basis for being. No one from Iraq had anything to do with 9/11. The country went mad with greed, and elected a mad man twice. He took away our rights, tapped our phones, tortured people and read our emails. No one said anything. People said nothing and asked no questions and with this mentality it was easy for Madoff never to have to explain how he was making them such huge profits. The entire country turned into a Vegas craps table. The biggest crooks are off counting their money as I write. Others are counting their 401 k losses. It is a damn shame, but not undeserved. What are we learning from all this is the question.

[privategirl]

What have we learned..well from what i've seen..NOTHING. Some are screaming for OBAMA to just fix the problem, so they can go back to their normal lives. Others (like those in the MSM) are pointing fingers at the criminals and picking apart everything they're doing. But, NOTHING is being done. Not enough is being arrested and those who are, might as well still be free.

I guess the problem is so deep for any real thing to be done. It's not like it's one person or one company. Everytime you look around another scandal is surfacing.

It's like when it rains really hard and all the worms come to the surface. This crisis is bringing to surface the many years of unregulated greed and scandals.

[raaf]

They must have been blinded by greed.

Tel Aviv money manager Laura Goldman likewise grew suspicious of Madoff. When she lived in Palm Beach in the 1990s, Goldman happened to meet Madoff at Green's Pharmacy.

They struck up a conversation and agreed to a business meeting at The Breakers, where Madoff urged Goldman to bring her clients to his fund. But Goldman found it odd that Madoff told her that clients were lucky to invest with him, and that he would say nothing about his investing strategy or his favorite stocks.

"That was my first clue that he was a little off," Goldman said.

She later made a few phone calls to options traders and learned that none of them was trading options for Madoff, which she found curious, given his huge portfolio.

In 2001, after Barron's and trade publication MAR/Hedge ran articles questioning Madoff's returns, Goldman mailed copies to members of the Palm Beach Country Club. The reaction wasn't what she expected.

"Those people were so hostile to me," Goldman recalled. "They said I was jealous. They said the publications were anti-Semitic. Jews had more faith in Bernie Madoff than they did in God."

http://www.palmbeachpost.com/news/content/business/epaper/2008/12/27/madoff1228.html

[privategirl]

I would be surprised if Madoff did not see himself as God.

It seems like most people just took him at his word. At least she was smart enough to question what did not seem right.

I am sure those who scorned her are either very angry because she did not scream loud enough or to ashame to face her.

[renatam]

Says plenty that someone would actually say "...Jews had more faith in Bernie Madoff than they did in God."

Now, they want American taxpayers to bail THEM out, so they can continue their Country Club life.

[Mort]

As if it wasn't bad enough let themselves be swindled, now they go on national tv and shout it from the mountaintops? Hey everyone... Madoff is a crook, but I"M STU PID. LOOK AT ME!!!!!!!

[aura39]

Forget all the people who invested; the question is why is Madoff not in jail. Some place like Attica where all white collar criminals should go. Oops, I forgot. if your poor you go to jail; however, if your rich you get off or go to Club Med

[feltdizz]

there was a reason the Madoff scam wasn't exposed 3 or 4 years ago... Bloomberg would have lost his election..

there is a reason Bloomberg wants a 3rd term and Madoff is still free.

[privategirl]

You have a scoop..Do tell...

[jfdorn]

FRAUD is how free- capitalism market capitalism polices its ranks

[fedupwiththis]

"I want to make a point that the government let us down. And if they let me down they can let other people down."

You were lazy, greedy and had no thought of what the obscene profits you wanted to garner would cost others. It's not the government's fault. This is 100% on your head lady.

[feltdizz]

how does the government let you down when the fine print says invest at your own risk?

You could have invested in a low return.. 5% and been good but no... you wanted 25% returns in impossible times.

unless your investor put your money in Madoffs hands behind your back I have no sympathy!

we all know the rules.. if it sounds too good to be true....

[indi1216]

agreed

[Mnemanth]

Couldn't have said it better. However, personal responsibility just isn't an acceptable idea in our culture anymore. It's always someone elses fault.

[auntiecairo]

I feel some sympathy for people who invested except it would never make sense to put all of your eggs in one basket and in this case I think greed won out over common sense. If you have tens of millions of dollars do you need more money? It's different than people in established funds -- hedge funds are risky investments because there's no regulation or government oversight. Shame on Madoff for being a crook - but shame on people who invested for not being more careful and allowing him to do it. You usually have to have a million dollars to invest in hedge funds so most of these investors had more than enough money to live comfortably - Republicans and others amaze me - it's the government's fault for not stopping this - yet they want less government. Hedge funds were set up for the sole purpose of making elite rich people wealthier -- the SEC has been in the process of trying to regulate - but hard with Bush in office (he was the de-regulator) -- I think everyone has learned a lesson recently - investing in stocks is always risky - and people who tell you it isn't work in the business or have vested interest to tell you differently. Long term it's great - but people need to back off from the get rich quick, don't have to work the rest of my life mentality and be realistic.

[breakingpoint]

These so called "victims" thought they were in some inclusive club and they thought they were getting away with something few had access to, they got took and what they should be doing is checking their own motives.

Too bad they thought they were better than anyone and felt they were exclusive, but my sympathies good wished extend only to their recovery over greed.

As their stupidity and greed trickles down to us tax payers, through the costs of the justices system and our economy, Congress needs to recoup these losses by taxing Wall Street; like all US state governments do to any casinos.

And this video, well it's something I would imagine Madoff would have conjured .

What they should have said was, 'Let this be a warning to all - I was greedy, thought I was better than you and didn't do my homework. Now I've lost everything. Get smart, don't be greedy and invest in things that will make society better not selfish profits.'

Sadly, this video proves that opportunity has been missed.

Be careful out there.

[Bush-Rolled]

Amen.

[saami]

Hmmm. When someone offers you something for nothing and you don't know it's a scam what is the matter with you?

[westreal]

This is a damm shame. They should be able to sue the SCC to get their money back.

[totaldisbelief]

you can't be serious.
They should go after Madoff and not be looking at the Government to ease their pain.

[westreal]

The government regulate the system and are supposed to keep this from happening. From what I understand they had complaints about him but refused to intervene. Therefore they are liable.