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

[lunchtimereader]

It's awful that these people lost their money, but they went in with Madoff knowing that he can make huge profits for them. My financial advisor had informed me BM's game was fishy and we stayed away from it. How is it possible BM can hit a grand slam everytime he goes to bat. It's simply not possible.

These people knew it wasn't possible but decided to look the other way. A bit like the baseball owners who look the other way when their players were juicing. As long as there were home runs, grand slams and big ticket sales, all was OK.

The woman who lost her money is looking for a bailout as sorts. I am afraid that's not going to happen. My 401K lost half it's value. Can someone bail me out? You've been had and the money is not coming back.

[mateoconifer]

Not one tear for those that think that they deserve more than 10% on their money yearly because they are "special." GREEDY

[rukiddingmerightnow]

What I have difficulty understanding is why people put ALL of their money in this. What happened to 'dont' put all of your eggs in one basket?' Didn't everyone see what happened to the people who had ALL of their investments in Enron or Worldcom. Even if one investment seems to be a consistent winner, risk it all on one thing.

[johnnygoodwud]

i blame the SEC, and ultimately bush. if you watched 60 minutes sun. nite, the whistle blower went to the SEC nine times and complained about maddof. isn't it ironic that none of the big wall st. brokerage firms would do bus. with him? i'm sure the SEC looked the other way, and those orders came from the top, bush. there's such a thing as trust, you trust your doctor, your dentist, your attorney (well maybe not them), you minister, your banker, to do the right thing. when we can't trust the people we do bus. with in this country, we're really in trouble.

some please tell me why is this out still in his penthouse and out of jail?

[vippy]

This is the reason I am saying this all was planned. When you read how long ago they were aware of the problem but were told to hush or paid off, there had to be another reason. Just follow the money but we won't ever know. Just like with Enron, people mouthed off and said not to put all eggs in one basket and here 8 years later the same mess. With Enron it was the little clerks that
got hurt. This time, I know of no one who put their money with Madoff. And why this guy is still not
in jail baffles me.

[totaldisbelief]

Clearly the SEC was /is broken.

[NABNYC]

Attorneys know that it is critical to present their clients as individuals. Talk about their home, their marriage, their children. Details. Put a face to the name.

700,000 Americans lost their job last month. Name one.

Most Americans have no money to invest. And they certainly never had Bernie Madoff's phone number, nor would he have been interested if they had called. The people who invested with Madoff have been robbed. But so have most of the working people in this country, yet we hear nothing about the average joe and jane who have lost everything.

I'm beginning to think this deluge of stories about "Madoff's Victims" is designed to pressure the politicians to give these people back their money, while the rest of us get nothing. Those of us who just invested in institutional funds, those who have lost their homes and jobs, the faceless, nameless, we get nothing.

The Madoff stories are as tedious as the octomom. Why not talk about the criminal enterprise that was run by all of Wall Street, and the looting and plundering of our entire country? You know -- the losses by the "people" who are nameless, faceless, but represent the majority of the victims of the Bush-Cheney crime wave.

[satchmobaby]

Well said!

[jozinha]

Family members of mine where in this "fund." They got out. One relative looked at the statements and said it smelled fishy. He told me recently it wasn't hard to see at all.

They got out many years ago but were still on Madoff's list when it was published weeks ago.

Anyway, it's possible to see a crook. Some people chose not to.

[feltdizz]

a woman said she thought it was jealousy when a person said the returns were impossible.

if it's too good to be true... it is.

[Kristen777]

I can believe that - it's a don't ask/don't tell mentality. They didn't care as long as the returns kept rolling in.

[magen]

All I want to know is how many of these rich people who got robbed voted for Bushco.

Those who voted for Bushco DESERVE to lose their money.

Believe me, if we had had President Gore, the SEC would have been doing it's job, Madoff wouldn't have been able to do what he did, and these people wouldn't have lost all their money.

Betcha A LOT of them voted for Bushco in the interest of low taxes on the rich at the expense of everything else.

A lot of them are from FL too.......­...remembe­r what happened there during the 2000 Presidential election?????????

As Nelson from the Simpson says-------Heh, heh.

[-0013]

"Believe me, if we had had President Gore, the SEC would have been doing it's job, Madoff wouldn't have been able to do what he did, and these people wouldn't have lost all their money."

That makes virtually sense since the President wouldn't be involved it this type of issue. But it makes it abudantly clear that you still haven't let the 2000 election go which is pretty sad.

Also, I guarantee you that a large portion of those who were screwed by Madoff were democrats.
There's a very simply explanation for this. The vast majority of those Madoff swindled were Jewish. Jews overwhelmingly vote democratic.

I realize the left likes to fantasize that all the really wealthy people in this country are Republicans when in actuality plenty of them are democrats.

Whatever gets you to sleep at night I guess.....­...

[SantaFeConservative]

Are you getting medical attention for all of your delusions?

[JenMI]

Ms. McBride..p­lease put the blame where it clearly and ultimately lies..at the feet of Bernie Madoff. He is the crook, liar, thief and the buck stops with him..not your government.

[Waltfl]

No Donna, not the government let you down, you made a bad choice and you lost your money in a heinous investment fraud. That's sad, and I do feel sorry for you, but this is America, capitalist America, and people are responsible for their choices. If you lose money it's your own problem. The govt is not the guardian of your millions, even though it could have and should have uncovered the scam years ago.

Look around in any big city in this country. They are full of people who lost everything. You are not alone! I was in New Orleans last week, I saw families with little children living in tents under bridges; they've been probably living there for 3 years now. Vegas, LA, NYC aren't much better right now. Normal families of hard working Americans with children are homeless, veterans too. Let's help them first.

[runforfun54]

No Waltfl, you are wrong. But for. the.govern­ment's ineptitude and the SEC being in bed with Bernie Madoff, investors would not have had their money there. We paid taxes on.phantom income. but took nothing. out. Do some research,. educate yourself. Then we can talk.

[Waltfl]

And what research should I be doing? What would be a conclusion to your liking? That you guys got ripped off in a heinous scheme and are on the short end of the stick now? That it was wrong? That Madoff shouId be punished? That the Feds didn't do their job right? That you should be getting income tax back if you can prove there was no real gain? I agree wholeheartedly!

All this, however, has nothing to do with a bail-out, and that was what the lady in the video was getting at. Because the Feds were asleep at the wheel, the government (=millions of low income people) should now be liable for those people's lost investments.

Hey, I had my home burglarized a year ago. Despite insurance I had to take a 18k loss, even though I can prove that it took the cops 28 min. to respond, and that they could have easily arrested the burglars, had they responded to the alarm in a timely manner.

Do I now qualify for a government bail-out too? ...and I didn't even make a bad choice.

[Kristen777]

The SEC which was set up to oversee fraud in the marketplace was warned 10 years ago. They are in bed with the criminals. The government failed all these investors who were under the assumption that watchdog agencies were working to protect them from these people.

[princessyalbertine]

To be clear, just what 'solely ineptitude of government' means --

ineptitude of the Congress people and Presidents and their appointees for 3 decades who de-funded the SEC and other regulatory agencies, poo pooed the importance of 'regulation', and dismantled laws put in place in 1933 the last time these Ponzi schemes occurred in a big way.

Congress did that because they got paid off handsomely from campaign contributions from bank PACs, lobbyists and individual executives who stood to gain much higher incomes when the regulators were defanged. The easiest way to become a millionaire yourself in America today is to get elected to a lifetime of Congress in some podunk district! Not through a lifetime of real work, education, and ingenuity!

Look what happens to government whistleblowers? They lose their lousy government job and pension rights after years of being dragged through courts with conservative judge appointees!

I totally agree that these scammed should have been going to annual meetings and demanding reports, and making a fuss. That is what I learned when I worked for a bank that went down due to fraud 20 yrs ago!

But, the integrity of our markets through our tough 1933 laws is what brought so much foreign investment money in here for decades, which we used to build this country's world leading industries, and now we've blown it. We'll see where we're going to get our investment money from to re-build this country now without huge interest rate rises and inflation.

[-0013]

"That's sad, and I do feel sorry for you, but this is America, capitalist America, and people are responsible for their choices. If you lose money it's your own problem. "

So I assume that you are completle against the mortgage bailout then.

You see if you are not then you are the biggest hypocrite here today.

[Waltfl]

I am actually for the mortgage bail-out. Not because people who signed mortgage contracts are not responsible for their actions, I am for it because it makes no sense to evict people because they lost their jobs in a crisis they didn't cause, have them go on welfare, and make them live in projects, while top real estate deteriorates and has to be maintained by the tax payer.

In my small community in SW Florida we have about 1500 abandoned/­foreclosur­e homes with deteriorating neighborhoods, west nile fever brewing in abandoned pools, and children getting hurt in construction ruins. Taxpayer's cost just to mow the lawns and secure the abandoned buildings is about $ 7 mio. per year right now, and that's only the beginning.

A year ago there were people living in those homes, and most of them would still be living there if they would have seen a way out. The mortgage bail-out is necessary to stop further descent, the Madoff bail-out isn't necessary at all. Hypocrisy? No. Utilitarianism? Perhaps.

[runforfun54]

The insensitivity here i.s. mind-boggling. Why is it that if someone's "wealthy" after years and years of hard work and saving, and they lose that wealth due solely to the ineptitude of the US government. they are called all but thieves. There are many many senior citizens among this group. And wh.y. should. you belittle people who give to charity? per.haps they give for the goodness of givin.g. But. so many here are so willing to blame the victim. Shame.on. all of you. I

[JenMI]

"lose that wealth due solely to the ineptitude of the US government. "....you must be kidding.

[johnnycmlately]

Hey look, i give charity too. I see a guy on the street down on his luck, i kick out a few $$$ to help out and i did that when I was not working at the time. so don't you go trying to lay a guilt trip, because folks wanted to be Nickle Slick and got played. It's like feeling sorry for a pimp who gets robbed and then saying "Wow, he used to help alot of folks." Get a Job and tell them to pull themselves up by the bootstraps.

[johnnycmlately]

Hey look, i give charity too. I see a guy on the street down on his luck, i kick out a few $$$ to help out and i did that when I was not working at the time. so don't you go trying to lay a guilt trip, because folks wanted to be Nickle Slick and got played. It's like feeling sorry for a p..i..m..p who gets r..o..b..b­..e..d and then saying "Wow, he used to help alot of folks." Get a Job and tell them to pull themselves up by the bootstraps.

[-0013]

"Hey look, i give charity too. I see a guy on the street down on his luck, i kick out a few $$$ to help out and i did that when I was not working at the time"

Giving money to panhandlers isn't the same as giving to charity.

The people Madoff screwed gave real money to charities not change to bums.

[KillTheMessenger]

People, you got greedy and thought you could win at the little table with the three shells and the small ball.

SUCK IT UP!

[princessyalbertine]

The good Rabbi saying "shame on you Bernie Madoff" is not good enough. All the clergy in America bear responsibility for the condition of hearts that can not only do something like this, but also vote for decades to de-regulate and de-fund the SEC so there aren't enough employees or computers to cover all the filers, in an economy where finance is now way over 20% of GDP....and now the financial security and future stability of average families is at risk. All the old testament Prophets talk about this kind of injustice and ruthless indifference, so every priest, rabbi and reverend in America knows this.

What have all of these clerics been talking about these long years??? Gays, Muslims, Palestinians, Immigrants, Liberals, Stem cells??? Right to Life, but not a just life after you're born???

That is scapegoating and taking our eyes off what really ails us, ourselves, our greed, our indifference, and heartlessness and our choices in Washington and our workplaces!

Buddhists know we are all connected and play a part in both good and bad. The other clerics had better learn that and start teaching it to the wider public, not just mystics and cabalists.

This crisis is a good lesson for all of us. A lesson from the Universe, again!

[WWRB]

Notice what the the Rabbi said ..........­. if Bernie shafted the Goy then it would would have been all right.. .......

[TheGigaShadow]

Ummmm... yeah. That's not what he said at all. Nice try at twisting his words though. Better luck next time.

[johnnycmlately]

Who cares about these folks? They rolled the dice and they lost. that's the chance you take when gambling and now they got this song and dance about "I got nothing left.....b­ooo-hooo" The next time they see real poor people and real folks who struggle from day 2 day, maybe they won't be so fast to turn their nose up and say "they're not working hard enough" or "They need to pull themselves up by their own bootstraps". I don't feel sorry for them...not one bit.

[Livid]

The public hand wringing is absolutely pathetic.

I do not have a single ounce of sympathy for people who invested with Madoff, basically out of greed and a desire for steady profits, and who lived the good life in some of the more posh towns in Florida.

Look, for example, at the furnishings of a couple of people in the video. Look at the clothes they wear. Compare these images with images and the demographics of Boca, etc., with images of unemployed employees of auto companies in Michigan and the demographics of their towns.

Get oughta here.

Best wishes in finding work, yes.

Sympathy, no way.

[sammy cole]

The sad truth is ...many many of the victims of Madoff ..came from very poor families, children of immigrants from the depression ERA, who grew up, started up businesses, dry cleaners, car washes ...various businesses, raised families, donated to charity's.­..saved their entire lives.....­.and.....b­ecame connected in communites ...living a very nice life in the golden years....t­rusting a fund manager ran a legitimate fund...onl­y to find out .....he was a con man....and now they've lost everything. These are victims...­.of FRAUD. Most people dont understand the investments they're in but do live on the returns they provide. How many people really understood their 401K investments until they suddenly HEARD on TV....the MARKET CRASHED? These Madoff investors are VICTIMS. If the SEC was warned about Madoff and never investigated him, those in that Department should be investigat­ed......bu­t in the end...it's a very sad thing for anyone to lose their life savings and especailly NOW during what feels like a DEPRESSION. No doubt these people feel embarrassed at having been swindled and imagine friends of friends recommended him. Why is Bernie still living in his Magnificent apartment? How is this possible?

[shanefish]

NEWSFLASH:

America, in the future, if someone claims he can make you double or tripple the money everyone else can, you might be getting conned. In addition, if you willingly put money into something that seems awefully shady, you might be prosecuted. Just a little insight from a broke guy who has $3.50 in his savings account.

[sunshinerain]

I agree with you - I want to ask: So...who did all these people vote for over the years? Did they by any chance vote for....um, I dunno...RE­PUBLICANS?­????

It's OK as long as the money is flowing to them - but the fast food worker at Burger King - who cares - the health aides working in nursing homes - who cares - jobs going overseas - who cares.

So now they have a taste of it - if they voted for Republicans - not that the Democrats are so good themselves - Clinton and "free trade..."

[shanefish]

Problem is, even after all this, they still won't see the light. They're sheeple, just like the democrats. Just following the crowd. Quite pathetic and unlike anything our founding fathers would have envisioned.