Ruth Madoff Breaks Silence: I Feel 'Betrayed And Confused'

NEW YORK — She's been hounded by news photographers, vilified by former clients of her husband and ostracized in high society.

She's also kept quiet for months _ until Monday.

Ruth Madoff _ memorably christened "The Loneliest Woman in New York" in a recent New York Times headline _ finally spoke out after her notorious husband got a 150-year sentence that probably makes certain she'll never see him again outside of prison.

"I am breaking my silence now, because my reluctance to speak has been interpreted as indifference or lack of sympathy for the victims of my husband Bernie's crime, which is exactly the opposite of the truth," Madoff said in a statement issued through her lawyer.

Prosecutors say her husband's multibillion-dollar Ponzi scheme wiped out clients of his investment advisory firm while bankrolling an extravagant lifestyle for his family, including country estates, a yacht and international travel.

Mrs. Madoff, 68, hasn't been charged with a crime. But a judge's forfeiture order has stripped her of $80 million in assets including a penthouse apartment where she still lives. That's left her with $2.5 million that couldn't be linked to the fraud.

Since her husband's arrest late last year, negative publicity casting the Madoffs as soulless symbols of greed and excess has made her persona non grata at her regular hair salon, florist and favorite high-end eateries on the Upper East Side, the Times reported.

Her husband of nearly 50 years came to her defense while addressing the court on Monday, saying she "cries herself to sleep every night knowing of all the pain and suffering I have caused, and I am tormented by that as well"

Ruth Madoff, though not at the courthouse, later expressed her own sympathy for the victims.

"Many of my husband's investors were my close friends and family," she said. "And in the days since December, I have read, with immense pain, the wrenching stories of people whose life savings have evaporated because of his crime."

The statement didn't overtly condemn her husband, nor address the couple's future. But she suggested she identified with his victims who were blind-sided by his dark side.

"I am embarrassed and ashamed," she said. "Like everyone else, I feel betrayed and confused. The man who committed this horrible fraud is not the man whom I have known for all these years."

Comments

[jeffp26]

I feel for poor Ruthie. If she's really sad, and can't sleep, she needs to take Sominex.

[KarateKid]

It just goes to show, you can't buy class.

[lauren4marie]

Ruth Madoff, needs to look up the meaning of the word, confused. Has anyone taken note, that neither she nor her husband has shown any remorse. If you fleece the flock, you get locked up! Wake up call to Ruth, try living off of unemployment insurance. This women is not the least bit ashamed. But perhaps she is embarrassed, that Bernie was caught. I do not firmly believe, that (Ruth) the other half of an evil duel, did not know anything. Ruth is embarrassed, because she will no longer be able to attend and rub shoulder's with the money set. My bad! Yes she will meet up with the money set again - On Judgment Day, or rather The Day Of Atonement.

[nomorefed]

People now are getting paid the SAME WAGES as they did in 2000. But are prices at 2000
levels? H3LL NO. So they go into debt, adding more layers tothe USA debt ponzi scheme.

good finance articles: http://heavysidetrade.blogspot.com/

[Harry Scrote]

P.S. I hope you're excommunicated from the Jewish faith, if there is such a thing.

[Harry Scrote]

Yet, you spent the money, honey. You're just as liable.

[Albertmum]

I could live on $2.5 million no problem.

[greenriverkate]

Too bad they left her with 2 million bucks. She needs to live like the rest of us. Most women know what their husbands are up to so PLEASE, don't insult my intelligence with stupidity. If she worked in the wallstreet and investments, she knew damn well what he was doing. Women are NOT stupid

[Artos]

I agree with you. The idea that she was just out of the loop is beyond belief. She is lucky they even left her with 2 million.

[NevaforLeadership]

You would be amazed how many women don't know what their husbands do at the office and don't understand the industries in which they work.

It is a lesson for all women to know and understand.

Not only did she not know, but many others -- yes, including the victims -- did not know and should have known.

If your portfolio manager is making mega bucks, find out how. Check what percentage of your fund includes his/her investment. Check how much he/she is skimming from the fund. All it required was for knowledgeable people to ask. If you have a lot of money invested, it is your responsibility to know enough to detect fraud.

[swat68]

This is a smart woman who understands Wall Street and investments -- she is not a stay at home mom who's main focus is caring for her kids. She was also "co-owner" of one of the companies.

[Hawaii5-0]

Madoff's former assistant stated, "Ruth knows where every penny is." I believe her and find it ludicrous that she did not know what was going on. Neither is it believable that his employees did not know what was going on. How do you work for an investor who NEVER placed a trade in the stock market and ordered his employees to produce fake account statements and NOT know something fishy was going on?

Ruth should be prosecuted and interrogated to find out where the hidden funds are.

[Furby]

This woman was a stock trader in Manhattan when she met her husband. There is no way she didn't know about the scam. She took the don't ask, don't tell approach.

[NevaforLeadership]

The family traded in penny stocks. That is a far cry from billion dollar investment funds.

[northstar11]

translated it means ---dont count on me for help-- i am not going to cooperate

[beaupritchard]

After many many years of living really really good and a 2.5 million dollar check she feels betrayed?!?!?

[NevaforLeadership]

With current low interest rates, $2.5 million is not a lot of money these days.

Work it out: The amount of interest she can earn annually, assuming she is not going to risk the money in the market (lol), less taxes, will not leave her with a huge living budget -- not much more than many pensioners make.

[Kiki1kat]

She feels betrayed? Give me a break. She profited from all of this herself. If she cared so much, why didn't she try to stop him or say something to him. NO. WHY! Because her greed and her children's greed was more important than the feelings of people she and her husband stole from. I have no sympathy for someone who is only out for themselves and then gets caught. She still has money because they hid a lot of the money by putting it in her name as being her own or her childrens. This woman is not penniless. Now she will have to live off of her inheritance or something. Or maybe she will have to go work at the fine dinning places or even her hair salon.

[blimie]

She should be in prison with her husband. Maybe then she'd begin to see things more clearly.

[NevaforLeadership]

Why? Do you have evidence that she was involved or even knew?

I'm not saying she shouldn't have figured it out, but I have met many pretty stupid women (men as well).

If you think about it, she is in prison of a sort. She has lost all her friends and associates. She has lost her husband. She has lost her last remaining home. She is persona non grata at her favorite places. She has lost her lifestyle. She doesn't have work experience to carve out a career. She carries the burden and the guilt of what has happened. Not exactly a sought-after or envious, free lifestyle.

It would be nice to see her start some sort of foundation for victims of white collar crime; however, as she wasn't able to put two and two together about her husband, I doubt that she will have the wherewithal to do that.

[AngusC]

I believe her as much as I believe that Teresa on the Real Mafia Housewives thinks her husband's money comes from construction.

[NoSillyName]

Hey Ruth, YOU kept the books!!

[jcko]

the book, the house, the cash, the hidden Swiss account...........