Larry King's Bernie Madoff Investments Almost Cost Him Millions (VIDEO)

GLENDALE, Calif. — Larry King says he invested $700,000 with Wall Street scammer Bernard Madoff (MAY'-dawf) but was lucky enough to get it all back.

The veteran journalist tells the syndicated TV news show "Extra" that he and his wife got money back from the Madoff estate and from the government for taxes they paid on stock they never had.

Madoff never made investments but used money from new investors to pay previous ones. He pleaded guilty to fraud and is imprisoned. His wife says in a CBS "60 Minutes" interview that they tried to kill themselves after he confessed.

King told "Extra" on Thursday that he thinks Ruth Madoff came forward to help her daughter-in-law's new book about her husband, Mark Madoff. He hanged himself with a dog leash last year on the anniversary of his father's arrest.

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Online:

http://www.extratv.com

Comments

[honna3030]

10:02 PM on 10/31/2011

Got it all back anf then some I bet

[honna3030]

10:01 PM on 10/31/2011

Shocking!

[american-dolt]

11:17 AM on 10/31/2011

Nobody gives a Rat's Arse.

[Margo Arrowsmith]

07:39 PM on 10/29/2011

I am wondering if those who needed it the least were the ones who were more likely to get 'it all back', because there certainly were people who didn't get it all back and there were those who probably needed it more as well as charities.  Someone didn't 'get it all back' but this famous and very wealthy man did.  In fact, when it all happened, he still had a very lucrative job that paid many times more than the money he invested with Madoff. 

I am not saying that he shouldn't have gotten his money back, or that he shouldn't make his money.  I am asking why he got it all back when others clearly didn't.

[JFaye]

06:44 PM on 10/29/2011

Mr. King has a point and he would know ... Ruth Madoff coming forward to help with marketing effort of her daughter-in-law's book. Since I normally watch 60 Minutes, I'll watch ... however, not buying the book. The Madoffs' children and in-laws have benefited greatly from their parent's ponzi scheme. Certainly I can empathize with the daughter-in-law, but not help create a new line of wealth for them.

[hearmeloudandclear]

02:49 PM on 10/29/2011

While I don't wish ill luck to Larry and all those other rich people -- I'm more concerned about all those middle class and poor people without jobs, homes, health care, inability to care for their families...without a quick fix in sight.

I would add -- "good for you Larry" - donate half to the food pantries - (but in fairness to you - hopefully you already do).

Let's press on and urge some immediate action - STOP THE POLITICS - and get on with the work that Americans so direly desire. You can't stop Obama - but you are ARE stopping progress.


OBAMA in 2012 - VOTE !

[Margo Arrowsmith]

07:41 PM on 10/29/2011

Fanned my dear.  But remember to make sure that we get the House back and obviously we have to have at least 63 Senators.  With the way the public is learning more due to the heroes of the Occupy movement that is possible.  AND DON'T FORGET TO GO OUT AND VOTE AGAIN IN 2014!

[hearmeloudandclear]

10:37 PM on 10/29/2011

Margo Arrowsmith - Yes, my friend. And YOU KNOW I WILL VOTE. :)


OBAMA in 2012 -- YES WE CAN...AGAIN !

[kiksadi50]

02:00 PM on 10/29/2011

and King has an unbiased view. many people who lost $ with Madoff were people like King who should have recognized that the completely unrealistic promised returns on their investment were a scam. greed was the bait & it worked. I feel compassion for the people who lost life savings & literally can't pay their bills, and are too old or unable to start over. King is rich many times over.

[NHBill]

05:26 PM on 10/29/2011

To be fair...Madoff had impeccable credentials.
But no one should ever put ALL their eggs in one basket.
I'm sure King only gave a single digit percentage if his wealth.

[Margo Arrowsmith]

07:43 PM on 10/29/2011

$700,000?  That is peanuts to King.  He makes more than that in less than a year.  If he doesn't have more than that after all these years, then he really knows how to spend money.

[JFaye]

06:47 PM on 10/29/2011

Years ago Oprah did a show depicting how con artists "get over." What I remember most from that interview from the lips of a con was "People who look for something for nothing are my easiest targets." Madoff almost got away with it because people were looking for unrealistic returns on their investment ... people who should have known better.

[Margo Arrowsmith]

07:45 PM on 10/29/2011

Investing is always a process where you are seeking the highest return.  This isn't the same thing as falling for some Nigerian Prince who wants to share his inheritance.

[RButler]

12:16 PM on 10/29/2011

I would have thought he would be smarter than to fall for a 'too good to be true' investment but I was wrong.

[Fattonecat]

03:42 PM on 10/29/2011

greed

[Andrew FingerlickingGree]

10:56 AM on 10/29/2011

He invested 700,000 and got it all back, Hmm I wonder if all those other "ordinary" investors got theirs back?

[tuliehowller]

06:49 PM on 10/29/2011

I was wondering the same thing?

[Margo Arrowsmith]

07:46 PM on 10/29/2011

Me too, I posted above about that.   Why him and not others?

[lulubelle1956]

11:51 PM on 10/28/2011

How nice. The top one percent were made whole by the taxpayers.

[tuliehowller]

06:49 PM on 10/29/2011

Surprise, surprise!!

[FOXYROSE]

08:12 PM on 10/28/2011

Good old Larry is one of the 1% - so glad he got all his money back on the backs of those much less rich - those that did not get nearly any of their hard earned money back. So glad Larry can sleep at night, because he has many, many ex wifes to pay lol!

[JDOK]

06:33 PM on 10/28/2011

Whew! I was really concerned for Larry's $700,000 investment with Bernie! However, now that I know that between our government and Bernie's estate Larry has been made whole, I can sleep tightly again. I mean what's our country coming to when a wealthy man who doesn't need any more money invests in a restricted and "closed to the public" sure thing finds out that the man he invested with is a crook and his entire investment is gone? You got it...he of course, gets it all back! What a country and what a legal system........

[Lili Wanders]

05:07 PM on 10/28/2011

Well at least Bernie has 82 million to keep him warm in prison.

http://www.bloomberg.com/news/2011-10-27/madoff-family-may-keep-82m-under-mets-ruling.html

[raanghaus]

03:37 PM on 10/28/2011

wow i guess i feel sorry for him?

[Lady Saera]

03:16 PM on 10/28/2011

I think more than what he is complaining about, it reminds me once more that Im a bit disappointed no star spoke up for any of us at all, which of course is their free choice, but it maks one pause and think doesn't it, and the only TV personality a news blurb is about, is one complaining about how he lost money..amazingly ironic.