Breakfast with Bernie: New Yorkers Hungry For Information with Their Bacon and Eggs
I was all set to write about dating during a recession and how I'd rather stay home and watch Law and Order re-runs than date but this morning's breakfast hosted by Portfolio magazine at "21" and serving up Bernie Madoff on a hot plate was clearly worth morning mascara and undereye concealer. I hotfooted it over to a room packed with every New York high-profile name you can imagine (I even saw Dan Rather in the crowd).
New Yorkers are spoiled because we have access to instant news and the people who make it, so getting us quiet and anticipatory on the edge of our seats isn't easy — until you hear Elie Wiesel talk about Madoff. It wasn't just that both he personally in addition to his foundation lost everything, it was that this is a crime so despicable Wiesel will never forgive Madoff — and this from a man who has forgiven a lot in his life.
While we tried to tout out labels like psychopath and sociopath, Wiesel called him a common thief and a crook. And when asked what punishment would be appropriate, Wiesel imagined perhaps solitary confinement with a video screen that played pictures of his victims... over and over again.
It was former SEC chair Harvey Pitt's take that Madoff didn't act alone and while no one had time to push that further, I want to know why Ruth (the wife) Madoff is out shopping for cigars and still nesting with him in their East 64th street apartment, while so many have lost their homes?
Tina Brown, editor of the The Daily Beast, questioned whether this could have started as a mob plot with Bernie early on becoming dependent on them for money ultimately leading to this huge scam. While no one yet knows the details, someone in the crowd optioned Tina's suggestion as a screenplay.
While outside New York, everyone thinks we all invested through Madoff, in truth most of us had never heard of him — or as someone said, perhaps no longer want to admit it. I sat at a dinner recently surrounded by legendary Wall Street names as well as a man whose name is synonymous with the security (not securities) world and no one knew of him.
Unfortunately, until more details come out, at this point all I can do is walk by his apartment every day on my way to the gym and wonder what the heck is going through his mind. Most of the crowd today still feels he's a psychopath and no punishment — including stoning — will ever be enough. I think all of us at the breakfast today left trying to figure out how we could work in waterboarding...
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H-m-m-m-m. How did this guy get rich in the first pace?
The tragedy of The Maddoff Pyramid Scheme is that it is the largest and most damaging of them all with multi billions lost in investment assets. Maddoff will be the biggest but more will follow. The loss that will felt in these schemes will continue on. When it comes to Pyramid schemes Maddoff was not the only game in town. I think that there will be a domino effect with more people sadly loosing more than 50% of investment assets. Another sadness is the investor who has lost everything at a point in their lives when most of their years are behind them and fewer years ahead.
The reason the judge gave him house arrest is because the NYC Judge(s) "think they will get their money back". The judge(s) need to be investigated to be sure there is not a conflict of interest. His whole case needs to be taken to another state like Ohio or Michigan.
y do they call him Wiesel?
Author's attempt to be in the "in" crowd and sound important in NYC are both failures.
Wiesel is apparently not so forgiving; interesting that it takes a loss of money to get him to his knees.Whatever happen to give up your riches and follow me...entering the kingdom of God is like passing a camel through the eye of a needle. Oh nevrmind, different religion.
Madoff is a mystery and why he and his wife are allowed to remain ensconced in luxury is certainly not a mystery to the powers that be. It wouldn't surprise me that he has friends in high places ...yes friends that were complicit and didn't LOOSE money but made lots of it.
I feel no pity for the money grubbing and greedy fools who invested with this criminal. They were knowing participants in his crime. It is not possible to consistently get the types of returns promised by Madoff. Those that lost funds for their "charities" should be investigated and charged as co-conspirators for losing their organizations' assets. One only has to track their own portfolio to know that funds go up and down by varying amounts over time. I don't for one minute believe that these participants are victims.
Just like Enron, those that were greedy and kept all their eggs in one basket deserve to lose their money. Stop the crying and complaining Elie, you are not a victim, you are a criminal.
You're hate is seething and aimed in the wrong direction. What is wrong with people wanting to invest their money???
Most people don't have a clue about the stock market ,they like millions of other gullible american s have this trust factor built into them by decades of propaganda that their money will be safe if they are in the proper hands.
How is greedy???? Not all these people are looking to become millionairs but just want to retire in comfort. To lump everyone in with Maddoff is just ignorant in my opinion.
Send madoff to the slammer now, please put larry (always wrong) kudlow in the sell with him.
I am ashamed! As a Jew I cant believe a fellow Jew did something like this!
A Jew should know better! Madoff is a disgrace and unfortunately he reminds all of us why we as a people have been associated with deceit and trickery!
Jews lost everything in the Holocaust! That is why people like Madoff and Israels occupation of Arab lands is in contradistinction to the lessons that should of been learned.
We should set a moral example but we are becoming a people that prides ourselves on manipulating and stealing from others.
SHAME
I am not a Jew but from reading comments and watching behavior it comes across to me as if some Jews believe that somebody being a Jew is equivalent to a commendation that the person is right and can do no wrong so the person is not watched and whatever he does or says is defended as true. I see it in this Madoff thing and I see it a lot in Israeli actions and reaction of some people to criticism of Israel. The sooner they come off such thinking and know that Jew or no Jew everybody is capable of the evil that any human being is capable of and when your are dealing with anybody Jew or non Jew you have to elicit some caution no matter who the person is. If that were not so spouses will not be the first suspect when another spouse dies in mysterious circumstances.
Already seeing a lot of Land Rovers, Rolls and Mercedes parked at the discount grocery stores. Maybe if more of the self righteous self absorbed people who think they are privileged and better than everyone else start having to live like the rest of us, the world will become a much better place. Not saying they shouldnt be rich if they make it, just saying they shouldnt feel they deserve it at all cost and they are better than everyone else.
My wife worked with a non-profit arts group. At one point, the board uncovered some irregularities and initiated an investigation. It turns out the founder had absconded with a good deal of funds. Apparently, there is something called "Founder's Syndrome" where this sort of thing is fairly common. The board removed the founder. It was a miserable experience for all involved. The board acted extremely cautiously and slowly and, unfortunately, this left time for more funds to be extracted until the board finally got the bank to freeze accounts.
Regular audits are a good thing. Due diligence is good. On a larger scale, many of us now know that regulatory oversight is indispensable. These things require effort and do not come cheap. Rebuilding what got broken with U.S. economy will involve installing safeguards. I am unsure if there is political will enough to get it done right.
The lesson of the day is diversify your investments.
These people that lost everything got way to greedy.
Madoff (and others of his ilk) need to share a cell with "Bubba" for the next 20 years!
Clinton's going to jail?
yes
Madoff is the personification of the age of greed, limitless greed, which culminated in 8 years of governmental looting during the Bush-Cheney-Haliburton years. Bernie Madoff deserves appropriate punishment, beyond house arrest in his multi million $$$ apartment. Unfortunately he most likely won't get punished because he stole too much. Recovering the crumbs form his 50 Billion cake will be impossible without his cooperation. In the end mega-thief Madoff will get a wrist slapper, while every repeated chewing gum thief at Wal Mart has to do time. In the end people will say, "let him go if we just get a little bit of our money back."
Madoff's greed is the same greed that caused hundreds of otherwise educated and rational investors to put all their eggs in the Madoff basket, for the sole promise of fairy tale returns. Do I feel sorry for them? For some I do, for the majority I don't. Fairy tale returns come with hellish risks. You won for a long time, now you lost. That's the game. Most of you still own more than the average Joe working 9-5. Right? Admit it!
May be a government bail-out would help to save your mansions in Beverly Hills and Geneva? Amazing that nobody has brought that up yet.
Haliburton will still be one of the largest contractors to the Obama adminstration. Why is that?
He's still in his house and not in jail because he is helping to unravel his mess, which would be difficult to impossible without his help. He belongs in jail, but thye are giving him a bit more time on the outside so they can ask him questions and get answers. He's despicable, but this is a small price to pay to secure the real truth. He'll do his time eventually, unless he takes his own life on his last day of freedom, which seems increasingly likely
That's odd. If it had been a NON billionaire like you or me, we would be forced to STAY in jail, cooperating or not.
Hey!!!
I watch Law and Order.
First you get incarcerated.
Then you spill your guts in order to get OUT earlier in a plea bargain.
Everybody wants Madoff in jail, but remember: innocent until proven guilty. He'll be in jail one he is convicted of his crimes, which seems very likely.
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