Trust Fund Baby, Future Maybe

Financial Boogie Man Bernard Madoff has at last pled guilty. This is of little comfort to the thousands he's bilked out of billions, but it'll have to do for now. Bernie could get as much as 150 years behind bars, but jail is too good for him. Actions as diabolical as his make me wonder: Is torture really wrong? Would water boarding be out of line? Instead of jail, maybe he should go to Dick Cheney's house.

I've heard it fervently hoped that Bernie should rot in hell. That's only fitting since Satan lost money too.

His list of victims seems endless, each one with a tale of woe more dreadful than the last. Particularly tragic are the numerous charities that have been forced to shut their doors. I am optimistic though that in time they will regroup and rebuild. The kind souls who give of their time, energy and money to those in need will find a way to do so again.

The outlook is not so hopeful for the wealthy who fell prey to Madoff's money machinations. No one is rushing to restore the fortunes of the formerly flush. There's no bail out for these billionaires. They are learning the hard way that being broke is a bitch. The old adage is true: The bigger they are, the harder they fall.

My heart breaks when I think of these folks venturing out to Wal-Mart for the first time; baffled by the little green pieces of paper the rest of us are trading for goods and services. I can only imagine the regret they must feel at letting go the nanny for before asking her what their children look like. They are learning the hard lesson that living from paycheck to paycheck is more difficult than living from trust fund to trust fund.

Bernard Madoff's one man Ponzi scheme is a crime that will reverberate down through the generations. "Ring Around the Rosie" is a children's nursery rhyme about the Black Plague. Someday the progeny of the formerly rich and famous may creepily croon:

"Bernie, Bernie!
He's our man!
If he can't cheat us
No one can."

Comments

[ndem]

The reality is that there were both hard working people and trust fund types who lost money...wh­at I find so awful is idea that by being let into Bernie's "club" you were somehow special. NO ONE is more or less special than any one else. This is America we fough a REVOLUTION to get rid of those who thought they desreved to be King!

[jennylens]

(2 of 3) At a time when our society needs foundations and organizations, so many are shuttering their doors. I DO NOT hold the same optimism because I think the generations who built and ran so many charities are of a different mind-set than many younger people today, esp due to hard times.

It breaks my heart that a fellow Jew did this to so many charities. Most don't realize Jews have a long history and obligation of giving. Now this horrible financial Hitler has given more fodder to anti-Semites. I don't think there is ANY punishment which fits this crime. Other than go after his wife Ruth and his kids. Whether they knew about it or not, they profited and they should help remedy the situation, in the eyes of G-d, society, and to save their own souls. They carry the mark of Cain and I pray the law aggressively goes after Madoff's family and close circles, and others who made money whose companies guaranteed due diligence, and did none. I pray a wide net is cast, and the Noels (profiled in Vanity Fair) and others rue the day they ever invested a dollar of anyone's money with Madoff. (read 3 of 3)

[jennylens]

(1 of 3) I discussed Madoff and waterboard­ing/tortur­e w/a friend last night. I totally agree w/tone and content herein. Just finished reading Vanity Fair on Madoff and the Noels. A LOT of people placed too much trust in Madoff, SEC, third parties who invested w/Madoff, and deregulations (waiting to hear outrage against GW Bush and the SEC, where is that??) and ignored various warnings.

Too many people set themselves up for the fall. They didn't do their due diligence, esp if they dealt directly with him or knew their money was being invested by others with him. They never questioned his practices when he alone promised and delivered returns others could not match. They are responsible for the loss of their money to some degree and that is why they most certainly do not deserve ANY bailout. Some people had no idea their money was with him, and in most cases, that is sad, but again, it is the individual's responsibility to track their money. If in doubt, we have these things called banks.

I work very hard and have worked for many people who managed to squirrel away a million here or there, often on the backs of their employees. I read so much about people losing life savings, but I know plenty of people who never had life savings, but worked and worked with and for others. I NO sympathy for ANYONE other than the charitable foundations. (read parts 2 and 3)

[Samalabear]

The one victim just interviewed on Bloomberg is a paralegal -- hardly what I would call trust fund or rich. There were a lot of people like this. They were probably already shopping at Wal-Mart and just trying to keep their savings so maybe they could retire someday. Their money was probably managed through an investment house that dealt with Madoff.

I don't generally feel sorry for the wealthy either, but victims are victims.

[schatsie]

Fiduciary Responsibility has left the room...it is all about personal greed... 91% taxes so we can save the rich from themselves­....

[morefromLA]

I find the tone of your piece regrettable. Victims are victims regardless of race, creed, political affiliation or wealth status. When Reagan was first elected there was a cartoon that showed a couple dripping in wealth walking past a bum stretched out in the gutter. The woman turns to the man and says, "It's our turn, the hell with him!" Turning the tables is as equally unhelpful to the development of a positive spirit in the land. The Satan part, now that was funny.

[schatsie]

Read STATUS SYNDROME..­.It is clear that you are not worrying and are probably in the top 20%...I am in favor of capping any recoveries, just like we cap the FDIC accounts to 250 grand...

[wendoxia]

a great many of madoff's victims are not the rich, but working people who put away for retirement, or college funds for their children, to discover it gone. I know you're a a comedian, but I found your tone a bit smarmy about the poor "rich folks" who now need to find out what their children look like, while looking at the faces of the madoff victims outside the courthouse. just not that funny.