While Madoff's victims are out billions, his wife Ruth Madoff will get to keep a nice chunk of his unjust winnings.
The Wall Street Journal (subscription required) reports that "Ruth Madoff, the wife of one of the most reviled swindlers in history, has agreed to give up her potential claim to more than $80 million worth of assets, keeping just $2.5 million in cash in an agreement reached with federal prosecutors."
Financial journalist Gary Weiss is having none of it:
Ruth Madoff should be reduced to the same state as her husband's (some might refer to them as her) victims, and not be allowed to keep a penny of the assets forfeited by the government. Her hubby's victims have been wiped out, and so should she.
Her lawyer says that she "unequivocally did not know of the misconduct and did not participate in it." And I have a bridge over the East River I can sell you.
The argument in favor of giving Mrs. Madoff $2.5 million in cash would seem to be this: It's easier than battling with her over the $80 million figure, leaving victims' money tied up in a legal battle consuming millions in fees every week. As distasteful as it is, giving that evil succubus $2.5 million might just be the best option for everyone involved, and that's why the prosecution agreed to it.



Reader Comments (Page 1 of 1)
6-28-2009 @ 11:49AM
John said...
Too bad. Too bad the prosecutors were railroaded into giving her this kind of a deal. She doesn't deserve a penny of that money--well ok. Give her a penny.
Look around the city and see all the people that lost everything because of him--don't think for a moment that she didn't have a clue. There will be more homeless, and more living on welfare cause of him (and the whole family.)
Anything that was given to the friends needs to be recovered. I consider myself very fortunate that I never invested with him. He was always greedy. So were those investors. I sensed something was wrong.
6-28-2009 @ 11:55AM
Sheldon L said...
The deal is better for the government and investors. She is getting maybe a couple of month's worth of the cost of having the case go forward. This case could have eaten up a good chunk of the $80 million with lawyers consuming 5 times what she is getting.
She will cut her living standard by 99%. She has no pension and if she does not get help from family and friends (if she has any left) she will have to work at least part time. I would expect her sons to help her but she will not be walking around with her head held high.
Nobody wants to see someone benefit from this fraud but the $2.5 mil is peanuts and anyone that does not like it consider whether you would be happier if her lawyers got $5 mil instead.
6-28-2009 @ 12:05PM
Amusis said...
I'm not sure what the reason for this outrage is. She has not been foung guilty of anything. 'Evil succubus' is a bit harsh, I would think.
www.amusis.com
6-30-2009 @ 9:34PM
Rob said...
yes
6-28-2009 @ 12:43PM
Rob said...
These are the same kind of people that brought so many to their death in WW2. Just the unalderated greed for money prevalent among so many of these people.
I am not saying that it was right, but I can understand how some people would take their fustration to extreme. Unfortunately these people have become like a segment of America that blames the past for their failings and disregard the rule of decency and expect to be treated like people that actually play by the rule.
America is waking up to these type people that through meme have brainwashed the country that wrong is right and good is square, that greed is right, that decent is being a fool. They distract with what is channeled in the American homes, where they can name those reality shows participants names and cannot tell you who represents their district.
As America continues to rot from within, the world rejoices and we can thank the New York movers and shakers for the state of the country. Anyone that thinks Obama is in charge, just needs to see who is actually running things. Let GM go down the drain, but God forbide the New York bankers and brokerage houses.
6-28-2009 @ 1:16PM
paul s said...
Playing by the rules? What "rules"? Whose "rules"? Worked "hard"? Coal miners work "hard". Most of us work. Some of us more hours than others. True wealth is accumulated over generations. Rarely is it done in one. Every body who is charged for a crime lately is presumed guilty just for being charged. When media becomes involved they are crucified before the trial begins. When found by a jury of their peers to be innocent the "public" and it's media still insists they are guilty, guilty by association. The lady was charged with nothing. She now has a pittance of her own inheritance which by law was hers and hers alone. She took what they gave her because if she fought back it would have cost her everything. The "victims" of Mr. Madoff willingly gave him the money. He spent it, lost it, stole it, whatever, he never put a gun to anyones head and took their money. People volunteered to give it to him. They want to hang someone? They should hang themselves for being stupid and greedy. Those of you out there who are so judgmental should go hold the ropes for them.
6-28-2009 @ 3:19PM
thedude said...
2.5 million isn't even worth quibbling over compared to the scope of the total fraud
Frankly anybody who "lost everything" can only be faulted for ignorance and greed, didn't your mother trach you to not put all your eggs in one basket ? mine did, and through diversification I am still making a killing as are many of my "cronies" for lack of a worse word
In any event she will probably get swindled out of the money by some unethical financial advisor recommended to her by Bernie
6-28-2009 @ 5:17PM
Sheldon L said...
Racist Rob refers to "these people"...
Rob you were, and are, the biggest problem any nation has and might have. And if you re-read your own bigoted refrain you will note how often you blame others, and regret, and speak of decent people while you write such vile crap.
6-30-2009 @ 8:37AM
th.vassiliou said...
Hopefully, it is only $2.5 million. Many including myself feel there is so so much hidden. If only it were $2,5 million.
We also don't know what has and is been going on behind closed doors.. Unfortunately there are many more involved in every high places that can not afford to be linked. ROT AT THE TOP. Can the USA ever cleanse themselves of these evil forces that have gotten the whole world into this mess? The rich and powerful have duped the average Joe that like me have gotten taken
6-29-2009 @ 1:53PM
beanspants said...
$2.5 mill still puts her in the group of the richest 5-7 million people in the US. May not be what she's used to, but still not too bad.
6-29-2009 @ 2:03PM
Janeyre said...
Ruth should be tried as well. She kept the books... She and their sons, his brother et al, are guilty as well...