Candice Bergen | 06/25/2009 12:20 pm

The Irony of Ruth Madoff, by Candice Bergen

In response to: What thoughts do you have about Ruth Madoff as we near her husband's sentencing?

Ruthie. We saw her in the Post this morning, riding the subway, complaining to the photog to stop embarrassing her and ruining her life. The expression on her face said it all. Pissed, no, seething with rage at this guy and who else?? But let’s be fair, she and Bernie are masters of their own (and many others’) fate. " Stop ruining my life"!!?? Aaargh. The irony.

And her roots, without a doubt, are gray, honey. Just like mine. Interesting that her hairdresser has barred her from the salon. And won’t it be interesting on Monday, to see Bernie again and what the sentence will be? How isolated is Ruth? Does she have any friends? Does she speak to her sons? Has she visited Bernie? The Vanity Fair piece recently interviewing his ex-assistant was fascinating because it gave a few needed wisps of texture to the characters in the play. Bernie’s narcissism. His enormous personal vanity. His hookers. His fawning/belittling of his sons. Until then, it was all inference. But, I do go on …

Read more about: Bernie Madoff, Ponzi Scheme, Ruth Madoff

23 Reader Comments (so far…) Sign In or Register to comment

Yes, you do and I, for the life of me, can’t imagine what else can be said about this couple. It has all been said already. They stole money from innocent people. That was bad. They will be prosecuted. Period.

By deber B on 06/25/2009 12:39 pm

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I think the fascination is tied to the unbelievablity of what Bernie Maddoff pulled off for so long a time. He is beyond tragic, in that he is so full of himself and has such disdain for the lives of those around him. It’s hard to believe people like that actually exist. As for Ruthie there’s no end to the interest in just when she’s going to get what she’s got coming. The whole thing is an unbelievable horrible mess.

By Mary Utrup on 06/26/2009 5:19 am

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Another case of people thinking they are above everyone else. They stole from innocent people and evidently didn’t have any trouble sleeping at night. Too bad about all of this, but it will be interesting to see how it plays out. Hopefully, they will be punished and will have to live the way they have caused untold numbers of people to live without their retirement nesteggs.

By Roxanne Cohen on 06/25/2009 12:46 pm

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Thank you for the link to the Vanity Fair piece, Ms Bergen. I would certainly have missed it otherwise. "A few needed wisps of texture," yes — I agree, and something more to sate a deep curiosity about such things (I recently read that there are others who stole billions in Ponzi schemes of their own). It’s human nature, I think, for us to want to know more, perhaps in order to learn, recognize, to be able to identify for our own safety the same predatory characteristics in others …

By rocky rocky on 06/25/2009 12:52 pm

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Thank you, Ms. Bergen, for your candid comments. Few women speak the truth with respect, without the cover-your-ass comments that tell me they’re afraid of repercussions from long-time friends or acquaintances. You say what you believe and I admire that very much. The current issue of Vanity Fair (July) has a follow up to the story on Madoff’s secretary. This one speaks about his sons. In fact, it states that they don’t speak to their mother. They must know how involved she was in her husband’s fraud, enjoying every bit of the luxuries and adulation it bought them from unsuspecting victims. I don’t feel sorry for Madoff, Ruth, or even the sons. I have the feeling the sons had to suspect something, if not downright know it, and are now trying to stay out of jail themselves. A broken family in so many ways. Both sons have their own checkered past with their own former wives. As for the victims, they have a part in this, too. It was their greed for money, to make more than the normal gains, that led them to invest with Madoff. They obviously didn’t much care how they were getting the high interest in their investment that surpassed that which the normal poor Joe makes. They kept turning their head the other way. To them I say: Karma happens!

By O E on 06/25/2009 1:09 pm

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As you all know, I’m a victim of the Madoff scam. I find Ruth’s comments amazing. She and her husband seem to have made their life on a different planet. I think their behavior qualifies them as true psychopaths.

Definition: a person suffering from chronic mental disorder with abnormal or violent social behavior.

Just as soon as Bernie is locked up, I hope they come for his sons and his wife.

And, as for being a greedy victim, I invested in the mid 90’s as a middle-class woman who’d made a bit of money. I was advised to invest by someone of the highest integrity, a businessman who has lost many times more than I did. I was assured that Madoff was a market maker, with a split-strike strategy, who had been head of NASDAQ and was SIPC-insured. OK. I have no idea what market maker and split-strike mean but, heck, I’m not a broker. My returns were 8 to 10% per year when others were making far more in the market and in hedge funds. I had some other money with a standard broker; some months he made more than Madoff for me, some months he made less. But Madoff’s returns were not out of whack with those of my regular broker until the last couple of months prior to Dec. 11 when the scandal broke.

I am thankful that I did not put all my eggs in one basket and that’s what has saved the day for me. But greedy? I don’t think so.

By Sam Mirando on 06/25/2009 1:28 pm

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Sam—I know you and the other victims were just that, victims, not greedy. After all you have gone through, to read that must be horrific. If your name were Kevin Bacon, no one here would write that about you. I saw an interview with him on Craig Ferguson, a person I usually like, but he blew it with Kevin Bacon. Recently Ferguson rudely asked Bacon, "Say, weren’t you involved in that Madoff scandal?" My entire body cringed. Kevin Bacon just looked at him, simply said "Yes," and left the uncomfortable silence in the air. Cut to commercial.

If anyone needs more proof that these folks were victims, just watch some of the videos on the Vanity Fair website. Many people who were far from rich lost everything. If you think these folks were greedy, these heart-rending interviews will change your minds.

Sam, I wish you all the best.

By kermie b on 06/28/2009 4:16 am

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Thanks, Kermie, for those supportive words. I am glad that, at least, some people (and some frogs?) realize that there were a lot of regular people involved. Kermit always was a good reporter!

By Sam Mirando on 06/28/2009 8:14 am

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The coverage in the articles done by Vanity Fair were superlative in making it clear what had evolved in the history of this case (past and present,) and how far the poisoned tentacles reached into the social and financial stratas. So many lives ruined by this family, and all fueled by what I believe is a sociopathic patriarch. The articles made it clear the depth his wife and sons were involved in his day to day business, and how they benefitted from it. You have to commit some serious acts of depravity to have your florist and hair stylist turn on you. I’m puzzled why the entire family isn’t behind bars.

By Washington Cube on 06/25/2009 1:40 pm

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Usually perpetrators of Ponzi Schemes are also charged with racketeering (RICO). Can anyone tell me what the exact charges are against Madoff? Would really appreciate an answer.

By LuckyLady n/a on 06/25/2009 2:52 pm

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Here is a complete list of the charges against Madoff:

Thursday, March 12, 2009 | 1:31 PMNEW YORK (WABC) — Here are a list of the charges brought by federal prosecutors against Bernard Madoff:

Count One: Securities Fraud
Maximum penalty: 20 years in prison, fine of the greatest of $5 million or twice the gross gain or loss from the offense, and restitution.

Count Two: Investment Adviser Fraud
Maximum penalty: 5 years in prison, fine of the greatest of $10,000 or twice the gross gain or loss from the offense, and restitution.

Count Three: Mail Fraud
Maximum penalty: 20 years in prison, fine of the greatest of $250,000 or twice the gross gain or loss from the offense, and restitution.

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Count Four: Wire Fraud
Maximum penalty: 20 years in prison, fine of the greatest of $250,000 or twice the gross gain or loss from the offense, and restitution.

Count Five: International Money Laundering To Promote Specified Unlawful Activity
Maximum penalty: 20 years in prison, fine of the greatest of $500,000 or twice the value of the monetary instruments or funds involved, or twice the gross gain or loss from the offense, and restitution.

Count Six: International Money Laundering To Conceal And Disguise The Proceeds Of Specified Unlawful Activity
Maximum penalty: 20 years in prison, fine of the greatest of $500,000 or twice the value of the monetary instruments or funds involved or twice the gross gain or loss from the offense, and restitution.

Count Seven: Money Laundering
Maximum penalty: 10 years in prison, fine of the greatest of $250,000 or twice the gross grain or loss from the offense, and restitution.

Count Eight: False Statements
Maximum penalty: 5 years in prison, fine of the greatest of $250,000 or twice the gross gain or loss from the offense, and restitution.

Count Nine: Perjury
Maximum penalty: 5 years in prison, fine of the greatest of $250,000 or twice the gross gain or loss from the offense, and restitution.

Count 10: Making A False Filing With The Securities and Exchange Commission
Maximum Penalty: 20 years in prison, fine of the greatest of $5 million or twice the gross gain or loss from the offense, and restitution.

Count 11: Theft From An Employee Benefit Plan Maximum Penalty: 5 years in prison, fine of the greatest of $250,000 or twice the gross gain or loss from the offense, and restitution.

By Sam Mirando on 06/26/2009 7:18 am

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Thank you, thank you Sam. I was out of the country during this time and knew about the scheme, but not the particulars. He is toast! I hope that is some consolation. Wire fraud alone combined with money laundering is enough. Doesn’t get your money back but the charges suggest a fairly long and thorough investigation.

By LuckyLady n/a on 06/26/2009 11:11 am

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This Vanity Fair piece explains a lot, including why the sons don’t talk to the mother. They think their mother knew since she keeps track of everything financial. The article mentions he couldn’t have done it ($65 billion) by himself.

By Laura Ward on 06/25/2009 6:45 pm

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Let’s not kid ourselves … the sons were in on it too. They, after all, were grown men and there is no doubt they were in on the entire scheme. They have been staying away from their mother hoping to save themselves. Hopefully, the Feds will soon go after them too.

By Lucinda Herbert on 06/27/2009 10:26 pm

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Yeah, most likely. After just a few years of observing Madoff, the sons and brother must have known Madoff’s rate of success, compared to others, was just too high.

By Laura Ward on 06/27/2009 10:42 pm