Ruth Madoff on Bernard Madoff Sentencing | 06/30/2009 9:45 am
Ruth Madoff 'Embarrassed and Ashamed,' 'Betrayed' by Husband's Scam

After hubby bad Bernie Madoff was hit with 150 years in the slammer, wife Ruth Madoff is finally breaking her silence.
Mrs. Madoff has largely kept mum since her family’s world was turned upside down when Bernie turned himself in for operating a $65 billion Ponzi scheme. He was sentenced yesterday in New York, and punished with the maximum sentence. His victims cheered the sentencing. It was then that Ruth Madoff released a statement, saying she, too, was a victim. She been ostracized, she lost her life as she knew it, she had to give up $80 million in property and other assets. In addition to all of this, Ruth says she realizes the man she was married to was a completely different person than the one who ruined so many lives. And her drama isn’t over. It’s likely she and her sons, among others, will still face scrutiny for what — if any — roles they played in the scam. Reuters has her statement, in its entirety.
Here’s a snippet:
From the moment I learned from my husband that he had committed an enormous fraud, I have had two thoughts — first, that so many people who trusted him would be ruined financially and emotionally, and second, that my life with the man I have known for over 50 years was over … My husband was the one we (and I include myself) respected and trusted with our lives and our livelihoods, often for many, many years, and who was respected in the securities industry as well. Then there is the other man who stunned us all with his confession and is responsible for this terrible situation in which so many now find themselves. Lives have been upended and futures have been taken away. All those touched by this fraud feel betrayed; disbelieving the nightmare they woke to. I am embarrassed and ashamed. Like everyone else, I feel betrayed and confused. The man who committed this horrible fraud is not the man whom I have known for all these years.























32 Reader Comments (so far…) Sign In or Register to comment
I’m torn…as a business partner with my husband I know everything about where our money comes with. But, there is a age group out there that were taught to let their husabnds deal with financial matters and to just enjoy their life as mothers and homemakers.
Yes she had the resources to hire maids, attendants and live in a beautiful home but she did not personally pay the bills or deal in his work.
Afterall he was highly respected for many of those prior years.
She is quite likely a victim as well and has to pay the price with the others who lost alot! At least she is not behind bars..for now unless they find evidence to implicate her as well.
"[Ruth] had to give up $80 million in property and other assets"—oh, cry me a river. I’ve never had that much money and never will, yet I will survive. She has to live on $2 million now, before or after taxes? She is lucky to have that. Good luck getting a job, Ruth, unless it turns out you will, in fact, be making license plates.
IMO, women like my belated mother who had no idea how to pay a bill or write a check after my father died, are not as prevalent today; she spawned a generation, mine, who refused to be helpless, who refused to live like a child, unaware of where the family funds were going.
Ruth was savvy enough to be in the family business—she knew exactly what and who her husband was. All these excuses for her just don’t make sense. Women are smarter than that. She knew.
If the rest of the family goes to trial over this, it may be hard to find an untainted jury. Then again, they found a jury for Bernie.
Madoff Secretary: Wife Involved in Day to Day Operation of Company Sources Implicate Madoff’s WifeI find the idea that Bernie may be received in prison as a celebrity to be a bit perverse.
Along with others here, I don’t buy a word of anything Mrs. Madoff says. My 79 year old mother was never involved in my dad’s business and has no head for money matters. Nevertheless, she had a general idea of what went on. Mrs. Madoff actually handled the books.
Seems to me that she would have very good attorneys. Council are aware she may be next, and may have been waiting for the sentencing. This seems like a carefully crafted PR blitz with the aim of garnering sympathy in the event of future prosecution.
While normally a bleeding heart, I have no compassion for poor, "impoverished" Ruth. This woman lived an extremely easy, ostentatious life paid for by people who trusted them. Many others in her age group have had to sell their homes, etc. in order to merely survive. Nope, I believe she’s as big a con as her husband.
Ruth? NO ONE buys your story. You burned the BOOKS. You lived the life. Someone tell me again why the government isn’t going after this woman and her sons?