The Greatest Depression | 12/18/2008 3:00 pm

An Aerial Tour of the Homes of Bernie Madoff and the Bailed-Out Bankers

So where did all that money go? Here, via VirtualGlobeTrotting.com, citizen journalists provide a peek behind the purported gates of greed

Photo Essay

As our former middle class prepares for America’s first All Wal-Mart Christmas, we decided to search for aerial and satellite glimpses of the extraordinary Hampton haciendas, Greenwich getaways and DC domains that belong to the Big Boyz of finance, at least according to the community members/citizen journalists of Virtual Globetrotting.

Yes, whether they ran banks that now need billions in taxpayer bailouts to survive, or sold mortgages to those who were never able to pay, or in the case of Bernie Madoff, were alleged Ponzi schemers, the question remains … where did all that money go?

From the look of these places, their firms may have made risky bets with leveraged money, but the bonuses they paid themselves?

Those dollars were real.

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

Not to worry folks, ‘the authorities” have arrested Bernard Madoff and put him in…his house? He robs people of $50,000,000,000 and gets house arrest? Hey, how many of you good people would do as well if you robbed someone of $50? When class warfare erupts in this country no one can wonder why. As the fella says…the guy that owns that big house got it by screwing little people.

By bobbob roberts on 12/18/2008 5:13 pm

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He belongs in jail awaiting trial. No bail. His holdings should be liquidated. His family [wife] and sons need to be seriously investigated as well as his immediate 17th floor staff and the phony “auditors” who certified his statements [which is a small storefront in the burgs]. A sham. Then, all of the Hedge Funds and others entrusted with charitable trusts who invested with Madoff WITHOUT permission, failed in due diligence and transparency, and should be liable to the fullest by those whose money they lost. They were all paid healthy commissions by Madoff to move this money into Madoff’s firm without permission. They need to be sued for their lack of fiduciary diligence. The paintings,yachts,cars,homes,furs,diamonds,furnishings,condos,homes, need to be sold and given back to the people, and our government should force the sales of those who bonused themselves through fradulently stated profits that were actual losses. This to enrich themselves with bonuses based on phantom profits and fancy bookkeeping. This bunch of scavengers with their ill gotten gains all belong in jail.

By mitzi morris on 12/18/2008 9:56 pm

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By Jim Henley on 12/18/2008 11:14 pm

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that’s the spirit—-KICK ASS—-or grovel—-Santa should get a bag of coal—-it’s an ancient story—-you rule your guv, or it rules you—-which do you prefer?

By gulliver fourmyle on 12/18/2008 11:18 pm

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Excellent post Mitzi

By Frannie Em on 12/19/2008 2:29 am

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as an ex ceo, i’ve told you of the Huge ‘tax-shelter’ benefits to incs., ceos—-unreal—-ya wanta jet? no sweat, it’s a tax write-off—of your taxable income—-it’s free—-one example of what only an MBA or legal attorney would routinely know—-one of many—-the theory is sound—-the incs. will re-invest, make more jobs—-it neglects good old Greed—-the people you speak of are not truly sane—-Closing All ‘loopholes’ will impede progress—-policing will not—-catch ‘em, toss ‘em—-be sure what you’re doing—-

By gulliver fourmyle on 12/20/2008 11:10 pm

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so i amend—-i say ‘these people are not truly sane’ deserves elaboration—-if they were ‘sane’ to use their monies would go to more, even new bizs, employees—-be reinvested—-and bring Greater personal wealth, as well—-but they don’t—-now that’s crazy—-even if all they consider themselves as is ‘net-worth’.

By gulliver fourmyle on 12/20/2008 11:23 pm

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If Madoff has pleaded guilty, there will be no trial. Peace and grace

By beth willis on 12/22/2008 10:17 am

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Greed is an interesting phenomenon isn’t it? i don’t understand the more more more bigger bigger bigger thing. and i really do NOT get the 10 bzillion square foot houses people buy. My husband and I were looking at houses awhile back and the ones in the neighborhoods that we liked which were in our price range were like 5500 square feet. that seemed simply astronomical to me. we would walk through them and i’d think “waste of space”. So what the hell is up with 10K or 12K square feet?? are they moving in orphans from rwanda or something? seriously… I know there are some very wealthy women running and posting on this site,. tell me… what is UP with that? PS - hubby and i found a really unique house that is a large but not crazy 2600 square feet. at that we will have one maybe two rooms that we virtually never go into unless we have company.

By Chrome Toe on 12/18/2008 5:20 pm

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perhaps you may watch ‘Citizen Kane’ again—-and see what you escaped—-my favorite house was 2600, with a large sidewalled, windowed garage—-we had no problems with 8 kids, none in the garage—-why people wish to use their $$$ on absurdly huge housing? i think it’s termed ‘materiel-obsession’—-in his vast ‘Xanadu’ what are Mr. Kane’s last thoughts—-his childhood in a log-cabin——

By gulliver fourmyle on 12/20/2008 11:40 pm

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“As our former middle class prepares for America’s first All Wal-Mart Christmas,” Any ‘middle-class’ American who shops at Wal-Mart has zero social conscious and saw-dust where their brains should be. 1) Wal-Mart enriches communist China, 2) wrecks communities and local business, 3) is anti-US worker, 4) is helping to destroy the US middle-class, and 5) a much better alternative exists with Costco etc that pay a liveable wage/benefits while supporting US jobs and keeping them in the US. Americans just love to go against their own best interest while enriching greedy evil bastards like the Walton family.

By Spa Moi on 12/18/2008 8:45 pm

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By Jim Henley on 12/18/2008 11:05 pm

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Never steal anything small!!!!!!!!!

By gulliver fourmyle on 12/18/2008 9:15 pm

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A pox on all thes houses. They shoud be forced to sell them and give them back to the people they embezelled. They should be forced to return their ill gotten billions through fraud and deception. Then, they must go to jail for a VERY long time so that they can no longer do harm.

By mitzi morris on 12/18/2008 9:41 pm

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They should be punished. But what’s really going to happen is they might get a few years in prison, they might pay a small fine and some legal fees, and that will be it. When all is said and done, they will still have the money. Their pay and bonuses were the ‘going rate’ at the time. Face it, nothing is going to happen to them. They will retire with their loot in the Caribbean, the Riviera, any number of tropical resort spots around the world.

By B Clark on 12/19/2008 9:07 am