Bernie Madoff, whose $65 billion Ponzi scheme made him one of the world’s most hated criminals and destroyed even his own family, died today at the secure federal medical center in Butner, North Carolina, where he was serving a 150-year sentence, according to prison officials.
The Associated Press reported the 82-year-old scam king, who had been suffering from end-stage kidney disease and other chronic ailments, died of natural causes. Madoff would have turned 83 on April 29. The federal Bureau of Prisons confirmed Madoff’s death but refused to reveal the cause citing “safety, security and privacy reasons.”
Madoff’s epic stock fraud, which came to light amid the global financial crisis of the late 2000s and remains the biggest in Wall Street history, left more than 37,000 victims in 136 countries in its wake. (NY Post)
{Matzav.com}
The man made mistakes in life and paid a heavy price. However, don’t cry me a river over the alleged 37,000 “victims” that allegedly “lost” money with him. When those arrogant greedy bastards were raking in illogical 20% 30% and according to some, upwards of 300% we didn’t hear a word of complaint. Their narcissistic greediness blinded their sense of reality.
To quote the NY Times: THE 10 PERCENT RULE The saddest Madoff stories are the ones about life savings lost. These were people who had, say, $5 million in one of his funds and now have nothing. Honestly, the people themselves need to bear some responsibility for this. The most basic book on investing will tell you never to put more than 5 or 10 percent into any one investment, particularly one meant to preserve wealth.
The average poor shlepper wasn’t getting anywhere near Madoff. These so-called “victims” have a lot more in the barrel from which that dirty money came. These grubby dogs got most of their money back anyway. As always, it’s the dumb gullible middle-class taxpayers that bail out the rich & famous when their schemes fail.
What a hard-hearted and ignorant comment. Are you not aware of the many people who lost their life savings, the tzedakas that were badly hurt, and the people who committed suicide over the losses this lowlife caused?
I completely agree with you.
Also, plenty of people who took tzedaka from Madoff turned their back on him, but guess what? why didn’t they turn back the money?
There were no Victims just losers. Investing is a risk. Berni was the only victim.
Baruch Dayan HaEmmes.
A Yid who had a difficult nisayon.
HaShem Yirachem.
Poor Yid.
Well thanks for the clarification.
“Prost & Poshud”. The man was a “Ganiv” while alive, & has died a “Ganiv”!!
This is his “Hespid”; as far as I am concerned!!
Now he is on his way for his ‘reward’!!
Ivory Tower, you’re towering over us in arrogance, envy, and ignorance. But there is still hope for you. Hide in a בית מדרש , learn mussar, and become a mensch before your יום המתה !
Regarding $ 65 billion alleged amount: the government prosecutors are known for their “funny accounting”. For example, you invest $10 with a Mr Ganov, who proceeds to pay you $2 dividend each year for the next 3 years, while claiming that your balance is let’s say arbitrary $15 because of supposedly successful investments. Then when you demand to pullout your investment after 3 years, it turns out that your balance is only $1, which you take out. So how much did you loose in total? A normal person will say 10-2*3-1=$3. However, a crooked prosecutor will say that you lost $14: $15 made up balance less $1 returned ending balance, or more than you put in to begin with. Obviously absurd. Therefore, using nonretarted accounting methods, Madoff stole at most a billion, which is still a lot, but it’s not anywhere close to the 65 billions claimed by the gubmit idiots. Madoff did cause damage to individual investors by moving money between investors, being that about half of the investors were net winners at the expense of the other half, but Madoff skimmed for himself only a small percentage, probably less than a billion. Again, it’s a lot, but it’s much less than claimed by the government. The “net loss” half should have been reimbursed by the “net win” half, and all of a sudden,
we are not taking about horrendous losses anymore. If a “Robinhood” steals your car and gives it to someone else, you have a right to get your car back from the recipient. So should have been the approach between the net winners and the net losers.
As far as judging the guy, as much a ganov as he might have been, unless you personally lost because of him, just mind your own business, and judge your own deeds, not others. Don’t be a sanctimonious jerk. Be don lechaf zechus.