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Poor Ruth Madoff…

By JLP | June 29, 2009

She has to face living off $2.5 million.

I really feel sorry for her. Please detect the sarcasm in that statement.

This will sound cold but I think she should be impoverished like so many of her husband’s clients were. I think we have to assume that the assets owned by the Madoff’s were acquired through fraud and should be sold off to go into the general fund to pay back shareholders.

Oh well, I guess we should all rejoice in the fact that she will no longer be living the high life. Although a lot of money by most people’s standards, $2.5 million is but a drop in the bucket for someone used to living in the lap of luxury like Mrs. Maddoff was.

Thoughts?

One last thing…do you think it was possible that she had no idea that her husband was running a scam? I’m not sure on this one.

Topics: Fraud | 12 Comments »


12 Responses to “Poor Ruth Madoff…”

  1. dogatemyfinances Says:
    June 29th, 2009 at 9:51 pm

    In her defense, if they had anything on her, they'd cuff her. So maybe she didn't know.

    She wasn't the only one living high on the hog. I don't get why she's evil and his kids, who also got tons of benefits, aren't.

  2. AJM Says:
    June 29th, 2009 at 10:01 pm

    She sent her jewlery etc to relatives only one month after his arrest. I believe she knew. Come on people do you yourself not know how much your spouse makes and where it is attained? If she knew nothing of this and she says she feels bad for those he hurt then at this point she should give back the stolen money that includes her house and everything in it. After all its stolen money. If a drug runner loses his house, his car etc because of illegal actions this too should fall under the same thing.

  3. LoMo Says:
    June 29th, 2009 at 10:05 pm

    Even if she didnt know they should liquidate all they have and give back something to those who lost their money. After all it is all from stolen money.

  4. Stacey Says:
    June 30th, 2009 at 4:08 am

    Wasn't the guy entitled to a "Wall St Salary" despite the illegality of some of his actions. Nothing like kicking a girl when she's down…

    I know plenty of women who let their husbands take care of everything. It's atrocious to me in this day and age that women choose not to be financially literate/ informed…but she is of the generation that "trusted their man" so it is possible she did not know.

    As far as sending off the jewelry to protect it…who wouldn't try to shelter something that could be converted to cash? In divorce proceedings this crap happens all the time. She probably didn't know how bad it was going to get and the jewelry, to her, was the money with which she might have to live out her days.

    Nonetheless, I hope the government is turning over every stone for off-shore money. I bet there's some somewhere. Can you yodel?

  5. Dan Says:
    June 30th, 2009 at 9:25 am

    Not all of the money was from the scam. His business had a legit side. It's possible she didn't know about the scam. His office had two floors. Only two people were allowed on the floor where the scam took place.

  6. frank Says:
    June 30th, 2009 at 12:54 pm

    let her get a job like the rest of us!!!!

  7. Chris Says:
    June 30th, 2009 at 2:33 pm

    Mrs. Madoff deserves nothing. Her husband bilked people out of their investments. Investors have nothing so should she.Every dime should be returned to investors.

  8. eden Says:
    June 30th, 2009 at 3:23 pm

    Considering how many people Bernie fooled, I *do* think it is entirely possible that his wife didn't know it was a scam.

    I'm sure at least some legitimate money was earned prior to the scam and I don't see why we should take issue with her having a little cash to live on. She did just lose her husband and she looks like a fool to most of the world. Fair enough in my mind. :)

  9. Tina Says:
    June 30th, 2009 at 6:50 pm

    It's sad that she has to pay the price for his mistakes, in a sense yes. But, that's part of being married. You tie yourself to your husband and all that he is. Therefore, yes, it's too bad she has to sacrifice for his grave errors… but she does.
    I believe the smartest thing she could do would be to willingly sacrifice that all – if nothing else, to save a little of her own dignity in light of his failure.

  10. Stacey Says:
    July 1st, 2009 at 12:43 am

    If the IRS has "innocent spouse relief" I believe the lady is entitled to a bit of a break for keeping some of their net worth. As far as the investors having nothing…yes, her husband was a crook…but shame on them for having *all their eggs in one basket*. That's just stupidity! Are we bailing them out next?

    If we can be tough on people who got into a mortgage they couldn't afford, why can't we be tough on people who didn't check out to whom they were entrusting their (life) savings?!!

    And yes, it would be great if she did get a job, but I do feel empathy for her. What a tumble.

  11. Pam Knox Says:
    July 1st, 2009 at 6:58 pm

    There's such a thing as willful ignorance. Carmella Soprano anyone?

  12. Damon_Day Says:
    July 3rd, 2009 at 10:56 am

    I think Pam nailed it, willful ignorance. Sure there was a ligit side to his business but we are talking billions of dollars of ill gotten gains. If she didn't know she at least had so have some suspicions and just never voiced them. You would think after so many years, Madoff would have to have told someone about it.

    Playing Devils Advocate for a second. Madoff probably looked at social security and Medicare and thought to himself, hey, must not be illegal if the government is doing it. No?

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